ExxonMobil to shed "unprofitable" gas stations

Oil mega-company ExxonMobil announced plans today to sell its more than 2,200 gas stations in the United States, calling them unprofitable, CNN reports.

Though the company operates the most stores in California and New York, it has a significant presence in Florida. About one-fifth of the Exxon and Mobil gas stations in the U.S. are slated to be sold, but will continue to sell ExxonMobil gas.

Exxon made more than $40 billion in 2007, most of which came from its oil and gas production around the world, Reuters reported.

"I think the decision came that it's more of a headache than its worth," Oppenheimer & Co analyst Fadel Gheit told the wire service.

Gheit said the stations' profit margin was likely between 10 percent and 15 percent, about one-third of the margin on oil production.

--Andrew Dunn, Times Staff Writer

Comments

[Kimberly]

Hmmm... Do you know of anyone who wants to buy an unprofitable gas station?