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The Speedway LLC Retail Chain

Marathon Petroleum Company is an American petroleum refining, advertising, and transportation company headquartered in Findlay, Ohio. It was elected the most effective employer of United States in 2016 by Forbes. The company was a wholly owned subsidiary of Marathon Oil till a corporate spin-off in 2011.

1 Operations
2 History 2.1 Former dad or mum firm
2.2 Predecessor firm
2.Three Post-company spin-off from Marathon Oil
2.4 Refinery fire

The company owns:

– 7 refineries[2] with a complete crude oil throughput of 1,794,000 barrels (285,223 m^3) per day:
– The Speedway LLC retail chain, which incorporates 2,770 retail shops, the second largest chain of firm-owned and operated retail gasoline and convenience shops within the United States.
– Leasehold or ownership pursuits in roughly 8,400 miles (thirteen,500 km) of petroleum pipelines and 5,000 miles (8,050 km) of pure gas and pure fuel liquids pipelines in addition to associated transportation and distribution property such as railcars, barges, and processing terminals.
– A 20.4% curiosity, including a controlling 2% basic companion curiosity, in MPLX, a public master restricted petroleum refinery engineering 7th edition solution partnership that owns pipelines and petroleum refinery engineering 7th edition solution other midstream property related to the transportation and storage of crude oil. NYSE: MPLX [1]

Marathon Petroleum Company was formed on November 9, 2005 as a subsidiary of Marathon Oil.
Former mum or dad company[edit]

Marathon Oil, the company’s former guardian, dates again to 1887 when several small oil corporations in Ohio banded together to type The Ohio Oil Company.[Three] From 1982 until 2002, Marathon Oil was a subsidiary of U.S. Steel.

Predecessor company[edit]
The predecessor company of Marathon Petroleum Corporation, Marathon Petroleum Company LLC, formerly often 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 corporate became a a hundred% owned subsidiary of Marathon Oil. [Four]

In 2006, Marathon started utilizing STP-branded additives in its gasoline.[5]
In 2009, the corporate completed a $three.9 billion expansion of its refinery in Garyville, Louisiana that increased the plant’s capability by 180,000 barrels per day.[4]

In 2010, the corporate bought its seventy four,000 barrel-per-day refinery in St. Paul Park, Minnesota together with associated terminals, pipelines, and stock in addition to 166 SuperAmerica comfort stores to Northern Tier Power for $900 million.[6]

Post-corporate spin-off from Marathon Oil[edit]
On June 30, 2011, Marathon Oil distributed all of its shares in the corporate to its shareholders through a corporate spin-off.[1]

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 earlier than the deal were ExxonMobil-branded stations, the majority Exxon in addition to just a few scattered Mobil stations within the immediate Wheeling area. Included within the deal were 18 Exxon stations in the Pittsburgh metropolitan area, considerably boosting Marathon’s presence within the Pittsburgh market, the place former dad or mum firm U.S. Steel relies. (Exxon would offset its Pittsburgh losses by taking over the retail contracts of several Shell stations in the area, leaving Shell with a considerably decreased presence, while the Mobil brand was withdrawn from the Northern Panhandle of West Virginia altogether.) Earlier than the deal, Marathon had a a lot smaller presence in Western Pennsylvania, while having a considerably larger presence in West Virginia and an almost ubiquitous presence in Southern Ohio.[7]

In 2013, Marathon bought numerous belongings from BP together with a 451,000 barrel per day refinery in Texas City, Texas, 4 gentle product distribution terminals, and retail marketing contracts for 1,200 retail stations throughout the southeastern United States.[Eight]

In 2014, Speedway LLC, a subsidiary of the corporate, bought the retail operations of Hess Corporation for $2.Eighty two billion.[9]

Refinery hearth[edit]
In 2016, a hearth at the Galveston Bay refinery in Texas Metropolis, Texas injured three contract staff, resulting in a lawsuit looking for $1 million in damages.[10] A number of lawsuits were filed resulting in Marathon paying $86 million to settle. [Eleven]

^ a b c d e f g h i Marathon Petroleum 2015 Kind 10-K Annual Report
^ Marathon Petroleum: Refining & Advertising
^ “Marathon Petroleum’s 125-Yr Journey”. Retrieved Sep 25, 2015.
^ a b Marathon Petroleum: Historical past
^ “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”. refinery petroleum October 6, 2010.
^ “Fuel station operator changing 18 to Marathon brand”. TribLIVE. Retrieved April 20, 2013.
^ “Buy of BP’s Texas City Refinery and Associated Belongings Closes”. petroleum refinery engineering 7th edition solution February 1, 2013.
^ “Purchase of Hess’ Retail Operations and Associated Belongings Closes”. October 1, 2014.
^ “Marathon Petroleum sued in Texas court docket over Jan. Eleven refinery hearth: attorneys”. January 19, 2016.
^ “Marathon Petroleum to pay 86 million to settle Texas hearth lawsuits”. August 3, 2017.