IRVING, Texas, April 20 /PRNewswire/ -- Exxon Mobil Corporation
(NYSE: XOM)announced today that its subsidiary, Mobil Pipe Line Company, has
signed an agreement to sell its 11.49 percent interest in Colonial Pipeline
Company to Colonial in a stock repurchase. Terms of the sale were not
disclosed. This agreement satisfies one condition required by the Federal
Trade Commission to complete the merger of Exxon Corporation and Mobil
Corporation announced on
November 30, 1999. Closing of this sale is subject to the approval of the
Federal Trade Commission.
The consent order of the Federal Trade Commission required that Exxon
Mobil Corporation sell either Exxon's interest in Plantation Pipe Line Company
or Mobil's interest in Colonial Pipeline Company. ExxonMobil will retain its
approximately 48 percent interest in Plantation.
Ownership of the former Mobil Pipe Line Company interest will be divided
proportionally among the remaining nine owners of Colonial. Colonial, a
refined petroleum products pipeline, operates from Houston, Texas, across the
south, and up the east coast to its termination in New York Harbor. It
delivers approximately 80 million gallons per day of gasoline, diesel fuel,
home heating oil, aviation fuels and other products on behalf of its shipper
customers.
Exxon Mobil Corporation is a leading global oil, natural gas and
petrochemicals company whose subsidiaries have operations in about
200 countries. Exxon Mobil Corporation was formed by the merger of Exxon and
Mobil on November 30, 1999.
SOURCE Exxon Mobil Corporation
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Related links:
http://www.exxon.mobil.com
CONTACT:
Tom Cirigliano of Exxon Mobil Corporation,
972-444-1109
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