Post Tagged with: "Marathon Petroleum"

Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand

Marathon Petroleum cuts spending by $1.4 billion as virus saps fuel demand

Reuters


U.S. oil refiner Marathon Petroleum Corp (MPC.N) on Tuesday cut spending by 30% and detailed other measures to reduce costs, as widespread lockdowns to curb the spread of the COVID-19 pandemic pummel demand for oil and gas.…

Source: Reuters

Marathon Petroleum names midstream boss as new CEO, to retain unit

Reuters


Marathon Petroleum Corp on Wednesday tapped the head of its midstream business, Michael Hennigan, as its new chief executive officer and said it will retain the unit despite demands from shareholder Elliott Management to separate it.

Hennigan replaces company …

People on the move: Gary R. Heminger to retire from Marathon Petroleum

People on the move: Gary R. Heminger to retire from Marathon Petroleum

Gary R. Heminger Announces Plan To Retire From Marathon Petroleum In 2020 After 45 Years

People on the move: Gary R. Heminger to retire from Marathon Petroleum - oil and gas 360

Gary R. Heminger, Chairman and Chief Executive Officer of Marathon Petroleum Corporation (NYSE: MPC), today announced his plan to retire from MPC, where he has …

Source: marathonpetroleum.com

Marathon heads into earnings targeted by activist investors

Source: Reuters


(Reuters) – Marathon Petroleum Corp will release earnings on Thursday at a time when activist investors are pressuring company executives to make major changes, including potentially spinning off its retail gasoline unit that enjoyed strong margins in the …

Photo: Michael Wyke

Marathon Petroleum board, investors are said to discuss CEO

Source: Houston Chronicle


Marathon Petroleum Corp. board members are meeting this week with activist investors to discuss Chief Executive Officer Gary Heminger’s future and the company’s strategy amid calls to split up its businesses, according to people familiar with the …

October 18, 2019 - 8:59 am Closing Bell Story‎, Energy News, People
Source: Houston Chronicle

Elliott renews call for Marathon Petroleum to split; shares jump

Source: Houston Chronicle


Elliott Management Corp. renewed its push for Marathon Petroleum Corp. to split into three separate businesses, a move the hedge fund said would unlock more than $22 billion in value.

Marathon should divide into separate retail, midstream …

Right-Wing Groups Ask Trump Not to Intervene With Citgo

Right-Wing Groups Ask Trump Not to Intervene With Citgo

From The Houston Chronicle


A bevy of right-wing groups are asking the Trump administration not to intercede on behalf of the Venezuelan opposition government to keep Citgo Petroleum from being seized and auctioned.

The Houston-based refiner Citgo is owned by …

Marathon Petroleum to Merge Midstream Units, Posts Surprise Loss

Marathon Petroleum to Merge Midstream Units, Posts Surprise Loss

From Reuters

U.S. oil refiner Marathon Petroleum Corp said on Wednesday it would merge its midstream units in a $9 billion deal, and posted a surprise first-quarter loss due to higher prices of Canadian crude.

The refiner said in October …

Marathon and Andeavor Announce Combined Executive Team

Marathon and Andeavor Announce Combined Executive Team

Marathon Petroleum Corp. (NYSE: MPC) announced the executive team that will lead the combined company upon the closing of the combination of MPC and Andeavor (NYSE: ANDV). The new team will include executives from both MPC and Andeavor, leading a …

Big Crude Oil Margins Should Boost U.S. Refiner Earnings

Big Crude Oil Margins Should Boost U.S. Refiner Earnings

From Reuters

U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.

U.S. independent …

Marathon Petroleum Corp. SVP to Retire

Marathon Petroleum Corp. SVP to Retire

Marathon Petroleum Corporation (NYSE: MPC) today announced the retirement of Thomas M. Kelley, senior vice president, Marketing, effective Oct. 1, 2018.

“Tom’s dedication, insight and business acumen have been tremendous assets throughout his 37-year career,” said MPC Chairman and Chief …

July 13, 2018 - 12:32 pm Closing Bell Story‎, Corporate Governance, Energy News
Former MarkWest CEO John M. Fox to Marathon and MPLX: Your Multiple is Over the Top

Former MarkWest CEO John M. Fox to Marathon and MPLX: Your Multiple is Over the Top

Stated target value to eliminate Incentive Distribution Rights (IDRs) is in question: Fox says that Marathon Petroleum’s 15x – 20x multiple for elimination of IDRs will damage MPLX unitholders, including MPC, the largest MPLX unitholder

John M. Fox, co-founder and …

Marathon Drops Down Assets to MPLX for $1.05 Billion Cash and Equity

Marathon Drops Down Assets to MPLX for $1.05 Billion Cash and Equity

On September 1, 2017, Marathon Petroleum Corp. (ticker: MPC) contributed its joint-interest ownership of pipelines and storage facilities to MPLX, LP (ticker: MPLX), Marathon’s infrastructure arm. The assets are valued at $1.05 billion, Marathon said in a press release.

The …

John Fox, Co-Founder of MarkWest Hydrocarbon, Issues Open Letter To MPC Board

John Fox, Co-Founder of MarkWest Hydrocarbon, Issues Open Letter To MPC Board

John Fox, Co-Founder Of MarkWest Hydrocarbon, Issues Open Letter To The Board Of Directors Of Marathon Petroleum Corporation Against MPC’s Proposed January 3, 2017 Plan And Offers New Plan

-Accelerated “dropdown” of refining assets hurts long-term MPC value and vastly

January 11, 2017 - 5:09 pm Closing Bell Story‎, Energy News, Midstream, MLP News, MLPs
Marathon Petroleum Corporation Reports First Quarter 2016 Results

Marathon Petroleum Corporation Reports First Quarter 2016 Results

  • Reported first-quarter earnings of $1 million
  • Results include pretax charges of $0.06 per diluted share related to the impairment of goodwill and the valuation of inventories at the lower of cost or market
  • Completed major turnaround activity and refinery light

Marathon Petroleum had Competitors for MarkWest

Via Columbus Business Journal

Marathon Petroleum had 2 competitors for MarkWest, filing reveals

New details from a Marathon Petroleum Corp. subsidiary reveal two other companies were fighting for the rights to acquire MarkWest Energy Partners, a $2.01 billion oil and …

August 24, 2015 - 1:36 pm Energy News
MLP of Marathon Petroleum Acquires MarkWest Energy Partners for $20 Billion

MLP of Marathon Petroleum Acquires MarkWest Energy Partners for $20 Billion

Combined Companies will Create Fourth Largest MLP

MPLX LP (ticker: MPLX), the master limited partnership (MLP) vehicle of Marathon Petroleum (ticker: MPC), has announced the oil and gas industry’s third-largest acquisition to date in 2015.

According to news releases from …

July 13, 2015 - 6:16 pm Midstream, MLPs, Oil and Gas 360 Articles