HOUSTON, July 1, 2026 /PRNewswire/ -- Pennzoil Quaker State Company DBA
SOPUS Products, a wholly owned subsidiary of Shell USA, Inc., that
comprises Shell's United States ("U.S.") lubricants business, has
completed the previously announced sale of Jiffy Lube International
(JLI) and its subsidiary Premium Velocity Auto (PVA) LLC business to an
affiliate of Monomoy Capital Partners (Monomoy) for $1.3 billion.
The sale includes the Jiffy Lube brand and a network of franchised
stores which are owned and operated by independent franchisees, in
addition to franchised stores that are owned and operated by PVA. Shell
has retained its Pennzoil Quaker State, Rotella and other Shell
Lubricants brands, along with marketing, manufacturing and distribution
of lubricants in the U.S. and Canada that serve consumer, commercial and
industrial sectors. As part of the transaction, Pennzoil Quaker State
Company retains a long-term lubricants supply agreement with Monomoy.
The divestment supports ongoing portfolio high-grading by monetising a
non-core Lubricants asset.
Notes to editors
-- For more information about Monomoy Capital Partners, visit their website:
www.MCPFunds.com.
-- Monomoy acquired Jiffy Lube$(R)$ International (including the registered
trademark), which operates more than 2,000 franchised and company-owned
and operated service centers across the U.S. and licensees in Canada.
Monomoy has also acquired Premium Velocity Auto, LLC (PVA Group), the
second-largest Jiffy Lube franchisee, with over 360 locations across 20
states.
-- Jiffy Lube was part of Shell Lubricants in the US for more than 20 years,
delivering strong performance and building a trusted brand with millions
of drivers. The JLI franchised stores provide lubrication, oil change,
and light repairs for cars and light trucks using the trade name "Jiffy
Lube". Jiffy Lube made up 6.5% volume of Shell's U.S. and Canada total
lubricants business.
-- The term "Shell Lubricants" collectively refers to Shell Group companies
engaged in the lubricants business. Shell Lubricants companies have led
the global lubricants industry by volume for more than 19 consecutive
years.*
-- The U.S. is a key market and a leading destination for Shell investment,
with operations and interests in all 50 states. Shell is the leading
deep-water operator and largest producer of oil and gas in the U.S. Gulf
of America and the largest buyer of U.S. LNG. Through our Trading &
Supply network, Shell moves U.S. energy reliably--from power and
low-carbon fuels to LNG and refined products--to customers nationwide and
globally. Shell operates the largest branded fuel network in the United
States, with about 12,000 Shell--branded gas stations serving more than 7
million customers daily. With more than 100 years in the U.S. and over
11,000 employees, Shell is delivering secure energy supplies and meeting
the evolving needs of its customers today and into the future.
*Source: Kline & Company 2024, 23(rd) Edition, Global Lubricants: Market
Analysis & Assessment, 2024.
Cautionary Note
The companies in which 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 to
reference Shell plc and its subsidiaries in general. Likewise, the words
"we", "us" and "our" are also used to refer to 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 Shell plc either directly or indirectly has control. The
terms "joint venture", "joint operations", "joint arrangements", and
"associates" may also be used to refer to a commercial arrangement in
which Shell has a direct or indirect ownership interest with one or more
parties. 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.
Forward-Looking statements
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 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 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"; "aspire",
"aspiration", "believe"; "commit"; "commitment"; "could"; "desire";
"estimate"; "expect"; "goals"; "intend"; "may"; "milestones";
"objectives"; "outlook"; "plan"; "probably"; "project";
"risks"; "schedule"; "seek"; "should"; "target"; "vision";
"will"; "would" and similar terms and phrases. There are a number of
factors that could affect the future operations of Shell and could cause
those results to differ materially from those expressed in the
forward-looking statements included in this press release 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, including climate change; (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, judicial, fiscal and regulatory developments including
tariffs and 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,
regional conflicts, such as the Russia-Ukraine war and the conflict in
the Middle East, and a significant cyber security, data privacy or IT
incident; (n) the pace of the energy transition; and (o) 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 press release 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 Shell plc's Form 20-F for the year ended
December 31, 2025 (available at
www.shell.com/investors/news-and-filings/sec-filings.html and
www.sec.gov). These risk factors also expressly qualify all
forward-looking statements contained in this press release and should be
considered by the reader. Each forward-looking statement speaks only as
of the date of this press release, July 1, 2026. Neither 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 press release.
Shell's net carbon intensity
Also, in this press release we may refer to Shell's "net carbon
intensity" $(NCI)$, which includes Shell's carbon emissions from the
production of our energy products, our suppliers' carbon emissions in
supplying energy for that production and our customers' carbon emissions
associated with their use of the energy products we sell. Shell's NCI
also includes the emissions associated with the production and use of
energy products produced by others which Shell purchases for resale.
Shell only controls its own emissions. The use of the terms Shell's "net
carbon intensity" or NCI is for convenience only and not intended to
suggest these emissions are those of Shell plc or its subsidiaries.
Shell's net-zero emissions target
Shell's operating plan and outlook are forecasted for a three-year
period and ten-year period, respectively, and are updated every year.
They reflect the current economic environment and what we can reasonably
expect to see over the next three and ten years. Accordingly, the
outlook reflects our combined Scope 1 and 2 target, NCI target and our
oil products ambition over the next ten years. However, Shell's
operating plan and outlook cannot reflect our 2050 net-zero emissions
target, as this target is outside our planning period. Such future
operating plans and outlooks could include changes to our portfolio,
efficiency improvements and the use of carbon capture and storage and
carbon credits. In the future, as society moves towards net-zero
emissions, we expect Shell's operating plans and outlooks to reflect
this movement. However, if society is not net zero in 2050, as of today,
there would be significant risk that Shell may not meet this target.
Forward-Looking non-GAAP measures
This press release may contain certain forward-looking non-GAAP measures
such as free cash flow and underlying operating expenses. We are unable
to provide a reconciliation of these forward-looking non-GAAP measures
to the most comparable GAAP financial measures because certain
information needed to reconcile those non-GAAP measures to the most
comparable GAAP financial measures is dependent on future events some of
which are outside the control of Shell, such as oil and gas prices,
interest rates and exchange rates. Moreover, estimating such GAAP
measures with the required precision necessary to provide a meaningful
reconciliation is extremely difficult and could not be accomplished
without unreasonable effort. Non-GAAP measures in respect of future
periods which cannot be reconciled to the most comparable GAAP financial
measure are calculated in a manner which is consistent with the
accounting policies applied in Shell plc's consolidated financial
statements.
The contents of websites referred to in this press release do not form
part of this press release.
We may have used certain terms, such as resources, in this press release
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.
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SOURCE Shell Oil Products U.S.
(END) Dow Jones Newswires
July 01, 2026 11:33 ET
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