ChevronTexaco Sells 118 U.K. Service Stations to Somerfield
SAN RAMON, Calif., April 29, 2005 -- ChevronTexaco Global Marketing today announced that Texaco Limited, a U.K. subsidiary of ChevronTexaco Corp. and Somerfield plc, the fifth largest food retailer in the United Kingdom, have reached an agreement on the sale of 118 Texaco-owned service stations in the United Kingdom to Somerfield. A Memorandum of Understanding (MOU) to negotiate the sale of the Texaco-owned service stations to Somerfield had previously been announced on Feb. 16, 2005.
Under the terms of the agreement, Texaco will continue to supply the 118 Somerfield-owned service stations with fuel and the forecourts will remain Texaco branded. The convenience stores will be operated under the Somerfield brand. The handover of the sites and the re-branding of the shops will begin in the next few months.
"We are pleased to have concluded this agreement," said Shariq Yosufzai, president of Global Marketing for Chevron Texaco. "This is part of our downstream strategy to improve returns by focusing on areas where ChevronTexaco has a competitive supply position and strong brand recognition for its three world class brands – Chevron, Texaco and Caltex."
ChevronTexaco Corp. is one of the world's leading energy companies. With more than 47,000 employees, ChevronTexaco 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. ChevronTexaco Global Marketing is a division of ChevronTexaco Global Downstream LLC, a wholly-owned subsidiary of ChevronTexaco Corp. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at chevrontexaco.com.
This news release contains forward-looking statements relating to ChevronTexaco's plans for retail and wholesale refined product marketing in the United Kingdom. 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 finalizing the sales agreement; failure to close the sale as anticipated; selling or finding an alternate use for additional company-owned stations in the United Kingdom; 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, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Updated: April 2005