Island Energy Completes Acquisition Of Chevron's Hawaii Assets

News Release from Island Energy

KAPOLEI, Hawaii, Nov. 2, 2016  -- Island Energy Services, LLC ("Island Energy"), an entity controlled by One Rock Capital Partners, LP, yesterday completed its acquisition of Chevron U.S.A. Inc.'s refining, distribution and retail assets located in Hawaii.

The acquired assets include the refinery in Kapolei, four product distribution terminals on Oahu, Maui, Kauai and Hawaii Island, pipeline distribution systems and other related downstream assets in Hawaii. In addition, the network of Chevron-branded gas stations in the Islands will be converted to Chevron's Texaco brand over the next year. Island Energy will be headquartered in Kapolei and managed locally.

Ninety-nine percent of the Hawaii-based team members who were previously employed by Chevron have accepted offers from Island Energy to remain with the company. Among those who will remain with Island Energy is Jon Mauer, a 28-year Chevron executive and current Hawaii refinery manager, who will continue as the company's president and chief executive officer.

"This is an exciting opportunity to build on the strong foundation that Chevron established in Hawaii," said Mauer. "As we move forward under the new Island Energy name, the same dedicated professionals responsible for decades of safe, reliable and environmentally responsible operations in Hawaii will continue to deliver high-quality gasoline and other refined products and services to meet the Islands' energy and transportation needs. In addition, our support for community organizations will continue under Island Energy in recognition of this special place in which we all live and work."

Mauer added that Island Energy plans to not only improve its operations, but to also pursue opportunities to expand the business statewide.  Island Energy has already begun to hire additional employees to support its intention to grow.  Beginning in 2017, Island Energy's retail gasoline presence will undergo a transition from the popular Chevron with Techron to Chevron's Texaco with Techron brand, and expects to continue to reward loyal customers with the same discounts at the pump associated with the Safeway Reward Points and Chevron credit card programs.

ABOUT ISLAND ENERGY SERVICES, LLC
Island Energy Services, LLC is an entity controlled by One Rock Capital Partners, L.P., a New York-based private equity firm.  Island Energy will be headquartered in Kapolei, Oahu, Hawaii and will, through its wholly owned affiliates IES Downstream, LLC and IES Retail, LLC, continue operating assets previously owned and operated by Chevron U.S.A., Inc. including a refinery, interest in a network of retail service stations statewide, four product distribution terminals and related logistical assets. For more information, visit www.islandenergyservices.com.