|Traded as|| NYSE: MPC |
S&P 500 Component
|Industry||Oil and gas|
|Predecessors||Marathon Oil (1984)|
|Founded||September 1, 1998|
Number of locations
| Gary R. Heminger |
(Chairman and CEO)
Gregory J. Goff
(Executive Vice Chairman)
|1,900,000 barrels per day of refined crude oil (2017)|
Number of employees
|~43,800 (December 2017)|
|Divisions|| Speedway LLC |
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
Following its acquisition of Andeavor on October 1, 2018, Marathon Petroleum became the largest petroleum refinery operator in the United States, with 16 refineries and over 3 million barrels per day of refining capacity.Marathon Petroleum ranked No. 41 on the 2018 Fortune 500 list of the largest United States corporations by total revenue.
The company owns:
|1||Anacortes Refinery||Anacortes, Washington||119,000 barrels per calendar day (bpcd)|
|2||Canton Refinery||Canton, Ohio||93,000 barrels per calendar day (bpcd)|
|3||Catlettsburg Refinery||Catlettsburg, Kentucky||277,000 barrels per calendar day (bpcd)|
|4||Detroit Refinery||Detroit, Michigan||140,000 barrels per calendar day (bpcd)|
|5||Dickinson Refinery||Dickinson, North Dakota||19,000 barrels per calendar day (bpcd)|
|6||El Paso Refinery||El Paso, Texas||131,000 barrels per calendar day (bpcd)|
|7||Gallup Refinery||Gallup, New Mexico||26,000 barrels per calendar day (bpcd)|
|8||Galveston Bay Refinery||Texas City, Texas||585,000 barrels per calendar day (bpcd)|
|9||Garyville Refinery||Garyville, Louisiana||564,000 barrels per calendar day (bpcd)|
|10||Kenai Refinery||Kenai, Alaska||68,000 barrels per calendar day (bpcd)|
|11||Los Angeles Refinery||Wilmington, California||363,000 barrels per calendar day (bpcd)|
|12||Mandan Refinery||Mandan, North Dakota||71,000 barrels per calendar day (bpcd)|
|13||Martinez Refinery||Martinez, California||161,000 barrels per calendar day (bpcd)|
|14||Robinson Refinery||Robinson, Illinois||245,000 barrels per calendar day (bpcd)|
|15||Salt Lake City Refinery||Salt Lake City, Utah||61,000 barrels per calendar day (bpcd)|
|16||St. Paul Refinery||St. Paul Park, Minnesota||98,000 barrels per calendar day (bpcd)|
Marathon Petroleum Corporation was formed on November 9, 1998 as a subsidiary of Marathon Oil.
Marathon Oil, the company's former parent, dates back to 1887 when several small oil companies in Ohio banded together to form The Ohio Oil Company.In 1889, it was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until the Standard Oil Trust was broken in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company". From 1982 until 2002, Marathon Oil was a subsidiary of U.S. Steel.
In 2011, Marathon Oil announced the spin-off of its downstream refining and marketing assets to a separate company called Marathon Petroleum Corporation.
The predecessor company of Marathon Petroleum Corporation, Marathon Petroleum Company LLC, formerly known as Marathon Ashland Petroleum LLC, was formed by the merger of the refining operations of Marathon Oil and Ashland Inc. in 1998. In 2005, the company became a 100% owned subsidiary of Marathon Oil.
In 2006, Marathon began using STP-branded additives in its gasoline.
In 2009, the company completed a $3.9 billion expansion of its refinery in Garyville, Louisiana that increased the plant’s capacity by 180,000 barrels per day.
In 2010, the company sold its 74,000 barrel-per-day refinery in St. Paul Park, Minnesota along with associated terminals, pipelines, and inventory as well as 166 SuperAmerica convenience stores to Northern Tier Energy for $900 million.
On June 30, 2011, Marathon Oil distributed all of its shares in the company to its shareholders via a corporate spin-off.
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.
