Marathon Petroleum (MPC) to spin-off Speedway into independent company, Forms Special Committee to enhance midstream review

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Go back to Marathon Petroleum (MPC) to spin-off Speedway into independent company, Forms Special Committee to enhance midstream review

Marathon Petroleum Provides Update On Strategic Review To Enhance Shareholder Value

October 31, 2019 6:20 AM EDT

FINDLAY, Ohio, Oct. 31, 2019 /PRNewswire/ -- Marathon Petroleum Corporation (NYSE: MPC) today announced its intention to separate Speedway into an independent, publicly traded company. Independent Speedway will consist of MPC's company-owned retail store operations with an expected 2019 EBITDA of approximately $1.5 billion. MPC will retain its direct-dealer business, with an expected 2019 EBITDA of approximately $0.4 billion, which is also included in the Retail segment as currently reported. As part of the Speedway separation process, MPC will also initiate a nationwide search for a Speedway CEO from both internal and external sources.

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