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10

Chevron Buys California Retail Stations

Chevron plans to operate the 122 additional retail gasoline stations and upgrade the sites with new image standards

Chevron U.S.A. Inc. and USA Petroleum Corp. today jointly announced that the companies have completed negotiations for Chevron's purchase of 122 USA Petroleum retail stations across California, the company announced on its website.

John Moller, owner of USA Petroleum, said, ?After nearly 50 years, I believe it is appropriate to sell some of our retail gas station holdings, and I believe that the transition to Chevron also will be good for my customers and station employees.?

Chevron plans to operate the 122 additional retail gasoline stations and upgrade the sites with new image standards, either under the Chevron or Texaco brand. California currently has about 10,000 retail gasoline service stations, of which roughly 1,500 are currently branded either Chevron or Texaco.

?This transaction allows us to expand our ability to reliably supply our customers with high-quality gasoline with Techron?,? said Cary Knuth, Chevron North America Marketing general manager of Retail Sales, West.

The transaction is subject to regulatory approval.