chevron technology ventures launches future energy fund
HOUSTON, Texas, June 20, 2018 – Chevron Technology Ventures, LLC (CTV) today built upon its nearly two decades of venture investing with the launch of its Future Energy Fund. With an initial commitment of $100 million, the new venture capital fund was established to invest in breakthrough technologies that enable the ongoing energy transition to a greater diversity of sources.
As a global energy company, Chevron is committed to exploring ways to lower carbon emissions through research, innovation and application of technology while supplying the reliable, affordable and ever-cleaner energy that the world needs. The new fund supports CTV’s continued role as champion of innovation and integration of emerging technologies into Chevron.
“Chevron has long put its financial strength to work at critical moments that shape the future of energy,” said CTV President Barbara J. Burger. “The Future Energy Fund will inform our continuously evolving perspective on the energy landscape through investment in research and innovation. To prepare for the future, the work starts now.”
Investments from the Future Energy Fund are expected to focus on disruptive technologies across the energy landscape that reflect the company’s commitment to both lower emission energy sources and lower emissions from oil and gas.
CTV pursues innovative business solutions and externally developed technologies that have the potential to improve Chevron’s base business operations and champions their deployment and adoption into the company. Since its inception in June 1999 as the first such fund at an oil major, CTV has supported a wide range of companies and venture capital funds.
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,” “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 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.
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 lifting; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; 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 business, production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts, other natural or human factors, or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant investment or product changes required by existing or future environmental statutes, regulations and litigation; 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; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” on pages 22 through 24 of the company’s 2014 Annual Report on Form 10-K. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.
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