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Marathon Petroleum

Marathon Petroleum Corporation
Public
Traded as NYSE: MPC
Industry Oil and gas
Predecessor Marathon Oil (1984)
Ashland Inc.
USX Corporation
Marathon Oil
Founded Findlay, Ohio, U.S. (September 1, 2005 (2005-09-01))
Headquarters Findlay, Ohio, U.S.
Number of locations
5,500 independent Marathon Brand stations
2,760 Speedway locations
Area served
Worldwide
Key people
Gary R. Heminger (President & CEO)
Products Petroleum, Gasoline
Services Pipeline transport, refining, marketing
Revenue US$ 97.8 billion(FY 2014)
US$3.8 billion(FY 2014)
US$2.7 billion(FY 2014)
Total assets US$30.5 billion(FY 2014)
Total equity US$10.8 billion(FY 2014)
Number of employees
45,340
Divisions Speedway LLC
Catlettsburg Refining LLC
Website .com.marathonpetroleumwww
Footnotes / references
[1]

Marathon Petroleum Corporation is a United States based petroleum refining, marketing, and transportation company. The company was formed as a subsidiary on September 1, 2005, from the former Marathon Ashland Petroleum, LLC,[2] and is based in Findlay, Ohio.[3] Marathon Petroleum operated as a subsidiary of the Marathon Oil Corporation until becoming a standalone company on July 1, 2011.

Contents

  • History 1
  • Operations 2
  • References 3
  • External links 4

History

Marathon Gas Station in Long Grove, IL

In 1887, several small oil companies in Ohio banded together to form The Ohio Oil Company. In 1889, it was purchased by John D. Rockefeller's Standard Oil trust. It remained a part of Standard Oil until the trust was broken in 1911. In 1930, Ohio Oil bought the Transcontinental Oil Company, giving it the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company" after its primary brand.[4]

Marathon Petroleum Corporation began as Marathon Ashland Petroleum, LLC a U.S. based petroleum corporation, formed in 1998 from a merger of the downstream operations of Ashland, Inc., and Marathon Oil. Its corporate headquarters were in Findlay. Marathon owned 62% percent and Ashland owned 38% of this venture. The original Marathon company was also based in Findlay,[5] and began in 1887 as Ohio Oil Company before becoming Marathon in the 1960s.[6]

On September 1, 2001, Marathon formed Pilot Travel Centers, LLC (PTC) in a joint venture with Pilot Corporation. Each company owned 50% of PTC. In 2008 Marathon Petroleum Company, LLC sold their ownership of the company to Pilot.[7]

The Speedway SuperAmerica chain of convenience stores was a subsidiary of this now-defunct company. In addition, Marathon Ashland Petroleum owned seven refineries and a number of other pipelines. Following Ashland shareholder and debt-holder approval, the company became fully owned by Marathon Oil on June 30, 2005.[8] The company was renamed Marathon Petroleum Company on September 1, 2005.

In 2006, Marathon began using STP-branded additives in its gasoline.[9]

On January 13, 2011, Marathon Oil Company announced it would separate completely from Marathon Petroleum Company, creating two independent entities. As a result, Marathon Petroleum Corporation exists as an independent downstream company, with a primary focus on refining, transportation, and marketing. The split was expected by Marathon executives to allow Marathon Petroleum Company to focus more directly on refining, pipeline and marketing portfolio enrichment. The spin-off was completed on July 1, 2011.[10]

Operations

On July 29, 2010, The Pantry, Inc., operator of Kangaroo Express stores and the leading independently operated convenience store chain in the southeastern United States, announced a fuel supply agreement with Marathon Petroleum. Under the terms of the agreement, Marathon will supply fuel to more than 600 Pantry locations, with a joint branding relationship at approximately 285 of these sites. The store and fuel forecourt re-branding was initially introduced in Charlotte, North Carolina. Throughout the remainder of 2010, all joint brand location conversions were completed across a seven-state southeastern marketing region.[11]

The refinery in St. Paul Park, Minnesota was sold in 2010 to Northern Tier Energy, along with the SuperAmerica convenience store chain, separating it from Speedway.[12] Speedway was subsequently renamed Speedway LLC.

In June 2012, Wheeling, West Virginia-based Tri-State Petroleum signed a contract to switch 50 stations in Ohio, Pennsylvania, and West Virginia to the Marathon brand. Most of Tri-State's stations before the deal were ExxonMobil-branded stations, the majority Exxon as well as a few scattered Mobil stations in the immediate Wheeling area. Included in the deal were 18 Exxon stations in the Pittsburgh metropolitan area, significantly boosting Marathon's presence in the Pittsburgh market, where former parent company U.S. Steel is based. (Exxon would offset its Pittsburgh losses by taking over the retail contracts of several Shell stations in the area, leaving Shell with a significantly reduced presence, while the Mobil brand was withdrawn from the Northern Panhandle of West Virginia altogether.) Before the deal, Marathon had a much smaller presence in Western Pennsylvania, while having a somewhat larger presence in West Virginia and an almost ubiquitous presence in Southern Ohio.[13]

On October 8, 2012, Marathon announced its purchase of numerous BP assets. The assets consisted of a refinery in Texas City, Texas, four light product distribution terminals, and 1,200 retail stations throughout the southeastern United States.[14] As well as the purchase of all former BP locations in South Western Pennsylvania.

In 2014, Marathon purchased the retail operations of Hess Corporation and announced it would be rebranding all of its acquisitions under the Speedway name by 2017. This move will add over 1,300 stations to Marathon's lineup and introduce the company to the New York City metropolitan area.

Marathon owns and operates seven refineries[15] with a total crude oil throughput of 1,731,000 BPD:

References

  1. ^ "Marathon Petroleum Corporation (MPC)". Yahoo! Finance. 
  2. ^ "Ashland Inc". Ashland Inc. 
  3. ^ "About Marathon Petroleum Corporation". Marathon Petroleum Corporation. 
  4. ^ "Marathon Petroleum's 125-Year Journey". Retrieved Sep 25, 2015. 
  5. ^ [4]
  6. ^ [5]
  7. ^ "Marathon Oil Corporation From 10-K". Securities Exchange Commission. 
  8. ^ "Aspects of Marathon's Acquisition of Complete Ownership of the Marathon Ashland Petroleum Joint Venture". U.S. Energy Information Administration. 
  9. ^ "Marathon Gasoline with STP Additives". Retrieved 27 February 2013. 
  10. ^ "Marathon spin-off gives Ohio fifth largest refiner". Associated Press via Yahoo! Finance. Retrieved July 1, 2011. 
  11. ^ [6]
  12. ^ "ENERGY STAR Plant Profile". Energy Star Labeled Buildings & Plants. 
  13. ^ "Gas station operator converting 18 to Marathon brand". TribLIVE. Retrieved April 20, 2013. 
  14. ^ "Marathon to buy BP Texas City refinery for up to $2.5 billion". Reuters. 
  15. ^ "Refining". Marathon Petroleum Corporation. 

External links

  • Marathon Petroleum Homepage
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