October 22, 2021

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Chevron, Caterpillar Announce Collaboration Settlement on Hydrogen

Concur to show hydrogen locomotive prototype

SAN RAMON, Calif. & DEERFIELD, Sick., September 08, 2021–(Enterprise WIRE)–Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Caterpillar Inc. (NYSE: CAT) currently introduced a collaboration settlement to develop hydrogen demonstration tasks in transportation and stationary electrical power programs, which include primary power.

This push launch attributes multimedia. Watch the total launch in this article: https://www.businesswire.com/news/household/20210908005265/en/

The purpose of the collaboration is to confirm the feasibility and efficiency of hydrogen for use as a commercially feasible alternative to standard fuels for line-haul rail and maritime vessels. The collaboration also seeks to demonstrate hydrogen’s use in primary electricity. Linked to the collaboration, and facilitated by Development Rail, a Caterpillar corporation, the parties also agreed to reveal a hydrogen-fueled locomotive and affiliated hydrogen-fueling infrastructure. Operate on the rail demonstration will start instantly at numerous places across the United States.

“By means of Chevron New Energies, Chevron is pursuing chances to make demand for hydrogen – and the systems desired for its use – for the weighty-responsibility transportation and industrial sectors, in which carbon emissions are more challenging to abate,” said Jeff Gustavson, president of Chevron New Energies. “Our collaboration with Caterpillar is a different important phase toward advancing a commercially feasible hydrogen overall economy.”

“As we perform to deliver clients with the capability to use their preferred gas sort in their operations, collaborating with Chevron is a fantastic option to reveal the viability of hydrogen as a gas source,” mentioned Joe Creed, Caterpillar group president of Electricity & Transportation. “This arrangement supports our dedication to investing in new solutions, technologies and companies to support our customers realize their climate-connected targets as they establish a greater, a lot more sustainable environment.”

About Chevron

Chevron is one of the world’s primary built-in strength firms. We imagine cost-effective, reputable and at any time-cleaner electricity is essential to acquiring a extra affluent and sustainable planet. Chevron makes crude oil and natural fuel manufactures transportation fuels, lubricants, petrochemicals and additives and develops systems that improve our business and the sector. To progress a reduce-carbon potential, we are concentrated on price tag effectively decreasing our carbon depth, growing renewables and offsets in assist of our business enterprise, and investing in very low-carbon systems that allow professional alternatives. Extra details about Chevron is offered at www.chevron.com.

About Caterpillar

With 2020 product sales and revenues of $41.7 billion, Caterpillar Inc. is the world’s foremost producer of development and mining gear, diesel and all-natural gas engines, industrial fuel turbines, and diesel-electric locomotives. Considering the fact that 1925, we’ve been driving sustainable progress and serving to shoppers build a much better entire world by means of impressive merchandise and companies. During the products lifetime cycle, we give expert services designed on cutting-edge technological know-how and many years of item expertise. These goods and expert services, backed by our global vendor network, present remarkable price to assist our clients do well. We do small business on each continent, principally running via 3 key segments – Design Industries, Useful resource Industries, and Strength & Transportation – and offering financing and connected products and services by means of our Economic Products and solutions section. Check out us at caterpillar.com or be part of the dialogue on our social media channels at caterpillar.com/social-media.

CAUTIONARY STATEMENTS Related TO Forward-Looking Facts FOR THE Function OF “Harmless HARBOR” PROVISIONS OF THE Private SECURITIES LITIGATION REFORM ACT OF 1995

This information release incorporates ahead-hunting statements relating to Chevron’s operations that are based mostly on management’s recent expectations, estimates and projections about the petroleum, chemical substances and other electrical power-related industries. Terms or phrases this sort of as “anticipates,” “expects,” “intends,” “programs,” “targets,” “developments,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “ways,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “could,” “can,” “could,” “ought to,” “will,” “budgets,” “outlook,” “developments,” “assistance,” “concentration,” “on keep track of,” “aims,” “goals,” “procedures,” “opportunities,” “poised,” “prospective” and comparable expressions are meant to establish such ahead-on the lookout statements. These statements are not ensures of future overall performance and are subject to sure threats, uncertainties and other aspects, many of which are over and above the company’s command and are tough to predict. Consequently, genuine outcomes and success might differ materially from what is expressed or forecasted in this sort of forward-on the lookout statements. The reader need to not spot undue reliance on these forward-seeking statements, which speak only as of the day of this information launch. Except if lawfully required, Chevron undertakes no obligation to update publicly any forward-on the lookout statements, no matter if as a result of new information and facts, long run gatherings or normally.

