ConocoPhillips is exiting the gas station business, selling its remaining 600 stations to Seattle-based PetroSun West LLC, The Wall Street Journal reported. Oil companies are leaving the low-margin gasoline business, often for oil exploration. But Conoco, the No. 3 U.S. oil firm, will still refine oil and sell the gasoline wholesale. PetroSun plans to add food, financial services, and dry cleaning to its new gas stations. (MarketWatch)
The bottom line
August 27, 2008
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