New York City Exxon Mobil Corp. said on Thursday it is getting out of the retail gas business in the United States as high crude oil prices squeeze margins, according to a Reuters report.
Those branded service stations may be the most public aspect of Exxon's business, but they account for a small part of the company's profits, the report said.
Out of the roughly 12,000 Exxon Mobil branded stations in the United States, Exxon owns about 2,220.
Exxon plans to sell those service stations over several years. They include about 820 stations that it also operates.
The company will maintain the Exxon and Mobil brands, Exxon spokeswoman Prem Nair said.
Consumers will still be buying gasoline at stations that carry the Exxon and Mobil names, but they will not be owned by the company.