said Thursday that it would sell a majority of its Texas retail gasoline assets as part of the conditions set by the
Federal Trade Commission
Texas Attorney General
when they jointly approved the merger between Exxon and Mobil last year.
The deals involve the sale of stakes and reassignment of supply contracts for about 430 gasoline stations in Texas.
Specifically, the company will sell Mobil's 49% stake and reassign supply agreements for 318 stations in Austin, Dallas and San Antonio to
. ExxonMobil will also sell Mobil's supply agreements for 102 stations in Houston and Bryan-College Station to
, and will sell Mobil's stake in 10 stations in Fort Worth and Dallas to
, its joint venture partner in those stations.
Financial terms of the deals were not disclosed
ExxonMobil will continue to maintain a presence in the Texas gasoline market, and will retain 1,500 Exxon-branded stations and 200 Mobil-branded stations in the state.
The sale of the Texas assets is one of several conditions that the FTC and Texas Attorney General required when they approved the merger.
An ExxonMobil spokesman, Tom Cirigliano, said the company still had several divestitures to complete, but that the company remained on track to meet its August deadline for the deals.
The company is currently awaiting FTC and the California Attorney General's approval to sell Exxon's California fuels marketing business and Benecia, Calif.,refinery to
Other required deals include a sale of Exxon's fuel marketing assets in Guam, Mobil's 3% stake in the Trans-Alaskan pipeline, Exxon's global jet turbine oil business, and either Mobil's 11 1/2% share in the Colonial pipeline or Exxon's 48% share of the Plantation pipeline, both of which bring gasoline and diesel fuels from the U.S. Gulf Coast to the Eastern U.S.
The deals are all part of an agreement struck to gain approval for Exxon and Mobil to merge late in 1999. The combined company became the world's largest integrated oil company, surpassing
Royal Dutch Shell