Excell Petroleum to Buy 40 ExxonMobil Sites

MEMPHIS, Tenn. -- ExxonMobil is selling its real estate interests in all 40 of its Memphis stations to Duluth, Ga.-based Excell Petroleum, the Memphis Business Journal reported.

While, ExxonMobil would not disclose the value of the deal, it is expected to close by the end of 2010, after beginning in June of this year.

As of press time, it was unclear if the Exxon brand would remain with the stations. Calls to Excell and its sister company, Food & Gas Inc., by the newspaper were unreturned.

"This transaction is consistent with our June 2008 announcement that we would be transitioning a majority of our remaining company-owned stations to the distributor model," ExxonMobil spokesperson Kristen A. Hellmer said in the report.

ExxonMobil outlined steps in 2008 to sell a majority of its retail operations.