Chevron Sells Fuel Business in Uruguay to D.U.C.S.A.
MONTEVIDEO, Uruguay, June 27, 2007 -- Chevron Latin America Marketing LLC and Chevron Amazonas LLC, both indirect, wholly owned subsidiaries of Chevron Corporation, have signed an agreement with D.U.C.S.A. - the state owned petroleum marketing and distribution company operating under the ANCAP brand - for D.U.C.S.A. to purchase the Chevron fuels marketing business in Uruguay.
This agreement reflects Chevron's downstream strategy to improve returns by focusing on areas where it has a competitive supply position and strong brand recognition.
The agreement will add 90 of Chevron's Texaco-branded stations to DUCSA's existing retail network in Uruguay. The stations are expected to be rebranded to reflect the ANCAP brand.
Texaco-branded lubricants products will continue to be distributed and marketed in Uruguay through D.U.C.S.A.
Chevron began its operations in Uruguay in 1932 through the Texaco brand. Chevron Corporation is one of the world's leading energy companies. With its headquarters in San Ramon, Calif., and approximately 56,000 employees, Chevron conducts business in approximately 180 countries around the world, producing and transporting crude and natural gas, as well as refining, marketing and distributing lubricants, fuels and other energy products. For more information, please visit 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.
This news release contains forward-looking statements relating to Chevron's plans for its fuels marketing business in Uruguay. These statements are based on management's current expectations, estimates and projections about the petroleum industry; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the factors that could cause actual results to differ materially include the successful fulfillment of the terms of the sales agreement; failure to close the sale as anticipated; and local and general economic and political conditions. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You 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.
Updated: June 2007