Aramco has acquired Valvoline Inc.’s global products business Valvoline Global Operations for $2.65 billion. (Source: Shutterstock)
Saudi Arabia’s Aramco has acquired Valvoline Inc.’s global products business Valvoline Global Operations for $2.65 billion, Aramco announced in a press release on March 2.
Headquartered in Lexington, Kentucky, Valvoline Global Operations is in the lubricants market and provides automotive and industrial solutions. Aramco’s acquisition of the 157-year-old brand advances its international lubricants growth strategy and base oils production.
“It also provides an exciting opportunity to strengthen our relationship with original equipment manufacturers worldwide by extending the reach of Valvoline Global Operations as a preeminent company among multi-national lubricant brands, a position it has proudly held for over a century and a half,” said Mohammed Y. Al Qahtani, Aramco executive vice president of downstream.
As part of their agreement, Aramco will own Valvoline’s brand for its products business and Valvoline Inc. will own the Valvoline brand for retail services.
“Today, Valvoline Inc. becomes a pure-play, automotive services company with a right-sized capital structure and enhanced capital allocation,” said Sam Mitchell, Valvoline Inc. CEO. “Additionally, Valvoline Inc. expects to offer significant capital returns to our shareholders through equity buybacks over the next 18 months. All this combined allows us to focus our efforts on and further strengthen our brand as a premier auto after-market services provider.”
The two companies previously announced an equity purchase agreement in August 2022.
Recommended Reading
BKV Positions Itself to Meet Growing Power, CCS Demand
2025-02-26 - Electricity needs across the U.S. are expected to soar as industrial and manufacturing facilities, data centers and other consumers crave more power. BKV is exploring ways to bridge the gap between demand and energy supply.
E&P Highlights: April 7, 2025
2025-04-07 - Here’s a roundup of the latest E&P headlines, from BP’s startup of gas production in Trinidad and Tobago to a report on methane intensity in the Permian Basin.
Patterson-UTI Sees Uptick in Gas Activity, Oil Uncertainty
2025-04-24 - Natural gas activity picked up more than expected in the first quarter, with the Haynesville Shale leading the way, Patterson-UTI executives said.
E&P Highlights: April 14, 2025
2025-04-14 - Here’s a roundup of the latest E&P headlines, from CNOOC’s latest production startup to an exploration well in Australia.
Expand Lands 5.6-Miler in Appalachia in Five Days With One Bit Run
2025-03-11 - Expand Energy reported its Shannon Fields OHI #3H in northern West Virginia was drilled with just one bit run in some 30,000 ft.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.