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Kurr
1000+ Penny Miser Member
2906 Posts |
 Posted - 08/29/2008 : 09:24:50
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HOUSTON — ConocoPhillips said Wednesday that it would sell 600 company-owned gasoline stations in the United States to PetroSun West for $800 million, completing the oil major’s exit from the low-margin, highly competitive retail business.
ConocoPhillips, which operates the Phillips 66, Conoco and 76 brands in the western and central United States, is the latest big oil company to sell its service stations.
“Tying up capital in a retail gas station is not its most efficient use,” Phil Weiss, energy analyst at the Argus Research Company, said. “The margins on the product side aren’t that high. You can be getting only pennies a gallon.”
Service stations have struggled with shrinking margins even as gasoline prices topped $4 a gallon because they have not been able to keep pace with soaring crude oil prices.
In June, Exxon Mobil announced it planned to leave the retail gasoline business by selling the remaining 2,220 stations it owns. BP is also selling its American retail business.
Privately held PetroSun, the largest independent gasoline and convenience store operator on the West Coast, said the deal would leave it with operations in 10 states and annual petroleum sales of more than a billion gallons.
The service stations will still carry one of ConocoPhillips’ brand names, a ConocoPhillips spokeswoman said.
Conoco will continue to produce gasoline and sell fuel on a wholesale basis to stations.
Shares of Houston-based ConocoPhillips rose 1.5 percent, or $1.20, to $83.58 in midday trading on the New York Stock Exchange.
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The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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ConocoPhillips Sells Its 600 Gasoline Stations
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