Marathon Pete Corp Stock Price, News & Analysis

On May 19, 2021, 7-Eleven announced agreements to sell 293 Speedway and 7-Eleven stores to three buyers, following its acquisition of Speedway from Marathon Petroleum Corp. (NYSE: MPC) on May 14, 2021. The sales are divided among three agreements: 124 sites to Anabi Oil, 63 sites to Jacksons Food Stores, and 106 to CrossAmerica Partners LP. This strategic move continues 7-Eleven's expansion in the convenience retail market while streamlining its operations.

Marathon Petroleum Corp. (NYSE: MPC) is set to redeem all $300 million of its outstanding 5.125% senior notes due April 1, 2024. This decision aligns with the company's strategy to decrease long-term structural debt. The notes will be redeemed at 100.854% of the principal amount, plus accrued interest. The portion issued by MPC is expected to be redeemed on June 18, 2021, and the notes obligated by Andeavor LLC on June 1, 2021. This announcement serves as an informational release, not a solicitation to buy or sell the notes.

Marathon Petroleum Corp. (MPC) initiated a modified Dutch auction tender offer on May 17, 2021, to buy up to $4.0 billion of its common stock at prices between $56.00 and $63.00 per share. The offer will expire on June 14, 2021. Funding for the purchase will come from after-tax proceeds from the recent sale of its Speedway business to 7-Eleven. This offer is part of MPC's $10.0 billion share repurchase program. All shares purchased will be at the same price, contingent upon conditions set out in the offer materials, and shares can be withdrawn before the offer expires.

Marathon Petroleum Corp. (NYSE: MPC) has successfully closed its $21 billion sale of Speedway to 7-Eleven, Inc. All conditions were satisfied, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction was finalized after the FTC opted not to take action during the waiting period. MPC has received the sale proceeds and reaffirms its commitment to its capital return plans. A tender offer related to this transaction has yet to commence, with no guarantees on the timing or terms.

7-Eleven has successfully acquired Speedway, enhancing its position as the largest convenience store chain in North America. The acquisition adds approximately 3,800 stores across 36 states, increasing 7-Eleven's portfolio to around 14,000 locations. This strategic move diversifies 7-Eleven's presence, particularly in the Midwest and East Coast, and positions it in 47 of the 50 largest U.S. metro areas. The integration aims to improve efficiencies and innovate the customer experience.

On May 14, 2021, Marathon Petroleum Corp. (MPC) finalized the $21 billion sale of Speedway to 7-Eleven, marking a pivotal moment in the company's strategic portfolio management. With the transaction's completion, MPC plans to utilize approximately $16.5 billion in after-tax cash proceeds for shareholder returns and debt reduction. Key actions include a $10 billion common stock repurchase plan, commencing with a $4 billion cash tender offer aimed at repurchasing up to 10% of its market capitalization. MPC also intends to reduce long-term debt by allocating $2.5 billion from the proceeds.

Marathon Petroleum Corp. (MPC) reported a first-quarter net loss of $242 million, or $(0.37) per diluted share, an improvement from a $9.2 billion loss in Q1 2020. Adjusted EBITDA was $1.6 billion, driven by refining margin recovery and a stable midstream business. The company is nearing completion of its $21 billion Speedway sale to 7-Eleven and has committed to converting the Martinez refinery into a major renewable diesel facility. Despite ongoing pandemic challenges, the refining segment generated positive adjusted EBITDA for the first time since the onset of COVID-19.

Marathon Petroleum Corp. (NYSE: MPC) has announced a quarterly dividend of $0.58 per share, payable on June 10, 2021, to shareholders on record as of May 19, 2021. This dividend declaration reflects the company's ongoing commitment to returning value to its shareholders. Marathon Petroleum operates the largest refining system in the U.S. and has a diverse marketing system, including branded retail outlets and convenience stores nationwide.

Southwest Airlines (NYSE: LUV) announced collaborations with Marathon Petroleum (NYSE: MPC) and Phillips 66 (NYSE: PSX) to develop sustainable aviation fuel (SAF). The partnerships aim to promote SAF policies, enhance commercialization, and raise public awareness of SAF benefits. Southwest plans to integrate SAF into its California operations, potentially sourcing from MPC's Martinez Renewable Fuels facility and Phillips 66's Rodeo Renewed facility. These facilities are projected to produce at least 300 million gallons of SAF by 2025, addressing carbon reduction goals while meeting a substantial portion of Southwest's jet fuel demand.