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    Chevron to Fuel The Pantry

    Recently completed acquisition will see new a new brand and fuel supply agreements.

    SANFORD, N.C. -- The Pantry Inc., operator of more than 1,600 convenience stores in the Southeastern U.S., signed an agreement with Chevron to bring the Texaco banner and fuel to its 66 recently acquired Petro Express convenience stores in North and South Carolina.

    As part of the agreement, all of the gasoline operations at The Pantry's Petro Express stores will be converted to Chevron's Texaco brand in the upcoming months. The company said it already has an existing long-term gasoline supply agreement with Chevron that covers approximately 200 of its convenience stores.

    "We are pleased to expand our relationship with Chevron to include our new Petro Express operations," said chairman and CEO Peter J. Sodini. "The Texaco brand has good recognition in the Carolinas, and this agreement provides us with dependable fuel supplies for some of our highest-volume stores. It also enhances the overall flexibility and security of our gasoline supply."

    The Pantry completed the $275 million Petro Express acquisition in early April. The stores -- 55 of which are in North Carolina and 11 in South Carolina -- generated revenues of approximately $629 million for the 12 months ended October 2006. Along with the stores, the purchase included the wholesale fuels business of Carolina Petroleum Distributors of Charlotte Inc., which sells more than 100 million gallons of fuel per year to more than 450 commercial customers.

    "We are very pleased to complete this important strategic acquisition," said Sodini at the time. "We believe the addition of Petro Express significantly strengthens our presence in the Charlotte market and provides us with an excellent platform for future growth in one of the Southeast's fastest-growing metropolitan areas. Not only does Petro Express command a leading market position, but its stores are primarily large, modern facilities that generate average revenues well above those of any previous acquisition in the company's history."

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