Despite recent statements to the contrary, Marathon Petroleum Corp. has announced plans to “spin off its Speedway gas-station business,” according to The Columbus Dispatch. It will also be replacing CEO Gary Heminger, who will retire next year. Buckling under pressure from investors, Findlay-based Marathon confirmed its new direction at the end of October, along with
Read More...Following a New York hedge fund’s recommendation to break Marathon Petroleum into three companies, CEO Gary Heminger and Greg Goff, one of the company’s directors, assured employees “the company intends to continue as a diversified oil and gasoline company,” according to Shale Ohio. Elliott Management, which owns 2.5% of Marathon’s stock, believes the company would be more
Read More...Marathon Petroleum Corp.’s second-quarter profits were up almost 5% from a year ago, clearing $1 billion, according to The Massillon Independent. The profit was equal to $1.66 per diluted share, according to a company press release. Additionally, the company’s midstream revenue was up 4 percent from the same quarter last year to $878 million, while
Read More...Marathon is combining MPLX and Andeavor Logistics — two of its oil and gas pipeline, transportation and storage operations — for $9 billion, according to the Dayton Daily News. The merger is expected to expand the company’s geographic footprint in the Ohio basin and enhance long-term growth opportunities. Andeavor unitholders will receive 1.135 MPLX common units for each
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