Transformers: Marathon Petroleum
Completes spinoff as independent public refining, marketing, transportation company
FINDLAY, Ohio -- Marathon Petroleum Corp. (MPC) said on Friday that it has completed its transformation into a new, independent, publicly traded energy company. MPC is a refining, marketing and transportation business that was previously a subsidiary of Marathon Oil Corp. The company is headquartered in Findlay, Ohio. Meanwhile, Marathon Oil Corp., now an independent upstream company, promoted executives and unveiled a new corporate logo and website.
MPC is the fifth largest U.S. crude oil refiner and the largest in the Midwest. Marathon brand gasoline is sold through 5,100 [image-nocss] independently owned locations across 18 states. In addition, Speedway LLC, a MPC subsidiary, features retail operations as the nation's fourth largest owned and operated convenience store chain with approximately 1,350 locations in seven states.
The company's integrated strategy provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution system with approximately 4,500 miles of pipeline and 83 terminals.
The transaction that created MPC was first announced in January and approved by the Marathon Oil board of directors in May. (Click here for previous CSP Daily News coverage.)"The benefits of independence have become increasingly apparent and establishing [MPC] as a standalone energy company, with enhanced flexibility to pursue tailored strategies, will drive long-term value for our shareholders and customers alike," said Gary R. Heminger, MPC's president and CEO. "Each of our business segments is a top performer. With a fully integrated system focused on refining, marketing and transportation operations, [MPC] is uniquely positioned to grow profitably. Our strong balance sheet and access to capital provides us with the necessary resources to allow us to grow organically, to pursue acquisitions and to deliver competitive returns to our shareholders. We will be a capital disciplined company."
MPC officers include: Garry L. Peiffer, executive vice president of corporate planning and investor and government relations. Donald C. Templin, senior vice president and CFO. Anthony R. Kenney, president of Speedway LLC. Richard D. Bedell, senior vice president of refining. Thomas M. Kelley, senior vice president of marketing. C. Michael Palmer, senior vice president of supply, distribution and planning. George P. Shaffner, senior vice president of transportation and logistics. Pamela K.M. Beall, vice president of investor relations and government and public affairs. Michael G. Braddock, vice president and controller. Rodney P. Nichols, vice president of human resources and administrative services. John S. Swearingen, vice president of health, environment, safety and security. Donald W. Wehrly, vice president and chief information officer. J. Michael Wilder, vice president, general counsel and secretary. Ohio Governor John Kasich spoke to hundreds of employees, as well as state legislators and local government officials at a spinoff ceremony in Findlay, reported WFIN Radio.
Click herefor an MPC fact sheet.Marathon Oil, which will continue to be based in Houston, announced the successful spinoff of MPC on Friday.
"This is an exciting day and a major milestone in the nearly 125-year history of Marathon Oil Corp.," said Clarence P. Cazalot Jr., Marathon Oil's chairman, president and CEO. "As an independent upstream company, we have the capacity to perform at a higher level by focusing on strategic priorities while providing greater transparency for investors. Operationally, we're poised to capitalize on a broad base of opportunities by exhibiting the speed, agility and flexibility of an independent and retaining our proven ability to accomplish large and technologically challenging projects. What isn't going to change is our focus on long-held core values of health and safety, environmental stewardship, honesty and integrity, corporate citizenship and a high performance team culture."
With this change and effective July 1, Cazalot becomes chairman of Marathon Oil in addition to his responsibilities as president and CEO. Additionally, David E. Roberts Jr. takes on the newly established role of executive vice president and chief operating officer. Janet F. Clark will continue in her role as executive vice president and chief financial officer.
Marathon Oil's new logo is an abstracted tri-color energy wave that symbolizes the momentum resulting from its upstream activity as well as the drive and innovation of the company's employees, it said.
The process for creating a new logo began in February with an employee survey. Results of the feedback emphasized eight key attributes of the company: focused, energetic, innovative, nimble, socially responsible, ethical, driven and global. The logo was designed based on these key descriptors.
A redesigned corporate website at a new URL, http://www.marathonoil.com, went live on July 1. The company will also update on July 1 its branding on Twitter @MarathonOil, as well as on LinkedIn, StockTwits and Flickr.
This is the third graphical logo the company has used for corporate branding in its 124-year history. The Marathon hexagon shield, which was instituted in 1962 when the company changed its name to Marathon, will be retained by MPC.