chevron finalizes acquisition of nexbase™ brand, business from neste corporation

SAN RAMON, Calif., April 1, 2022 — Chevron Global Energy Inc., a wholly owned subsidiary of Chevron Corporation, announced today that it closed its previously announced agreement with Neste Corporation to acquire its NEXBASE™ brand, associated qualifications and approvals, and related sales and marketing business. As part of the acquisition, Chevron will maintain all current supply sources utilizing long-term offtake agreements.

“Adding the NEXBASE^TM brand and associated business to Chevron strengthens our position as a leading supplier of premium base oils to customers globally,” said Alicia Logan, general manager of Chevron Base Oils. “We are pleased to welcome Neste employees to Chevron and look forward to leveraging their experience and talents to continue to reliably supply premium base oils to our customers.  With the addition of a fully approved global slate of Group III and renewable base oils that complement our Group II global slate, Chevron is well positioned to be the base oil partner of choice for today and into the future.”

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

Information on Chevron’s base oil business with the addition of NEXBASE^TM can be found at chevronbaseoils.force.com/s/whatsnext.

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Contact:

Tyler Kruzich, Chevron External Affairs
TKruzich@chevron.com
t. (925) 549-8686

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