FINDLAY, Ohio --Marathon Petroleum Corp. announced today that a special committee of the board will conduct a “full and thorough” review of its Speedway LLC convenience-store chain, with the assistance of an independent financial adviser, to ensure that it is delivering optimum value to shareholders over the long term.
The review “will include a tax-free separation of Speedway to MPC shareholders and other strategic and financial alternatives,” the company said.
Shareholder Elliott Management Corp. is pushing Marathon Petroleum to spin off Speedway. Marathon Petroleum president and CEO Gary Heminger has said he disagrees with Elliott Management’s conclusions and has expressed that the company continues to value an integrated supply chain.
Marathon Petroleum said it expects to provide an update on the review by mid-2017.
Findlay, Ohio-based Marathon Petroleum is the nation's third-largest refiner. Marathon-branded gasoline is sold through approximately 5,400 independently owned retail outlets across 19 states. In addition, Enon, Ohio-based Speedway LLC, an MPC subsidiary, owns and operates approximately 2,770 convenience stores in 22 states.
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