FINDLAY, Ohio -- Marathon Petroleum Corp.’s board, based on a recommendation from an independent special committee, has determined that maintaining Speedway, its convenience-store network, as a fully integrated business within MPC provides the best opportunity for enhancing long-term shareholder value, the company has announced.
Enon, Ohio-based Speedway LLC, an MPC subsidiary, owns and operates approximately 2,730 c-stores in 21 states.
MPC would lose substantial integration synergies as a result of a Speedway spinoff or separation, the company said. A separation would leave the remaining business significantly more volatile and vulnerable to sector downturns.
Findlay, Ohio-based MPC is the nation's third-largest refiner, with a crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system. Marathon-brand gasoline is sold through approximately 5,600 independently owned gas stations and convenience stores across 19 states. MPC also owns, leases or has ownership interests in approximately 10,800 miles of crude and light product pipelines. MPC also owns the general partner of MPLX LP.
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