USA Petroleum Announces Decision to Sell Retail Gasoline Stations in California to Chevron
SAN RAMON, Calif., July 14, 2006 -- Chevron U.S.A. Inc. and USA Petroleum Corp. today jointly announced that the companies have completed negotiations for Chevron's purchase of 122 USA Petroleum retail stations across California.
John Moller, owner of USA Petroleum, said, "After nearly 50 years, I believe it is appropriate to sell some of our retail gas station holdings, and I believe that the transition to Chevron also will be good for my customers and station employees."
Chevron plans to operate the 122 additional retail gasoline stations and upgrade the sites with new image standards, either under the Chevron or Texaco brand. California currently has about 10,000 retail gasoline service stations, of which roughly 1,500 are currently branded either Chevron or Texaco.
"This transaction allows us to expand our ability to reliably supply our customers with high-quality gasoline with Techron®," said Cary Knuth, Chevron North America Marketing general manager of Retail Sales, West.
The transaction is subject to regulatory approval.
USA Petroleum, headquartered in Thousand Oaks, Calif., owns and operates retail gasoline stations primarily in California. The majority of the stations involved in the transaction currently sell "USA"-branded gasoline, with a small number branded Chevron and Shell.
Chevron Corporation is one of the world's leading energy companies. With more than 53,000 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 U.S.A. Inc. is a wholly-owned subsidiary of Chevron Corp. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.
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Updated: July 2006