Company News

Marathon to Conduct Review of Speedway

Alternatives include retail spinoff

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.

Watch for details in CSP Daily News.

Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Foodservice

Looking Up: Limited-Time Offers on the Rise

These deals continue to grow in all mealparts, Technomic reports show

Company News

Knowing Growing: QuikTrip Flexes in 2023

C-store chain celebrates 1,000th opening, opens 13th medical clinic, more

Foodservice

Get Creative in Foodservice to Thrive in 2024, Technomic Says

Report: Operators must lean into tech, menu and service innovation, take advantage of existing ingredients and resources

Trending

More from our partners