ExxonMobil to exit U.S retail gasoline business

Last week, ExxonMobil (XOM), the world’s largest integrated oil company announced that it is getting out of the U.S. retail gasoline business. Company announced it would be selling all of its 2,225 U.S. filling stations and convenience stores.

The world’s largest publicly traded oil company will keep the Exxon and Mobil brands, so consumers can still buy gasoline at stations that carry the Exxon and Mobil names.

“We are in a very, very challenging market. Margins are reduced, We feel the best way for us to grow and compete is through our distributor network.” Exxon Mobil spokeswoman Prem Nair told Reuters.

Royal Dutch Shell and BP PLC have announced similar moves to sell their lower-return retail businesses.

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