WEX Inc. and ExxonMobil Extend North American Fleet Card Contract for 10 More Years
SOUTH PORTLAND, Maine–(BUSINESS WIRE)– WEX Inc. (NYSE: WEX), a global provider of industry-leading corporate payments solutions, today announced a ten-year extension of its North American fleet card contract with Exxon Mobil Corporation (NYSE: XOM) and Imperial Oil, whose managing partner is Imperial Oil Limited (NYSE: IMO).
Under the agreement, WEX will continue to provide ExxonMobil and Imperial with a full-service solution in which WEX oversees all aspects of the commercial card program for ExxonMobil in the United States and Imperial in Canada, including outsourced proprietary fleet card transaction processing and other supplementary support services. As part of this agreement, WEX will continue to manage sales and marketing activities as well as portfolio funding services. Furthermore, WEX’s focus on new technologies and innovation will benefit proprietary cardholders frequenting Exxon, Mobil, and Esso sites.
“WEX is excited to continue its 17-year relationship with ExxonMobil and Imperial, supporting the growth of ExxonMobil’s and Imperial’s commercial portfolio in the coming years,” said Melissa Smith, WEX’s president and chief executive officer. “The contract extensions will also benefit ExxonMobil and Imperial customers, who can take advantage of WEX’s world-class products and services.”
Aside from the US and Canadian relationship, WEX acquired ExxonMobil’s European commercial fuel card portfolio, Esso Card, and processing services for the Asia Pacific commercial card portfolio in 2014.
Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding: the impact of the ten year extension of WEX’s North American fleet card contract with Exxon Mobil Corporation and Imperial Oil on WEX’s growth; and, the benefits of the same to ExxonMobil and Imperial customers. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this new release, the words “may,” “could,” “anticipate,” “plan,” “continue,” “project,” “intend,” “estimate,” “believe,” “expect,” 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 foreign currency exchange rates on the Company’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of the Company’s business expansion and acquisition efforts; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of an acquisition; competitive responses to any acquisitions; uncertainty of the expected financial performance of the combined operations following completion of an acquisition; the ability to successfully integrate the Company’s acquisitions, specifically, the Electronic Funds Source LLC’s operations and employees; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; the Company’s failure to successfully operate and expand ExxonMobil’s European and Asian 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 and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; 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 Company’s outstanding notes on its operations; the impact of increased leverage on the Company’s operations, results or capacity generally, and as a result of potential acquisitions specifically; financial loss if the Company determines it necessary to unwind any derivative instrument positions prior to the expiration of a contract; 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 on Form 10-K for the year ended December 31, 2015, filed on February 26, 2016, and Item 1.A. of Part II of the quarterly report on Form 10-Q filed on April 28, 2016, both with the Securities and Exchange Commission. The Company’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases, other than the acquisition. The forward-looking statements speak only as of the date of this news 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.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing approximately 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 2,500 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources and is one of the world’s largest integrated refiners, marketers of petroleum products and chemical manufacturers. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
About Imperial
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil and natural gas, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business. For more information, visit www.imperialoil.ca
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Contacts
News media contact:
WEX
Robert Gould, +1 207-523-7429
robert.gould@wexinc.com