IRVING, Texas – ExxonMobil Corp. is successfully completing its shift from owning and operating convenience stores and gas stations to supplying fuel and other items to dealer-operated sites that carry the oil giant’s banner, David Rosenthal, secretary and vice president of investor relations, said during the company’s 2012 fourth-quarter earnings call this morning.
As CSNews previously reported, ExxonMobil has been steadily moving toward closing the books on its direct-served business. In April, Ken Shriber, managing director of Petroleum Equity Group Ltd., told CSNews Online that the "vast majority of dealers" in New Jersey were taking title to their locations – the homestretch in the process.
However, Rosenthal reported during today’s earnings call that the process has not yet been completed.
Regarding earnings, ExxonMobil, which recently overtook Apple Inc. as having the large stock market capitalization in the world, saw its downstream earnings improve to $1.8 billion during the fourth quarter, an improvement of $1.3 billion compared to its 2011 fourth quarter. Rosenthal credited improved refining margins for the better earnings in the downstream division, which oversees the company’s convenience store and gas station operations.
Companywide, ExxonMobil earned $9.95 billion in its latest quarter vs. a net profit of $9.4 billion during the same quarter in 2011.
For the full year, ExxonMobil achieved a net profit of $44.9 billion in 2012, compared to $44.1 billion in 2011.