ConocoPhillips and Pilot Travel Centers have completed the sale of ConocoPhillipsâ 50 percent partnership interest in the CFJ Properties â Flying J truck stops to Pilot Travel Centers for $626 million, subject to normal purchase price adjustments. The transactions also include long-term product supply agreements with Pilot.
The sale reduces ConocoPhillipsâ company ownership of motor fuel stations while securing long-term markets for refined products from ConocoPhillips refineries.
âWeâre pleased to conclude this transaction and to have a long-term fuel supply relationship with Pilot, which affords ConocoPhillips the ability to provide an outlet for ConocoPhillipsâ gasoline and diesel production,â said Willie Chiang, senior vice president, Refining, Marketing and Transportation.
This transaction is another step in the execution of the ConocoPhillips $10 billion asset divestiture program. It is one part of ConocoPhillipsâ plan to create value for shareholders through a continued focus on disciplined capital investment, a strengthened financial position, improved returns on capital, and growth in shareholder distributions while growing production and reserves per share.
