Hess Conversions Complete
Speedway: 1,245 gas stations gained through acquisition “exceeding expectations”
FINDLAY, Ohio -- Marathon Petroleum Corp. (MPC) president and CEO Gary R. Heminger touted retail division Speedway LLC’s “strong performance” and said that it has substantially completed the planned conversions of the 1,245 Hess gas stations on the East Coast and in the Southeast to the Speedway brand “well ahead of schedule.”
Praising the efforts of Speedway president Tony Kenney and his team, Heminger said during MPC’s fourth-quarter and full-year 2015 earnings call on Feb. 3, “The team's aggressive execution strategy facilitated the realization of its synergies from these locations much sooner than anticipated and beyond our original productions. The acquisition of these high-quality assets has been a tremendous value driver and has exceeded our expectations in virtually every area.”
- Click here to find out why Kenney was CSP’s 2015 Retail Leader of the Year.
On Sept. 30, 2014, Speedway LLC closed its acquisition of Hess Corp.'s retail operations and related assets, a $2.82 billion transaction announced on May 22, 2014. The deal included all of Hess' retail operations, transport operations and shipper history on various pipelines.
At the time, Heminger said Speedway would rebrand all Hess retail locations within three years.
Woodbridge, N.J.-based Hess divested Hess Retail Holdings LLC to focus on the exploration and production of crude oil and natural gas.
- For details on MPC’s fourth-quarter and full-year 2015 earnings, click here.
Findlay, Ohio-based MPC is the nation's fourth-largest refiner. Marathon brand gasoline is sold through approximately 5,600 independently owned gas stations across 19 states. Enon, Ohio-based Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience-store chain, with approximately 2,770 c-stores in 22 states.