ConocoPhillips Pulling Out of Fuel Business in 3 States and Parts of 5 Others
HOUSTON -- As a continuation of ConocoPhillips portfolio rationalization strategies and to support strengthening the United States marketing business, ConocoPhillips is transitioning out of branded gasoline and branded diesel sales in Minnesota, North Carolina, South Carolina and certain portions of Wisconsin, North Dakota, South Dakota, Arizona and Nevada, as reported yesterday by CSNews Online.
This transition will reduce the number of Phillips 66, Conoco and 76 branded locations by about 850 which represent 8.5 percent of ConocoPhillips' branded outlet network. The remaining approximately 9,150 branded outlets will be centered in markets where ConocoPhillips can capitalize on market efficiencies and stronger competitive positions.
When dealers were contacted by CSNews Online to gauge their reaction, several were surprised to hear the news of ConocoPhillips' transition out of their market.
In December 2006, the company announced it was selling off company-owned retail and company-owned dealer sites in order to put its assets to better use in other ways, ConocoPhillips spokesman Kevin Covington told CSNews Online.
This transition will reduce the number of Phillips 66, Conoco and 76 branded locations by about 850 which represent 8.5 percent of ConocoPhillips' branded outlet network. The remaining approximately 9,150 branded outlets will be centered in markets where ConocoPhillips can capitalize on market efficiencies and stronger competitive positions.
When dealers were contacted by CSNews Online to gauge their reaction, several were surprised to hear the news of ConocoPhillips' transition out of their market.
In December 2006, the company announced it was selling off company-owned retail and company-owned dealer sites in order to put its assets to better use in other ways, ConocoPhillips spokesman Kevin Covington told CSNews Online.