Marathon Pete Corp Stock Price, News & Analysis

Marathon Petroleum Corporation (MPC) announced that Donald C. Templin, CFO and executive vice president, will retire in January 2021. Templin has been instrumental in MPC's growth since joining in 2011 and played a key role during the transition to the current CEO, Michael J. Hennigan. A search for a new CFO is ongoing. Templin has also served on the board of MPLX LP, MPC's master limited partnership. His retirement comes as the company operates the largest refining system in the U.S., with a marketing system including Marathon-branded retail locations.

Marathon Petroleum Corp. (MPC) reported a third-quarter loss of $1.0 billion, or $(1.57) per diluted share, including pre-tax charges of $525 million. The adjusted loss was $649 million, or $(1.00) per diluted share. The company is on track to surpass capital spending reductions of $1.4 billion and operational savings of $950 million. Progress continues on the $21 billion Speedway sale targeted for Q1 2021 and the start-up of the Dickinson renewable fuels facility. As of September 30, 2020, available liquidity exceeded $7 billion.

Marathon Petroleum Corp. (MPC) has declared a quarterly dividend of $0.58 per share on common stock, payable on December 10, 2020, to shareholders who are on record as of November 18, 2020. This decision reflects the company's commitment to returning value to shareholders while operating the largest refining system in the nation. The firm also operates a comprehensive marketing system and has interests in a prominent midstream company, MPLX LP.

Marathon Petroleum Corp. (MPC), headquartered in Findlay, Ohio, will hold a conference call on November 2, 2020, at 9:30 a.m. EST, to discuss its third-quarter financial results for 2020. Earnings will be released earlier that day. Investors can listen to the call via MPC's website, with a replay available for two weeks afterward. Marathon Petroleum operates the largest refining system in the U.S. and has extensive marketing resources, including the Speedway retail convenience stores and MPLX LP for midstream operations.

MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on November 2, 2020, at 11 a.m. EST to discuss its 2020 third-quarter financial results, which will be released that day. The call aims to update stakeholders on company operations. Interested parties can listen via MPLX's website. The company operates midstream energy infrastructure including pipelines, terminals, and processing facilities across key U.S. supply basins.

Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX) announced the redemption of senior notes totaling $650 million and $300 million due in December 2020 and October 2022, respectively. The MPC notes will be redeemed at par on November 15, 2020, while MPLX's notes will be redeemed at par on October 15, 2020. The regular interest payment for MPLX will be made to holders of record by October 1, 2020. This release serves only as an informational notice and is not a buy or sell solicitation.

Marathon Petroleum Corp. (NYSE: MPC) has announced the redemption of $475 million in outstanding senior notes with a 5.375% interest rate, due on October 1, 2022. The redemption is set for October 1, 2020, at par value. The regular semi-annual interest payment on these notes will also be made on October 1, 2020, to holders of record as of September 15, 2020. This announcement serves as a notification rather than an offer to buy or sell the notes, and the details are further clarified by the official redemption notices from MPC and its subsidiary Andeavor LLC.

MTN DEW has unveiled a new beverage, MTN DEW® SPARK™, featuring a raspberry lemonade flavor. This drink is available exclusively at over 2,500 Speedway locations across the U.S. for a limited time. The launch coincides with Speedway's Year of DEW® initiative, including contests where fans can win prizes like custom gear and free cases of the new drink. The promotion aims to drive purchases and engage DEW fans, emphasizing the brand's commitment to innovation and customer interaction.

Marathon Petroleum Corp. reported a second-quarter income of $9 million, or $0.01 per diluted share, significantly down from $1.1 billion in the same quarter last year. The results included a $1.5 billion lower of cost or market inventory benefit. An adjusted net loss was $868 million, reflecting challenges due to COVID-19. The company announced a $21 billion agreement to sell Speedway, with expected after-tax proceeds of $16.5 billion to enhance the balance sheet and return capital to shareholders. Additionally, Gallup and Martinez refineries are indefinitely idled.