U.S. oil major %ExxonMobil (NYSE: $XOM) is reportedly looking to divest its stake in the French retail gas station chain Esso, including its Gravenchon oil refinery.
To that end, 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 reportedly 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 the French territory of Saint Pierre and Miquelon.
It’s not clear what stage the talks are at or how much money Exxon Mobil would get from the sale of the Esso business and related assets. Any deal would be subject to regulatory approval.
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.
The stock of ExxonMobil has declined 5% this year to trade at $102.11 U.S. per share.
