Cary, N.C.-based The Pantry Inc., operator of Kangaroo Express stores and Marathon Petroleum Co. LLC, the refining, marketing and transportation operations of Marathon Oil Corp. have announced a joint-branding fueling agreement set to take place this fall. Under the terms of the agreement, Marathon will supply fuel to more than 600 Pantry locations, with a…
Sunoco Reports Q2 Results
Sunoco Inc. reported its 2010 second quarter results today, including a net income attributable to Sunoco shareholders of $145 million ($1.20 per share diluted) compared to a net loss attributable to Sunoco shareholders of $55 million ($.47 per share diluted) for the second quarter of 2009. “While market conditions during the second quarter remained challenging,…
Interchange Reform Continues
Now that the Durbin Amendment, part of the Wall Street reform bill, has been signed into law by President Obama, the industry continues to address issues related to interchange reform. Texas Petroleum Marketers and Convenience Store Association (TPCA) President Chris Newton noted the amendment was “an important first step” in dealing with the negative impacts…
Rite Aid Reports Sales Dip for July
Drug store chain Rite Aid Corp. has announced that for the four weeks ended July 24, 2010, same store sales decreased 1.1% over the prior-year period. Its July front-end same stores sales decreased 0.5%, while total drugstore sales for the four-week period decreased 2.2% to $1.886 billion, compared to $1.929 billion for the same period…
Gas Station TV Hits 26 Million Monthly Impressions
Gas Station TV, a national away-from-home television network delivering a one-to-one consumer viewing experience, reached 26 million monthly Nielsen-verified fueling impressions this month, at a time when traditional home broadcast television is hitting historic record low viewership. For more than two years, Gas Station TV has been delivering Nielsen Pocketpieces to the advertising community. Next…
Couche-Tard Responds To Casey’s Rejection
Alimentation Couche-Tard Inc. has responded to Casey’s General Stores Inc.’s rejection of its increased tender offer from $36 to $36.75 per share in cash, which was announced on July 22, 2010. “We are disappointed that the Casey’s Board of Directors has rejected our increased $36.75 cash offer and has initiated a recapitalization for only 25%…
Gasoline Pushes Higher
By Brian L. Milne, Refined Fuels Editor, Telvent DTN After inching off a one-month low last week to $272.2 gallon, the U.S. retail gasoline average is poised to post its second straight weekly increase, following wholesale costs higher. The US price benchmark for gasoline, the Reformulated Blendstock for Oxygenate Blending futures contract that trades on…
Hess Estimates Second Quarter Results
Hess Corp. has reported its estimated results for the second quarter of 2010, including a net income of $375 million compared with net income of $100 million for the second quarter of 2009. Exploration and production earnings totaled $488 million in the second quarter of 2010 compared with $215 million in the second quarter of 2009.…
Hess Corp. to Acquire American Oil & Gas Inc.
Hess Corp. is set to acquire American Oil & Gas Inc., a move that is expected to increase Hess’ strategic acreage position in the Bakken oil play in North Dakota by approximately 85,000 net acres. “This acquisition builds upon our strong land position in the Bakken, leverages our nearby infrastructure and offers operational synergies,” said…
Groups To Senate: Say No To Increasing Ethanol in Gas
On July 26, some 36 environmental and industry groups signed and sent a letter that went to the majority and minority leaders of the Senate urging opposition to any amendment to the upcoming energy bill that would authorize the sale of gasoline with more than 10% ethanol. The National Petrochemical & Refiners Association (NPRA), the…