Marathon Petroleum (MPC) Tops Q2 EPS by 42c, Revenues Miss

Marathon Petroleum (MPC) Agrees to Sell Speedway to 7-Eleven for $21B

August 3, 2020 12:00 AM EDT

Marathon Petroleum Corp. (NYSE: MPC) today announced that it and certain of its subsidiaries have entered into a definitive agreement with 7-Eleven, Inc., a wholly owned, indirect subsidiary of Seven & i Holdings Co., Ltd. (3382: Tokyo), whereby 7-Eleven will acquire Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals.

"This transaction marks a milestone on the strategic priorities we outlined earlier this year," said Michael J. Hennigan, president and chief executive officer. "Our announcement crystalizes the significant value of... More

Japan's Seven & i seals $21 billion deal for Marathon Petroleum's Speedway gas stations

August 2, 2020 7:08 PM EDT

By Ritsuko Ando and Kanishka Singh

(Reuters) - The Japanese owner of 7-Eleven convenience stores has agreed to buy Marathon Petroleum Corp's (NYSE: MPC) Speedway gas stations for $21 billion, brushing aside coronavirus concerns to return to the table five months after initially baulking at the deal.

The acquisition is one of the biggest this year, suggesting the pandemic, while forcing many companies to focus on protecting balance sheets instead of expansion, has not killed off global dealmaking altogether.

The move will help Seven & i Holdings Co Ltd shift focus beyond... More

Marathon Petroleum to permanently close two U.S. oil refineries

August 1, 2020 6:22 PM EDT

By Erwin Seba

HOUSTON (Reuters) - Marathon Petroleum (NYSE: MPC) plans to permanently close two small U.S. oil refineries in Martinez, California, and Gallup, New Mexico, the company said, eliminating 800 jobs in response to lower fuels demand.

The largest U.S. refiner by volume had earlier idled the two facilities following weak demand due to COVID-19 outbreaks in the... More

Mexico switches up fuel import contracts as it clamps down on costs

July 31, 2020 1:10 AM EDT

By Devika Krishna Kumar and Marianna Parraga

NEW YORK/MEXICO CITY (Reuters) - Pemex's trading arm is overhauling its fuel importing practices, five sources close to the matter said, which includes shifting to swapping crude oil with major partners in exchange for gasoline and other fuels to save cash.

The changes are the latest by President Andres Manuel Lopez Obrador's administration to protect the state oil company's finances and preserve its available credit after it lost $26.4 billion in the first half of the year. The company and its PMI Comercio Internacional trading arm are Latin America's largest gasoline importers.

... More