Company consolidates supply and trading functions into single supply
and trading services operation within Gas and Midstream organization
SAN RAMON, Calif.--(BUSINESS WIRE)--Jan. 31, 2013--
Chevron Corporation (NYSE: CVX) said today that it will realign
its Gas and Midstream business by consolidating the company’s supply and
trading functions into a single supply and trading group within
Chevron’s Gas and Midstream organization.
Until now, Chevron’s Downstream organization oversaw the company’s
trading operations for crude oil and refined products, while the
company’s Gas and Midstream business was responsible for Chevron’s
natural gas and liquefied natural gas trading operations.
“These changes will more tightly integrate our supply and trading
activities and allow our Gas and Midstream organization to create value
across our upstream and downstream assets,” said Chevron Chairman and
CEO John Watson.
Watson said that Joseph C. (Joe) Geagea, 53, will lead the new
organization and retain his title as corporate vice president and
president, Chevron Gas and Midstream. In addition to supply and trading,
Geagea will continue to be responsible for the company’s shipping,
pipeline, power and gas commercialization operations. Geagea will report
to Watson in his expanded role effective immediately. The new Gas and
Midstream organization will be effective June 1, 2013.
“Joe’s enterprise-wide experience makes him well qualified to lead this
organization,” added Watson.
Geagea joined Chevron in 1982. Since the early 1990s, he has held a
variety of executive and management positions in both the upstream and
downstream operations of the company. Previously, Geagea was managing
director, Chevron Asia South Ltd., Chevron Asia Pacific Exploration and
Production Company. Earlier, he was vice president, Upstream Capability,
Chevron International Exploration and Production Company. He also served
as president of Fuel & Marine Marketing and as president of the
company’s downstream operations in East Africa, the Middle East and
Pakistan. Following the Chevron and Texaco merger in 2001, Geagea led
the integration of the two companies’ downstream operations.
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.
Cautionary Statement 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 Corporation. 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, 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.
Source: Chevron Corporation
Chevron Corporation
Gareth Johnstone, +1-925-487-1306
