chevron and honeywell announce start-up of world's first commercial isoalky™ ionic liquids alkylation unit

SAN RAMON, Calif. and DES PLAINES, III., April 13, 2021 – Chevron Corporation (NYSE: CVX) and Honeywell (NYSE: HON) today announced the commissioning and start-up of the world’s first commercial-scale ISOALKY™ process unit that utilizes ionic liquids to produce alkylate. The ISOALKY™ technology represents a major innovation in alkylation technology.

First used in Chevron’s Salt Lake City refinery, the ISOALKY™ technology is designed to meet the refining industry’s needs for a cost-effective alternative to conventional liquid acid systems that offers process safety advantages. Using a non-aqueous liquid salt, or ionic liquid, the revolutionary new catalytic process is handled with standard personal protective equipment and produces a valuable high-octane blending component that helps lower the environmental impact of gasoline. Pioneered by Chevron U.S.A., Inc., a subsidiary of Chevron, and licensed to Honeywell UOP, the technology is offered to the entire industry under the ISOALKY™ brand name.

“The ISOALKY™ plant is an exciting achievement for Chevron and the Salt Lake Refinery, and it’s poised to be a game changer for the refining industry,” said Mike Coyle, president of Chevron Manufacturing. “We are proud of the talent and teamwork demonstrated by our people and Honeywell UOP to bring this project to fruition.”

“ISOALKY™ is a groundbreaking new technology for refiners, and a lower-risk and economical solution compared to conventional liquid acid technologies that produce alkylate,” said Bryan Glover, president and CEO of Honeywell UOP. “Ionic liquids have strong acid properties that enable them to produce alkylate without the volatility of conventional acids, allowing for simpler handling procedures. Together with Chevron, Honeywell UOP has commercialized a solution that meets the rising global demand for cleaner-burning fuels at a lower cost while simplifying complex handling requirements.”

ISOALKY™ technology can be used in new refineries as well as in existing facilities undergoing capital expansion or retrofit applications. ISOALKY™ technology has wider and improved feed flexibility relative to conventional alkylation technologies. Ionic liquids are regenerated on-site, eliminating the need for road or marine transportation for offsite regeneration and polymer byproduct handling. More information about ISOALKY™ technology can be found here.

Honeywell UOP (www.uop.com) is a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. Honeywell UOP is part of Honeywell’s Performance Materials and Technologies strategic business group, which also includes Honeywell Process Solutions (www.honeywellprocess.com), a pioneer in automation control, instrumentation and services for the oil and gas, refining, petrochemical, chemical and other industries.

About Chevron

Chevron U.S.A. Inc. is a subsidiary of Chevron Corporation, one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, Chevron Corporation 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 develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, CA. More information about Chevron is available at www.chevron.com.

About Honeywell

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

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Chevron media contact:
Tyler Kruzich
(925) 549-8686
tkruzich@chevron.com

Honeywell media contact:
Tehani Manochio
(973) 216-0684
tehani.manochio@honeywell.com

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.