SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Canada Restricted, an oblique subsidiary of Chevron Company (NYSE:) (Chevron), introduced at this time that it and a associated entity have entered right into a definitive settlement to promote their 20 p.c non-operated curiosity within the Athabasca Oil (OTC:) Sands Venture, 70 p.c 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 throughout the fourth quarter of 2024, topic to regulatory approvals and different customary closing circumstances.
The property 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 property by 2028 to optimize its world power portfolio.
About Chevron
Chevron is likely one of the world’s main built-in power firms. We consider inexpensive, dependable and ever-cleaner power 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 gasoline 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 offered 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 might discuss with Chevron Company, a number of of its consolidated subsidiaries, or to all of them taken as an entire. All of those phrases are used for comfort solely and are usually 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/buyers, LinkedIn: www.linkedin.com/firm/chevron, Twitter: @Chevron, Fb (NASDAQ:): www.fb.com/chevron, and Instagram: www.instagram.com/chevron, the place Chevron typically discloses vital 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 can be primarily based on administration’s present expectations, estimates, and projections in regards to the petroleum, chemical compounds and different energy-related industries. Phrases or phrases akin to anticipates, expects, intends, plans, targets, advances, commits, drives, goals, forecasts, initiatives, believes, approaches, seeks, schedules, estimates, positions, pursues, progress, might, can, may, ought to, will, budgets, outlook, tendencies, steering, focus, on observe, objectives, targets, methods, alternatives, poised, potential, ambitions, aspires and comparable expressions, and variations or negatives of those phrases, are supposed to establish such forward-looking statements, however not all forward-looking statements embrace such phrases. These statements are usually not ensures of future efficiency and are topic to quite a few dangers, uncertainties and different components, a lot of that are past the corporate’s management and are troublesome to foretell. Subsequently, precise outcomes and outcomes might 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 communicate 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 because of new data, future occasions or in any other case.
Among the many vital components that might trigger precise outcomes to vary materially from these within the forward-looking statements are: altering crude oil and pure gasoline costs and demand for the corporate’s merchandise, and manufacturing curtailments as a consequence of market circumstances; crude oil manufacturing quotas or different actions that could be imposed by the Group of Petroleum Exporting Nations and different producing international locations; technological developments; adjustments to authorities insurance policies within the international locations through which the corporate operates; public well being crises, akin to pandemics and epidemics, and any associated authorities insurance policies and actions; disruptions within the firm’s world provide chain, together with provide chain constraints and escalation of the price of items and companies; altering financial, regulatory and political environments within the numerous international locations through which the corporate operates; normal 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 marketing and chemical compounds margins; actions of rivals or regulators; timing of exploration bills; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; improvement of huge carbon seize and offset markets; the outcomes of operations and monetary situation of the corporate’s suppliers, distributors, companions and fairness associates; the lack 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 present and future crude oil and pure gasoline improvement initiatives; potential delays within the improvement, building or start-up of deliberate initiatives; the potential disruption or interruption of the corporate’s operations as a consequence 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 underneath present or future environmental laws and litigation; important operational, funding or product adjustments undertaken or required by present or future environmental statutes and laws, together with worldwide agreements and nationwide or regional laws and regulatory measures associated to greenhouse gasoline emissions and local weather change; the potential legal responsibility ensuing from pending or future litigation; the chance that regulatory approvals with respect to the Hess Company (NYSE:) (Hess) transaction are usually 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 because of regulatory proceedings or the continued arbitration proceedings concerning preemptive rights within the Stabroek Block joint working settlement; dangers that such ongoing arbitration is just not 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 because of regulatory proceedings and dangers related to third occasion contracts containing materials consent, anti-assignment, switch or different provisions that could 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 therapy of the potential transaction is just not obtained; unexpected or unknown liabilities or surprising future capital expenditures referring to Hess; potential litigation referring to the potential transaction that could possibly be instituted towards the corporate or its respective administrators; the chance that the potential transaction could also be dearer to finish than anticipated, together with because of surprising components or occasions; the impact of the pendency or completion of the potential transaction on the corporate’s enterprise relationships and enterprise typically; the corporate’s potential to combine Hess’ operations in a profitable method and within the anticipated time interval; the chance 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 property or shares or the delay or failure of such transactions to shut primarily based on required closing circumstances; the potential for good points and losses from asset tendencies or impairments; authorities mandated gross sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, adjustments in fiscal phrases or restrictions on scope of firm operations; overseas forex actions in contrast with the U.S. greenback; increased inflation and associated impacts; materials reductions in company liquidity and entry to debt markets; adjustments to the corporate’s capital allocation methods; the consequences of modified accounting guidelines underneath typically accepted accounting rules promulgated by rule-setting our bodies; the corporate’s potential to establish and mitigate the dangers and hazards inherent in working within the world power business; and the components set forth underneath the heading Danger Components on pages 20 by way of 26 of the corporate’s 2023 Annual Report on Type 10-Okay and in subsequent filings with the U.S. Securities and Alternate Fee. Different unpredictable or unknown components not mentioned on this information launch may even have materials adversarial 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