Chevron to Sell Fuels Marketing and Aviation Businesses
Companies in Parts of the Caribbean and Central America Going to a Subsidiary of RUBISSAN RAMON, Calif., Nov 18, 2010 - Chevron Corporation (NYSE: CVX) today announced that it has agreed to sell its fuels marketing and aviation businesses in Antigua, Barbados, Grenada, Dominica, St. Lucia, St Vincent, Guyana, St. Kitts, French Guiana, Martinique, Guadeloupe, Trinidad, Nicaragua, Costa Rica and Belize to Vitogaz, S.A., a wholly-owned subsidiary of RUBIS, an international downstream petroleum company based in France. The transactions are expected to close in full by the third quarter 2011 following receipt of required local regulatory and government approvals.
Under the terms of the agreement, RUBIS will acquire a network of 174 service stations operating under the Texaco brand, an equity interest in an associated refinery operation, proprietary and joint-venture terminals and aviation facilities, and Chevron's commercial and industrial fuels business.
"This sale is in line with our ongoing effort to concentrate downstream resources and capital on strategic global assets," said Mike Wirth, executive vice president, Downstream & Chemicals, Chevron. "By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth."
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including bio-fuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Some of the items discussed in this press release are forward-looking statements about the planned sale of Chevron's fuels marketing and aviation businesses in parts of the Caribbean and Central America. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," estimates," "budgets" and similar expressions are intended to identify such forward- looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the length of time required to complete the sale; successfully securing the necessary regulatory approvals; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Posted: November 19, 2010