Tuesday, May 25, 2010

Exxon Mobil (NYSE:XOM) Sells Global Partners (NYSE:GLP) 190 Gas Stations

Exxon Mobil (NYSE:XOM) has sold 190 gas stations to Global Partners LP (NYSE:GLP) for $200 million.

Global said their decision was based on the desire to increase profits by supplying retailers gasoline and diesel.

The gas stations are all located in the northeast United States, in the states of Rhode Island, Massachusetts and New Hampshire. There are 31 other gas stations in the region owned by independent retailers which are also part of the deal.

Exxon has been selling off their gas stations, which they now consider a non-core asset in order to put their attention on oil and natural gas production, which bring much higher returns.

Global said they're going to finance the deal either with an existing credit line or via capital markets.

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