Susser Holdings' Stripes® Convenience Stores Partners with Apache Corporation
to Offer Natural Gas Fueling at West Texas Locations
HOUSTON and CORPUS CHRISTI, Texas, Nov. 27, 2012
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:
o3201 East Highway 158, which is expected to be operational by the end of
o4508 N. Big Spring St., which is expected to be operational by the end of
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
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.
News Media Investors
Eduardo Pereda Mary Sullivan
Susser Holdings Corporation Susser Holdings Corporation
(361) 693-3727 (361) 884-2463
Patrick Cassidy Castlen Kennedy
Apache Corporation Apache Corporation
(713) 296-6100 (713) 296-7189
SOURCE Susser Holdings Corporation; Apache Corporation
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