Chevron Announces Sale of Geothermal Operations
December 23 2016 - 6:00AM
Business Wire
Transaction Includes Assets in Indonesia and
the Philippines
Chevron Corporation (NYSE:CVX) announced that its wholly-owned
subsidiaries have entered into a sales and purchase agreement with
Star Energy Consortium to sell Chevron’s Indonesian and Philippines
Geothermal assets.
“These assets deliver reliable energy to support the needs of
Asia-Pacific’s growing economies,” said Jay Johnson, executive vice
president, Upstream, Chevron Corporation. “This sale is aligned
with our strategy to maximize the value of our global upstream
businesses through effective portfolio management."
In Indonesia, Chevron subsidiaries operate the Darajat and Salak
geothermal fields in West Java. In the Philippines, company
subsidiaries have a 40 percent equity interest in the Philippine
Geothermal Production Company, Inc., which operates the Tiwi and
Mak-Ban geothermal power plants in Southern Luzon.
Chevron Corporation is one of the world's leading integrated
energy companies. Through its subsidiaries that conduct business
worldwide, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells
petrochemicals and additives; generates power; and develops and
deploys technologies that enhance business value in every aspect of
the company's operations. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
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This press release contains forward-looking statements relating
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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,
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anticipated cost savings and expenditure reductions; actions of
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results of operations and financial condition of the company’s
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during extended periods of low prices for crude oil and natural
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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,
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threats and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries or other natural or human causes beyond its
control; changing economic, regulatory and political environments
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domestic and international economic and political conditions; the
potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation;
significant operational, investment or product changes required by
existing or future environmental statutes and regulations,
including international agreements and national or regional
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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 21 through 23 of the
company’s 2015 Annual Report on Form 10-K. Other unpredictable or
unknown factors not discussed in this press release could also have
material adverse effects on forward-looking statements.
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