On Thursday Hess agreed to sell its retail business to Marathon Petroleum’s Speedway for $2.6 billion.
According to Hess, the sale comes as the company seeks to turn its attention to drilling.
Marathon will buy Hess Retail Holdings for $2.37 billion in cash and $230 million of working capital.
The deal also includes $274 million in capital leases.
Hess gas stations are the largest chain of company-operated gas stations and convenience stores along the East Coast.
The deal includes all Hess retail locations, as well as transport operations and shipper history on various pipelines.
Marathon said the combined business will be the largest U.S. chain of convenience stores by revenue.
The new combined company will include around 2,700 locations, and had 2013 pro forma revenue of more than $27 billion.
Marathon president and CEO Gary Heminger said, “This acquisition will be transformative for MPC and Speedway as it will significantly expand our retail presence from nine to 23 states through these premier Hess locations throughout the East Coast and Southeast.”