In 2013, Marathon purchased numerous assets from BP including a 451,000 barrel per day refinery in Texas City, Texas, four light product distribution terminals, and retail marketing contracts for 1,200 retail stations throughout the southeastern United States.
In 2014, Speedway LLC, a subsidiary of the company, purchased the retail operations of Hess Corporation for $2.82 billion.
In 2016, a fire at the Galveston Bay refinery in Texas City, Texas injured three contract workers, resulting in a lawsuit seeking $1 million in damages.Multiple lawsuits were filed resulting in Marathon paying $86 million to settle.
On April 30, 2018, Marathon agreed to buy Andeavor, an independent refinery and oil company based in the Western United States, for $23 billion. Marathon will acquire all of Andeavor's outstanding shares.On October 1, 2018, the merger was completed. This merger brings the SuperAmerica convenience stores back to Speedway. On October 31, 2019, Marathon announced plans to spin off their Speedway convenience stores. Gary Heminger will also resign as Marathon chairman and CEO.
Exxon is the former brand name of oil and natural resources company Exxon Corporation, prior to 1972 known as Standard Oil Company of New Jersey. In 1999, Exxon Corporation merged with Mobil to form ExxonMobil. The Exxon brand is still used by ExxonMobil's downstream operations as a brand for certain gas stations, motor fuel and related products. Standard Oil Company of New Jersey was one of the Seven Sisters that dominated the global petroleum industry from the mid-1940s to the 1970s.
Mobil, previously known as the Socony-Vacuum Oil Company, is a major American oil company that merged with Exxon in 1999 to form a parent company called ExxonMobil. It was previously one of the Seven Sisters that dominated the global petroleum industry from the mid-1940s until the 1970s. Today, Mobil continues as a major brand name within the combined company, as well as still being a gas station sometimes paired with its own store or On the Run. The former Mobil headquarters in Fairfax County, Virginia, was used as ExxonMobil's downstream headquarters until 2015 when ExxonMobil consolidated employees into a new corporate campus in Spring, Texas.
Gulf Oil was a major global oil company from 1901 until March 15, 1985. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the so-called Seven Sisters oil companies. Prior to its merger with Standard Oil of California, Gulf was one of the chief instruments of the Mellon family fortune; both Gulf and Mellon Financial had their headquarters in Pittsburgh.
Atlantic Richfield Company is an American oil company with operations in the United States, Indonesia, the North Sea, the South China Sea, and Mexico. It has more than 1,300 gas stations in the western part of the United States, and recently five gas stations in northwestern Mexico. ARCO was formed by the merger of East Coast–based Atlantic Refining and California-based Richfield Oil Corporation in 1966. A merger in 1969 brought in Sinclair Oil Corporation. In the 1970s and 80s, ARCO was one of the largest companies in the world, consistently a top 20 company of the Fortune 500. After its subsequent fracture in the late 1980s and early 90s, ARCO became a subsidiary of UK-based BP plc in 2000 through its BP West Coast Products LLC (BPWCP) affiliate. On August 13, 2012, it was announced that Tesoro would purchase ARCO and its refinery for $2.5 billion. However, the deal came under fire because of increasing fuel prices. Many activists urged state and federal regulators to block the sale because of concerns that it would reduce competition and could lead to higher fuel prices at ARCO stations. On June 3, 2013, BP sold ARCO and the Carson Refinery to Tesoro for $2.5 billion. BP sold its Southern California terminals to Tesoro Logistics LP, including the Carson Storage Facility. BP will continue to own the ampm brand and sell it to Tesoro for Southern California, Arizona, and Nevada. BP exclusively licensed the ARCO rights from Tesoro for Northern California, Oregon, and Washington.
Sunoco LP is an American master limited partnership organized in Delaware and headquartered in Dallas, Texas that is a wholesale distributor of motor fuels. It distributes fuel to 5,322 Sunoco-branded gas stations, almost all of which are owned and operated by third-parties. The partnership is controlled by Energy Transfer Partners.