Amid the vital things that could trigger actual final results to vary materially from individuals in the forward-hunting statements are: transforming crude oil and all-natural gas charges and demand from customers for our goods, and output curtailments due to sector situations crude oil generation quotas or other actions that could possibly be imposed by the Organization of Petroleum Exporting Nations around the world and other creating countries general public well being crises, these kinds of as pandemics (which includes coronavirus (COVID-19)) and epidemics, and any relevant authorities insurance policies and steps switching economic, regulatory and political environments in the numerous nations around the world in which the firm operates typical domestic and intercontinental financial and political situations transforming refining, marketing and chemicals margins the company’s means to notice expected charge discounts, expenditure reductions and efficiencies connected with enterprise transformation initiatives steps of competition or regulators timing of exploration costs timing of crude oil liftings the competitiveness of alternate-vitality resources or products substitutes technological developments the outcomes of functions and money ailment of the company’s suppliers, suppliers, companions and fairness affiliates, specifically for the duration of prolonged intervals of reduced costs for crude oil and normal gas all through the COVID-19 pandemic the lack of ability or failure of the company’s joint-undertaking associates to fund their share of functions and enhancement routines the likely failure to attain predicted web manufacturing from current and long term crude oil and natural gasoline development tasks likely delays in the improvement, building or get started-up of prepared projects the probable disruption or interruption of the company’s functions because of to war, accidents, political gatherings, civil unrest, intense climate, cyber threats, terrorist functions, or other pure or human causes over and above the company’s command the possible liability for remedial actions or assessments underneath present or future environmental laws and litigation major operational, expense or products modifications carried out or demanded by existing or future environmental statutes and laws, including global agreements and nationwide or regional laws and regulatory actions to limit or reduce greenhouse fuel emissions the prospective liability resulting from pending or long run litigation the firm’s skill to obtain the anticipated benefits from the acquisition of Noble Electrical power, Inc. the company’s long run acquisitions or dispositions of property or shares or the delay or failure of such transactions to near dependent on essential closing ailments the potential for gains and losses from asset dispositions or impairments authorities mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, adjustments in fiscal conditions or restrictions on scope of business operations foreign currency actions in comparison with the U.S. greenback material reductions in corporate liquidity and entry to credit card debt marketplaces the receipt of demanded Board authorizations to pay back long run dividends the consequences of modified accounting guidelines beneath normally acknowledged accounting principles promulgated by rule-placing bodies the company’s capacity to recognize and mitigate the threats and hazards inherent in functioning in the worldwide electricity market and the elements set forth underneath the heading “Threat Variables” on pages 18 as a result of 23 of the company’s 2020 Once-a-year Report on Variety 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unidentified aspects not discussed in this information release could also have product adverse results on ahead-on the lookout statements.

Ahead-On the lookout Statements

Selected statements in this push release relate to future gatherings and expectations and are ahead-hunting statements within just the that means of the Private Securities Litigation Reform Act of 1995. Text these as “believe,” “estimate,” “will be,” “will,” “would,” “be expecting,” “foresee,” “prepare,” “forecast,” “goal,” “guideline,” “task,” “intend,” “could,” “must” or other very similar terms or expressions typically establish forward-hunting statements. All statements other than statements of historic reality are ahead-wanting statements, such as, without limitation, statements pertaining to our outlook, projections, forecasts or trend descriptions. These statements do not promise upcoming effectiveness and converse only as of the day they are designed, and we do not undertake to update our ahead-searching statements.

Caterpillar’s real success may possibly vary materially from those people explained or implied in our ahead-hunting statements primarily based on a selection of aspects, like, but not confined to: (i) world wide and regional financial disorders and economic ailments in the industries we provide (ii) commodity cost alterations, product price boosts, fluctuations in desire for our products and solutions or important shortages of substance (iii) govt financial or fiscal insurance policies (iv) political and financial threats, industrial instability and events beyond our command in the international locations in which we function (v) international trade policies and their affect on demand for our merchandise and our aggressive posture, which include the imposition of new tariffs or modifications in current tariff premiums (vi) our ability to acquire, develop and current market high-quality items that meet up with our customers’ requires (vii) the effects of the highly competitive environment in which we run on our profits and pricing (viii) information technologies security threats and pc criminal offense (ix) inventory administration choices and sourcing procedures of our dealers and our OEM consumers (x) a failure to comprehend, or a hold off in recognizing, all of the expected rewards of our acquisitions, joint ventures or divestitures (xi) union disputes or other personnel relations troubles (xii) adverse effects of unpredicted situations (xiii) disruptions or volatility in world wide monetary markets limiting our sources of liquidity or the liquidity of our buyers, sellers and suppliers (xiv) failure to preserve our credit history scores and prospective resulting increases to our price tag of borrowing and adverse results on our value of cash, liquidity, aggressive placement and obtain to funds marketplaces (xv) our Financial Goods segment’s hazards affiliated with the monetary products and services industry (xvi) adjustments in interest charges or market liquidity situations (xvii) an enhance in delinquencies, repossessions or net losses of Cat Financial’s prospects (xviii) currency fluctuations (xix) our or Cat Financial’s compliance with economic and other restrictive covenants in financial debt agreements (xx) enhanced pension prepare funding obligations (xxi) alleged or actual violations of trade or anti-corruption guidelines and regulations (xxii) additional tax cost or exposure, which include the effect of U.S. tax reform (xxiii) considerable legal proceedings, promises, lawsuits or governing administration investigations (xxiv) new polices or improvements in economic solutions laws (xxv) compliance with environmental rules and rules (xxvi) the length and geographic distribute of, enterprise disruptions caused by, and the all round international economic effect of, the COVID-19 pandemic and (xxvii) other aspects explained in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

View supply edition on businesswire.com: https://www.businesswire.com/news/dwelling/20210908005265/en/

Contacts

Tyler Kruzich, Chevron External Affairs
[email protected]
t. (925) 549-8686

Kate Kenny, Caterpillar
Worldwide Federal government & Company Affairs
[email protected]
t. (309) 361-9333