Oil company Chevron Corp. on Friday called off its planned acquisition of 122 retail gasoline stations in California owned by USA Petroleum Corp.
The deal was stopped "for business reasons," Chevron spokeswoman Stephanie Price said Friday, declining further comment.
San Ramon, Calif.-based Chevron, which last month reported a record quarterly profit of $5 billion, announced the deal in July and said then it planned to operate the stations under either the Chevron or Texaco brand.
Sen. Barbara Boxer, D-Calif., last month asked the Federal Trade Commission to "thoroughly review" Chevron's then-pending acquisition.
Boxer said the company and six other large refiners supplied about 90 percent of retail gas in the state, giving them "a significant effect" on prices in California due to their dominant market position.
Boxer's spokeswoman did not immediately return a call for comment Friday evening.
Thousand Oaks, Calif.-based USA Petroleum owns and operates retail gasoline stations primarily in California. Company representatives did not immediately return a call for comment.
Shares of Chevron gained 55 cents to end at $69.10 on the New York Stock Exchange.
The deal was stopped "for business reasons," Chevron spokeswoman Stephanie Price said Friday, declining further comment.
San Ramon, Calif.-based Chevron, which last month reported a record quarterly profit of $5 billion, announced the deal in July and said then it planned to operate the stations under either the Chevron or Texaco brand.
Sen. Barbara Boxer, D-Calif., last month asked the Federal Trade Commission to "thoroughly review" Chevron's then-pending acquisition.
Boxer said the company and six other large refiners supplied about 90 percent of retail gas in the state, giving them "a significant effect" on prices in California due to their dominant market position.
Boxer's spokeswoman did not immediately return a call for comment Friday evening.
Thousand Oaks, Calif.-based USA Petroleum owns and operates retail gasoline stations primarily in California. Company representatives did not immediately return a call for comment.
Shares of Chevron gained 55 cents to end at $69.10 on the New York Stock Exchange.
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