Chevron Completes Acquisition of Puma Energy (Australia) Holdings Pty Ltd
June 30 2020 - 6:30PM
Business Wire
Chevron Australia Downstream Pty Ltd., a wholly-owned subsidiary
of Chevron Corporation, today announced that it has completed the
acquisition from Puma Energy Asia Pacific B.V. of all shares and
equity interests of Puma Energy (Australia) Holdings Pty Ltd for
the amount of AU$425 million.
The acquisition adds a network of more than 360 company-owned
and retailer-owned service stations, a commercial and industrial
fuels business, owned or leased seaboard import terminals and fuel
distribution depots to Chevron’s Australian portfolio.
“This strategic acquisition further integrates our value chain
in the Asia Pacific region by providing a well-developed
infrastructure for products from our Asian refining joint ventures
in an attractive market,” said Mark Nelson, Chevron’s executive
vice president for Downstream & Chemicals. “We are excited to
welcome Puma Energy’s employees into the Chevron family. Once we
satisfy current licensing commitments in Australia we look forward
to extending the Caltex family of brands across the continent.”
Chevron Corporation is one of the world’s leading integrated
energy companies. Through its subsidiaries and affiliates 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.
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
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,”
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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; 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 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 21 of the company's 2019 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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Sean Comey (San Ramon) -- +1 925-842-5509 Adrian Kwintowski
(Perth) -- +61 8 9485 5629
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