WEX (NYSE: WEX), a leading financial technology service provider, today announced that it will begin managing the proprietary fleet fuel card program of Valero Energy Corp. Valero (NYSE: VLO), through its subsidiaries (collectively, “Valero”), is a Fortune 50 international manufacturer and marketer of transportation fuels and petrochemical products. The agreement, which the parties anticipate will be fully implemented by April 1, 2020, will enhance the technology and service of the fleet fuel card program, including introducing the ability to make mobile payments, and will provide added benefits to Valero’s fleet customers.
Valero supplies more than 5,000 branded fuel stations across the United States, from California to Florida to Maine. Based in San Antonio, Texas, it is the largest global independent refiner, with 15 petroleum refineries and combined throughput capacity of approximately 3.1 million barrels per day. It is also a major producer of ethanol and renewable diesel products. Valero and WEX have been long-term partners and previously had a card acceptance agreement.
“We’re excited for the addition of Valero to WEX’s commercial fuel card portfolio and look forward to deepening the brand’s value in its core markets,” said Brian Fournier, Senior Vice President of Global Fleet Partners at WEX. “This relationship positions us to help Valero grow commercial volume by providing best-in-class technology, sales and marketing to Valero’s commercial programs, offering its fleet card customers a number of services and conveniences they have not had in the past.”
Forward Looking Statement Disclaimer
This press release contains forward-looking statements, including statements regarding: the anticipated timing for implementation of the agreement; and, WEX’s impact on Valero’s commercial volume. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of fluctuations in fuel prices; competitive responses to any acquisitions; the Company’s ability to successfully acquire, integrate, operate and expand commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company’s credit standards; breaches of the Company’s technology systems or those of the Company’s third-party service providers and any resulting negative impact on the Company’s reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key commercial agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the material weaknesses first disclosed in Item 9A of the Company’s Annual Report for the year ended December 31, 2018 filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019 and the effects of the Company’s investigation and remediation efforts in connection with certain immaterial errors in the financial statements of our Brazilian subsidiary; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company’s operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2018, filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019. The Company’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through approximately 4,900 associates around the world. WEX fleet cards offer approximately 14 million vehicles exceptional payment security and control; our travel and corporate solutions business processes over $35 billion of purchase volume annually; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.