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Oil & Gas

ConocoPhillips sells remainder of gas stations

August 27, 2008
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ConocoPhillips will sell the remainder of its gas stations in the United States, the Associated Press reports, though Conoco, Phillips 66, and 76 will continue to operate under those familiar signs. The 600 or so stations are being sold to Pacific Convenience & Fuel LLC, a subsidiary of PetroSun Fuel. The deal is around $800 million. Part of the deal includes a long-term contract in which ConocoPhillips would provide fuel for the stations. Several years ago, Houston-based ConocoPhillips began to spin off its retail stores, focusing more on exploration and refining where much more money can be made. The ConocoPhillips sale must still be approved by regulators.

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