SAN RAMON, Calif., January 31, 2013 – Chevron Corporation (NYSE: CVX) said today that it will realign its Gas and Midstream business by consolidating the company's supply and trading functions into a single supply and trading group within Chevron's Gas and Midstream organization.
Until now, Chevron's Downstream organization oversaw the company's trading operations for crude oil and refined products, while the company's Gas and Midstream business was responsible for Chevron's natural gas and liquefied natural gas trading operations.
"These changes will more tightly integrate our supply and trading activities and allow our Gas and Midstream organization to create value across our upstream and downstream assets," said Chevron Chairman and CEO John Watson.
Watson said that Joseph C. (Joe) Geagea, 53, will lead the new organization and retain his title as corporate vice president and president, Chevron Gas and Midstream. In addition to supply and trading, Geagea will continue to be responsible for the company's shipping, pipeline, power and gas commercialization operations. Geagea will report to Watson in his expanded role effective immediately. The new Gas and Midstream organization will be effective June 1, 2013.
"Joe's enterprise-wide experience makes him well qualified to lead this organization," added Watson.
Geagea joined Chevron in 1982. Since the early 1990s, he has held a variety of executive and management positions in both the upstream and downstream operations of the company. Previously, Geagea was managing director, Chevron Asia South Ltd., Chevron Asia Pacific Exploration and Production Company. Earlier, he was vice president, Upstream Capability, Chevron International Exploration and Production Company. He also served as president of Fuel & Marine Marketing and as president of the company's downstream operations in East Africa, the Middle East and Pakistan. Following the Chevron and Texaco merger in 2001, Geagea led the integration of the two companies' downstream operations.
Chevron is one of the world's leading integrated energy companies, with 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; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
Some of the items discussed in this press release are forward-looking statements about Chevron Corporation. Words such as "anticipates," "expects," "intends," "plans," "targets," "forecasts, " "projects," "believes," "seeks," "schedules, " "estimates," "budgets," "outlook" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; 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 net production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, or severe weather; government-mandated sales, divestitures, recapitalizations, industry-specific taxes and changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; and general economic and political conditions. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press 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.