ConocoPhillips Sells Its 600 Gasoline Stations

ConocoPhillips Sells Its 600 Gasoline Stations

www.nytimes.com

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.

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And BP:
www.bp.com...
And Exxon
www.csnews.com...

Do they know something? Are we getting ready to switch to an alternate fuel?



www.nytimes.com
(visit the link for the full news article)

One a fluke...two is interesting....Three is just downright suspect.

If there is an ALT fuel, they can go ahead and release it already!!!!

Hmm this is interesting. I dont know why alternative fuels would have anything to do with it though because you still need a gas station to dispense the fuel in. Im not sure what to make of it.

Two big reasons. First of all they make such a killing selling the oil it doesn't make sense to keep the retail end going if somebody else will do it for them. The alternative fuel is in your wall socket.

The writing is on the wall and in 20 years there might be only 10% of the number of stations we see today. Selling them now at high market value without having to decommission the tanks is a win win for them.

[edit on 28-8-2008 by verylowfrequency]