Add-on Acquisition • Renewable Energy

Chevron Acquires Renewable Energy Group

On February 28, 2022, Chevron acquired renewable energy company Renewable Energy Group for 3.2B USD

Acquisition Context

This is Chevron’s 1st transaction in the Renewable Energy sector.
This is Chevron’s 7th largest (disclosed) transaction.
This is Chevron’s 11th transaction in the United States.
This is Chevron’s 1st transaction in Iowa.

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M&A Deal Summary
Date	February 28, 2022
Target	Renewable Energy Group
Sector	Renewable Energy
Buyer(s)	Chevron
Deal Type	Add-on Acquisition
Deal Value	3.2B USD
Advisor(s)	Guggenheim Securities (Financial) Latham & Watkins (Legal)

Target Company

Renewable Energy Group

Ames, Iowa, United States

Entrance to Renewable Energy Group's corporate headquarters in Ames, Iowa.

Renewable Energy Group is an energy and transportation company that transitions to sustainability by converting renewable resources into high-quality, sustainable fuels. REG is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. REG utilizes a global integrated procurement, distribution, and logistics network to operate 11 biorefineries in the U.S. and Europe. Renewable Energy Group was formed in 1996 and is based in Ames, Iowa.

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Buyer Overview 1

Buyer

Chevron

San Ramon, California, United States

Category	Company
Founded	1879
Sector	Oil/Gas Exploration
Employees	45,298
Revenue	193.4B USD (2024)

DESCRIPTION

Chevron office in downtown Houston, Texas.

Chevron is a fully integrated energy company. Its business includes petroleum operations, chemicals, mining operations, power generation and energy services. Chevron's exploration and production operations consists of exploration, development and production of crude oil and natural gas. Chevron was incorporated in 1879 and is based in San Ramon, California.

Deal Context for Buyer	#
Overall	14 of 19
Sector: Renewable Energy	1 of 1
Type: Add-on Acquisition	5 of 9
State: Iowa	1 of 1
Country: United States	11 of 16
Year: 2022	1 of 2
Size (of disclosed)	7 of 7

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2020-10-27	Chevron - Appalachia Assets Coraopolis, Pennsylvania, United States Chevron Corp. - Appalachia Assets comprise upstream and midstream assets serving the oil and gas industry from its Appalachian Basin location.	Sell	$735M

DATE

TARGET

DEAL TYPE

VALUE

2020-10-27

Chevron - Appalachia Assets

Coraopolis, Pennsylvania, United States

Chevron Corp. - Appalachia Assets comprise upstream and midstream assets serving the oil and gas industry from its Appalachian Basin location.

Sell

$735M

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2022-11-17	Beyond6 Saratoga Springs, New York, United States Beyond6 is an operator of network of 55 compressed natural gas (CNG) stations. Beyond6 is based in Saratoga Springs, New York.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2022-11-17

Beyond6

Saratoga Springs, New York, United States

Beyond6 is an operator of network of 55 compressed natural gas (CNG) stations. Beyond6 is based in Saratoga Springs, New York.

Buy

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