Chevron Boosts Interest in Natural Gas Pipeline System and Storage Facilities in Southern Louisiana
HOUSTON, Texas, Aug. 5, 2005 -- In support of the company's plans to grow its natural gas business, Chevron today announced an increase in its equity ownership in Bridgeline Holdings, L.P. (BLH) to 100 percent. Financial details were not disclosed.
Chevron acquired the 40 percent interest in the BLH limited partnership held by an affiliate of Targa Resources, Inc. (Targa). BLH was formed in 2000 between Chevron (60%) and Targa's predecessor (40%), with Targa acquiring its ownership in BLH in late 2004. After formation of the limited partnership Chevron acted as the operator of the BLH assets under an operator services agreement.
In southern Louisiana along the Mississippi River corridor, BLH manages and operates an integrated intrastate natural gas pipeline and storage system, consisting of more than 1,000 miles of pipeline and 12 billion cubic feet of natural gas storage capacity, and manages marketing, supply and transportation functions.
Chevron Pipe Line President Tom Winterton said, "Securing full ownership in this strategically located natural gas infrastructure is consistent with the company's ongoing efforts to grow its global gas business. Pipelines provide an essential final link in enabling the distribution of natural gas to customers. With demand for clean, abundant natural gas expected to outpace oil over the next two decades we are pleased to be investing in infrastructure for the future."
Chevron Corporation is one of the world's leading energy companies. With more than 47,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron has more than a century of experience in moving products efficiently via pipeline. Chevron is based in San Ramon, California, USA.
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 the company's plan to grow its global natural gas business. 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. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the press release. Among the factors that could cause actual results to differ materially are crude oil and natural gas prices; chemicals prices and competitive conditions affecting supply and demand for aromatics, olefins and additives products; actions of competitors; the competitiveness of alternate energy sources or product substitutes; technological developments; inability or failure of the company's joint-venture partners to fund their share of operations and development activities; potential failure to achieve expected net production from existing and future oil and gas development projects; potential delays in the development, construction or start-up of planned projects; potential disruption or interruption of the company's net production or manufacturing facilities due to war, accidents, political events or severe weather. In addition, such statements could be affected by general domestic and international economic and political conditions. 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.
Updated: August 2005