Tosco Sells 320 Gas Stations for $125 Million

Tosco Corp., an oil refiner and the nation’s largest operator of company-owned convenience stores, said it has sold about 320 gas stations and convenience stores in the Midwest, Texas, Utah and Colorado for about $125 million to an undisclosed buyer. Tosco, owner of the Circle K chain, said in a statement that the facilities did not meet company rate-of-return criteria and that it will be focusing on those outlets producing the best returns. Tosco, based in Stamford, Conn., is the country’s sixth-largest independent oil refiner and petroleum marketer. It owns five refineries on the West Coast, four of them in California. FFP Marketing Co. and its 60% owned subsidiary, FFP Partners, said March 14 that they had purchased 25 gasoline station-convenience stores and truck stops from Circle K. FFP Partners’ properties primarily are leased by FFP Marketing, which owns and operates convenience stores and truck stops. Both are based in Fort Worth, Texas. Tosco shares closed up 6 cents at $23.13 on the NYSE.