News

WEX Reaches Agreement with Shell for New Commercial Fleet Cards Portfolio

New Corporate Payment Solution to Deliver Innovative Features to Shell Commercial Fleet Customers

PORTLAND, Maine--(BUSINESS WIRE)--Jun. 4, 2018-- WEX Inc. (NYSE:WEX), a global provider of industry-leading corporate payment solutions, today announced that it has reached an agreement with Equilon Enterprises LLC dba Shell Oil Products US and Shell Canada Products (“Shell”), one of the largest branded commercial fleet fuel card providers in the world, to issue and operate Shell’s full portfolio of commercial fleet cards in the United States and Canada. Shell and WEX anticipate launching their first commercial fleet product August 1, 2018.

“We are excited to offer better functionality and improved customer service to our Fleet Solutions customers by building on our state-of-the-art fleet controls,” said Rusty Barron, vice president and general manager of Shell Fleet Solutions, North America. “Delivering dedicated, best-in-class customer service is important to us, and this new relationship with WEX highlights our commitment to providing customers with personalized support and innovative features to solve their unique fleet management challenges.”

As the new provider for Shell’s commercial fleet cards, WEX will provide Shell’s commercial fleet customers with the full range of features, functionality and solutions needed to meet the everyday demands of a modern fleet. This relationship builds on the latest enhancements and improvements Shell made earlier this year by upgrading to WEX Spec, WEX’s network specification, which allows fleet managers better control and visibility when managing their fueling transactions.

“We’re excited to add the Shell brand to our commercial fleet card services portfolio and to leverage their strong market presence in North America,” said Melissa Smith, WEX’s president and chief executive officer. “The agreement with Shell underscores our commitment to growth in the North American fleet market and offers fleet customers another robust fleet card program option with one of the most recognized brands in the industry.”

Shell Fleet Solutions’ full portfolio of commercial cards includes the Shell Fleet Navigator® Card, a universal fuel card for larger fleets, the Shell Fleet Plus Card and the Shell Small Business Card. To learn more about Shell Fleet Solutions and its offerings for North America, visit https://www.shell.us/business-customers/shell-commercial-cards or www.shell.ca/fleetsolutions.

About WEX Inc.

Powered by the belief that complex payment systems can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,300 associates around the world. WEX fleet cards offer 11.5 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $30.3 billion in 2017; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.

About Shell

Shell Oil Company is an affiliate of the Royal Dutch Shell plc, a global group of energy and petrochemical companies with operations in more than 70 countries. In the U.S., Shell operates in 50 states and employs more than 20,000 people working to help tackle the challenges of the new energy future. Shell Oil Company is a leading oil and gas producer in the deepwater Gulf of Mexico, a recognized pioneer in oil and gas exploration and production technology and one of America’s leading oil and natural gas producers, gasoline and natural gas marketers and petrochemical manufacturers. Learn more at www.shell.us.

Shell Oil Products US is a leader in the refining, transportation and marketing of fuels, and has a network of more than 13,200 Shell-branded gasoline stations across the United States.

In Canada, Shell has been operating for over 100 years and employs over 4,000 people across the country. Our business is providing energy to Canadians and people around the world, and we are one of the few truly integrated oil and gas companies in Canada. Learn more at www.shell.ca.

WEX Cautionary Note

This news release also contains forward-looking statements, including statements regarding WEX Inc.’s (“WEX”): expectations for future market opportunities, operations and business expansion. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this news 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: WEX's failure to successfully operate and expand Shell’s fuel card programs; 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 WEX’s operations, revenue and income; changes in interest rates; the impact of fluctuations in fuel prices; the effects of WEX’s business expansion and acquisition efforts; potential adverse 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 WEX's acquisitions; the ability to realize anticipated synergies and cost savings; unexpected costs, charges or expenses resulting from an acquisition; WEX'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 WEX's credit standards; breaches of WEX’s technology systems or those of our third-party service providers and any resulting negative impact on our reputation, liabilities or relationships with customers or merchants; WEX’s failure to maintain or renew key agreements; failure to expand WEX’s technological capabilities and service offerings as rapidly as WEX’s competitors; failure to successfully implement WEX's information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting WEX’s industrial bank, WEX as the corporate parent or other subsidiaries or affiliates; the impact of WEX’s outstanding notes on its operations; the impact of increased leverage on WEX's operations, results or borrowing capacity generally, and as a result of acquisitions specifically; 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 for the year ended December 31, 2017, filed on Form 10-K with the Securities and Exchange Commission on March 1, 2018. WEX's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of news release and undue reliance should not be placed on these statements. WEX disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

Shell Cautionary Note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this news release “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and 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 news release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. 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.

This news 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 Royal Dutch 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 Royal Dutch 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’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this news 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; (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, fiscal and regulatory developments including 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; and (m) 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 news 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 Royal Dutch Shell’s 20-F for the year ended December 31, 2017 (available at www.shell.com/investor and www.sec.gov ). These risk factors also expressly qualify all forward looking statements contained in this news release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this news release, June 4, 2018. Neither Royal Dutch 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 news release.

We may have used certain terms, such as resources, in this news release that United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. 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.

Source: WEX Inc.

INQUIRIES:
WEX Inc.
Robert Gould, +1 207-523-7429

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding WEX Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.