FINDLAY, Ohio — Marathon Petroleum Corp. and its Speedway LLC subsidiary have entered into a definitive purchase agreement to acquire a 900,000-barrel capacity light product and asphalt terminal from NOCO Inc., the companies confirmed, as well as the 33 NOCO Express convenience stores acquired from NOCO Inc., a sale CSP Daily Newsreported last week.
- Speedway is No. 3 in the Top 40 update of CSP’s2018 Top 202 ranking of c-store chains by number of company-owned retail outlets. NOCO is No. 170 in the Top 202 ranking.
“This acquisition supports MPC's Midwest product placement strategy and builds upon prior investments, including Speedway's acquisition of 78 Express Mart locations in western New York, to maximize our refinery utilization,” said Marathon Petroleum Chairman and CEO Gary Heminger. “The terminal is well-positioned to receive supply from the Midwest, Canada or the New York Harbor via multiple supply routes, including pipeline, truck, rail or waterborne vessels and deliver our products in this attractive new market.”
Marathon will rebrand the NOCO locations to its Speedway brand.
“We are excited to continue our growth into western New York,” said Speedway President Tony Kenney. “The NOCO Express stores have been very well-managed and maintained and will complement our expanding presence in this region. We look forward to further bringing the Speedway brand to even more consumers in the Buffalo region.”
NOCO owns and operates an 80-acre intermodal fuel terminal in Tonawanda, N.Y., with more than 45 million gallons of fuel storage. It handles asphalt, heavy oils, distillate, gasoline and biofuels.
The transaction is subject to standard regulatory approvals, customary due diligence and other closing conditions, Marathon Petroleum said.
Findlay, Ohio-based Marathon Petroleum is an integrated downstream energy company that operates 16 refineries and a marketing system that includes approximately 7,800 branded U.S. locations, including about 5,600 Marathon retail outlets. Its Enon, Ohio-based Speedway subsidiary owns and operates approximately 4,000 convenience stores nationwide.
Marathon Petroleum also owns the general partner and majority limited partner interests in two midstream companies, MPLX LP and Andeavor Logistics LP, which own and operate gathering, processing and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.