ConocoPhillips is expected to sell its remaining 600 company-owned gas stations to PetroSun West LLC for $800 million, according to The Wall Street Journal.
ConocoPhillips – operator of Phillips 66, Conoco and 76 brands – and PetroWest are likely to sign the deal today, the report said.
The third-largest U.S. oil company, Conoco is expected to continue to produce gasoline and sell fuel on a wholesale basis to stations, Reuters reported.
In November of last year, PetroSun West, a Seattle, Wash.-based company, purchased 95 convenience stores in Washington, Oregon, California and Nevada from Time Oil Co. Prior to that, the company purchased more than 200 sites from Conoco.