SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Australia Downstream Pty Ltd, a wholly-owned subsidiary of Chevron Corporation, today announced that it has signed a conditional Share Sale Agreement with Puma Energy Asia Pacific B.V. to acquire all shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd for the amount of AU$425 million.

Puma Energy (Australia) Holdings Pty Ltd and its subsidiaries hold assets including a network of company-owned and retailer-owned service stations in Australia, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots.

“The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth,” said Mark Nelson, Chevron’s executive vice president for Downstream & Chemicals. “It will build on Chevron’s strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply.”

The acquisition of Puma Energy (Australia) Holdings Pty Ltd is expected to close in mid-2020, subject to regulatory approvals and the satisfaction of customary closing conditions.

About Chevron

Chevron Corporation is one of the world’s leading integrated energy companies. Through its 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 petrochemicals and additives; generates power; 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.

About Puma Energy

Puma Energy is a leading global energy business with a customer-focused approach to safely providing energy solutions in 47 countries across six continents. Puma Energy has around 3,000 retail sites, a presence at over 80 airports and a network of 100 storage terminals. Puma Energy directly employs over 8,000 people, with regional offices in Johannesburg, South Africa, San Juan, Puerto Rico, Tallinn, Estonia, and Singapore.

For further information visit: www.pumaenergy.com

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Contacts

Braden Reddall (San Ramon) -- +1 925 842 2209 Kathryn Ackroyd (Perth) -- +61 8 9485 5344