Chevron to supply 0.5 million metric tons of liquefied natural gas
annually for five years
Chevron Corporation (NYSE:CVX) today announced that its wholly-owned
subsidiary, Chevron U.S.A. Inc., has signed a Key Terms Agreement with
Singapore Carbon Hydrogen Energy Pte. Ltd., a subsidiary of JOVO, for
the delivery of liquefied natural gas (LNG) from Chevron’s global supply
portfolio. When the LNG Sale and Purchase Agreement is finalized, JOVO
is expected to receive up to 0.5 million metric tons per annum of LNG
over five years, with the first delivery expected to arrive in 2018.
“This agreement is another important step in the commercialization of
Chevron’s natural gas holdings,” said Mike Wirth, executive vice
president, Chevron Midstream and Development. “We are positioned to
become one of the top 10 LNG suppliers in the world.”
JOVO is a privately-owned Chinese energy company. Its LNG business
portfolio includes a LNG receiving terminal, tank truck operations,
urban pipelines for natural gas, automobile gas refilling stations,
direct industrial clients, power plant customers and exclusive
management of an industrial park in South China.
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 petrochemical products; and additives; generates
power and produces geothermal energy; 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.
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press 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,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,”
“may,” “could,” “should,” “budgets,” “outlook,” “on schedule,” “on
track” 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
report. 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 or other natural or human causes beyond its 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 liability
resulting from other pending or future litigation; the company’s future
acquisition or disposition of assets and gains and losses from asset
dispositions or impairments; government-mandated sales, divestitures,
recapitalizations, industry-specific taxes, 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 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 21
through 23 of the company’s 2015 Annual Report on Form 10-K. Other
unpredictable or unknown factors not discussed in this press release
could also have material adverse effects on forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160720006391/en/
Copyright Business Wire 2016