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Under the agreement, it will be business as usual for WilcoHess customers and employees as the Winston-Salem, N.C.-based company will continue normal operations in its stores during the process. WilcoHess' portfolio includes 353 company-operated convenience stores and 37 travel plazas, mainly in the Southeast.
"Hess Corp. has agreed to purchase the remaining 56-percent interest in WilcoHess that it does not currently hold. As previously announced, Hess Corp. will continue with its plan to fully exit the downstream business in a manner that maximizes value to shareholders," a company spokesman told CSNews Online first.
The agreement is expected to close by the end of the year. Terms were not disclosed.
WilcoHess' portfolio will now be included in the sale of Hess' downstream business. Consolidating these retail locations will maximize Hess' options for divestiture of its downstream business, according to the company spokesman.
New York-based Hess Corp. revealed on March 4 that it will exit the retail market. As of Dec. 31, its retail portfolio included 1,361 convenience stores and gas stations. There is no timetable for the selloff, but the company is pursuing all options similar to those pursued by other major oil corporations that transformed into pure-play exploration and production companies.