ExxonMobil (XOM) to Sell Esso Gas Station Chain for $350 Million

U.S. oil major ExxonMobil (XOM) is moving to sell its stake in the French retail gas station chain Esso, including its Gravenchon oil refinery, for $350 million.

Houston, Texas-based ExxonMobil has entered into talks with fuel retailer North Atlantic France over the sale of its stake in the Esso gas station network. A statement from ExxonMobil said it is negotiating with North Atlantic France over the sale of its 82.89% stake in the Esso business and related assets, including the 240,000 barrels per day oil refinery located in Normandy, France.

The companies are also discussing the sale of a 100% stake in ExxonMobil Chemical France, according to the statement. North Atlantic France is a subsidiary of privately held Canadian energy firm North Atlantic, which also operates Esso gas stations across Canada and in the French territory of Saint Pierre and Miquelon.

Focusing on the U.S.

The Esso business is responsible for roughly 20% of the active refining capacity in France through its operation at Gravenchon. Within France, Esso also markets fuel and lubricants through a branded reseller network of around 750 locations.

For ExxonMobil, the Esso deal would be its latest divestment in Europe as it moves to concentrate on its U.S. and Asian energy assets. In 2024, the company downsized its French downstream business, closing its chemical operations in Gravenchon and selling its 140,000 barrels per day oil refinery in Fos-sur-Mer, France.

Offloading the Esso properties would leave ExxonMobil with four remaining refinery stakes in Europe, situated in Belgium, the Netherlands, England, and Germany. XOM stock has declined 3% this year.

Is XOM Stock a Buy?

The stock of ExxonMobil has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on nine Buy and six Hold recommendations issued in the last three months. The average XOM price target of $123.13 implies 20.59% upside from current levels.

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