ConocoPhillips to Sell Off Remaining Gas Stations

ConocoPhillips to Sell Off Remaining Gas Stations
August 27, 2008

Houston-based ConocoPhillips plans to sell the remainder of its 600 company-owned gas stations to PetroSun West LLC for $800 million, according to a source, Reuters.com reported. The deal is expected to be signed today, the source said. Conoco and PetroSun did not comment on the potential deal. ConocoPhillips, which is the third-largest U.S. oil company and the second-largest refiner, operates the Phillips 66, Conoco and 76 brands in the United States and JET brand in Europe. Conoco is expected to continue to produce gasoline and sell fuel on a wholesale basis.

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