Chevron Corporation (NYSE: CVX) announced today that its
wholly-owned subsidiary Chevron U.S.A. Inc. (Chevron) is investing
an additional $20 million in the Adopt-a-Port initiative with
California renewable natural gas (RNG) provider Clean Energy Fuels
Corp. (NASDAQ: CLNE). Chevron has now invested a total of $28
million in the initiative, which provides truck operators – large
fleets and owner-operators – serving the ports of Los Angeles and
Long Beach with cleaner, carbon-negative RNG to reduce
emissions.
In addition to providing funding for Adopt-a-Port, Chevron
supplies RNG to Clean Energy stations near the ports. Chevron’s
funding will allow truck operators to subsidize the cost of buying
new or converting to RNG-powered trucks. Clean Energy, meanwhile,
will manage the program, including offering fueling services for
qualified truck operators.
Truck operators participating in the program, which supports the
ports’ Clean Trucks Program and Clean Air Action Plan, agree to
fuel up at the Clean Energy stations supplied with Chevron RNG.
Truck operators and their import and export customers are expected
to reduce greenhouse gas emissions under California’s Low Carbon
Fuel Standard program while also reducing smog-forming NOx
emissions by up to 98 percent compared to diesel trucks, helping
local communities.
“Extending our agreement with Clean Energy demonstrates the
strength of our partnership in providing low carbon fuels to our
customers,” said Andy Walz, Chevron president of Americas Fuels
& Lubricants. “Along with other recent investments like
Brightmark, CalBio, selling branded renewable diesel in San Diego
County, and piloting hydrogen fueling stations and EV charging
stations, Adopt-a-Port shows Chevron’s commitment to increasing
renewables in support of our business in order to provide
affordable, reliable and ever-cleaner energy to the market.”
“Chevron’s increased commitment to this project will allow us to
extend favorable funding to smaller, independent operators, which
means cleaner, RNG-fueled trucks operating in the ports,” said Greg
Roche, Clean Energy vice president of Sustainability. “The
resulting positive environmental impact will help to reduce local
air pollution while also eliminating climate pollutants.”
“Harbor Trucking Association applauds the Adopt-a-Port
partnership between Chevron and Clean Energy. This program supports
our mission of helping members improve their environmental
sustainability at the Ports of Long Beach and LA while doing so
with economics that make sense for their businesses,” said Weston
LaBar, CEO of the Harbor Trucking Association, the leading
membership association representing the interests of the drayage
trucking community.
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.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. More information
about Chevron is available at www.chevron.com.
About Clean Energy
Clean Energy Fuels Corp. is the country’s leading provider of
the cleanest fuel for the transportation market. Through its sales
of renewable natural gas (RNG), which is derived from biogenic
methane produced by the breakdown of organic waste, Clean Energy
allows thousands of vehicles, from airport shuttles to city buses
to waste and heavy-duty trucks, to reduce their amount of
climate-harming greenhouse gas from 60% to over 400% depending on
the source of the RNG, according to the California Air Resources
Board. Clean Energy can deliver RNG through compressed natural gas
(CNG) and liquefied natural gas (LNG) to its network of fueling
stations across the U.S. Clean Energy builds CNG and LNG fueling
stations for the transportation market, operates a network of 565
stations across the U.S. and Canada, owns natural gas liquefaction
facilities in California and Texas, and transports bulk CNG and LNG
to non-transportation customers around the U.S. For more
information, visit www.cleanenergyfuels.com and follow @CE_NatGas
on Twitter.
NOTICE
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 that involve risks,
uncertainties and assumptions, including without limitation
statements about the Adopt-a-Port initiative and the benefits of
RNG. Actual results and the timing of events could differ
materially from those anticipated in these forward-looking
statements. The forward-looking statements made herein speak only
as of the date of this press release and, unless otherwise required
by law, Clean Energy undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances. Additionally, the reports and other documents Clean
Energy files with the SEC (available at www.sec.gov) contain risk
factors, which may cause actual results to differ materially from
the forward-looking statements contained in this news release.
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 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,” “forecasts,” “projects,” “believes,”
“approaches,” “seeks,” “schedules,” “estimates,” “positions,”
“pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,”
“trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential” 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 our
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; public health crises, such as pandemics
(including coronavirus (COVID-19)) and epidemics, and any related
government policies and actions; changing economic, regulatory and
political environments in the various countries in which the
company operates; general domestic and international economic and
political conditions; changing refining, marketing and chemicals
margins; the company’s ability to realize anticipated cost savings,
expenditure reductions and efficiencies associated with enterprise
transformation initiatives; 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 the company’s suppliers, vendors, partners and equity
affiliates, particularly during extended periods of low prices for
crude oil and natural gas 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 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 ability to achieve the anticipated
benefits from the acquisition of Noble Energy, Inc.; 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, industry-specific taxes, 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
pay future dividends; 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 18 through 23 of the company's 2020 Annual Report
on Form 10-K and in other 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/20210511005292/en/
Chevron media contact: Tyler Kruzich TKruzich@chevron.com
925-549-8686
Clean Energy media contact: Raleigh Gerber
Raleigh.gerber@cleanenergyfuels.com 949-437-1397
Clean Energy contact for truck operators: Greg Roche
Greg.roche@cleanenergyfuels.com 949-437-8119
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