Marathon Petroleum Successfully Completes Andeavor Acquisition
Marathon Petroleum Corporation, October 1, 2018
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Marathon Petroleum Corp. has officially closed the transaction in which it acquired all of the outstanding shares of Andeavor. As of this morning, Andeavor ceased to be publicly traded and its common stock discontinued trading on the New York Stock Exchange.
"This transformative transaction is a significant milestone in our company's more than 130-year history," said MPC Chairman and Chief Executive Officer Gary R. Heminger. "MPC is now the leading refining, midstream, and marketing company in the U.S., and is well-positioned for long-term growth and shareholder value creation."
"We are excited to begin unlocking the extraordinary potential across our new platform, including approximately $1 billion of tangible annual run-rate synergies we expect within the first three years," added Heminger. "We look forward to sharing more details around our plans at our upcoming December Investor Day."
About Marathon Petroleum Corporation
Marathon Petroleum Corporation is a leading integrated downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system with over 3 million barrels per day of crude oil capacity across 16 refineries. MPC's marketing system includes approximately 7,800 branded locations across the United States, including approximately 5,600 Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates approximately 4,000 retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interest in two midstream companies, MPLX LP and Andeavor Logistics LP, which own and operate gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
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