Cummins Inc. (NYSE: CMI) and Chevron U.S.A. Inc., a subsidiary
of Chevron Corporation (NYSE: CVX), announced a memorandum of
understanding to leverage complementary positioning in hydrogen,
natural gas, and other lower carbon fuel value chains. The
announcement expands the two companies’ previous strategic
collaboration on hydrogen and renewable natural gas and is expected
to encompass other liquid renewable fuels, such as renewable
gasoline blends, biodiesel and renewable diesel. This collaboration
is intended to encourage commercial and industrial adoption in
North America.
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“At Cummins, we are working to bring our Destination Zero
strategy to life, and we recognize we can’t do this alone,”
explained Jennifer Rumsey, President and CEO, Cummins Inc. “Through
Accelera by Cummins we have leading zero-emissions technologies for
commercial and industrial applications, and we continue to offer a
broad portfolio of engine-based solutions that reduce greenhouse
gas and other emissions today. By collaborating strategically with
Chevron, we plan to improve access to fuel and infrastructure for
our customers, helping grow the availability of alternative and
renewable fuels while reducing emissions.”
“Achieving a lower carbon future that serves all people requires
ambitious innovations and pragmatic solutions that deliver
measurable results,” said Chevron’s President of Americas Products
Andy Walz. “Collaborations like this one with Cummins are intended
to make energy and global supply chains more affordable and
reliable while helping commercial fleets who use our products and
Cummins’ equipment to advance a lower carbon world. No one company
or industry can go at it alone – together with Cummins, we aim to
deliver progress today.”
Cummins and Chevron each have contributed to the research,
development and global deployment of alternative fuels innovation,
systems and technologies and will work together on enabling the
commercial development at scale of alternative fuels production,
transportation and delivery systems for industrial and commercial
markets, with target consumption by transportation vehicles of the
type manufactured by Cummins. Workstreams in the new collaboration
focus on hydrogen, natural gas, and other alternative lower carbon
intensity fuels such as renewable gasoline blend, biodiesel,
renewable diesel, compressed natural gas, and other liquid
renewables to expand commercial adoption.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to enabling human progress. 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 aim to grow our
traditional oil and gas business, lower the carbon intensity of our
operations and grow new lower carbon businesses in renewable fuels,
hydrogen, carbon capture, offsets and other emerging technologies.
More information about Chevron is available at www.chevron.com.
About Cummins Inc.
Cummins Inc., a global power technology leader, is a corporation
of complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions. The
company’s products range from internal combustion, electric and
hybrid integrated power solutions to components including
filtration, aftertreatment, turbochargers, fuel systems, controls
systems, air handling systems, automated transmissions, electric
power generation systems, microgrid controls, batteries,
electrolyzers and fuel cell products. Headquartered in Columbus,
Indiana (U.S.), since its founding in 1919, Cummins employs
approximately 73,600 people committed to powering a more prosperous
world through three global corporate responsibility priorities
critical to healthy communities: education, environment and
equality of opportunity. Cummins serves its customers online,
through a network of company-owned and independent distributor
locations, and through thousands of dealer locations worldwide and
earned about $2.2 billion on sales of $28.1 billion in 2022. Learn
more at cummins.com.
Cummins, Inc. Forward-looking Disclosure
Statement
Information provided in this release that is not purely
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements regarding our forecasts, guidance, preliminary results,
expectations, hopes, beliefs and intentions on strategies regarding
the future. These forward-looking statements include, without
limitation, statements relating to our plans and expectations for
our revenues and EBITDA. Our actual future results could differ
materially from those projected in such forward-looking statements
because of a number of factors, including, but not limited to: any
adverse results of our internal review into our emissions
certification process and compliance with emission standards;
increased scrutiny from regulatory agencies, as well as
unpredictability in the adoption, implementation and enforcement of
emission standards around the world; changes in international,
national and regional trade laws, regulations and policies; changes
in taxation; global legal and ethical compliance costs and risks;
evolving environmental and climate change legislation and
regulatory initiatives; future bans or limitations on the use of
diesel-powered products; failure to successfully integrate and / or
failure to fully realize all of the anticipated benefits of the
acquisition of Meritor, Inc.; raw material, transportation and
labor price fluctuations and supply shortages; any adverse effects
of the conflict between Russia and Ukraine and the global response
(including government bans or restrictions on doing business in
Russia); aligning our capacity and production with our demand; the
actions of, and income from, joint ventures and other investees
that we do not directly control; large truck manufacturers' and
original equipment manufacturers' customers discontinuing
outsourcing their engine supply needs or experiencing financial
distress, or change in control; product recalls; variability in
material and commodity costs; the development of new technologies
that reduce demand for our current products and services; lower
than expected acceptance of new or existing products or services;
product liability claims; our sales mix of products; failure to
complete, adverse results from or failure to realize the expected
benefits of the separation of our filtration business; our plan to
reposition our portfolio of product offerings through exploration
of strategic acquisitions and divestitures and related
uncertainties of entering such transactions; increasing interest
rates; challenging markets for talent and ability to attract,
develop and retain key personnel; climate change, global warming,
more stringent climate change regulations, accords, mitigation
efforts, greenhouse gas (GHG) regulations or other legislation
designed to address climate change; exposure to potential security
breaches or other disruptions to our information technology
environment and data security; political, economic and other risks
from operations in numerous countries including political, economic
and social uncertainty and the evolving globalization of our
business; competitor activity; increasing competition, including
increased global competition among our customers in emerging
markets; failure to meet environmental, social and governance (ESG)
expectations or standards, or achieve our ESG goals; labor
relations or work stoppages; foreign currency exchange rate
changes; the performance of our pension plan assets and volatility
of discount rates; the price and availability of energy; continued
availability of financing, financial instruments and financial
resources in the amounts, at the times and on the terms required to
support our future business; and other risks detailed from time to
time in our SEC filings, including particularly in the Risk Factors
section of our 2022 Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the SEC, which are available at http://www.sec.gov or at
http://www.cummins.com in the Investor Relations section of our
website.
CHEVRON CORPORATION 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,” “progress,”
“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 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, market and
political conditions, including the military conflict between
Russia and Ukraine and the global response to such conflict;
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; 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 ability to
successfully integrate the operations of Chevron and PDC Energy,
Inc. and the anticipated benefits from the transaction, including
the expected incremental annual free cash flow; 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; higher inflation and related impacts; 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 20 through 26 of the company’s 2022 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.
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Cummins Contact:
Katie Zarich – Director, On-Highway Communications 317-650-6804
katie.zarich@cummins.com
Chevron Contact:
Ross Allen – External Affairs Advisor 713-372-6497
ross.allen@chevron.com
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