Last Updated :
04 September 2009 at 16:15 IST
XOM to sell-off 25 stations to Doswell Ventures
Commodity Online
Exxon Mobil Corp. (NYSE:XOM) has announced that it is to sell its 25 service stations in Hampton Roads to Doswell Ventures as it wishes to divert from owning and operating retail facilities.
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XOM notified the Virginia Employment Commission that 216 employees in the region would be currently laid off in October 2009; the employees are however anticipated to join Doswell Ventures, the proprietor of which owns and operates 30 gas stations in Virginia.
Notably, XOM which accounts for 10,500 stations world-wide derives the majority of its revenue and earnings from oil production.
XOM gained 0.12% at New York Stock Exchange on Thursday and closed at 68.26. It touched a 52-week high of 83.64 and low of 56.51.
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