BP to Sell Most of its U.S.-Owned and Operated C-Stores
November 15th, 2007
BP PLC. today announced plans to divest itself of its convenience stores in the United States, as part of a restructuring plan to improve its performance. Most of the locations are expected to be sold to franchisees over the next two years. The move comes after several setbacks to BP’s U.S. operations, including a Texas refinery blast in 2005 and a partial shutdown of the Alaskan oil pipeline in 2006. BP competitors Royal Dutch Shell PLC, ConocoPhillips and Chevron Corp. have similarly reduced their retail presence in recent years. Wall Street Journal Subscription Required. (Nov. 15, 2007)
Tags: BP PLC., oil companies