Cummins and Chevron Advance Strategic Collaboration
Cummins Inc. (NYSE: CMI) and Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), announced a memorandum of understanding to leverage complementary positioning in hydrogen, natural gas and other lower carbon fuel value chains. The announcement expands the two companies’ previous strategic collaboration on hydrogen and renewable natural gas and is expected to encompass other liquid renewable fuels, such as renewable gasoline blends, biodiesel and renewable diesel. This collaboration is intended to encourage commercial and industrial adoption in North America.
“At Cummins, we are working to bring our Destination Zero strategy to life, and we recognize we can’t do this alone,” explained Jennifer Rumsey, President and CEO, Cummins Inc. “Through Accelera by Cummins we have leading zero-emissions technologies for commercial and industrial applications, and we continue to offer a broad portfolio of engine-based solutions that reduce greenhouse gas and other emissions today. By collaborating strategically with Chevron, we plan to improve access to fuel and infrastructure for our customers, helping grow the availability of alternative and renewable fuels while reducing emissions.”
“Achieving a lower carbon future that serves all people requires ambitious innovations and pragmatic solutions that deliver measurable results,” said Chevron’s President of Americas Products Andy Walz. “Collaborations like this one with Cummins are intended to make energy and global supply chains more affordable and reliable while helping commercial fleets who use our products and Cummins’ equipment to advance a lower carbon world. No one company or industry can go at it alone – together with Cummins, we aim to deliver progress today.”
Cummins and Chevron each have contributed to the research, development and global deployment of alternative fuels innovation, systems and technologies and will work together on enabling the commercial development at scale of alternative fuels production, transportation and delivery systems for industrial and commercial markets, with target consumption by transportation vehicles of the type manufactured by Cummins. Workstreams in the new collaboration focus on hydrogen, natural gas, and other alternative lower carbon intensity fuels such as renewable gasoline blend, biodiesel, renewable diesel, compressed natural gas, and other liquid renewables to expand commercial adoption.
About Chevron
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. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues, EBITDA and agreement in principle to settle regulatory proceedings regarding our emissions certification and compliance process for pick-up truck applications. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse consequences resulting from entering into the Agreement in Principle, including required additional mitigation projects, adverse reputational impacts and potential resulting legal actions; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; evolving environmental and climate change legislation and regulatory initiatives; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; future bans or limitations on the use of diesel-powered products; failure to successfully integrate and / or failure to fully realize all of the anticipated benefits of the acquisition of Meritor, Inc. (Meritor); raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; uncertainties and risks related to timing and potential value to both Atmus Filtration Technologies Inc. (Atmus) and Cummins of the planned separation of Atmus, including business, industry and market risks, as well as the risks involving the anticipated favorable tax treatment if there is a significant delay in the completion of the envisioned separation; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas regulations or other legislation designed to address climate change; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet environmental, social and governance (ESG) expectations or standards, or achieve our ESG goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.