Valero to Close Gas Stations, Limit Brands
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Valero Energy Corp. said it plans to sell at least 325 gasoline stations and limit the number of U.S. brand names it uses in an effort to improve its retail network.
The San Antonio-based company is reassessing its 1,425 retail sites, after the $5.34-billion acquisition of rival Ultramar Diamond Shamrock Corp. in December.
The company will keep the Valero name in California and eventually phase out the other three brands it uses there: Exxon, Beacon and Ultramar.
Shares of Valero rose 66 cents to $39.43 on the NYSE.
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