FINDLAY, Ohio — Marathon Petroleum will invest $500 million in its retail segment in 2019, the company said in its annual report filed with the U.S. Securities and Exchange Commission on Feb. 28.
It will focus the funds “on conversion of recently acquired locations to the Speedway brand and systems, growth in existing and new markets, dealer sites, commercial fueling/diesel expansion, foodservice through store remodels and high-quality acquisitions,” the Findlay, Ohio-based company said in its capital forecast.
“Major capital projects over the last three years included building new store locations, remodeling and rebuilding existing locations in core markets and building out our network of commercial fueling lane locations to capitalize on diesel demand growth,” it said. “We also invested in the conversion, remodel and maintenance of stores acquired in 2014."
Marathon Petroleum’s branded footprint expanded by approximately 1,100 outlets in the Western and Mid-Continental regions of the United States and Mexico through the acquisition of Andeavor in October 2018. As of Dec. 31, 2018, Marathon Petroleum had 6,699 branded outlets in 35 states and the District of Columbia, as well as 114 in Mexico. As of Dec. 31, 2018, it also sold transportation fuels through 1,065 direct-dealer locations, primarily under the Arco brand, which it acquired with Andeavor.
As of Dec. 31, 2018, its Enon, Ohio-based Speedway subsidiary owned and operated 3,923 convenience stores nationwide.
- Speedway is No. 3 in the Top 40 update of CSP’s 2018 Top 202 ranking of c-store chains by number of retail outlets.
The company is also rebranding many of the c-stores that it acquired with Andeavor to the Speedway brand.