Conoco Sells Stake In Truck Stop Joint Venture For $626 Million
June 30 2010 - 6:55PM
Dow Jones News
DOW JONES NEWSWIRES
ConocoPhillips (COP) sold its 50% stake in a truck-stop joint
venture with Flying J Inc. for $626 million to a large privately
held player in the motorist center market.
Conoco said the sale, which includes a long-term fuel supply
agreement, to Pilot Travel Centers fits with its U.S. marketing
strategy to minimize its ownership of motor-fuel stations while
securing long-term markets for the oil company's refined
products.
The company is in the midst of a major restructuring program
aimed at $10 billion in divestitures over the next two years,
designed to reduce debt and steady its financial profile.
ConocoPhilips shares were down 0.1% at $49.06 in after-hours
trading.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com
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