Exxon-Mobil getting out of retail sales

HOUSTON - June 12, 2008 The world's largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.

The Irving-based company didn't disclose financial details but said the transition will take place over a "multiyear period."

However, motorists will continue to see Exxon and Mobil stations throughout the country. About 75 percent of its roughly 12,000 stations in the U.S. are owned by branded distributors. Exxon Mobil will still sell gasoline to those stations and get paid for the use of its name.

(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-06-12-08 1632EDT