Commercial Production Begins at Chevron’s New Premium Base Oil Plant

  Commercial Production Begins at Chevron’s New Premium Base Oil Plant

 Pascagoula, Mississippi facility positions Chevron to be the world’s largest
                         producer of premium base oil

Business Wire

SAN RAMON, Calif. -- July 21, 2014

Chevron Corporation (NYSE:CVX) subsidiary Chevron U.S.A. Inc. announced that
it has begun commercial production of premium base oils from a newly
constructed manufacturing facility at the company’s Pascagoula refinery.

Base oils produced at Pascagoula will add to capacity from the company’s
refinery in Richmond, California and a joint venture facility in Yeosu, Korea,
approximately doubling Chevron’s production capacity and positioning it to be
the world’s largest producer of premium base oil.

“Lubricants are a high growth business supporting economic development
worldwide,” said Mike Wirth, executive vice president, Chevron Downstream &
Chemicals. “The addition of the Pascagoula plant to Chevron’s base oil network
enhances Chevron’s reputation as a reliable and flexible base oil supplier
globally.”

Base oils from the new facility will supply customers in the U.S. East, Europe
and Latin America, with Richmond continuing to supply the U.S. West, and both
Richmond and Yeosu supplying Asia.

The facility is designed to manufacture 25,000 barrels per day of premium base
oil, helping countries around the world meet increasingly strict regulatory
requirements and higher performance standards for lubricants. Premium base oil
is the main ingredient in the production of top-tier motor oils that help
improve fuel economy, lower tail-pipe emissions and extend the time between
oil changes. Base oils are used to make lubricants and greases for machinery
and equipment in the commercial and industrial sectors.

The base oil facility uses Chevron’s proprietary ISODEWAXING® technology
invented in 1993. The technology results in higher yields and enables a
broader range of crude oil to be used in the manufacturing process. Over half
of the world’s premium base oil is manufactured with this technology through
licensing agreements with Chevron.

Chevron Corporation 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 the United 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, some 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 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 Corporation
Quyen Teng, +1 925-842-9501
quyen.teng@chevron.com
 
Press spacebar to pause and continue. Press esc to stop.