Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
S&P 500 Component
|Predecessors||Marathon Oil (1984)|
|Founded||November 9, 2009|
Number of locations
|Michael J. Hennigan|
(President and Chief Executive Officer)
John P. Surma
(Non-Executive Chairman of the Board of Directors)
|Total rated crude oil refining capacity - 3,067,000 BPCD (2020)|
|Revenue||US$123 billion (2019)|
|US$3.969 billion (2017)|
|US$3.432 billion (2017)|
|Total assets||US$49.047 billion (2017)|
|Total equity||US$14.033 billion (2017)|
Number of employees
|~43,800 (December 2017)|
|Footnotes / references|
Following its acquisition of Andeavor on October 1, 2018, Marathon Petroleum became the largest petroleum refinery operator in the United States, with 16 refineries and over 3 million barrels per day of refining capacity. Marathon Petroleum ranked No. 41 on the 2018 Fortune 500 list of the largest United States corporations by total revenue. In the 2020 Forbes Global 2000, Marathon Petroleum was ranked as the 197th-largest public company in the world.
Marathon Petroleum's marketing system includes branded locations across the United States, including Marathon branded outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company which owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
The company owns:
|1||Anacortes Refinery||Anacortes, Washington||119,000 barrels per calendar day (bpcd)|
|2||Canton Refinery||Canton, Ohio||93,000 barrels per calendar day (bpcd)|
|3||Catlettsburg Refinery||Catlettsburg, Kentucky||277,000 barrels per calendar day (bpcd)|
|4||Detroit Refinery||Detroit, Michigan||140,000 barrels per calendar day (bpcd)|
|5||Dickinson Refinery||Dickinson, North Dakota||19,000 barrels per calendar day (bpcd)|
|6||El Paso Refinery||El Paso, Texas||131,000 barrels per calendar day (bpcd)|
|7||Gallup Refinery||Gallup, New Mexico||26,000 barrels per calendar day (bpcd)|
|8||Galveston Bay Refinery||Texas City, Texas||585,000 barrels per calendar day (bpcd)|
|9||Garyville Refinery||Garyville, Louisiana||564,000 barrels per calendar day (bpcd)|
|10||Kenai Refinery||Kenai, Alaska||68,000 barrels per calendar day (bpcd)|
|11||Los Angeles Refinery||Carson, California||363,000 barrels per calendar day (bpcd)|
|12||Mandan Refinery||Mandan, North Dakota||71,000 barrels per calendar day (bpcd)|
|13||Martinez Refinery||Martinez, California||161,000 barrels per calendar day (bpcd)|
|14||Robinson Refinery||Robinson, Illinois||245,000 barrels per calendar day (bpcd)|
|15||Salt Lake City Refinery||Salt Lake City, Utah||61,000 barrels per calendar day (bpcd)|
|16||St. Paul Refinery||St. Paul Park, Minnesota||98,000 barrels per calendar day (bpcd)|
- Leasehold or ownership interests in approximately 8,400 miles (13,500 km) of petroleum pipelines and 5,000 miles (8,050 km) of natural gas and natural gas liquids pipelines as well as related transportation and distribution assets such as railcars, barges, and processing terminals.
- A 20.4% interest, including a controlling 2% general partner interest, in MPLX, a public master limited partnership that owns pipelines and other midstream assets related to the transportation and storage of crude oil. NYSE: MPLX
- Marathon closed the Gallup Refinery in 2020 and is expected to complete conversion of the Martinez Refinery to a renewable fuels manufacturing facility in 2023.
- The Speedway LLC retail chain included approximately 4,000 retail outlets, and was the second largest chain of company-owned and operated retail gasoline and convenience stores in the United States. Seven & I Holdings, parent company of 7-Eleven, acquired the chain in 2020 and the sale was completed on May 14, 2021.
Marathon Petroleum Corporation was formed on November 9, 2009, as a subsidiary of Marathon Oil.
Former parent company
Marathon Oil, the company's former parent, dates back to 1887 when several small oil companies in Ohio banded together to form The Ohio Oil Company. In 1889, it was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until the Standard Oil Trust was broken in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company". From 1982 until 2002, Marathon Oil was a subsidiary of U.S. Steel.
In 2011, Marathon Oil announced the spin-off of its downstream refining and marketing assets to a separate company called Marathon Petroleum Corporation.
The predecessor company of Marathon Petroleum Corporation, Marathon Petroleum Company LLC, formerly known as Marathon Ashland Petroleum LLC, was formed by the merger of the refining operations of Marathon Oil and Ashland Inc. in 1998. In 2005, the company became a 100% owned subsidiary of Marathon Oil.
In 2006, Marathon began using STP-branded additives in its gasoline.
In 2009, the company completed a $3.9 billion expansion of its refinery in Garyville, Louisiana, that increased the plant’s capacity by 180,000 barrels per day.
In 2010, the company sold its 74,000 barrel-per-day refinery in St. Paul Park, Minnesota, along with associated terminals, pipelines, and inventory as well as 166 SuperAmerica convenience stores to Northern Tier Energy for $900 million.
Post-corporate spin-off from Marathon Oil
On June 30, 2011, Marathon Oil distributed all of its shares in the company to its shareholders via a corporate spin-off.
