Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:
CVX), announced today it signed a definitive agreement to acquire
full ownership of Beyond6, LLC (B6) and its network of 55
compressed natural gas (CNG) stations across the United States from
Chevron’s current B6 co-owners, a subsidiary of Mercuria Energy
Trading (Mercuria) and B6 CEO Andrew West.
Chevron is complementing the strength of its traditional
products business with new offerings that help customers support a
lower carbon future, and renewable natural gas is an essential part
of its portfolio of solutions. Through collaborations with
Brightmark LLC and California Bioenergy LLC, Chevron is developing
projects across the United States designed to convert fugitive
methane emissions from dairies to a beneficial use as renewable
natural gas, which can be considered carbon negative on a lifecycle
basis under California’s Low Carbon Fuel Standard. With this
acquisition, Chevron can market the RNG it either produces or
procures through a nationwide network of CNG locations.
"Chevron has seen strong demand for our RNG-to-CNG fuel offering
from new and existing customers," said Andy Walz, Chevron's
president of Americas Products. "Because of its carbon negative
attribute and the ability of fleet operators to efficiently adapt
vehicles to run on CNG, renewable natural gas can be a lower carbon
solution for fleets seeking to reduce their lifecycle greenhouse
gas emissions."
Mercuria and Chevron will enter into a long-term supply
relationship to deliver renewable natural gas to Chevron as part of
the transaction.
"B6 represents a best-in-class operator in the build-out of a
renewable natural gas network, and Mercuria has been excited to
help the company grow from a stand-alone business to one that can
help drive growth under Chevron," said Brian A. Falik, Mercuria's
chief investment officer. "The partnership with Chevron has been a
great success, and we look forward to helping them supply renewable
fueling solutions to their customers."
The transaction is subject to customary closing conditions.
About Chevron
Chevron is one of the world's leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. More information about Chevron is available at
www.chevron.com.
About Mercuria
Founded in 2004, Mercuria is one of the largest independent
energy and commodity groups in the world. As an integrated group,
Mercuria is present all along the commodity value chain with
activities forming a balanced combination of trading flows,
strategic assets and structuring solutions. With more than USD 100
billion in turnover, Mercuria has become one of the most active
players in the energy and renewables markets. Over the next five
years, the company will direct half of its investment towards the
energy transition. For more information, visit
www.mercuria.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
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and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
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only as of the date of this news 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.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
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government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions, including the military conflict between Russia and
Ukraine and the global response to such conflict; changing
refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
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investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
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the potential liability resulting from pending or future
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assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; higher inflation and related impacts;
material reductions in corporate liquidity and access to debt
markets; the receipt of required Board authorizations to implement
capital allocation strategies, including future stock repurchase
programs and dividend payments; the effects of changed accounting
rules under generally accepted accounting principles promulgated by
rule-setting bodies; the company’s ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 20 through 25 of the company’s 2021 Annual Report
on Form 10-K and in subsequent filings with the U.S. Securities and
Exchange Commission. Other unpredictable or unknown factors not
discussed in this news release could also have material adverse
effects on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221117005771/en/
Tyler Kruzich, Chevron External Affairs
TKruzich@chevron.com t. (925) 549-8686
Matthew Lauer, Mercuria Public Affairs
MLauer@Mercuria.com t. (703) 463-1841
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