HOUSTON -- Marathon Oil Corp. has announced that the U.S. Securities & Exchange Commission (SEC) has completed its review and declared effective the Registration Statement on Form 10, as amended, filed by Marathon Petroleum Corp. (MPC) in preparation of MPC's planned spinoff by Marathon effective June 30, 2011.
Along with the favorable private-letter ruling from the U.S. Internal Revenue Service (IRS) last month, the completed SEC review concludes all required regulatory reviews.
On May 25, 2011, Marathon's board of directors approved the spinoff of Marathon's [image-nocss] downstream business, which will create two independent, highly focused energy companies.
MPC, to be headquartered in Findlay, Ohio, is expected to be the fifth largest U.S. refiner with a top-tier downstream portfolio of strategically aligned assets concentrated mainly in the Midwest, Gulf Coast and Southeast regions of the United States. It will operate as three segments: Refining & Marketing, Pipeline Transportation and the Speedway convenience store chain.
Marathon Oil, which will remain based in Houston, will be a global exploration and production company with a strong portfolio of assets delivering defined growth leveraged to crude oil production with exploration upside.
(Click here for previous CSP Daily News coverage of the spinoff.)
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