SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Dec. 19, 2016--
Chevron Products Company, a division of Chevron U.S.A. Inc., has
announced it has signed a long-term agreement with WEX
Bank, a subsidiary of WEX Inc. (NYSE: WEX), a global provider of
industry-leading corporate payments solutions, to issue and operate
Chevron- and Texaco-branded commercial fleet cards commencing in January
2018.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20161219005243/en/
Through this agreement, WEX will manage fleet card distribution and
provide related payment services to Chevron and Texaco customers. WEX
will also provide Chevron and Texaco customers with a complete range of
features, functionality and solutions to manage their fleets, offering
ongoing benefits to Chevron and Texaco customers.
“We’re excited to add the Chevron and Texaco brands to our commercial
fleet card services portfolio and to leverage their strong market
presence in the United States and Canada. We look forward to working
with Chevron over the next year as we prepare to implement the program
in 2018,” said Melissa Smith, WEX’s President and Chief Executive
Officer. “The agreement with Chevron underscores our commitment to
growth in the North American fleet market and offers fleet customers
another robust fleet card program option with one of the most recognized
brands in the industry.”
Additionally, Chevron and WEX will build a comprehensive sales and
marketing program for direct sales and will also support the local
efforts of Chevron and Texaco marketers and retailers through a network
of nearly 8,000 branded retail locations in the United States and Canada.
“Chevron has provided a branded commercial card program for more than 30
years, attracting large, loyal customers to our Chevron- and
Texaco-branded stations,” said Glenn Johnson, General Manager of
Americas Marketing Sales & Services, Chevron. “Supporting our customers
through our agreement with WEX further confirms our commitment to
offering innovative payment solutions that bring ongoing benefits to
this valued network.”
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of
corporate payment solutions. From its roots in fleet card payments
beginning in 1983, WEX has expanded the scope of its business into a
multi-channel provider of corporate payment solutions representing
approximately 10 million vehicles and offering exceptional payment
security and control across a wide spectrum of business sectors. WEX
serves a global set of customers and partners through its operations
around the world, with offices in the United States, Australia, New
Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and
Singapore. WEX and its subsidiaries employ more than 2,500 associates.
The Company has been publicly traded since 2005, and is listed on the
New York Stock Exchange under the ticker symbol “WEX.” For more
information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
About Chevron
Chevron Corporation is one of the world’s
leading integrated energy companies. 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
petrochemicals and additives; generates power and produces geothermal
energy; and develops and deploys technologies that enhance business
value in every aspect of the company’s operations. Chevron is based in
San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Forward-Looking Statements
This news release contains forward-looking statements, including
statements regarding: the impact of WEX’s entry into a commercial fleet
card relationship with Chevron Products Company, a Division of Chevron
U.S.A. and the impact of that relationship on WEX’s, Chevron’s and
Texaco’s commercial growth; and, the benefits of the same to Chevron and
Texaco customers. Any statements that are not statements of
historical facts may be deemed to be forward-looking statements. When
used in this new release, the words "may," "could," "anticipate,"
"plan," "continue," "project," "intend," "estimate," "believe,"
"expect,” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain such words. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results to
differ materially, including: the effects of general economic conditions
on fueling patterns as well as payment and transaction processing
activity; the impact of foreign currency exchange rates on the Company’s
operations, revenue and income; changes in interest rates; the impact of
fluctuations in fuel prices; the effects of the Company’s business
expansion and acquisition efforts; potential adverse reactions or
changes to business or employee relationships, including those resulting
from the completion of an acquisition; competitive responses to any
acquisitions; uncertainty of the expected financial performance of the
combined operations following completion of an acquisition; the ability
to successfully integrate the Company's acquisitions, specifically, the
Electronic Funds Source LLC's operations and employees; the ability to
realize anticipated synergies and cost savings; unexpected costs,
charges or expenses resulting from an acquisition; the Company's failure
to successfully operate and expand commercial fuel card programs for its
various customers, including Chevron; the failure of corporate
investments to result in anticipated strategic value; the impact and
size of credit losses; the impact of changes to the Company's credit
standards; breaches of the Company’s technology systems and any
resulting negative impact on our reputation, liabilities or
relationships with customers or merchants; the Company’s failure to
maintain or renew key agreements; failure to expand the Company’s
technological capabilities and service offerings as rapidly as the
Company’s competitors; the actions of regulatory bodies, including
banking and securities regulators, or possible changes in banking or
financial regulations impacting the Company’s industrial bank, the
Company as the corporate parent or other subsidiaries or affiliates; the
impact of the Company’s outstanding notes on its operations; the impact
of increased leverage on the Company's operations, results or capacity
generally, and as a result of potential acquisitions specifically;
financial loss if the Company determines it necessary to unwind any
derivative instrument positions prior to the expiration of a contract;
the incurrence of impairment charges if our assessment of the fair value
of certain of our reporting units changes; the uncertainties of
litigation; as well as other risks and uncertainties identified in Item
1A of our annual report on Form 10-K for the year ended December 31,
2015, filed on February 26, 2016, and Item 1.A. of Part II of the
quarterly reports on Forms 10-Q filed on April 28, 2016 and November 8,m
2016, all with the Securities and Exchange Commission. The Company's
forward-looking statements do not reflect the potential future impact of
any alliance, merger, acquisition, disposition or stock repurchases,
other than the acquisition. The forward-looking statements speak only as
of the date of this news release and undue reliance should not be placed
on these statements. The Company disclaims any obligation to update any
forward-looking statements as a result of new information, future events
or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161219005243/en/
Source: WEX Inc.
WEX Inc.
Robert Gould, 207-523-7429
WEX Public Relations
robert.gould@wexinc.com
or
Steve
Elder, 207-523-7769
WEX Investor Relations
steve.elder@wexinc.com
or
LMC
Group, Inc. for Chevron
Lori Carlisle, 714-262-8578
lori@lmcgroupinc.com