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ConocoPhillips Latest Oil Major to Exit Low-Margin Retail Gas Stations
Money Morning (August 27th, 2008) Writes:
By Jennifer Yousfi
Managing Editor
ConocoPhillips (COP) is selling its remaining company-owned gas stations in the latest example of the changing face of the retail gas station business.
According to unnamed sources, ConocoPhillips, the third-largest U.S. oil company and second largest U.S. refiner, plans to sell 600 company-owned gas stations to PetroSun West LLC for $800 million. The deal is expected to close today (Wednesday).
"This transaction is designed to strengthen our branded wholesale business model and grow market share," said Clayton Reasor, President, U.S. Marketing of ConocoPhillips, MarketWatch reported. "We have worked with PetroSun before and believe that they will continue to enhance our brands and provide excellent service to our retail customers."
ConocoPhillips operates domestic gas stations under the Phillips 66, Conoco, and 76 brands in the United States and JET brand in Europe. PetroSun plans to boost gas ...
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