Exxon Mobil Corp. is selling its 25 service stations in Hampton Roads as part of the company’s shift away from owning and operating retail locations, the Virginian-Pilot reported.
Exxon has been turning over its gasoline retailing to independent owners and operators because of competition in gasoline retailing and low barriers to entry, said Kevin Allexon, an Exxon Mobil spokesman.
Doswell Ventures, whose proprietor owns and operates 30 gas stations in Virginia, will be acquiring the Hampton Roads stations, which are located in Norfolk, Virginia Beach, Chesapeake, Newport News and Williamsburg. The sale is scheduled to close by the end of November, and the stations will continue to carry the Exxon name. The price isn’t being disclosed.
Doswell Ventures is an affiliate of Mechanicsville-based Woodfin Oil Co., a family-owned company with operations in gasoline retailing, heating-oil sales and heating-and-cooling service.
Exxon Mobil Corp. is selling its 25 service stations in Hampton Roads as part of the company’s shift away from owning and operating retail locations, the Virginian-Pilot reported.
Exxon has been turning over its gasoline retailing to independent owners and operators because of competition in gasoline retailing and low barriers to entry, said Kevin Allexon, an Exxon Mobil spokesman.
Doswell Ventures, whose proprietor owns and operates 30 gas stations in Virginia, will be acquiring the Hampton Roads stations, which are located in Norfolk, Virginia Beach, Chesapeake, Newport News and Williamsburg. The sale is scheduled to close by the end of November, and the stations will continue to carry the Exxon name. The price isn’t being disclosed.
Doswell Ventures is an affiliate of Mechanicsville-based Woodfin Oil Co., a family-owned company with operations in gasoline retailing, heating-oil sales and heating-and-cooling service.
While Exxon Mobil notified the Virginia Employment Commission that 216 employees in the region would be laid off in October, those employees are expected to join Doswell Ventures, Allexon told the Virginian-Pilot.
The pending sale isn’t a surprise because “Exxon had the stations on and off the market for the past three years,” said Jeff Miller, president of Norfolk-based Miller Oil Co., a major gasoline retailer in Hampton Roads. He noted that Exxon was the last giant petroleum company that owned stations in the region.
Exxon Mobil has about 10,500 stations nationwide and the bulk of its revenue and earnings come from oil production.
While Exxon Mobil notified the Virginia Employment Commission that 216 employees in the region would be laid off in October, those employees are expected to join Doswell Ventures, Allexon told the Virginian-Pilot.
The pending sale isn’t a surprise because “Exxon had the stations on and off the market for the past three years,” said Jeff Miller, president of Norfolk-based Miller Oil Co., a major gasoline retailer in Hampton Roads. He noted that Exxon was the last giant petroleum company that owned stations in the region.
Exxon Mobil has about 10,500 stations nationwide and the bulk of its revenue and earnings come from oil production.
