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Hertz Introduces Compressed Natural Gas (CNG) Vehicle Rentals In US

Stocks in this article: CHK CHKM HTZ













PARK RIDGE, N.J., April 11, 2012 /PRNewswire/ -- The Hertz Corporation (NYSE: HTZ) is announcing the introduction of compressed natural gas (CNG) vehicles to its fleet in the US. Hertz will begin renting eight CNG Honda Civics and two CNG GMC Yukons at Will Rogers World Airport in Oklahoma City early next month. All vehicles will include NeverLost GPS units to assist renters in mapping local CNG refueling stations.

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)

"Hertz is committed to providing our customers with a full spectrum of vehicle options to suit their rental needs including clean emission vehicles such as CNG, electric vehicles, as well as other fuel-efficient vehicles included in our Green Traveler Collection," said Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "As more low emission, fuel efficient vehicles become available for general use we will continue to expand our rental fleet, reflecting our dedication to offering sustainable travel options."

The new vehicles will be on display at the Oklahoma City Thunder's home game against the Los Angeles Clippers on Wednesday, April 11. In conjunction with the Oklahoma City Thunder's Green Week, an NBA initiative for environmental awareness, Hertz will also be raffling off 10 weekend CNG vehicle rentals to game attendees.

The expansion of energy-efficient and clean vehicles stems from the launch of Living Journey, Hertz's global sustainability strategy announced earlier this year.

CNG is a cleaner-burning fuel, emitting up to 30 percent less carbon dioxide and up to 75 percent less carbon monoxide. The fuel also typically costs half the price of gasoline and is produced domestically.(1) Last year, Hertz introduced the addition of CNG vehicles through Hertz On Demand at Oklahoma State University. Hertz also deploys CNG airport buses at its Los Angeles Airport location and rents CNG vehicles in both Italy and the United Kingdom.

Oklahoma City is serving as a pilot program for Hertz's CNG airport rentals program. In addition to having significant CNG fueling infrastructure across the state – approximately 70 existing or planned public stations – Oklahoma is also home to several of the top natural gas producers in the country, including Chesapeake Energy Corporation.

"Through its natural gas vehicles rental program, Hertz shows its industry leadership and further illustrates the exciting future of natural gas as a transportation fuel," said Aubrey K. McClendon, Chesapeake Chief Executive Officer. "By renting a CNG vehicle, Hertz customers will cut their fueling costs in half, while driving a vehicle that is better for the environment. We hope the success of Hertz's program in Oklahoma City leads to adoption of this program nationwide."

Donlen Corporation, a wholly-owned subsidiary of The Hertz Corporation, played a key role in developing this program."This initiative is a great example of what can happen when industry leaders collaborate to create meaningful change," said Gary Rappeport, Donlen CEO. "Natural gas vehicles play an important part in the future of fleet and mobility solutions as companies look toward achieving their sustainability and operational goals. Together, Hertz and Donlen are investing in programs like this to change the landscape of available transportation solutions." About Hertz

Hertz is the largest worldwide airport general use car rental brand operating from approximately 8,500 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 94 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East.   In addition, Hertz operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of rental equipment, including tools and supplies, and new and used equipment for sale from approximately 320 branches in the United States, Canada, France, Spain, Italy, China and Saudi Arabia, as well as through its international licensees.   In late 2008, Hertz introduced a global car-sharing service, now referred to as Hertz On Demand, where customers can rent by the hour from various locations in the U.S., Canada and Europe.  Hertz also owns Donlen Corporation, based in Northbrook, Illinois, which is a leader in fleet leasing and management services.

About Donlen Corporation

A wholly-owned subsidiary of The Hertz Corporation (NYSE: HTZ), Donlen ( www.donlen.com) with headquarters in Northbrook, IL, is the fleet industry's most comprehensive and integrated provider of financing and asset management solutions.

About Chesapeake Energy Corporation

Chesapeake Energy Corporation (NYSE: CHK) is the second-largest producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S.  Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S.  Chesapeake owns leading positions in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry and Niobrara unconventional liquids plays.  The company has also vertically integrated its operations and owns substantial marketing, midstream and oilfield services businesses directly and indirectly through its subsidiaries Chesapeake Energy Marketing Inc., Chesapeake Midstream Development, L.P. and Chesapeake Oilfield Services, L.L.C. and its affiliate Chesapeake Midstream Partners, L.P. (NYSE: CHKM).  Further information is available at www.chk.com where Chesapeake routinely posts announcements, updates, events, investor information, presentations and news releases.

(1) U.S. Dept. of Energy—Argonne National Laboratory Report: A Full Fuel-Cycle Analysis of Energy and Emissions Impacts of Transportations Fuels Produced from Natural Gas, http://www.transportation.anl.gov/pdfs/TA/13.pdf

 

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