Marathon Petroleum

Marathon Petroleum Corporation

Type	Public
Traded as	NYSE: MPC
Industry	Oil and gas
Predecessor	Marathon Oil (1984) Ashland Inc. USX Corporation Marathon Oil
Founded	Findlay, Ohio, United States (September 1, 2005 (2005-09-01))
Headquarters	Findlay, Ohio, United States
Number of locations	5,100 franchised stations
Area served	Worldwide
Key people	Gary R. Heminger (President & CEO)
Products	Petroleum, Gasoline
Services	Pipeline transport, refining, marketing
Revenue	US$ 84.24 billion(FY 2012)
Operating income	US$5.09 billion(FY 2012)
Net income	US$3.4 billion(FY 2012)
Total assets	US$27.2 billion(FY 2012)
Total equity	US$11.69 billion(FY 2012)
Number of employees	25,985
Divisions	Speedway LLC Catlettsburg Refining LLC
Website	www.marathonpetroleum.com
Footnotes / references <ref name=Yahoo! Finance">{{Cite web|title=Marathon Petroleum Corporation (MPC)|publisher=Yahoo! Finance|url=http://finance.yahoo.com/q/pr?s=MPC+Profile}}</ref>

Marathon Petroleum Corporation is a United States based oil refining, marketing, and pipeline transport company. The company was formed as a subsidiary on September 1, 2005, from the former Marathon Ashland Petroleum, LLC,^[1] and is based in Findlay, Ohio.^[2] Marathon Petroleum operated as a subsidiary of the Marathon Oil Corporation until July 1, 2011.

History

Marathon Gas Station in Long Grove, IL

Marathon Petroleum Corporation began as Marathon Ashland Petroleum, LLC a U.S. based petroleum corporation, formed in 1998 from a merger of the downstream operations of Ashland, Inc., and Marathon Oil. Its corporate headquarters were in Findlay. Marathon owned 62% percent and Ashland owned 38% of this venture. The original Marathon company was also based in Findlay,^[3] and began in 1887 as Ohio Oil Company before becoming Marathon in the 1960s.^[4]

On September 1, 2001, Marathon formed Pilot Travel Centers, LLC (PTC) in a joint venture with Pilot Corporation. Each company owned 50% of PTC. In 2008 Marathon Petroleum Company, LLC sold their ownership of the company to Pilot.^[5]

The Speedway SuperAmerica chain of convenience stores was a subsidiary of this now-defunct company. In addition, Marathon Ashland Petroleum owned seven refineries and a number of other pipelines. Following Ashland shareholder and debt-holder approval, the company became fully owned by Marathon Oil on June 30, 2005.^[6] The company was renamed Marathon Petroleum Company on September 1, 2005.

In 2006, Marathon began using STP-branded additives in its gasoline, likely to compete with Chevron's popular Techron additive.^[7]

On January 13, 2011, Marathon Oil Company announced it would separate completely from Marathon Petroleum Company, creating 2 independent entities. As a result, Marathon Petroleum Company exists as an independent downstream oil company, with focus on refining, pipeline, and marketing. The split was expected by Marathon executives to allow Marathon Petroleum Company to focus more directly on refining, pipeline and marketing portfolio enrichment. The spin-off was completed on July 1, 2011.^[8]

Operations

On July 29, 2010, The Pantry, Inc., operator of Kangaroo Express stores and the leading independently operated convenience store chain in the southeastern United States, announced a fuel supply agreement with Marathon Petroleum. Under the terms of the agreement, Marathon will supply fuel to more than 600 Pantry locations, with a joint branding relationship at approximately 285 of these sites. The store and fuel forecourt re-branding was initially introduced in Charlotte, North Carolina. Throughout the remainder of 2010, all joint brand location conversions were completed across a seven-state southeastern marketing region.^[9]

The refinery in St. Paul Park, Minnesota was sold in 2010 to Northern Tier Energy, along with the SuperAmerica convenience store chain, separating it from Speedway.^[10] Speedway was subsequently renamed Speedway LLC.

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.^[11]

On October 8, 2012, Marathon announced its purchase of numerous BP assets. The assets consisted of 1 Texas City refinery, 4 light product distribution terminals, and 1200 retail stations throughout the southeastern United States. ^[12] As well as the purchase of all former BP locations in South Western Pennsylvania.

References

External links

• Marathon Petroleum Homepage