Exxon Begins Bidding Process For its Stations

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Exxon Begins Bidding Process For its Stations

IRVING, Texas -- Exxon Mobil Corp. started the bidding process for most of its remaining company-owned gas stations and convenience stores on the East Cost, Dow Jones reported.

"Consistent with our 2008 June announcement, we began our initial bid process for the sale of the majority of our company-operated and dealer sites from Virginia north through New Hampshire," Prem Nair, a spokeswoman for the company, told the news service.

The deadline for the first indication of interest was Monday, according to the report. The sale covers 11 markets across nine states—New Hampshire, Maine, Rhode Island, Connecticut, New York, New Jersey, Delaware, Maryland and Virginia, Nair said. A request to ExxonMobil for more information was not returned by press time.

ExxonMobil announced in June its intentions to sell approximately 2,200 gas outlets to distributors with long-term fuel contracts for the Exxon and Mobil brands.

"Transitioning out of the direct served business in the U.S., with a majority of markets converting to branded distributor, will build on the strength of our current distributor network," Nair told CSNews Online at the time. "This conversion will transition, over a multi-year period, a majority of markets to branded distributors."

Of the 2,200 sites, 820 are owned and operated stations, while 1,400 stations leased to dealers, CSNews Online reported in June.

"We are committed to a strong brand presence in the markets in which we do business and view the distributor method of site operation to be the best platform for the future," Nair told CSNews Online at the time of the announcement.