STATE OF THE INDUSTRY: NATIONAL PETROLEUM NEWS

In a panel discussion, four marketers at the Society of Independent Gasoline Marketers of America's 2004 Annual Meeting discussed the state of the industry. Rick Weyen, VP of Wholesale Marketing at Tesoro Refining and Marketing Co, said that 2004 was very successful, as they were able to materi...

Full description

Saved in:
Bibliographic Details
Published in:NPN, National Petroleum News National Petroleum News, 2005-01, Vol.97 (1), p.16
Format: Article
Language:English
Subjects:
Annual meetings
Business conditions
Business plans
Convenience stores
Corporate planning
Cost control
Costs
Credit card fees
Food service
Marketing
Petroleum marketers
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:In a panel discussion, four marketers at the Society of Independent Gasoline Marketers of America's 2004 Annual Meeting discussed the state of the industry. Rick Weyen, VP of Wholesale Marketing at Tesoro Refining and Marketing Co, said that 2004 was very successful, as they were able to materially strengthen their balance sheet by reducing their total debt by more than 40% or approximately $900 million since mid-2002. Jack Pester, chairman of Pester Marketing Co, said that their merchandise sales are up about 12%, normalizing cigarettes and some of the things the way they compare it. Brad Douglas, president of Douglass Marketing, said that they really focused from the sales side of their business over to the cost-control side. Stewart Spinks, president of The SPINX Co, added that they had an opportunity to acquire a group of stores and they actually ended up with about 18 after the whole thing was over.
ISSN:0149-5267