Chevron, GE Form Technology Alliance

  Chevron, GE Form Technology Alliance

Business Wire

HOUSTON -- February 3, 2014

Chevron Energy Technology Company and GE Oil & Gas announced today the
creation of the Chevron GE Technology Alliance, which will develop and
commercialize valuable technologies to solve critical needs for the oil and
gas industry.

The Alliance builds upon a current collaboration on flow analysis technology
for oil and gas wells. It will leverage research and development from GE’s
newest Global Research Center, the first dedicated to oil and gas technology.

“GE brings its leading manufacturing capabilities, worldwide marketing,
distribution, and extensive R&D capabilities not only for oil and gas, but
also other business sectors to this alliance,” said Paul Siegele, president of
Chevron Energy Technology Company and chief technology officer. “Together, we
hope to bring impactful new technologies to the industry.”

“Chevron’s deep understanding of the oil and gas industry, combined with GE’s
long tradition of technology development and close collaboration with
strategic partners, will uniquely position this new alliance to address the
industry’s technology needs,” said Lorenzo Simonelli, president and CEO, GE
Oil & Gas. “The solutions developed by this alliance will take on even more
industry significance given Chevron’s proven leadership in being first to
field-test and deploy new technology breakthroughs.”

This partnership builds upon an ongoing collaboration between Chevron and GE
developing the GE Safire™ flow meter, now being tested and deployed on Chevron
land-based well production lines in the western U.S. In addition to the flow
metering collaboration, which is being conducted with the Measurement &
Control business within GE Oil & Gas, the Alliance is also managing a coatings
project and will be taking on additional high-value projects in the near
future.

The Alliance provides a mechanism for commercializing early stage technologies
from Chevron, GE or other technology partnerships. For example, GE flow meter
products will be developed incorporating the Swept Frequency Acoustic
Interferometry (SFAI) metering technology incubated in an alliance between
Chevron and Los Alamos National Laboratory.

“Los Alamos develops unique technologies and these can have powerful
applications for U.S. industry,”said Duncan McBranch,chief technology
officer for Los Alamos National Laboratory.“Strategic partnerships with
industry allow us to accelerate breakthrough innovation in these areas. As the
alliance demonstrates, national laboratories can serve an important role in
connecting different industry partners to strengthen the U.S. innovation
landscape.”

Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is driven
by the ingenuity and commitment of its employees and their application of the
most innovative technologies in the world. Chevron is involved in virtually
every facet of the energy industry. The company explores for, produces and
transports crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources of the
future, including biofuels. Chevron is based in San Ramon, Calif. More
information about Chevron is available at www.chevron.com.

Cautionary Statements 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 Chevron's activities in theUnited States. Words such as
“anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
"projects," "believes," “seeks,” “schedules,” “estimates,” “budgets,”
“outlook” and similar expressions are intended to identify such
forward-looking statements. 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, many of which are beyond the company's control and are difficult to
predict. Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are changes in prices
of, demand for and supply of crude oil and natural gas; actions of
competitors; the inability or failure of the company’s joint-venture partners
to fund their share of operations and development activities; the potential
failure to achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the development,
construction or start-up of planned projects; the potential disruption or
interruption of the company’s net production or manufacturing facilities or
delivery/transportation networks due to war, accidents, political events,
civil unrest, or severe weather; government-mandated sales, divestitures,
recapitalizations, industry-specific taxes and changes in fiscal terms or
restrictions on scope of company operations; foreign currency movements
compared with the U.S. dollar; and general economic and political conditions.
The reader 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.

Contact:

Chevron
Lara Sweeney, Houston, +1 713-372-4918
lcez@chevron.com
 
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