New Corporate Payment Solution to Deliver Innovative Features to Shell
Commercial Fleet Customers
WEX Inc. (NYSE:WEX), a global provider of industry-leading corporate
payment solutions, today announced that it has reached an agreement with
Equilon Enterprises LLC dba Shell Oil Products US and Shell Canada
Products (“Shell”), one of the largest branded commercial fleet fuel
card providers in the world, to issue and operate Shell’s full portfolio
of commercial fleet cards in the United States and Canada. Shell and WEX
anticipate launching their first commercial fleet product August 1, 2018.
“We are excited to offer better functionality and improved customer
service to our Fleet Solutions customers by building on our
state-of-the-art fleet controls,” said Rusty Barron, vice president and
general manager of Shell Fleet Solutions, North America. “Delivering
dedicated, best-in-class customer service is important to us, and this
new relationship with WEX highlights our commitment to providing
customers with personalized support and innovative features to solve
their unique fleet management challenges.”
As the new provider for Shell’s commercial fleet cards, WEX will provide
Shell’s commercial fleet customers with the full range of features,
functionality and solutions needed to meet the everyday demands of a
modern fleet. This relationship builds on the latest enhancements and
improvements Shell made earlier this year by upgrading to WEX Spec,
WEX’s network specification, which allows fleet managers better control
and visibility when managing their fueling transactions.
“We’re excited to add the Shell brand to our commercial fleet card
services portfolio and to leverage their strong market presence in North
America,” said Melissa Smith, WEX’s president and chief executive
officer. “The agreement with Shell underscores our commitment to growth
in the North American fleet market and offers fleet customers another
robust fleet card program option with one of the most recognized brands
in the industry.”
Shell Fleet Solutions’ full portfolio of commercial cards includes the
Shell Fleet Navigator® Card, a universal fuel card for larger
fleets, the Shell Fleet Plus Card and the Shell Small Business Card. To
learn more about Shell Fleet Solutions and its offerings for North
America, visit https://www.shell.us/business-customers/shell-commercial-cards
or www.shell.ca/fleetsolutions.
About WEX Inc.
Powered by the belief that complex payment systems can be made simple,
WEX Inc. (NYSE: WEX) is a leading provider of payment processing and
business solutions across a wide spectrum of sectors, including fleet,
travel and healthcare. WEX operates in more than 10 countries and in
more than 20 currencies through more than 3,300 associates around the
world. WEX fleet cards offer 11.5 million vehicles exceptional payment
security and control; purchase volume in its travel and corporate
solutions grew to $30.3 billion in 2017; and the WEX Health financial
technology platform helps 300,000 employers and more than 25 million
consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
About Shell
Shell Oil Company is an affiliate of the Royal Dutch Shell plc, a global
group of energy and petrochemical companies with operations in more than
70 countries. In the U.S., Shell operates in 50 states and employs more
than 20,000 people working to help tackle the challenges of the new
energy future. Shell Oil Company is a leading oil and gas producer in
the deepwater Gulf of Mexico, a recognized pioneer in oil and gas
exploration and production technology and one of America’s leading oil
and natural gas producers, gasoline and natural gas marketers and
petrochemical manufacturers. Learn more at www.shell.us.
Shell Oil Products US is a leader in the refining, transportation and
marketing of fuels, and has a network of more than 13,200 Shell-branded
gasoline stations across the United States.
In Canada, Shell has been operating for over 100 years and employs over
4,000 people across the country. Our business is providing energy to
Canadians and people around the world, and we are one of the few truly
integrated oil and gas companies in Canada. Learn more at www.shell.ca.
