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Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
In 2011, Marathon completed the corporate spin-off of Marathon Petroleum, distributing a 100% interest to its shareholders. [18] In June 2013, Marathon sold its Angolan oil and gas field to Sinopec for $1.52 billion. [19] In September 2013, Marathon sold a 10% stake in an oil and gas field offshore Angola for $590 million to Sonangol Group. [20]
Marathon Petroleum purchased its original 84,000 bpd Texas City Refinery from Plymouth Oil Company in 1962. What remains operating today is an integrated part of the Galveston Bay Refinery, nicknamed Bay Plant. It was established in 1931 by Republic Oil Refining Company and sold to Plymouth Oil Company in 1957. [2]
ConocoPhillips's plans to acquire independent oil and gas producer Marathon Oil in an all-stock deal for $22.5 billion including debt continues a recent string of deals in the energy space.
Marathon Petroleum owns the general partner and majority limited partner interest in MPLX LP (NYSE:MPLX), which reported third-quarter earnings per limited partner unit of $1.01, missing the ...
The company today split in 2012, with upstream operations continuing under the historical Marathon Oil name while downstream and retail operations are handled by Marathon Petroleum. [24] Marathon Petroleum would subsequently acquire Andeavor in 2018 and gain ownership of fellow Standard spinoff ARCO, though ARCO's assets at this point were ...
Last July, Marathon Petroleum announced it was filing for an IPO to grow its midstream business. The new company, MPLX priced in late October and will make its first earnings report later this month.
Before completing the spin-off, Marathon Petroleum subsidiary Speedway LLC announced on May 22, 2014, that it would acquire the retail unit of Hess Corp for $2.87 billion. Following the closure of the acquisition in late 2014, it was announced that all Hess gas stations were to be rebranded as Speedway gas stations by the end of 2017, [ 72 ...