Phillips 66 to Sell off $3.2 Billion in Gas Stations as Part of Strategic Refocus

In 2023, hedge fund Elliott Investment Management purchased a $1 billion stake in Phillips 66 and called for a refocusing on refinery operations and cost-cutting measures. The sale of JET gas stations at 1,270 locations in Austria, Germany and the UK is expected to bring in 3 billion euros (about $3.2 billion) as part of a multi-year cost-cutting project that Phillips 66 has been working on. This decision follows similar moves in the industry, such as TotalEnergies’ sale of its gas stations in Germany and the Netherlands and Shell’s plans to sell around 1,000 of its gas stations to focus on establishing electric vehicle charging stations. The sale of JET gas stations is part of a strategic shift for Phillips 66 as it seeks to optimize its portfolio and strengthen its core refining business.