TravelCenters of America and Shell to Create Nationwide Natural Gas Refueling Network
TravelCenters of America LLC (NYSE: TA) announced today that it has entered a definitive agreement with Shell Oil Products U.S. to construct and operate a network of natural gas fueling lanes at TravelCenters locations along the U.S. Interstate Highway System.
The agreement provides that Shell will construct at least two natural gas fueling lanes for large over the road trucks and related storage capacity at up to 100 TA and Petro Stopping Center locations, at Shell's cost, within several years. Shell has agreed to supply natural gas fuel to these locations and Shell and TA will separately market natural gas fuel to their respective customers.
The agreement's focus is on liquid natural gas, or LNG. TA expects to monitor customer demand for natural gas fuels and, if appropriate, may adjust its plans to include dispensing of compressed natural gas, or CNG.
Thomas M. O'Brien, President & CEO of TravelCenters of America, commented as follows:
“I am pleased to have finalized an agreement between TA and Shell for natural gas fueling. The agreement, for TA, represents a prudent approach to an emerging market. Over time, TA believes natural gas will become a significant fuel for the trucking industry. Both TA and Shell have been working diligently on site selection, and I am hopeful that our first locations may be operational within one year's time.”
About TravelCenters of America LLC
TravelCenters of America LLC (TravelCenters), headquartered in Westlake, Ohio, is a leading travel center business operating in 41 states and Canada under the TA and Petro Stopping Centers brands. With 244 convenient full-service locations off interstate highway exits, TA and Petro offer customers diesel and gasoline fueling services, more than 500 full- and quick-service restaurants, 24-hour convenience stores, heavy truck maintenance services, RoadSquad Connect™ (24/7/365 emergency roadside service), Reserve-It™ (truck parking reservations), and many other services – all within large, high traffic facilities. For more information on TravelCenters and TA, please visit www.tatravelcenters.com. For more information on Petro Stopping Centers, please visit www.petrotruckstops.com.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. WHENEVER TA USES TERMS LIKE “EXPECTS”, “MAY” OR SIMILAR EXPRESSIONS, TA IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TA'S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED OR IMPLIED BY FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS, SOME OF WHICH ARE BEYOND TA'S CONTROL. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT SHELL WILL CONSTRUCT AT LEAST TWO NATURAL GAS FUELING LANES AND RELATED STORAGE CAPACITY AT UP TO 100 TA AND PETRO STOPPING CENTER LOCATIONS. TA AND SHELL HAVE NOT FINALLY IDENTIFIED SITES FOR CONSTRUCTION OF NATURAL GAS FUELING LANES AND RELATED STORAGE CAPACITY. TA AND SHELL MAY DETERMINE TO CONSTRUCT MORE OR LESS THAN TWO FUELING LANES AT MORE OR LESS THAN 100 LOCATIONS.
- THIS PRESS RELEASE STATES THAT THE NATURAL GAS FUELING LANES WILL BE CONSTRUCTED WITHIN SEVERAL YEARS. THESE CONSTRUCTION PROJECTS MAY REQUIRE REGULATORY APPROVALS WHICH ARE BEYOND TA'S CONTROL, AND THESE CONSTRUCTION PROJECTS WILL BE SUBJECT TO TYPICAL RISKS OF CONSTRUCTION DELAYS. ACCORDINGLY, TA CAN PROVIDE NO ASSURANCE THAT THESE FUELING LANES WILL BE CONSTRUCTED WITHIN SEVERAL YEARS.
- THIS PRESS RELEASE STATES THAT TA BELIEVES NATURAL GAS WILL BECOME A SIGNIFICANT FUEL FOR THE TRUCKING INDUSTRY. AN IMPLICATION OF THIS STATEMENT IS THAT NATURAL GAS SALES MAY BECOME A SIGNIFICANT PART OF TA'S BUSINESS. AT PRESENT, VERY FEW TRUCKS USE NATURAL GAS AS FUEL. WHETHER NATURAL GAS BECOMES A SIGNIFICANT FUEL FOR THE TRUCKING INDUSTRY DEPENDS UPON MANY FACTORS, MOST OF WHICH ARE BEYOND TA'S CONTROL, SUCH AS THE COST OF NATURAL GAS ENGINES, AND THE COMPARATIVE COST OF NATURAL GAS FUELS COMPARED TO OTHER FUELS. ACCORDINGLY TA CAN PROVIDE NO ASSURANCE THAT NATURAL GAS WILL BECOME A SIGNIFICANT FUEL FOR THE TRUCKING INDUSTRY OR THAT SALES OF NATURAL GAS WILL BECOME A SIGNIFICANT PART OF TA'S FUTURE BUSINESS.
FOR THESE REASONS AND OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. ALSO, EXCEPT AS REQUIRED BY LAW, TA DOES NOT INTEND TO UPDATE THE FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE AS A RESULT OF NEW INFORMATION WHICH MAY COME TO ITS ATTENTION.
TravelCenters of America LLC
Timothy A. Bonang, 617-796-8251
Vice President, Investor Relations
Carlynn Finn, 617-796-8251
Senior Manager, Investor Relations