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Chevron to Sell Proprietary Credit Card Businesses to GE Money and Fleetcor

    SAN RAMON, Calif., Aug. 30 /PRNewswire-FirstCall/ -- 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(R)- and Texaco(R)-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."
     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 http://www.chevron.com.
     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 http://www.gemoney.com.
     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
 http://www.fleetcor.com.
     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.
 
 

SOURCE Chevron Corporation