ExxonMobil reaches agreement on sale of Texas marketing assets

Petroleum News Alaska Staff

Exxon Mobil Corp. said March 23 that it has finalized agreements of sale for most of Mobil’s Texas marketing assets and supply arrangements, involving about 430 stations. The agreements satisfy conditions required by the Federal Trade Commission and the Texas Attorney General, who signed a parallel consent order for approving the ExxonMobil merger. The company said it has received regulatory approval.

The agreements provide for:

• the sale of Mobil’s 49 percent equity interest and the assignment of Mobil’s supply contracts in Austin, Dallas and San Antonio to Tetco, Inc. (about 318 stations).

• the sale of Mobil’s interests in seven Dallas area service stations, as required by the FTC, plus three additional outlets in the Fort Worth area, to 7-Eleven, Inc. Mobil and 7-Eleven, Inc. jointly developed and operated these 10 retail outlets.

• the assignment of Mobil’s supply contracts in Houston and Bryan-College Station to Petroleum Wholesale Inc. (about 102 stations).

Despite these divestitures, ExxonMobil said it still maintains a significant marketing presence in Texas with the retention of approximately 1,500 Exxon-branded stations and 200 Mobil-branded stations in the state.