Andeavor was a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the company ranked No. 90 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
Speedway LLC is an American convenience store and gas station chain headquartered in Enon, Ohio, with locations primarily in the Midwest and the East Coast regions of the United States. Speedway stations are located in 32 states, up significantly from its core seven-state region in the Midwest since 2012. The company is a wholly owned subsidiary of the Marathon Petroleum Corporation and is the largest convenience store chain in central Ohio.
Singapore Petroleum Company Limited, in short SPC, is a subsidiary of Chinese state-owned company PetroChina. It is involved in the exploration and production of petroleum, refining, trading and petroleum product distribution.
Headquartered in Brentwood, Tennessee, Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing.
Atlantic Petroleum was an oil company in the Eastern United States headquartered in Philadelphia, Pennsylvania, and a direct descendant of the Standard Oil Trust. It was also one of the companies that merged with Richfield Oil to form the AtlanticRichfield Co. later known as ARCO. After an unsuccessful spinoff from ARCO, Atlantic was acquired by Sunoco in 1988. The remainder of ARCO was later acquired by BP, but BP later sold most of Arco's retail assets and brand name were sold to Tesoro. The Arco brand is now owned by Marathon Petroleum.
Humble Oil and Refining Co. was founded in 1911 in Humble, Texas. In 1919, a 50% interest in Humble was acquired by Standard Oil of New Jersey which acquired the rest of the company in September 1959 and merged with its parent to become Exxon Company, USA in 1973.
Petron Corporation is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country's oil requirements. It operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels per day (29,000 m3/d). From the refinery, Petron moves their products mainly by sea to 32 depots and terminals in the country. They operate a lube oil blending plant at their Pandacan Terminal, where it manufactures lubes and greases.
Western Refining, Inc., is a Texas-based Fortune 200 and Global 2000 crude oil refiner and marketer operating primarily in the Southwestern, North-Central and Mid-Atlantic regions of the United States. Western Refining (WNR) has been publicly traded on the New York Stock Exchange since January 2006 and is the fourth largest publicly traded independent refiner and marketer in the nation. Western Refining has been acquired by Tesoro another independent petroleum Refining and marketing corporation.
Coastal Corporation was a diversified energy and petroleum products company headquartered at 9 Greenway Plaza in Greenway Plaza, Houston, Texas. The company was founded in 1955 by Oscar Wyatt and incorporated in 1955 as Coastal States Gas Producing Company. It merged with the El Paso Corporation in 2001. As of 1999, Coastal was a Fortune 500 company with 13,300 employees and annual revenues of $8.2 billion.
Enco was a secondary retail brand name for products of Humble Oil in certain parts of the United States from 1960 to 1977. It was used on filling stations operated by Humble in states where they were not permitted to use the Esso brand under conditions set by the court-ordered breakup of Standard Oil in 1911.
The Mandan Refinery is the largest oil refinery in North Dakota, partially located within the northeastern corner of the city limits of Mandan, ND just north off of Exit 153 of Interstate 94. Overall, it ranked 83rd in the country as of January 2018 with a nameplate capacity of 73,800 barrels (11,730 m3) per day. The facility is owned by Marathon Petroleum.
The Ferndale Refinery, owned by Phillips 66, has 101,000 b/d capacity, making it, as of 2015, the 64th largest in the United States, and produces predominantly transportation fuels consumed in local markets. The plant is located in the Cherry Point Industrial Zone, west of Ferndale, WA. Its secondary processing facilities include a fluid catalytic cracker, an alkylation unit, hydotreating units and a naphtha reformer. The plant follows a 10-5-3-2 crack spread, meaning that for 10 barrels of crude feedstock the refinery produces 5 barrels of gasoline, 3 barrels of distillate and 2 barrels of fuel oil.
The Marathon Anacortes Refinery, prior to October 2018 known as the Andeavor Anacortes Refinery and prior to August 2017 known as the Tesoro Anacortes Refinery, is a petroleum refinery located about 70 miles north of Seattle on March Point, just outside Anacortes, Washington. The refinery has operated in Anacortes since 1955, and has 425 full-time employees. It has a 120,000 barrels per day (bpd) capacity and is operated by Marathon Petroleum.