HOUSTON and CORPUS CHRISTI, Texas, Nov. 27, 2012 /PRNewswire/ -- Stripes LLC, a subsidiary of Susser Holdings Corporation (Nasdaq: SUSS) announced today that it is partnering with Apache Corporation (NYSE, Nasdaq: APA) to add natural gas fueling dispensers at selected Stripes® convenience store locations. Initially, compressed natural gas (CNG) fueling capability will be available at two Stripes locations in the Midland, Texas area.
Steve DeSutter, Stripes President and CEO – Retail, said, "Adding natural gas to our conventional motor fuel products reinforces our mission to give Stripes customers what they want at a great price in our convenient store locations. We certainly see the role of natural gas in our energy future, and we are looking forward to participating as it evolves as a viable alternative transportation fuel. We plan to evaluate the results of our pilot project in West Texas, and if it is successful, we expect to gradually roll out CNG fueling capabilities in other Stripes markets," DeSutter said.
Steve Farris, Apache's Chairman and Chief Executive Officer, said: "Natural gas discovered and produced in the United States is a smart alternative to conventional fuels. It's cheaper, cleaner, and abundant. We use it for our fleet cars and trucks with great results, lowering operating costs and reducing our environmental footprint. Partnering with Stripes provides our fleet and other CNG users with a more convenient fueling experience as well as access to their stores and other amenities."
The first two Stripes facilities to offer CNG are located in Midland at:
- 3201 East Highway 158, which is expected to be operational by the end of November, and
- 4508 N. Big Spring St., which is expected to be operational by the end of December.
Today compressed natural gas is priced 30% to 40% lower than gasoline or diesel on a gallon-equivalent basis, which means a big savings at the pump. According to industry experts, natural gas is kinder to the environment by reducing vehicle exhaust emissions, and because of our nation's abundant natural gas reserves, it represents a more secure American energy supply. According to the Department of Energy Clean Cities Alternative Fuel Pricing Report and the Institute of Energy Research, known domestic resources could satisfy the nation's needs for more than 100 years.
About Susser Holdings Corporation – Susser Holdings is a third-generation family led business based in Corpus Christi, Texas that operates approximately 550 convenience stores in Texas, New Mexico and Oklahoma under the Stripes® banner. Restaurant service is available in more than 340 of its stores, primarily under the proprietary Laredo Taco Company® brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes over 1.4 billion gallons of motor fuel annually to Stripes® stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
About Apache Corporation – Established in 1954, Apache Corporation, based in Houston, TX, has grown to become one of the world's top independent oil and gas exploration and production companies. Apache's asset portfolio reaches from the United States — where its operations are focused on the Gulf Coast and Gulf of Mexico, the Anadarko Basin and the Permian Basin — to Canada, Egypt's Western Desert, the United Kingdom sector of the North Sea, Australia and Argentina.
Forward-Looking Statements – This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Apache Corporation and Susser Holdings Corporation believe that their expectations to conclude the transaction to make CNG available at certain Stripes locations—as well as the anticipated results and/or benefits of making CNG available—are based on reasonable assumptions including, without limitation, expectations, beliefs, plans and objectives regarding the pilot project and availability of CNG at other Stripes locations in the future. No assurance, however, can be given that such expectations will prove to have been correct. The companies caution that the CNG fueling capabilities at Stripes locations discussed in this release may not proceed or could occur later than anticipated. See "Risk Factors" in the respective companies' most-recent Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission (SEC) for a discussion of risk factors that affect their businesses and could affect the referenced transaction The companies undertake no obligation to publicly update or revise any forward-looking statements.
Susser Holdings Corporation
Susser Holdings Corporation
SOURCE Susser Holdings Corporation; Apache Corporation