ExxonMobil Sells 190 Stations in Massachusetts, New Hampshire and Rhode Island
WALTHAM, Mass. -- ExxonMobil sold 190 gas stations, and the supply rights to another 31, in Massachusetts, New Hampshire and Rhode Island to Global Companies based here, according to Telegram.com.
Of those, 42 are directly operated by ExxonMobil. The acquisition, completed in stages, according to Edward J. Faneuil, executive vice president of Global, was finalized Oct. 1.
The stations were primarily in Massachusetts, with only 22 in Rhode Island and 20 in New Hampshire, according to the report.
"In these states it affords us the ability to continue to operate and supply locations for ExxonMobil because we're a significant terminal owner/operator in New England," Faneuil said in the report. "We view it as an opportunity for Global. This is an introduction for Global to the branded gasoline market, but a compliment to our existing businesses."
However, ExxonMobil spokesman Kevin M. Allexon said the company is not planning on getting out of the retail business. "We're changing our business model," Allexon said in the report. Mobil stations are either company-owned and operated, leased to operators, or operator-owned under a brand agreement. The division is who owns the property, and we're in the process of selling real estate assets to branded distributors."
Global Companies is a wholesale distributor in New England and New York that primarily distributed heating oil for years. Since its shift to a public company, it has moved to fuel that is less weather-dependent, Telegram.com reported.