Motiva Enterprises Takes Steps to Form Own Products Trading Organization
By Business Wire News
By Business Wire News
Motiva Enterprises LLC (Motiva) announced today its intention to form a products supply and trading organization for transport fuels and refinery intermediates. The insourcing of this activity will give Motiva greater flexibility to capture market opportunities.
“Bringing our trading operations in-house is an exciting opportunity for Motiva,” said Todd Fredin, vice president of supply, trading and logistics for Motiva. “This is a natural progression of our business as we seek to connect more closely with the market through direct relationships with customers and counterparties.”
The move toward in-house trading began in late 2014 when Motiva began negotiating term contracts for its gasoline and diesel products. The company intends to expand this focus to include all trading activities for transport fuels and refinery intermediates beginning January 1, 2016.
“Seeking and implementing opportunities to enable Motiva to better see, call and capture the market supports our ultimate goal of becoming the safest and most profitable downstream business in the United States,” said Dan Romasko, president and CEO of the company. “We value our relationship with our owner companies, who have supported us significantly over the years. With this change, we hope to provide greater value to them through more active participation in the market.”
The company will be seeking outside talent to fill several positions within the new trading organization to supplement its current capabilities. For more information about available positions, please visit www.motivaenterprises.com.
About Motiva Enterprises LLC
Headquartered in Houston, Texas, Motiva Enterprises LLC refines, distributes and markets petroleum products. With three refineries in the U.S. Gulf Coast region, Motiva has a combined capacity of over 1.1 million barrels per day. The company’s marketing operations support a network of approximately 8,300 Shell-branded gasoline stations in the eastern and southern United States. Motiva is owned equally by affiliates of Saudi Aramco and Shell Oil Company.
Certain matters contained in this press release include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this press release, including the expected creation of a trading organization may constitute forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Motiva to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, “outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases.There are a number of factors that could affect the future operations of Motiva and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil, natural gas and commodities; (b) changes in demand for Motiva’s products; (c) currency fluctuations; (d) loss of market share and industry competition; (e) environmental and physical risks; (f) the risk of doing business in developing countries and countries subject to international sanctions; (g) legislative, fiscal and regulatory developments including potential litigation and regulatory measures as a result of climate change; (h) economic and financial market conditions in various countries and regions; (i) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (j) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
Motiva Enterprises LLC
Kammy Reece, 713-427-3424