In June 2012, Wheeling, West Virginia-based Tri-State Petroleum signed a contract to switch 50 stations in Ohio, Pennsylvania, and West Virginia to the Marathon brand. Most of Tri-State's stations before the deal were ExxonMobil-branded stations, the majority Exxon as well as a few scattered Mobil stations in the immediate Wheeling area. Included in the deal were 18 Exxon stations in the Pittsburgh metropolitan area, significantly boosting Marathon's presence in the Pittsburgh market, where former parent company U.S. Steel is based. (Exxon would offset its Pittsburgh losses by taking over the retail contracts of several Shell stations in the area, leaving Shell with a significantly reduced presence, while the Mobil brand was withdrawn from the Northern Panhandle of West Virginia altogether.) Before the deal, Marathon had a much smaller presence in Western Pennsylvania, while having a somewhat larger presence in West Virginia and an almost ubiquitous presence in Southern Ohio.
In 2013, Marathon purchased numerous assets from BP including a 451,000 barrel per day refinery in Texas City, Texas, four light product distribution terminals, and retail marketing contracts for 1,200 retail stations throughout the southeastern United States.
In 2016, a fire at the Galveston Bay refinery in Texas City, Texas, injured three contract workers, resulting in a lawsuit seeking $1 million in damages. Multiple lawsuits were filed resulting in Marathon paying $86 million to settle.
2018 acquisition of Andeavor, sale of Speedway LLC
On April 30, 2018, Marathon agreed to buy Andeavor, an independent refinery and oil company based in the Western United States, for $23 billion. Marathon will acquire all of Andeavor's outstanding shares. On October 1, 2018, the merger was completed. This merger brings the SuperAmerica convenience stores back to Speedway. On October 31, 2019, Marathon announced plans to spin off their Speedway convenience stores. Gary Heminger will also retire from his role as Marathon chairman and CEO.
On August 2, 2020, Marathon announced that Seven & i Holdings would be acquiring Speedway for $21 billion. The deal was anticipated to close in early 2021 pending regulatory approval. The deal closed on May 14, 2021.
- "Marathon Petroleum Corporation 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 2018.
- Marathon Petroleum Corp. Announces Successful Completion Of Andeavor Combination, Creating The Leading US Refining, Midstream And Marketing Company
- "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
- "Forbes Global 2000". Retrieved 31 October 2020.
- Marathon Petroleum: Refining & Marketing
- Marathon Petroleum Won’t Restart Two Idled Oil Refineries bloomberg.com, retrieved 28 September 2020
- Marathon Petroleum to Proceed with Conversion of Martinez Refinery to Renewable Fuels Facility marathonmartinezrenewables.com, retrieved 20 July 2021
- Marathon Petroleum 2015 Form 10-K Annual Report
- "Ranking the Top 40 C-Store Chains: A 2019 Update".
- "Marathon Petroleum & 7-Eleven Close Speedway Acquisition". Convenience Store News. 14 May 2021. Retrieved 23 May 2021.
- "Marathon Petroleum's 125-Year Journey". Archived from the original on October 24, 2018. Retrieved Sep 25, 2015.
- Marathon Petroleum: History
- "Marathon Gasoline with STP Additives". Retrieved 27 February 2013.
- "Marathon Signs Definitive Agreements With ACON Investments and TPG Capital For Sale Of Minnesota Downstream Assets". October 6, 2010.
- "Gas station operator converting 18 to Marathon brand". TribLIVE. Retrieved April 20, 2013.
- "Purchase of BP's Texas City Refinery and Related Assets Closes". February 1, 2013. Archived from the original on September 21, 2017. Retrieved March 8, 2016.
- "Purchase of Hess' Retail Operations and Related Assets Closes". October 1, 2014. Archived from the original on September 21, 2017. Retrieved March 8, 2016.
- "Marathon Petroleum sued in Texas court over Jan. 11 refinery fire: lawyers". January 19, 2016.
- "Marathon Petroleum to pay 86 million to settle Texas fire lawsuits". August 3, 2017.
- "Marathon Petroleum Corporation - Investor Relations - News Release". ir.marathonpetroleum.com. Retrieved 30 April 2018.[permanent dead link]
- DiChristopher, Tom (2018-05-01). "Marathon-Andeavor merger checks the boxes where it counts: Texas, Mexico and the high seas". CNBC. Retrieved 2018-05-04.
- "Marathon Petroleum Corp. Announces Agreement for $21 Billion Sale of Speedway". Marathon Petroleum Corporation. 2 August 2020. Retrieved 3 August 2020.
- Krauss, Clifford (2 August 2020). "Marathon Is Selling Speedway Gas Stations to 7-Eleven's Parent for $21 Billion". The New York Times. Retrieved 3 August 2020.
- Ando, Ritsuko; Singh, Kanishka (2 August 2020). "Japan's Seven & i seals $21 billion deal for Marathon Petroleum's Speedway gas stations". Reuters. Retrieved 4 August 2020.
- Lindenberg, Greg (3 August 2020). "7-Eleven Outlines Benefits of Speedway Acquisition". CSP Daily News. Retrieved 4 August 2020.
- Elliott, Rebecca (2020-08-03). "Marathon Petroleum to Sell Gas-Station Chain to 7-Eleven Owners for $21 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-08-03.
- "Marathon Petroleum Revenue 2010-2019 | MPC". www.macrotrends.net. Retrieved 2020-03-14.