Both Peiffer and Templin will be based in MPC's headquarters in Findlay, Ohio.
In his new role, Peiffer will have responsibility for several MPC business support functions, including investor relations, government & public affairs, information technology, economics, business development and procurement. Templin will be responsible for MPC's accounting, finance, internal audit, treasury and tax functions.
Commenting on the appointments, Gary R. Heminger, who currently serves as executive vice president of downstream for Marathon, and who will become president and chief executive officer of MPC upon completion of the spinoff, said, "Garry's extraordinary depth of knowledge and experience related to our business has and continues to play an instrumental role in our company's ability to create value for our shareholders. His business acumen and breadth of management skills will prove invaluable in overseeing the business functions that will report to him, each of which will be critical to our continued success."
He added, "We also look forward to welcoming Don Templin to our company. MPC's accounting, finance, internal audit, treasury and tax functions will take on added significance for our organization when we begin operations on July 1, 2011, as an independent company. Don's understanding of global financial markets and economics, coupled with his substantial experience working with public clients in the manufacturing and energy industries, will serve us well and we look to the valuable contributions he will make to our company."
Peiffer began his career with Marathon in 1974 and was appointed to his current role in 1998. In 1992, he was named assistant controller of refining, marketing and transportation for Marathon Oil Co. In 1988, he was appointed vice president of finance and administration for Emro Marketing Co.
In 1987, Peiffer was appointed to the U.S. President's Commission on Executive Exchange. He served for a year in the Pentagon as special assistant to the assistant secretary of defense for production and logistics. His responsibilities involved assisting the Department of Defense in developing procedures for performing economic analysis of energy project investments, as well as helping improve the department's natural gas acquisition program.
Templin has more than 25 years of experience providing auditing, accounting and financial advisory services to a variety of private, public and multinational companies. He relocated to Atlanta in 2009 to assume his current role at PwC, where he is responsible for clients in Alabama, Georgia and Tennessee. He formerly served as the managing partner of the firm's practice in Kazakhstan, and he also participated in the International Service Program in PwC's world office in London.
He joined PwC in the Pittsburgh office in 1984 where he served a number of public manufacturing clients. He served in the firm's London office from 1989 to 1991. During this assignment, his primary responsibility was to support certain PwC practices principally in West Africa, the Caribbean and Taiwan. He returned to the Pittsburgh office in 1991 and served several public companies primarily in the manufacturing and energy industries. Templin transferred to Kazakhstan in 1996 where he led PwC's practice for two years. From 1998 to 2009, Templin was the lead audit partner on a number of public companies in the manufacturing, energy and retail industries in both Pittsburgh and Baltimore. He subsequently transferred to Atlanta in August of 2009 to assume his current role with the firm.
Meanwhile, Marathon Oil Corp. has reported first-quarter 2011 net income of $996 million, or $1.39 per diluted share. Net income in first-quarter 2010 was $457 million, or 64 cents per diluted share.
"Marathon delivered another quarter of strong operations across all segments, positioning the company to capture higher commodity prices and margins and achieve solid financial results. These results further highlight the strength of our upstream and downstream businesses as we continue to progress toward an expected effective date of June 30 for the spinoff of [MPC], creating two independent, highly focused energy companies," said Clarence P. Cazalot Jr., Marathon's president and CEO.
"Compared to the same quarter last year, our refining, marketing and transportation segment benefitted from better overall market conditions coupled with increased refining capacity, primarily the result of a full quarter of operations at our expanded Garyville refinery and significantly less planned turnaround activity," he added. "On the retail side, we were pleased that Speedway was again named the nation's highest ranked gasoline brand by an independent consumer survey, the third year in a row Speedway has received this honor."
Total segment income was $1.287 billion in first-quarter 2011, compared to $292 million in first-quarter 2010. Exploration and production segment income totaled $668 million in first-quarter 2011, compared to $502 million in the year-ago quarter. The refining, marketing and transportation segment reported income of $527 million in first-quarter 2011, compared to a loss of $237 million in first-quarter 2010. The refining and wholesale marketing gross margin per gallon was 16.24 cents in first-quarter 2011 compared to a negative 5.69 cents in first-quarter 2010.
Speedway gasoline and distillate gross margin per gallon averaged 13.08 cents in first-quarter 2011, compared to 11.95 cents in first-quarter 2010. Speedway first quarter 2011 same store gasoline sales volumes were comparable to the same quarter last year, while same store merchandise sales increased 2% for the same period.
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