SAN RAMON, Calif. and AMES, Iowa — Chevron Corp. and Renewable Energy Group Inc. (REG) have formed a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

The acquisition combines REG’s growing renewable fuels production and leading feedstock capabilities with Chevron’s large manufacturing, distribution and commercial marketing position. The transaction is expected to accelerate progress toward Chevron’s goal to grow renewable fuels production capacity to 100,000 bpd by 2030 and brings additional feedstock supplies and pre-treatment facilities. After closing of the acquisition, Chevron’s renewable fuels business, Renewable Fuels — REG, will be headquartered in Ames.

The transaction is expected to close in the second half of 2022.

For more information, visit www.chevron.com or www.regi.com.