Commercial Production Begins at Chevron’s New Premium Base Oil Plant
July 21 2014 - 9:00AM
Business Wire
Pascagoula, Mississippi facility positions
Chevron to be the world’s largest producer of premium base oil
Chevron Corporation (NYSE:CVX) subsidiary Chevron U.S.A. Inc.
announced that it has begun commercial production of premium base
oils from a newly constructed manufacturing facility at the
company’s Pascagoula refinery.
Base oils produced at Pascagoula will add to capacity from the
company’s refinery in Richmond, California and a joint venture
facility in Yeosu, Korea, approximately doubling Chevron’s
production capacity and positioning it to be the world’s largest
producer of premium base oil.
“Lubricants are a high growth business supporting economic
development worldwide,” said Mike Wirth, executive vice president,
Chevron Downstream & Chemicals. “The addition of the Pascagoula
plant to Chevron’s base oil network enhances Chevron’s reputation
as a reliable and flexible base oil supplier globally.”
Base oils from the new facility will supply customers in the
U.S. East, Europe and Latin America, with Richmond continuing to
supply the U.S. West, and both Richmond and Yeosu supplying
Asia.
The facility is designed to manufacture 25,000 barrels per day
of premium base oil, helping countries around the world meet
increasingly strict regulatory requirements and higher performance
standards for lubricants. Premium base oil is the main ingredient
in the production of top-tier motor oils that help improve fuel
economy, lower tail-pipe emissions and extend the time between oil
changes. Base oils are used to make lubricants and greases for
machinery and equipment in the commercial and industrial
sectors.
The base oil facility uses Chevron’s proprietary ISODEWAXING®
technology invented in 1993. The technology results in higher
yields and enables a broader range of crude oil to be used in the
manufacturing process. Over half of the world’s premium base oil is
manufactured with this technology through licensing agreements with
Chevron.
Chevron Corporation 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 biofuels. Chevron is based in San Ramon, Calif. More
information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS 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 Chevron’s activities in the United
States. Words such as “anticipates,” “expects,” “intends,” “plans,”
“targets,” “forecasts,” “projects,” “believes,” “seeks,”
“schedules,” “estimates,” “budgets,” “outlook” 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 important factors that
could cause actual results to differ materially from those in the
forward-looking statements are changes in prices of, demand for and
supply of crude oil and natural gas; actions of competitors; 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 net production or manufacturing facilities or delivery
transportation networks due to war, accidents, political events,
civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations and changes in fiscal terms or
restrictions on scope of company operations; foreign currency
movements compared with the U.S. dollar; and general economic and
political conditions. The reader 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.
Chevron CorporationQuyen Teng, +1
925-842-9501quyen.teng@chevron.com
Chevron (NYSE:CVX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chevron (NYSE:CVX)
Historical Stock Chart
From Apr 2023 to Apr 2024