IRVING, Texas, Dec. 2 /PRNewswire/ -- Exxon Mobil Corporation (NYSE: XOM)
announced today that it has reached agreement to sell Exxon's Northeast and
Mobil's Mid-Atlantic service stations and supply arrangements to Tosco
Corporation. The agreement also gives Tosco the right to acquire Mobil's
Manassas, Virginia, terminal and undeveloped properties intended for service
station use in the Northeast and Mid-Atlantic regions. The sale involves
1,740 service stations from Virginia through Maine, including 686 owned or
leased properties and the assignment of contracts which cover some
1,054 dealer and distributor sites.
The assets and supply arrangements involved in the Tosco sale satisfy the
conditions required by the Federal Trade Commission and states who signed a
parallel consent order for approving the ExxonMobil merger. The FTC gave the
go-ahead for Exxon and Mobil to merge on November 30. The terms of the sale
between ExxonMobil and Tosco require regulatory approval.
"We are pleased to have reached agreement with Tosco," said Eugene A.
Renna, senior vice president, Exxon Mobil Corporation. "We were looking for a
company that could step seamlessly into Exxon and Mobil's shoes and offer
comparable employment opportunities to our employees, be an attractive, strong
supply partner for our dealers and distributors, and represent the heritage
and value of the Exxon and Mobil brands to consumers. We believe Tosco is
that company."
The service stations involved include Mobil-branded stations from Virginia
to New Jersey, and Exxon-branded stations from New York through Maine. Under
the conditions set by the FTC, Tosco has the right to continue to use the
existing Exxon or Mobil brand at these locations for at least 10 years or
longer, as well as the products and services associated with each brand.
Exxon's Bayway Refinery was sold to Tosco in 1992 and its service stations
in Arizona in 1994. "The sale of properties along with the use of the Exxon
brand in Arizona is very similar to the arrangement reached for this sale,"
Renna said. "We have been pleased with Tosco's performance in the Exxon-
branded stations in the Arizona market."
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
 back to top
Related links:
http://www.exxon.mobil.com
Company News On-Call:
http://www.prnewswire.com/comp/143842.html or fax,
800-758-5804, ext. 143842
CONTACT:
Media Relations of Exxon Mobil Corporation,
972-444-1107
|
