Independent refiner-marketers are most likely to snap up domestic downstream properties that Exxon Mobil Corp. must divest as part of an antitrust deal with the Federal Trade Commission that allowed the two multinational oil companies to complete their merger. While E&P operations did not overlap significantly, refining and marketing was another matter, particularly in the United States. "Because Exxon and Mobil are such large and powerful competitors, and because they compete now in several product and geographic markets in the United States, the commission insisted on extensive restructuring before accepting a proposed settlement," FTC chairman Robert Pitofsky said. Stamford, Conn.-based Tosco Corp. is buying 1,740 Exxon and Mobil retail outlets from Virginia to Maine. The company has more than 700 Southeast outlets, from Florida to North Carolina, that primarily use the 76 and Circle K brands. However, the rest of Exxon Mobil's downstream divestitures play out, Wall Street oil analysts agreed that the U.S. refining and marketing realignment is far from over. "There are several shifts taking place in refining. If a company can't exit the business, it tries to form a joint venture. But it's still a difficult business that's in dire need of consolidation. I expect to see several more joint ventures and mergers downstream," said Gene Gillespie, a major-oil analyst with Howard, Weil, Labouisse, Friedrichs Inc. in New Orleans. -Nick Snow and Carol Cole