On the conference call to announce the results of the Speedway review, Heminger said that “the artificial intelligence and intellectual capabilities” of the chain’s computer platforms drive scale. “As we continue to grow sales and merchandise margins inside the store and can maintain or reduce expenses, which we’ve been able to do, that model really helps us and gives us an opportunity to drive some additional scale. “
He defined synergies as “being able to take that scale and that platform we already have and being able to execute and put that same platform” in other markets.
While MCP was “on the sidelines” of the big transactions this year because of this review, “we will continue to look at opportunities in the retail space,” he said. “We have a lot of geography, a lot of opportunity.”
He also referenced the Hess acquisition.
“We’ve already completed all of our reidentification and rebranding at the former eastern locations that we purchased, and we’ve far exceeded the synergy targets there. So now we see opportunities to build out in a number of those markets where we bought those assets; I think we have opportunities there. It’s too early to talk about if there are any acquisition opportunities, but we will certainly look at the opportunities that come along,” he said.
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. MPC 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, which it formed in 2012 to own, operate, develop and acquire midstream energy-infrastructure assets.
Marathon-brand gasoline is sold through approximately 5,600 independently owned gas stations and convenience stores across 19 states.