BP CEO Murray Auchincloss did not disclose where in BP’s global network of company-operated sites the sales are happening, but noted that about 60% of these sites are in the contractual process.
The move is part of BP’s ongoing cost-reduction strategy, which has also included thousands of corporate layoffs in an effort to cut $2 billion from its expenses by 2026.
Auchincloss noted that the move aims to reflect the company’s “disciplined execution and a sharper focus on integrated mobility in our core markets.”
C Store Dive commented that given that the U.S., where BP has well over 1,000 company-operated sites under the TravelCenters of America, Ampm and Thorntons banners, has been a core area of focus in recent years, a large divestiture of any of these sites would be surprising.
However, during the presentation, Chief Financial Officer Kate Thompson said that BP is implementing a “targeted business improvement plan” for TA. This comes “in response to continued margin pressure,” Thompson said, and aims to improve adjusted free cash flow by $200 million to $300 million by 2027.
This plan comes less than a month after TA CEO Debi Boffa resigned after nearly 30 years with the company.
Full story BP to sell 10% of company-operated c-stores | C-Store Dive
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