Marathon Petroleum Announces Actions to Unlock Midstream and Retail Value
Providing an update on its strategic actions to enhance shareholder value, best idea Marathon Petroleum announced it will accelerate the dropdown of the remaining MLP-eligible assets to MPLX, exchange its GP IDR interest for LP units and conduct a strategic review of its Speedway segment. With the announcement, management is reversing course and embracing the actions proposed by Elliot Management in November. Initially, Marathon planned to drop the remaining assets ($1.4 billion in EBITDA) over ...Marathon Petroleum is an independent petroleum refining and marketing, retail and midstream company. The company's segments include: Refining and Marketing, which refines crude oil and other feedstocks at its refineries, purchases refined products and ethanol for resale and distributes refined products; Retail, which sells transportation fuels and convenience products in the retail market across the U.S.; and Midstream, which transports, stores, distributes and markets crude oil and refined products via refining logistics assets, pipelines, terminals, towboats and barges, gathers, processes and transports natural gas, and gathers, transports, fractionates, stores and markets natural gas liquids.
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