Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:
CVX), and Bunge North America, Inc., a subsidiary of Bunge Limited
(NYSE: BG), today announced the signing of definitive transaction
agreements to create their previously announced joint venture. The
new venture will create renewable feedstocks leveraging Bunge’s
expertise in oilseed processing and farmer relationships and
Chevron’s expertise in fuels manufacturing and marketing. The
agreements are subject to customary closing conditions, including
regulatory approval.
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Bunge’s soybean processing plants in Destrehan, Louisiana and
Cairo, Illinois will be contributed to the joint venture with
Chevron contributing approximately $600 million in cash. Plans
include approximately doubling the combined capacity of these
facilities from 7,000 tons per day by the end of 2024. The joint
venture may also explore opportunities in other renewable
feedstocks, as well as in feedstock pretreatment.
“Partnering with Chevron, a global leader in energy, is a
significant step forward in building the capability to make changes
at scale to help reduce carbon in our own and our customers’ value
chains,” said Greg Heckman, Bunge CEO. “I am confident that our
shared networks, global footprint and expertise is the right
partnership to build a successful long-term and low-cost enterprise
that will help meet the demand for next generation, renewable
fuels.”
Under the agreements, Bunge will operate the facilities; Chevron
will have purchase rights for the oil to use as a renewable
feedstock to manufacture transportation fuels with lower lifecycle
carbon intensity.
“Chevron expects to create the capacity to produce 100,000
barrels per day of renewable diesel and sustainable aviation fuel
by 2030,” said Mark Nelson, executive vice president of Downstream
& Chemicals for Chevron. “By taking this first step in securing
a predictable supply of renewable feedstocks in partnership with
Bunge, we are positioning ourselves to meet that goal and supply
our transportation customers with lower lifecycle carbon intensity
fuels.”
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and seeking to grow lower carbon businesses along with our
traditional business lines. More information about Chevron is
available at www.chevron.com.
About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to
consumers to deliver essential food, feed and fuel to the world.
With more than two centuries of experience, unmatched global scale
and deeply rooted relationships, we work to put quality food on the
table, increase sustainability where we operate, strengthen global
food security, and help communities prosper. As the world’s leader
in oilseed processing and a leading producer and supplier of
specialty plant-based oils and fats, we value our partnerships with
farmers to improve the productivity and environmental efficiency of
agriculture across our value chains and to bring quality products
from where they’re grown to where they’re consumed. At the same
time, we collaborate with our customers to create and reimagine the
future of food, developing tailored and innovative solutions to
meet evolving dietary needs and trends in every part of the world.
Our Company is headquartered in St. Louis, Missouri, and we have
almost 23,000 dedicated employees working across approximately 300
facilities located in more than 40 countries.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements 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. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news 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.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions; changing refining, marketing and chemicals margins;
actions of competitors or regulators; timing of exploration
expenses; timing of crude oil liftings; the competitiveness of
alternate-energy sources or product substitutes; development of
large carbon capture and offset markets; the results of operations
and financial condition of the company’s suppliers, vendors,
partners and equity affiliates, particularly during the COVID-19
pandemic; 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 operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats, terrorist acts, or other natural or human causes beyond
the company’s control; the potential liability for remedial actions
or assessments under existing or future environmental regulations
and litigation; significant operational, investment or product
changes undertaken or required by existing or future environmental
statutes and regulations, including international agreements and
national or regional legislation and regulatory measures to limit
or reduce greenhouse gas emissions; the potential liability
resulting from pending or future litigation; the company’s future
acquisitions or dispositions of assets or shares or the delay or
failure of such transactions to close based on required closing
conditions; the potential for gains and losses from asset
dispositions or impairments; government mandated sales,
divestitures, recapitalizations, taxes and tax audits, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the receipt of required Board authorizations to
implement capital allocation strategies, including future stock
repurchase programs and dividend payments; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company’s ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 18 through 23 of the company’s 2020
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
Cautionary Statement Concerning Forward-Looking
Statements
This Bunge press release contains both historical and
forward-looking statements. All statements, other than statements
of historical fact are, or may be deemed to be, forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are not based
on historical facts, but rather reflect our current expectations
and projections about our future results, performance, prospects
and opportunities. We have tried to identify these forward-looking
statements by using words including “may,” “will,” “should,”
“could,” “expect,” “anticipate,” “believe,” “plan,” “intend,”
“estimate,” “continue” and similar expressions. These
forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause our actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. The following important factors, among
others, could cause actual results to differ from these
forward-looking statements: the negotiation and finalization of the
definitive documentation related to the joint venture; the ability
to achieve the expected targets of the joint venture and the
ability to realize the benefits we expect to derive from it; the
outcome and effects of the Board’s strategic review; our ability to
attract and retain executive management and key personnel; industry
conditions, including fluctuations in supply, demand and prices for
agricultural commodities and other raw materials and products used
in our business; fluctuations in energy and freight costs and
competitive developments in our industries; the effects of weather
conditions and the outbreak of crop and animal disease on our
business; global and regional agricultural, economic, financial and
commodities market, political, social and health conditions; the
outcome of pending regulatory and legal proceedings; our ability to
complete, integrate and benefit from acquisitions, dispositions,
joint ventures and strategic alliances; our ability to achieve the
efficiencies, savings and other benefits anticipated from our cost
reduction, margin improvement and other business optimization
initiatives; changes in government policies, laws and regulations
affecting our business, including agricultural and trade policies,
tax regulations and biofuels legislation; and other factors
affecting our business generally. The forward-looking statements
included in this release are made only as of the date of this
release, and except as otherwise required by federal securities
law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or
circumstances.
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Investor Contacts: Roderick Green Chevron
invest@chevron.com Ruth Ann Wisener Bunge Limited 636-292-3014
Ruthann.wisener@bunge.com Media Contacts: Tyler Kruzich
Chevron 925-549-8686 tkruzich@chevron.com Bunge News Bureau Bunge
Limited 636-292-3022 news@bunge.com
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