ConocoPhillips' Stake in CFJ Properties Flying J Goes to Pilot

July 01, 2010

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ConocoPhillips has shed its 50 percent stake in the CFJ Properties-Flying J truckstops to Pilot Travel Centers for $626 million.
The deal also includes long-term product supply agreements with Pilot.

As of yesterday, Flying J has merged with Pilot, creating an entity of more than 550 interstate travel centers and travel plazas in 43 states and six Canadian provinces.

ConocoPhillips says the move is part of the company's "U.S. marketing strategy, which is to minimize company ownership of motor fuel stations while securing long-term markets for refined products from ConocoPhillips refineries."

"We're 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 ConocoPhillips' gasoline and diesel production," said Willie Chiang, senior vice president, refining, marketing and transportation.

The sale is part of ConocoPhillips $10 billion asset divestiture program.

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