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Circuit breaker lockdown: What is the science behind it and has it worked elsewhere? Marathon Petroleum Corp. is planning to announce several measures including the departure of Chairman and Chief Executive Officer Gary Heminger in an effort to strike a … I write about energy deals and investing. The company needs to get more competitive. Scientific Games; Nvidia rise; Marathon Oil, Hologic fall Associated Press 21:31 14-Sep-20. Will c-store sales and profit streaks overcome the forces of change? Marathon said last fall that it planned to separate the unit as part of an effort to appease activist investors including Elliott Management Corp. Foster is a co-founder and former chairman of Western Refining and a former board member of Andeavor, and Stevens is a co-founder and the former CEO of Western Refining and former board member of Andeavor and Andeavor Logistics. It could find a suitor in the growth-minded PBF, but it could also be buyer of CVR, which would make it a stronger midwest player, Lipow said. Sign up to receive texts from CSP on news and insights that matter to your brand. It's a busy Merger Monday in deal-making land and a large transaction in the refining industry came to light: Marathon Petroleum's purchase of Andeavor for $35.6 billion. To see how, and to learn how to control cookies, All rights reserved. Marathon is in active discussions with potential buyers for two of its refineries in Alaska and Utah, people familiar with the matter said last week. Before it's here, it's on the Bloomberg Terminal. (Click here to view the full text of the letter.). But the deal fell through in March as the coronavirus pandemic began to roil markets and crimp economic activity, and the focus returned to a spinoff. Marathon Petroleum Corp. is in discussions with potential buyers of its sprawling Speedway gas-station unit, reviving a sale that fell apart in the early stages of the coronavirus crisis. D.E. FINDLAY, Ohio — In the next round of a discussion that began in late September, Marathon Petroleum Corp.’s board met with shareholders Paul Foster and Jeff Stevens on Oct. 16 and with representatives of investors Elliott Management Corp. and D.E. Shaw & Co. on Oct. 17 over the investors’ concerns about the company’s performance, strategy and governance, the Toledo Blade reported. It's a busy Merger Monday in deal-making land and a large transaction in the refining industry came to light: Marathon Petroleum's purchase of Andeavor for $35.6 billion. Last year he was exempted from the company’s mandatory retirement age of 65. In 2016, Elliott Management pushed for Marathon Petroleum to. The deal is leading investors to wonder: Who could be next in this consolidating industry? It couldn't be determined how much the business might fetch, but Marathon indicated last fall that it could be worth between $15 billion and $18 billion. Demand for … They're all smaller refiners that could help the big industry players expand their reach, as Andeavor is doing for Marathon. In September, Elliott, which is run by billionaire Paul Singer, renewed its push for the second-biggest refiner in the U.S. to divide itself into three separate companies: Retail, midstream and refining. Findlay, Ohio-based Marathon owns and operates roughly 4,000 convenience stores in the U.S., largely under the Speedway brand, making it one of the nation's biggest such chains. There are also several refineries on the block that could be picked up by one of these players, Lipow noted, including those by Petrobras (in Pasadena, Texas, which some think could fetch $500 million), Royal Dutch Shell (in Martinez, California) and Citgo (it has facilities in Texas, Louisiana and Illinois). The Alaska plant is among “several logical non-core” assets that Elliott flagged for sale in a presentation last month. Marathon Petroleum prides itself on operating safe, efficient and reliable refineries all across the US. Travel, Reopening Stocks Take Worst Hit From Presidential Diagnosis As Shutdown Fears Triggered, Mike Khouw Sees Unusual Options Activity In Marathon Petroleum, Trading Volume Continues To Increase For A Pair Of Leveraged Oil & Energy ETNs, Cramer Weighs In On General Electric, Chevron And More, Privacy Policy / Do Not Sell My Personal Data.

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