Published: 08-28-08
Phillips 66 Conoco & 76 brand gasoline stations to be sold
ConocoPhillips Co. confirmed Wednesday that it will be selling nearly 600 of its company-owned gasoline stations in the United States to Pacific Convenience & Fuel LLC.
The Houston-based energy giant operates the Phillips 66 Conoco and 76 brands in the United States and JET brand in Europe.
Terms of the deal were not disclosed however Reuters reported the sale was valued at $800 million.
The sale will allow ConocoPhillips (NYSE: COP) to focus on its wholesale business as well as on growing its market share according to Clayton Reasor president of U.S. marketing of ConocoPhillips.
Pacific Convenience is a company newly formed by PetroSun Fuel a petroleum and convenience store operator based in Seattle.
The company plans to continue using the three ConocoPhillips brands on its stations.
