SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Canada Restricted, an oblique subsidiary of Chevron Company (NYSE:) (Chevron), introduced right this moment that it and a associated entity have entered right into a definitive settlement to promote their 20 % non-operated curiosity within the Athabasca Oil (OTC:) Sands Challenge, 70 % operated curiosity within the Duvernay shale, and associated pursuits, all situated in Alberta, Canada, to Canadian Pure (NYSE:) Assets Restricted.
The US$6.5 billion all-cash transaction has an efficient date of September 1, 2024, and is predicted to shut in the course of the fourth quarter of 2024, topic to regulatory approvals and different customary closing circumstances.
The belongings topic to the settlement contributed 84 thousand boe/d of manufacturing, web of royalties, to Chevron in 2023. This transaction progresses Chevron’s beforehand introduced plans to divest $10-15 billion in belongings by 2028 to optimize its international vitality portfolio.
About Chevron
Chevron is without doubt one of the world’s main built-in vitality firms. We imagine reasonably priced, dependable and ever-cleaner vitality is crucial to enabling human progress. Chevron produces and ; manufactures transportation fuels, lubricants, petrochemicals and components; and develops applied sciences that improve our enterprise and the business. We goal to develop our oil and fuel enterprise, decrease the carbon depth of our operations and develop decrease carbon companies in renewable fuels, carbon seize and offsets, hydrogen and different rising applied sciences. Extra details about Chevron is on the market at www.chevron.com.
NOTICE
As used on this information launch, the time period Chevron and such phrases as the corporate, the company, our, we, us and its could confer with Chevron Company, a number of of its consolidated subsidiaries, or to all of them taken as a complete. All of those phrases are used for comfort solely and usually are not supposed as a exact description of any of the separate firms, every of which manages its personal affairs.
Please go to Chevron’s web site and Investor Relations web page at www.chevron.com and www.chevron.com/traders, LinkedIn: www.linkedin.com/firm/chevron, Twitter: @Chevron, Fb (NASDAQ:): www.fb.com/chevron, and Instagram: www.instagram.com/chevron, the place Chevron usually discloses essential details about the corporate, its enterprise, and its outcomes of operations.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This information launch comprises forward-looking statements referring to Chevron’s operations and decrease carbon technique which might be based mostly on administration’s present expectations, estimates, and projections concerning the petroleum, chemical compounds and different energy-related industries. Phrases or phrases corresponding to anticipates, expects, intends, plans, targets, advances, commits, drives, goals, forecasts, tasks, believes, approaches, seeks, schedules, estimates, positions, pursues, progress, could, can, may, ought to, will, budgets, outlook, traits, steering, focus, on observe, targets, targets, methods, alternatives, poised, potential, ambitions, aspires and related expressions, and variations or negatives of those phrases, are supposed to establish such forward-looking statements, however not all forward-looking statements embody such phrases. These statements usually are not ensures of future efficiency and are topic to quite a few dangers, uncertainties and different elements, lots of that are past the corporate’s management and are troublesome to foretell. Due to this fact, precise outcomes and outcomes could differ materially from what’s expressed or forecasted in such forward-looking statements. The reader mustn’t place undue reliance on these forward-looking statements, which converse solely as of the date of this information launch. Except legally required, Chevron undertakes no obligation to replace publicly any forward-looking statements, whether or not on account of new data, future occasions or in any other case.
