San Ramon, California - August 30, 2007 –
Chevron Corporation (NYSE: CVX) today announced that its subsidiaries Chevron U.S.A. Inc. and
Chevron Credit Bank, N.A., reached agreements to sell their respective proprietary credit card
businesses. Chevron has selected GE Money Bank, N.A. to own and operate its Chevron®- and Texaco®-branded
consumer credit cards, and FleetCor Technologies Operating Company, LLC to own and operate its branded
commercial credit cards. The transactions are subject to certain approvals, including regulatory, and
are expected to close later this year.
“We have a strong base of loyal customers with our proprietary credit card business and are making this
change to ensure they continue to have access to the latest features and options available within the
credit card market,” said Shariq Yosufzai, president of Chevron Global Marketing. “We believe GE Money
and FleetCor can enhance the payment products we offer our customers.”
Chevron will proactively collaborate with GE Money and FleetCor to continue to manage the overall customer
experience, brands and image of its branded credit cards.
“The credit card business environment is changing rapidly,” said Danny Roden, vice president of Chevron
North America Marketing. “Consumers’ usage patterns are changing and they are looking for new payment
products and features. Our goal is to provide payment products that attract and retain consumers, marketers
and retailers.”
About Chevron
Chevron U.S.A. Inc. is an indirect, wholly owned subsidiary of Chevron Corporation. Chevron Credit
Bank, N.A. is a partially owned subsidiary of Chevron U.S.A. Inc. Chevron Corporation, one of the
world's leading integrated energy companies, has approximately 58,000 employees, and Chevron’s subsidiaries
conduct business in approximately 180 countries. Chevron operates across the entire energy
spectrum—exploring for, producing and transporting crude oil and natural gas; refining, marketing
and distributing fuels and other energy products; generating power; designing and marketing large-scale
energy efficiency solutions and assessing the energy resources of the future, including biofuels and
other renewables. Chevron is based in San Ramon, Calif. More information on Chevron is available at
www.chevron.com.
About GE Money
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a
leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the
world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label
credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing
cards, debt consolidation and home equity loans and credit insurance. More information can be found at
www.gemoney.com.
About FleetCor
FleetCor processes fuel card transactions both domestically and internationally. FleetCor provides card
processing solutions marketed for the business fleet marketplace through branded products including CCS,
CFN, FleetNet, Fuelman, KeyFuels and Mannatec. More information can be found at
www.FleetCor.com.
For further information:
Janli Degenhardt – 925-842-0530
Stephanie Price – 925-842-2583
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF
"SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
This news release contains forward-looking statements about the planned sales of Chevron’s branded consumer
and commercial credit card businesses. The statements are based on 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 factors that could cause actual results to differ materially are the length of time
required to complete the sales; successfully securing the necessary regulatory approvals; actions of the
buyers after the planned sales; and general economic and political conditions. You 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.
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