Shell Oil Company acquires established fuel card business to enhance customer road transport experience
HOUSTON, Nov. 5, 2021 /PRNewswire/ -- Shell Oil Company (Shell) has acquired MSTS Payments, LLC and its Multi Service Fuel Card business from Multi Service Technology Solutions, Inc. (dba TreviPay). The Multi Service Fuel Card acceptance network and transaction processing platform provides Shell with a closed-loop payment network used by Commercial Road Transport (CRT) companies at thousands of truck stops in North America.
"Acquiring the Multi Service Fuel Card business provides Shell with the necessary technology, business infrastructure and talent to accelerate the growth of its global commercial cards business, Customer Value Propositions (CVPs) and services," said Tim Murray, General Manager of Shell Commercial Road Transport, Sectors & Decarbonization. "We are confident that this strong IT platform and acceptance network will help us deliver a customer experience that will translate to additional growth for Shell's North America Commercial Road Transport businesses."
MSTS Payments, LLC will operate as a wholly owned subsidiary of Shell Oil Company and will remain homebased in Overland Park, Kan. Aaron Decker, who led the Multi Service Fuel Card business for Multi Service Technology Solutions, will continue to do so as part of the MSTS Payments management team.
"We're very excited about the opportunity provided by Shell to help the fuel card business realize its full potential," said Decker. "We're equally excited to help Shell grow its Commercial Road Transport business."
The investment in the Multi Service Fuel Card business includes growing market share in the fuel card space and creating synergies with Shell product offerings. Shell plans to add services to enhance the customer experience and leverage its heavy duty diesel engine oil brand, Shell Rotella®, to offer trucking fleets fuel-economy savings, extended-drain capability, enhanced engine cleanliness, and excellent wear protection.
ABOUT SHELL OIL COMPANY
Shell Oil Company is an affiliate of the Royal Dutch Shell plc, a global group of energy and petrochemical companies with operations in more than 70 countries. In the U.S., Shell operates in 50 states and employs more than 17,000 people working to help tackle the challenges of the new energy future.
ABOUT MULTI SERVICE FUEL CARD
Founded in 1978 by a former over-the-road truck driver who believed there had to be a better way to pay for fuel, Multi Service Fuel Card served as the first fuel card for trucking companies that provided real-time transaction authorization. Today, the product continues to help thousands of fleets manage fuel spend through its proprietary fuel card platform. Its closed-loop acceptance network is made up of more than 8,000 truck stop locations. The Multi Service Fuel Card business is based in Overland Park, Kan.
Cautionary note: The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this press release "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell 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 "aim", "ambition", ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''goals'', ''intend'', ''may'', ''objectives'', ''outlook'', ''plan'', ''probably'', ''project'', ''risks'', "schedule", ''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this [report], including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) 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; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this [report] are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell's Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this [report] and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, November 5, 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or other information. In light of these risks, results could differ materially from those stated, implied, or inferred from the forward-looking statements contained in this [report].
We may have used certain terms, such as resources, in this [report] that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
SOURCE Shell Oil Company
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