Reuters NEW YORK – The Teamsters Union on Monday urged shareholders of oil refiner Marathon Petroleum Corp to vote against an approval on executive compensation, arguing that the company provides outsized and unnecessary exit packages for top leaders. The union said in a letter released on Monday that shareholders should at an April 28 meeting instead vote in favor of
Reuters U.S. refiner Marathon Petroleum Corp MPC.N reported a smaller-than-expected quarterly loss on Monday as fuel sales picked up after coronavirus restrictions eased. Oil refiners around the world have been forced to cut production as the COVID-19 pandemic wrecked the need for travel and though fuel demand rebounded in the quarter, the resurgence in virus infections could lead to renewed lockdowns and
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. Stay-at-home orders to contain the pandemic have decimated travel, cutting worldwide demand for oil at a time when the market is already
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 veteran Gary Heminger, whose departure was announced in October when the largest U.S. independent refiner launched a sweeping restructuring that
Gary R. Heminger Announces Plan To Retire From Marathon Petroleum In 2020 After 45 Years 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 served as president and CEO since the company’s spin-off from Marathon Oil in June 2011, and as chairman and CEO
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 most recent quarter. It has been 13 months since Marathon closed its $23 billion purchase of Andeavor Corp that gave
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 matter. After investors Paul Foster and Jeff Stevens met with several board members on Wednesday, representatives for Elliott Management Corp.
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 and refining companies, the hedge fund founded by billionaire Paul Singer said Wednesday in a statement. Elliott said it owns
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 Venezuela’s state oil company, and it’s considered a valuable asset to help Venezuela rebuild if there’s regime change in favor
From Reuters The planned closing of an oil refinery in Philadelphia damaged by a massive fire last month will reverse nearly two years of capacity gains at U.S. refineries, according to a Reuters analysis of government data. Philadelphia Energy Solutions has said it will shut its 335,000 barrels per day (bpd) refinery this summer after a June 21 fire tore
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 it planned to assess options for the two master limited partnerships, MPLX and Andeavor Logistics LP, which transport, store and
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 premier U.S. refining, marketing and midstream company into the future. As previously announced, Gary R. Heminger will continue to serve
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