WEX Cautionary Note
This news release also contains forward-looking statements, including
statements regarding WEX Inc.’s (“WEX”): expectations for future market
opportunities, operations and business expansion. Any statements that
are not statements of historical facts may be deemed to be
forward-looking statements. When used in this news release, the words
"may," "could," "anticipate," "plan," "continue," "project," "intend,"
"estimate," "believe," "expect" and similar expressions are intended to
identify forward-looking statements, although not all forward-looking
statements contain such words. These forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially, including: WEX's failure to successfully
operate and expand Shell’s fuel card programs; the effects of general
economic conditions on fueling patterns as well as payment and
transaction processing activity; the impact of foreign currency exchange
rates on WEX’s operations, revenue and income; changes in interest
rates; the impact of fluctuations in fuel prices; the effects of WEX’s
business expansion and acquisition efforts; potential adverse changes to
business or employee relationships, including those resulting from the
completion of an acquisition; competitive responses to any acquisitions;
uncertainty of the expected financial performance of the combined
operations following completion of an acquisition; the ability to
successfully integrate WEX's acquisitions; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges or
expenses resulting from an acquisition; WEX's failure to successfully
operate and expand ExxonMobil's European and Asian commercial fuel card
programs; the failure of corporate investments to result in anticipated
strategic value; the impact and size of credit losses; the impact of
changes to WEX's credit standards; breaches of WEX’s technology systems
or those of our third-party service providers and any resulting negative
impact on our reputation, liabilities or relationships with customers or
merchants; WEX’s failure to maintain or renew key agreements; failure to
expand WEX’s technological capabilities and service offerings as rapidly
as WEX’s competitors; failure to successfully implement WEX's
information technology strategies and capabilities in connection with
its technology outsourcing and insourcing arrangements and any resulting
cost associated with that failure; the actions of regulatory bodies,
including banking and securities regulators, or possible changes in
banking or financial regulations impacting WEX’s industrial bank, WEX as
the corporate parent or other subsidiaries or affiliates; the impact of
WEX’s outstanding notes on its operations; the impact of increased
leverage on WEX's operations, results or borrowing capacity generally,
and as a result of acquisitions specifically; the incurrence of
impairment charges if our assessment of the fair value of certain of our
reporting units changes; the uncertainties of litigation; as well as
other risks and uncertainties identified in Item 1A of our annual report
for the year ended December 31, 2017, filed on Form 10-K with
the Securities and Exchange Commission on March 1, 2018. WEX's
forward-looking statements do not reflect the potential future impact of
any alliance, merger, acquisition, disposition or stock repurchases. The
forward-looking statements speak only as of the date of news release and
undue reliance should not be placed on these statements. WEX disclaims
any obligation to update any forward-looking statements as a result of
new information, future events or otherwise.
Shell Cautionary Note
The companies in which Royal Dutch Shell plc directly and indirectly
owns investments are separate legal entities. In this news release
“Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for
convenience where references are made to Royal Dutch Shell plc and its
subsidiaries in general. Likewise, the words “we”, “us” and “our” are
also used to refer to Royal Dutch Shell plc and subsidiaries in general
or to those who work for them. These terms are also used where no useful
purpose is served by identifying the particular entity or entities.
‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in
this news release refer to entities over which Royal Dutch Shell plc
either directly or indirectly has control. Entities and unincorporated
arrangements over which Shell has joint control are generally referred
to as “joint ventures” and “joint operations”, respectively. Entities
over which Shell has significant influence but neither control nor joint
control are referred to as “associates”. The term “Shell interest” is
used for convenience to indicate the direct and/or indirect ownership
interest held by Shell in an entity or unincorporated joint arrangement,
after exclusion of all third-party interest.
This news release contains forward-looking statements (within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995)
concerning the financial condition, results of operations and businesses
of Royal Dutch Shell. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements.
Forward-looking statements are statements of future expectations that
are based on management’s current expectations and assumptions and
involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking statements
include, among other things, statements concerning the potential
exposure of Royal Dutch Shell to market risks and statements expressing
management’s expectations, beliefs, estimates, forecasts, projections
and assumptions. These forward-looking statements are identified by
their use of terms and phrases such as “aim”, “ambition’,
‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’,
‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’,
‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’,
‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number
of factors that could affect the future operations of Royal Dutch Shell
and could cause those results to differ materially from those expressed
in the forward-looking statements included in this news release,
including (without limitation): (a) price fluctuations in crude oil and
natural gas; (b) changes in demand for Shell’s products; (c) currency
fluctuations; (d) drilling and production results; (e) reserves
estimates; (f) loss of market share and industry competition; (g)
environmental and physical risks; (h) risks associated with the
identification of suitable potential acquisition properties and targets,
and successful negotiation and completion of such transactions; (i) the
risk of doing business in developing countries and countries subject to
international sanctions; (j) legislative, fiscal and regulatory
developments including regulatory measures addressing climate change;
(k) economic and financial market conditions in various countries and
regions; (l) political risks, including the risks of expropriation and
renegotiation of the terms of contracts with governmental entities,
delays or advancements in the approval of projects and delays in the
reimbursement for shared costs; and (m) changes in trading conditions.
No assurance is provided that future dividend payments will match or
exceed previous dividend payments. All forward-looking statements
contained in this news release are expressly qualified in their entirety
by the cautionary statements contained or referred to in this section.
Readers should not place undue reliance on forward-looking statements.
Additional risk factors that may affect future results are contained in
Royal Dutch Shell’s 20-F for the year ended December 31, 2017 (available
at www.shell.com/investor
and www.sec.gov
). These risk factors also expressly qualify all forward looking
statements contained in this news release and should be considered by
the reader. Each forward-looking statement speaks only as of the date of
this news release, June 4, 2018. Neither Royal Dutch Shell plc nor any
of its subsidiaries undertake any obligation to publicly update or
revise any forward-looking statement as a result of new information,
future events or other information. In light of these risks, results
could differ materially from those stated, implied or inferred from the
forward-looking statements contained in this news release.
We may have used certain terms, such as resources, in this news release
that United States Securities and Exchange Commission (SEC) strictly
prohibits us from including in our filings with the SEC. U.S. Investors
are urged to consider closely the disclosure in our Form 20-F, File No
1-32575, available on the SEC website www.sec.gov.
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