Phillips 66, a U.S. refiner, has announced plans to sell its JET brand gas stations across 1,270 sites in Austria, Germany, and the U.K. as part of a broader plan to divest non-core assets. JET currently operates 813 gas stations in Germany and 154 sites in Austria. The sale is expected to generate €3 billion (about $3.2 billion) and is part of a multiyear cost-cutting project.
The decision to sell the gas stations comes after hedge fund Elliott Investment Management purchased a $1 billion stake in Phillips 66, calling for the company to refocus on its refining business and reduce operating costs. In a letter to the refiner, Elliott threatened management changes and a sale of the company’s stake in Chevron Phillips Chemicals (CPChem) if sufficient progress towards cost-cutting goals was not made.
The sale of the JET brand gas stations is part of a trend in the industry, with TotalEnergies recently completing the sale of its petrol stations in Germany and the Netherlands. Shell has also announced plans to divest approximately 1,000 petrol stations to focus on establishing electric vehicle charging stations. This shift towards divesting non-core assets reflects a broader trend in the industry as companies look to adapt to changing consumer preferences and market conditions.