Exxon Mobil is weighing a sale of its 39 Esso‑branded gasoline stations in Hong Kong, sources said. The U.S. oil major hopes to fetch between $500 million and $600 million for the network, though no decision is final. The move fits a broader effort to prune downstream assets worldwide. The assets include convenience stores and car‑wash facilities, adding operational complexity.

Retail fuel margins have come under strain as crude prices swing wildly after the Iran conflict, and Hong Kong pumps now charge over $15 a gallon, among the world’s highest. Authorities are nudging drivers toward electric vehicles, eroding long‑term demand for gasoline. Exxon has already lined up advisers for sales in France, New Zealand and Singapore. These pressures have prompted other majors to reassess holdings across Asia.

The proposed divestiture arrives as Exxon’s energy‑products division expects a $3.7 billion hit from price volatility, partially offset by $2.1 billion in crude gains and $400 million from natural‑gas price spikes. By contrast, Chevron’s recent Hong Kong fuel sale fetched $270 million. Stripping the Hong Kong sites should tighten Exxon’s balance sheet while freeing capital for higher‑return projects. Analysts see the cash raise as a hedge against lingering geopolitical risk.