Conoco Divests US Service Station Assets

August 2008 | M&A News Alert

US major ConocoPhillips has agreed the sale of its remaining US service station network to PetroSun Fuel in a deal worth around US$800mn. The move, which follows similar divestments by rival US majors ExxonMobil and Chevron, demonstrates the majors' response to rapidly shrinking margins for gasoline sales and their desire to focus on the more profitable segments of the oil and gas business, exploration and production (E&P) and refining.

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