Shareholding sell-down consistent with stated
divestment goals
Company remains focused on moving Australian
LNG projects towards start-up
Chevron Corporation’s (NYSE: CVX) wholly owned subsidiary
Chevron Global Energy Inc. today announced that it has entered into
an underwriting agreement for the sale of its 50 percent
shareholding in Caltex Australia Limited (CAL).
It is expected that these shares will be sold to a broad range
of Australian and global equity market institutional investors.
"This transaction reflects Chevron's commitment to regularly
review our portfolio and generate cash to support our long-term
priorities. It is aligned with our previously announced asset sales
commitment," said Michael Wirth, executive vice president,
Downstream and Chemicals. "We appreciate the strong performance of
Caltex Australia over the many years we've been a shareholder, and
look forward to a mutually beneficial supply and brand relationship
for many years to come."
Mark Nelson, president, International Products, Downstream and
Chemicals, Chevron, said: “Asia-Pacific is a core strategic focus
for Chevron’s Downstream business and we remain focused on ensuring
our operations, portfolio and investments are well-positioned to
meet the region’s growing demand for energy.”
Today’s announcement does not alter Chevron’s focus on moving
the Gorgon and Wheatstone liquefied natural gas (LNG) projects
towards start-up. Chevron is one of Australia’s largest foreign
investors and is the largest holder of natural gas resources in the
country.
Caltex is a prominent brand in the Australian petroleum market.
The current trademark licensing agreement between Chevron and CAL
will remain in effect following the transaction. Chevron will
continue to ensure a reliable, high-quality supply of product is
available to CAL to supply to its retail and reseller franchise
network. Chevron is also committed to seeking long-term
relationship opportunities with CAL.
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 biofuels.
Chevron is based in San Ramon, Calif. More information about
Chevron is available at www.chevron.com
NOT AN OFFER OF SECURITIES
The underwriting agreement provides that the CAL shares are to
be sold only to persons, and by way of transactions, in Australia
that do not need a prospectus or other disclosure document under
Part 6D.2 of the Corporations Act 2001 (Cth) and to certain other
jurisdictions to persons to whom offers may lawfully be made
without requiring the preparation, delivery, lodgment or filing of
any prospectus or other disclosure document of any other lodgment,
registration or filing with, or approval by, a government
entity.
Nothing in this announcement constitutes an offer of CAL
securities for sale or an invitation to any person to make an offer
to buy CAL securities in any jurisdiction.
This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any CAL securities in the United
States. The CAL securities to be offered and sold in the
institutional offer described in this news release have not been,
and will not be, registered under the U.S. Securities Act of 1933
(the "Securities Act") or the securities laws of any state or other
jurisdiction of the United States. Securities may not be offered or
sold in the United States absent registration under the Securities
Act or an exemption from registration. Accordingly, the CAL
securities to be offered and sold in the institutional offer may
not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and any other
applicable U.S. state securities laws.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements relating
to Chevron’s operations that are based on management’s current
expectations, estimates and projections about the petroleum,
chemicals and other energy related industries. Words such as
“anticipates,” “expects,” “intends,” “plans,” “targets,”
“forecasts,” “projects,” “believes,” “seeks,” “may,” “could,”
“schedules,” “estimates,” “budgets,” “outlook,” “on schedule,” “on
track” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
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
undue reliance on these forward-looking statements, which speak
only as of the date of this presentation. 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; 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; technological developments; the results of
operations and financial condition of equity affiliates; 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 production or manufacturing facilities or
delivery/transportation networks due to war, accidents, political
events, civil unrest, severe weather, other natural or human
factors, or crude oil production quotas that might be imposed by
the Organization of Petroleum Exporting Countries; the potential
liability for remedial actions or assessments under existing or
future environmental regulations and litigation; significant
investment or product changes required by existing or future
environmental statutes, regulations and litigation; the potential
liability resulting from other pending or future litigation; the
company’s future acquisition or disposition of assets and gains and
losses from asset dispositions or impairments; government-mandated
sales, divestitures, recapitalizations, industry-specific taxes,
changes in fiscal terms or restrictions on scope of company
operations; foreign currency movements compared with the U.S.
dollar; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies;
and the factors set forth under the heading “Risk Factors” on pages
22 through 24 of the company’s 2014 Annual Report on Form 10-K. In
addition, such results could be affected by general domestic and
international economic and political conditions. Other
unpredictable or unknown factors not discussed in this presentation
could also have material adverse effects on forward-looking
statements.
Chevron CorporationBraden Reddall, San Ramon+1
925-790-6247BReddall@chevron.com
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