Exxon To Sell Gas Stations

[shamaal]

The money is in the production of oil. Refining isn't very good and distribution sucks.

(CNN) -- Oil giant Exxon Mobil Corp. plans to sell its company-owned gas stations, saying they aren't profitable enough even with gasoline selling at $4 per gallon.

The nation's largest oil company, which earned nearly $41 billion last year, says it will sell more than 2,000 stations over the next few years.

"The fuels marketing sector is a very challenging market," ExxonMobil spokesperson Prem Nair said, adding that the company is feeling particular pressure from hypermarkets like Wal-Mart that sell gasoline.

ExxonMobil plans to sell 820 owned and operated stations as well as 1,400 stations leased to dealers. The 2,220 stations make up about 1/5 of the Exxon and Mobil stations in the United States. The company says the stations to be sold will continue to sell ExxonMobil product.

ExxonMobil to sell 2,220 gas stations - CNN.com