By Houston Business Journal

ConocoPhillips has sold its 50 percent partnership stake in the CFJ Properties - Flying J truck stops to Pilot Travel Centers LLC in a deal valued at $626 million.

Houston-based ConocoPhillips said the divestiture was in line with its move to sell $10 billion in assets by 2011.

The agreement also includes long-term product supply agreements with Knoxville, Tenn.-based Pilot Travel Centers. The company and Flying J Inc. finalized their merger on June 30.

Prior to the sale, ConocoPhillips (NYSE: COP) owned and operated 110 truck travel plazas that carry Conoco, Flying J or both brands of gasoline, according to the companyâ¿¿s Web site. In 2007, the company began the sale of 830 company-owned outlets. As of February 2009, 620 retail outlets had been sold.

On June 25, ConocoPhillips said it had completed the previously announced $4.65 billion sale of its 9 percent interest in Syncrude with subsidiaries of Sinopec International Petroleum Exploration and Production Company.

Copyright 2010 American City Business Journals
Copyright 2010