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FAIRFAX, Va. -- Last week, ExxonMobil Fuels Marketing Co. announced it was transiting out of the direct-served, dealer and company-operated retail business in U.S. markets. On Friday, the company confirmed it will sell 2,220 out of some 12,000 branded service stations in the U.S.
"Transitioning out of the direct served business in the U.S., with a majority of markets converting to branded distributor, will build on the strength of our current distributor network," downstream ExxonMobil spokesperson, Prem Nair told CSNews Online last week. "This conversion will transition, over a multi-year period, a majority of markets to branded distributors."
According to CNN, the oil giant will sell 820 owned and operated stations as well as 1,400 stations leased to dealers, the sum of which makes up approximately one-fifth of the Exxon and Mobil stations in the United States. While the stations will continue to carry the branded fuel, the company told CNN the stations are being sold due to rising gas prices.
"We are committed to a strong brand presence in the markets in which we do business and view the distributor method of site operation to be the best platform for the future," Nair told CSNews Online last week.