Service stations have struggled, even with $4-a-gallon plus gasoline prices because they have not been able to pass along to customers their additional costs from soaring crude oil.
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"We are in a very, very challenging market. Margins are reduced," said Nair. "We feel the best way for us to grow and compete is through our distributor network."
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"I think the decision came that it's more of a headache than its worth," said Oppenheimer & Co analyst Fadel Gheit.
Although the company does not release profit margin figures for its retail arm, Gheit estimated the stations' margin was between 10 percent and 15 percent, about one-third its margin on crude oil production.
"The question is who is going to buy them, and how much are they going to pay for them," Gheit said.
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ExxonMobil to sell 2,220 gas stations - CNN.com
