Exxon Mobil (XOM, Financial) is looking at selling its gasoline station network in Singapore, which could bring up almost $1 billion, Bloomberg reported Tuesday. Working with financial advisers, the corporation is assessing the possible transaction.
The transaction fits Exxon's approach of reallocating funds to sectors with more growth prospects. Exxon first arrived in Singapore more than 130 years ago and runs 59 Esso-branded filling stations currently. Along with its Singapore activities, there is a fuels terminal, chemical and lubricant facility, refinery, and liquefied petroleum gas bottling plant.
Exxon's recent actions in Southeast Asia, including a reportedly agreed upon sale of its Malaysian oil and gas holdings to Petronas in July, would guide this possible divestment.
Following the news, Exxon Mobil's pre-market trading modestly dropped 0.10%. Exxon's ongoing attempts to simplify its portfolio and give investments that fit its long-term development top priority are shown by the sale. Exxon Mobil's stock YTD is up more than 17%; its CAGR is 18.8%.
