SOUTH PORTLAND, Maine--(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.
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.
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.
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.