Exxon (XOM) to Sell German Gas Station Assets in Billion-Dollar Deal
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Price: $91.53 -0.28%
Overall Analyst Rating:
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Dividend Yield: 2.8%
Revenue Growth %: -12.3%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 2.8%
Revenue Growth %: -12.3%
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Exxon Mobil (NYSE: XOM) shares are on the rise following reports it is mulling the sale of its German gas station unit.
According to Bloomberg, Exxon might be looking to unload over 1,100 Esso stations in Germany for a potential sales price of over €1 billion (about $1.3 billion).
The move is inline with what CEO Rex Tillerson has been aiming to do over the past four years, move or close operations in markets where petroleum demand is stagnant or dropping and focus investments into markets with expansion potential.
Profit margins for refining and selling gasoline and other motor fuels totaled 1.3 percent in 2011, while pumping oil and nat gas yielded margins of 74 percent.
Sales for Esso, held by Exxon Mobil Central Europe Holding GmbH, were €12.8 billion last year with pretax operating profit of €856 million.
In 2010, Exxon sold its downstream activities in Austria to Eni SpA and agreed in March 2011 for a sale of Argentina assets to Bridas Corp.
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According to Bloomberg, Exxon might be looking to unload over 1,100 Esso stations in Germany for a potential sales price of over €1 billion (about $1.3 billion).
The move is inline with what CEO Rex Tillerson has been aiming to do over the past four years, move or close operations in markets where petroleum demand is stagnant or dropping and focus investments into markets with expansion potential.
Profit margins for refining and selling gasoline and other motor fuels totaled 1.3 percent in 2011, while pumping oil and nat gas yielded margins of 74 percent.
Sales for Esso, held by Exxon Mobil Central Europe Holding GmbH, were €12.8 billion last year with pretax operating profit of €856 million.
In 2010, Exxon sold its downstream activities in Austria to Eni SpA and agreed in March 2011 for a sale of Argentina assets to Bridas Corp.
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