Heminger Appointed EVP of Marathon Oil
MAP changes name to Marathon Petroleum Co. on completion of Ashland deal
HOUSTON -- Gary R. Heminger has been appointed executive vice president of Marathon Oil Corp. effective immediately, Clarence P. Cazalot Jr., Marathon president and CEO, has announced. In his new position, Heminger also will serve as one of Marathon's corporate officers, and he will continue in his role as President of Marathon Ashland Petroleum LLC (MAP), a wholly owned subsidiary of Marathon, which will change its name to Marathon Petroleum Co. LLC effective Sept. 1, 2005, following Marathon's recent acquisition of Ashland Inc.'s interest in MAP.
Heminger [image-nocss] will report to Cazalot and will remain based in Findlay, Ohio.
His 30 years with Marathon include experience in a variety of groups and functions. In addition to five years in various financial and administrative roles, he spent three years in London, as audit supervisor of the Brae Project in the North Sea. He worked eight years with Emro Marketing, the predecessor of Speedway SuperAmerica, in several marketing and commercial roles and was named vice president of the subsidiary's Western Division in 1991. From 1995 to 1996 he served as president of Marathon Pipe Line Co.; and he assumed the position of manager of business development and joint interest of Marathon Oil Co. in November 1996.
He was named vice president of business development for MAP upon its formation in January 1998, and he was named senior vice president of business development one year later. In January 2001, Heminger was named MAP executive vice president of supply, transportation and marketing. He assumed his current responsibilities as MAP president on Sept. 1, 2001.
Marathon said late last week that it completed its acquisition of Ashland Inc.'s 38% interest in MAP, as well as two complementary businesses, in a transaction valued at approximately $3.73 billion. MAP is now a wholly owned subsidiary of Marathon.
In addition to acquiring Ashland's interest in MAP, Marathon has acquired Ashland's maleic anhydride business, including the company's plant located in Neal, West Virginia, adjacent to MAP's Catlettsburg, Ky., refinery, as well as a portion of its Valvoline Instant Oil Change business, consisting of 60 retail outlets located in Michigan and Ohio.
"Today marks an important milestone that reinforces Marathon's strategic intent to remain a fully integrated company," said Cazalot. "MAP, soon to be Marathon Petroleum Co. LLC, has distinguished itself as a leading refining, marketing and transportation organization and we look forward to the many opportunities and contributions this segment of our company will provide in our drive for continued value growth."