In the United States (US), Marathon Petroleum Corporation (MPC) has announced that it has closed on the previously announced transaction in which it acquired all of the outstanding shares of compatriot oil refiner and marketer Andeavor Corporation (formerly Tesoro Corporation)."This transformative transaction is a significant milestone in our company's more than 130-year history," said MPC Chairman and CEO Gary R. Heminger.
Based in San Antonio, Texas (TX), Andeavor operates 10 refineries with a combined capacity of approximately 1.2 million barrels per day in the mid-continent and western United States as well as bioconversion technology subsidiary Virent Inc.
Headquartered in Findlay, Ohio (OH), Marathon Petroleum Corporation is the nation’s second-largest refiner, with a crude oil refining capacity of approximately 1.9 million barrels per calendar day in its six-refinery system. Marathon brand gasoline is sold through approximately 5 600 independently owned retail outlets across 20 states and the District of Columbia.
In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation’s second-largest convenience store chain, with approximately 2 740 convenience stores in 21 states. MPC owns, leases, or has ownership interests in approximately 10 800 miles (≈ 17 377 km) of crude oil and light product pipelines.
Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. Through MPLX, MPC has ownership interests in gathering and processing facilities with approximately 5.9 billion cubic feet per day of gathering capacity, 8.4 billion cubic feet per day of natural gas processing capacity, and 610 000 barrels per day of fractionation capacity.
With the completed merger acquisition, Marathon now operates the nation’s largest refining system with over 3 million barrels per day of crude oil capacity across 16 refineries as well as a 91 million (US) gallon (≈ 344 million litre) per annum biodiesel plant in Cincinnati, OH. MPC’s marketing system includes approximately 7 800 branded locations across the US.
This transformative transaction is a significant milestone in our company’s more than 130-year history. MPC is now the leading refining, midstream, and marketing company in the US, and is well-positioned for long-term growth and shareholder value creation, said MPC Chairman and CEO Gary R. Heminger.
