Chevron Updates Activities in Gulf Region after Hurricane Rita
SAN RAMON, Calif., Sep. 26, 2005 -- Chevron Corporation (NYSE:CVX) has begun moving refined products via its subsidiary Chevron USA Inc. to retailers in Texas and Louisiana and is actively assessing the effects to its operations in the Gulf of Mexico region following Hurricane Rita.
Chevron's refined products terminal at Galena Park, Tx., was closed prior to the storm but re-opened to tanker truck service mid-day Saturday. The facility is operating around-the-clock to transfer more than 1.2 million gallons of motor vehicle fuels per day to more than 450 service stations within a 100-mile radius of Houston.
Chevron is assessing off-shore oil and natural gas production facilities as weather permits. Initial assessments have revealed that the Typhoon tension leg platform (located in 2,000 feet of water in the Green Canyon area approximately 165 miles south-southwest of New Orleans) was severed from its mooring and suffered severe damage during the storm. The facility has been located and is being secured. Chevron has mobilized appropriate resources to address any environmental concerns. No employees are at risk. Prior to the storm, the company safely evacuated employees and contractors from the U.S. Gulf of Mexico facilities. Decisions on when production can be restarted from the company's other offshore facilities will be made when the post-storm assessments are concluded.
Reports of a gas leak in the proximity of the Henry Hub facility located in southwestern Louisiana were investigated by emergency response personnel. Two separate natural gas releases were located and secured, neither of which was sourced from Chevron's Sabine Pipe Line Company or Henry Hub.
The company also advises that its Houston offices will be closed on Monday, Sept. 26, but will re-open on Tuesday, Sept. 27. However, the company is advising employees who left Houston during the evacuation to follow plans laid out by public officials regarding their attempted return to the city.
Chevron has set up a toll-free telephone number to help employees affected by Hurricane Rita to let the company know of their current situations. Any employees affected by the storm in Houston and the Texas gulf region are asked to contact the company by calling 1-800-334-3963.
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 of Chevron Corporation 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 such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" 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, some of which are beyond our 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. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this 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 factors that could cause actual results to differ materially are unknown or unexpected problems in the resumption of operations affected by Hurricanes Katrina and Rita, crude oil and natural gas prices; refining margins and marketing margins; chemicals prices and competitive conditions affecting supply and demand for aromatics, olefins and additives products; actions of competitors; 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 disruption or interruption of the company's net production or manufacturing facilities due to war, accidents, political events or severe weather; potential liability for remedial actions under existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental regulations (including, particularly, regulations and litigation dealing with gasoline composition and characteristics); and potential liability resulting from pending or future litigation. In addition, such statements could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.
Updated: September 2005