Among the many essential elements that might trigger precise outcomes to vary materially from these within the forward-looking statements are: altering crude oil and pure fuel costs and demand for the corporate’s merchandise, and manufacturing curtailments on account of market circumstances; crude oil manufacturing quotas or different actions that may be imposed by the Group of Petroleum Exporting International locations and different producing nations; technological developments; modifications to authorities insurance policies within the nations through which the corporate operates; public well being crises, corresponding to pandemics and epidemics, and any associated authorities insurance policies and actions; disruptions within the firm’s international provide chain, together with provide chain constraints and escalation of the price of items and providers; altering financial, regulatory and political environments within the varied nations through which the corporate operates; basic home and worldwide financial, market and political circumstances, together with the army battle between Russia and Ukraine, the battle in Israel and the worldwide response to those hostilities; altering refining, advertising and chemical compounds margins; actions of opponents or regulators; timing of exploration bills; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; improvement of enormous carbon seize and offset markets; the outcomes of operations and monetary situation of the corporate’s suppliers, distributors, companions and fairness associates; the shortcoming or failure of the corporate’s joint-venture companions to fund their share of operations and improvement actions; the potential failure to realize anticipated web manufacturing from current and future crude oil and pure fuel improvement tasks; potential delays within the improvement, development or start-up of deliberate tasks; the potential disruption or interruption of the corporate’s operations on account of struggle, accidents, political occasions, civil unrest, extreme climate, cyber threats, terrorist acts, or different pure or human causes past the corporate’s management; the potential legal responsibility for remedial actions or assessments below current or future environmental rules and litigation; vital operational, funding or product modifications undertaken or required by current or future environmental statutes and rules, together with worldwide agreements and nationwide or regional laws and regulatory measures associated to greenhouse fuel emissions and local weather change; the potential legal responsibility ensuing from pending or future litigation; the danger that regulatory approvals with respect to the Hess Company (NYSE:) (Hess) transaction usually are not obtained or are obtained topic to circumstances that aren’t anticipated by the corporate and Hess; potential delays in consummating the Hess transaction, together with on account of regulatory proceedings or the continued arbitration proceedings relating to preemptive rights within the Stabroek Block joint working settlement; dangers that such ongoing arbitration just isn’t satisfactorily resolved and the potential transaction fails to be consummated; uncertainties as as to if the potential transaction, if consummated, will obtain its anticipated financial advantages, together with on account of regulatory proceedings and dangers related to third celebration contracts containing materials consent, anti-assignment, switch or different provisions which may be associated to the potential transaction that aren’t waived or in any other case satisfactorily resolved; the incidence of any occasion, change or different circumstance that might give rise to the termination of the merger settlement with Hess; dangers that the anticipated tax remedy of the potential transaction just isn’t obtained; unexpected or unknown liabilities or surprising future capital expenditures referring to Hess; potential litigation referring to the potential transaction that may very well be instituted in opposition to the corporate or its respective administrators; the likelihood that the potential transaction could also be dearer to finish than anticipated, together with on account of surprising elements or occasions; the impact of the pendency or completion of the potential transaction on the corporate’s enterprise relationships and enterprise usually; the corporate’s potential to combine Hess’ operations in a profitable method and within the anticipated time interval; the likelihood that any of the anticipated advantages and projected synergies of the potential transaction won’t be realized or won’t be realized throughout the anticipated time interval; the corporate’s future acquisitions or tendencies of belongings or shares or the delay or failure of such transactions to shut based mostly on required closing circumstances; the potential for beneficial properties and losses from asset tendencies or impairments; authorities mandated gross sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, modifications in fiscal phrases or restrictions on scope of firm operations; international forex actions in contrast with the U.S. greenback; increased inflation and associated impacts; materials reductions in company liquidity and entry to debt markets; modifications to the corporate’s capital allocation methods; the consequences of modified accounting guidelines below usually accepted accounting ideas promulgated by rule-setting our bodies; the corporate’s potential to establish and mitigate the dangers and hazards inherent in working within the international vitality business; and the elements set forth below the heading Threat Components on pages 20 by way of 26 of the corporate’s 2023 Annual Report on Type 10-Ok and in subsequent filings with the U.S. Securities and Alternate Fee. Different unpredictable or unknown elements not mentioned on this information launch may even have materials opposed results on forward-looking statements.
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For media inquiries contact:
Paula Beasley
Paula.Beasley@chevron.com
+1 281-728-4426
Randy Stuart
randystuart@chevron.com
+1 713-283-8609
Supply: Chevron Company
