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Marathon Petroleum

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Not to be confused with Marathon Oil.
Marathon Petroleum Corporation
Company typePublic
NYSE: MPC
IndustryOil and gas
PredecessorMarathon Oil (1984)
Ashland Inc.
USX Corporation
Marathon Oil
FoundedFindlay, Ohio, United States (September 1, 2005 (2005-09-01))
Headquarters
Findlay, Ohio
,
United States
Number of locations
5,100 franchised stations
Area served
Worldwide
Key people
Gary R. Heminger (President & CEO)
ProductsPetroleum, Gasoline
ServicesPipeline transport, refining, marketing
RevenueIncreaseUS$ 84.24 billion(FY 2012)
Increase US$5.09 billion(FY 2012)
Increase US$3.4 billion(FY 2012)
Total assetsIncrease US$27.2 billion(FY 2012)
Total equityIncrease US$11.69 billion(FY 2012)
Number of employees
25,985
DivisionsSpeedway LLC
Catlettsburg Refining LLC
Websitewww.marathonpetroleum.com
Footnotes / references
[1]

Marathon Petroleum Corporation is a United States based oil refining, marketing, and pipeline transport 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 July 1, 2011.

History

Marathon Gas Station in Long Grove, IL

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,[4] and began in 1887 as Ohio Oil Company before becoming Marathon in the 1960s.[5]

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.[6]

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.[7] The company was renamed Marathon Petroleum Company on September 1, 2005.[citation needed]

In 2006, Marathon began using STP-branded additives in its gasoline, likely to compete with Chevron's popular Techron additive.[8]

On January 13, 2011, Marathon Oil Company announced it would separate completely from Marathon Petroleum Company, creating 2 independent entities. As a result, Marathon Petroleum Company exists as an independent downstream oil company, with focus on refining, pipeline, 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.[9]

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.[10]

The refinery in St. Paul Park, Minnesota was sold in 2010 to Northern Tier Energy.[11]

On October 8, 2012, Marathon announced its purchase of numerous British Petroleum (BP) assets. The assets consisted of 1 Texas City refinery, 4 light product distribution terminals, and 1200 retail stations throughout the southeastern United States. [12]

References

  1. ^ "Marathon Petroleum Corporation (MPC)". Yahoo! Finance.
  2. ^ "Ashland Inc". Ashland Inc.
  3. ^ "About Marathon Petroleum Corporation". Marathon Petroleum Corporation.
  4. ^ http://news.google.com/newspapers?id=4E9PAAAAIBAJ&sjid=4QIEAAAAIBAJ&pg=2505,5273873&dq=marathon-oil-co+findlay&hl=en
  5. ^ http://news.google.com/newspapers?id=4jExAAAAIBAJ&sjid=EQ4EAAAAIBAJ&pg=7480,5942605&dq=ohio-oil-co+marathon&hl=en
  6. ^ "Marathon Oil Corporation From 10-K". Securities Exchange Commission.
  7. ^ "Aspects of Marathon's Acquisition of Complete Ownership of the Marathon Ashland Petroleum Joint Venture". U.S. Energy Information Administration.
  8. ^ "Marathon Gasoline with STP Additives". Retrieved 27 February 2013.
  9. ^ "Marathon spin-off gives Ohio fifth largest refiner". Associated Press via Yahoo! Finance. Retrieved July 1, 2011.
  10. ^ http://ir.thepantry.com/phoenix.zhtml?c=72341&p=irol-newsarticle&id=1454143
  11. ^ "ENERGY STAR Plant Profile". Energy Star Labeled Buildings & Plants.
  12. ^ "Marathon to buy BP Texas City refinery for up to $2.5 billion". Reuters.
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