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Chevron buys Pasadena Refining System for $350 million from Petrobras America Inc.

May 2019

Client(s) Chevron Corporation

Jones Day advised Chevron U.S.A. Inc., a wholly-owned subsidiary of Chevron Corporation, in its purchase of all of the equity interests of Pasadena Refining System Inc. ("PRSI") and PRSI Trading, LLC from Petrobras America Inc. for $350 million, subject to adjustments for working capital. PRSI owns a refinery in Pasadena, Texas, which has the capacity to process approximately 110,000 barrels per day of light crude, direct pipeline connections to increasing industry and equity crude oil production, and connections to major product pipelines as well as waterborne access to receive and ship crude oil and refined products.

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