Thursday, July 1, 2010

ConocoPhillips (NYSE:COP) Finishes Sale of Interest in CFJ Properties

ConocoPhillips (NYSE:COP) said it has completed the sale of its 50 percent stake in CFJ Properties to Pilot Travel Centers for $626 million.

CFJ entails the Flying J truck stop business.

"We’re pleased to conclude this transaction and to have a long-term fuel supply relationship with Pilot, which affords ConocoPhillips the ability to provide an outlet for ConocoPhillips' gasoline and diesel production,” said Willie Chiang, senior vice president, Refining, Marketing and Transportation.

The long term strategy of ConocoPhillips is to divest of the majority of its interests in gas stations and focus on its markets which they sell products from their refineries.

ConocoPhillips has a goal of selling off about $10 billion worth of assets.

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