Chevron Agrees to Acquire Puma Energy (Australia) Holdings Pty Ltd
December 18 2019 - 6:29PM
Business Wire
Chevron Australia Downstream Pty Ltd, a wholly-owned subsidiary
of Chevron Corporation, today announced that it has signed a
conditional Share Sale Agreement with Puma Energy Asia Pacific B.V.
to acquire all shares and equity interests of Puma Energy
(Australia) Holdings Pty Ltd for the amount of AU$425 million.
Puma Energy (Australia) Holdings Pty Ltd and its subsidiaries
hold assets including a network of company-owned and retailer-owned
service stations in Australia, a commercial and industrial fuels
business, owned or leased seaboard import terminals and fuel
distribution depots.
“The acquisition will provide Chevron with a stable market for
production volumes from our refining joint ventures in Asia and
create a foundation for sustainable earnings growth,” said Mark
Nelson, Chevron’s executive vice president for Downstream &
Chemicals. “It will build on Chevron’s strong history of
partnership in Australia and our global experience in fuels and
convenience marketing and supply.”
The acquisition of Puma Energy (Australia) Holdings Pty Ltd is
expected to close in mid-2020, subject to regulatory approvals and
the satisfaction of customary closing conditions.
About Chevron
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.
About Puma Energy
Puma Energy is a leading global energy business with a
customer-focused approach to safely providing energy solutions in
47 countries across six continents. Puma Energy has around 3,000
retail sites, a presence at over 80 airports and a network of 100
storage terminals. Puma Energy directly employs over 8,000 people,
with regional offices in Johannesburg, South Africa, San Juan,
Puerto Rico, Tallinn, Estonia, and Singapore.
For further information visit: www.pumaenergy.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 that are based on management’s current
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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; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and expenditure reductions; 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; 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 and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries and other producing countries, or other natural
or human causes beyond the company’s control; changing economic,
regulatory and political environments in the various countries in
which the company operates; general 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 legislation and regulatory
measures to limit or reduce greenhouse gas emissions; the potential
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company’s future acquisitions or dispositions of assets or shares
or the delay or failure of such transactions to close based on
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from asset dispositions or impairments; government-mandated sales,
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company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; 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 21 of the company’s 2018 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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