Chevron Signs Agreement with Corporate Payment Solutions Leader WEX
December 19 2016 - 6:45AM
Business Wire
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.
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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 ChevronChevron 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219005243/en/
WEX Inc.Robert Gould, 207-523-7429WEX Public
Relationsrobert.gould@wexinc.comorSteve Elder, 207-523-7769WEX
Investor Relationssteve.elder@wexinc.comorLMC Group, Inc. for
ChevronLori Carlisle, 714-262-8578lori@lmcgroupinc.com
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