Chevron Completes Acquisition of Renewable Energy Group
June 13 2022 - 8:27AM
Business Wire
Chevron Corporation (NYSE: CVX) today completed its previously
announced acquisition of Renewable Energy Group, Inc. (NASDAQ:
REGI) (REG) following approval by REG stockholders.
“We have brought together companies with complementary
capabilities, assets, and customer relationships to make Chevron
one of the leading renewable fuels companies in the United States,”
said Mark Nelson, executive vice president of Downstream &
Chemicals for Chevron. “Chevron now offers our customers an
expanded suite of cost-effective, lower carbon solutions that
utilize today’s fleets and infrastructure.”
Further, Cynthia “CJ” Warner, formerly president and CEO of REG,
has been appointed to Chevron’s Board of Directors, effective
today.
“CJ Warner has deep experience across both the traditional and
renewable energy sectors,” said Chevron Chairman and CEO Mike
Wirth. “Her perspective and guidance will be invaluable as Chevron
leverages its strengths to deliver lower carbon energy to a growing
world.”
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 seeking to grow lower carbon businesses along
with our traditional business lines. 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
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.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
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“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” 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 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
other producing countries; technological advancements; changes to
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
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
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; 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/20220610005599/en/
Tyler Kruzich, Chevron External Affairs
TKruzich@chevron.com t. (925) 549-8686
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