Chartwell, Mobil Invest in Petro Stopping Centers

Business Wire, Oct 24, 1996

FAIRFAX, Va.--(BUSINESS WIRE)--Oct. 24, 1996--Chartwell Investments Inc., Mobil Corporation (NYSE: MOB) and Jack Cardwell, the founder of Petro Stopping Centers, today announced their agreement for affiliates of Chartwell and Mobil to invest in Petro Stopping Centers, L.P., operator and franchisor of 43 large truck stop/travel plazas located across the United States.

As part of the transaction, capitalized at over $285 million, affiliates of Chartwell and Mobil will purchase the partnership interests of Petro's outgoing investment partners.

Jack Cardwell, chief executive officer of Petro, will assume the additional positions of chairman and president and will be responsible for the company's operations.

"We see great potential for building a strong offering to professional drivers, owner-operators and fleet customers based on two brands complementing each other," said Cardwell. "We are excited about expanding our product offerings and significantly increasing our number of locations across the country."

"Mobil views its investment in Petro as a strategic alignment with the nation's premier truck stop chain that facilitates the growth of Mobil-branded diesel fuel and Mobil's Delvac lubricants," said Brian Baker, chief operating officer for Mobil North America Marketing and Refining. "This alliance strengthens both Petro and Mobil's existing fuel offering to fleets and is a move toward the goal of one-stop--retail and bulk--fuel supply for fleets.

"We feel the ability to offer Mobil-branded diesel and the Delvac line of engine oils at quality Petro facilities will give Mobil and Petro a competitive advantage in meeting the future needs of the sophisticated fleet customer," said Baker. "Having the chance to enter into a strategic partnership with a company that has excellent retailing standards and high customer service levels is a great opportunity."

Mobil-branded gasoline will also be available at some Petro locations.

Chartwell Investments Inc., the other alliance partner, is a New York-based investment firm with holdings in heating oil distribution, parking lots, convenience stores and retail gasoline sales.

CONTACT: Mobil

Mike Kimmitt, 703/846-2387

or

Chartwell

Todd Berman, 212/521-5500

or

Petro

Jack Cardwell, 915/774-7306