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Chevron, GE Form Technology Alliance

  Chevron, GE Form Technology Alliance

Business Wire

FLORENCE, Italy -- February 3, 2014

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

The Alliance builds upon a current collaboration on flow analysis technology
for oil and gas wells and 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 United States. In addition to
the flow metering collaboration, which is being conducted with the Measurement
& Control business within GE Oil & Gas, the Alliance also is 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 (LANL). SFAI technology was
originally developed by LANL for defense applications.

"Los Alamos develops unique technologies for our national security missions
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 Chevron GE technology 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 is involved in
virtually every facet of the energy industry. Chevron explores for, produces
and transports crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; 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.

About GE

GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.

About GE Oil & Gas

GE Oil & Gas works on the things that matter in the oil and gas industry.In
collaboration with our customers, we push the boundaries of technology to
bring energy to the world. From extraction to transportation to end use, we
address today's toughest challenges in order to fuel the future. Follow GE Oil
& Gas on Twitter @GE_OilandGas.

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Contact:

GE Oil & Gas
Sean Gannon, +1-212-587-5059
sean.gannon@ge.com
or
Chevron
Lara Sweeney, +1 713-372-4918
lara.sweeney@chevron.com
 
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