With the December 1, 2010, sale of 166 SuperAmerica locations, primarily located in Minnesota, the name change reflects the current brand makeup of the company's approximately 1,350 gasoline/[image-nocss] convenience store locations.
(Click here for previous CSP Daily News coverage of that sale.)
Tony Kenney, president of Speedway, said, "The name change solidifies our identity within the convenience store industry and leverages the inherent strength of our Speedway brand."
Speedway's brand strength has been recognized in 2009 and 2010 by the EquiTrend Brand Study conducted by Harris Interactive. In both consumer brand awareness studies, Speedway has been the highest ranked retail gasoline brand in the United States in terms of overall brand equity.
Headquartered in Enon, Ohio, Speedway is the nation's fourth largest company-owned and -operated convenience store chain with approximately 1,350 stores located in seven states in the Midwest. Speedway is a wholly owned subsidiary of Marathon Oil Corp., Houston.
Marathon's board announced in mid-January that it is moving forward with plans to spin off Marathon's downstream business, creating two independent, highly focused energy companies.
Marathon Petroleum Corp. (MPC), to be headquartered in Findlay, Ohio, is expected to be the fifth largest U.S. refiner and marketer with a top-tier downstream portfolio of strategically aligned assets concentrated mainly in the Midwest, Gulf Coast and Southeast regions of the United States.
The spinoff is expected to be effective June 30, 2011. MPC will operate and report through three segments: Refining & Marketing, Speedway and Pipeline Transportation.
Marathon Oil Corp. (MRO) will be a global upstream company with a strong portfolio of assets delivering defined growth leveraged to crude oil production and with exploration upside.
MRO will operate and report through three segments: Exploration & Production, Oil Sands Mining and Integrated Gas.(Click here for previous CSP Daily News coverage.)
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