- 25 Jan
Hess fuels volume at retail stores down 2% in 2011
For the year ended December 31, 2011, Hess Corporation saw their average fuels volume per retail store fall 2% compared to the previous year. According to their estimated 2011 financial results for the fourth quarter released today, average fuels volume per retail store was 195,000 gallons per month for the year, compared to 199,000 gallons per month for 2010.
The report also showed company operated Hess convenience store revenues were down 2% from the previous year.
According to NACS, the average US c-store sells 121,000 gallons of fuel per month annually. That means Hess company-owned stores sold about 61% more than the US national monthly average. Clearly, with Hess being a refining company, their fuel price management strategy is to focus on high volumes of fuel.
Mastercard is reporting overall fuel demand in the US is down 1.6%, so Hess volumes dropped slightly faster than the overall market, meaning Hess company stores lost retail fuels market share in 2011.