|Bid||61.89 x 900|
|Ask||61.90 x 800|
|Day's Range||59.82 - 62.15|
|52 Week Range||43.96 - 69.65|
|Beta (3Y Monthly)||1.71|
|PE Ratio (TTM)||13.36|
|Earnings Date||Feb 5, 2020 - Feb 10, 2020|
|Forward Dividend & Yield||2.12 (3.43%)|
|1y Target Est||81.00|
How far off is Marathon Petroleum Corporation (NYSE:MPC) from its intrinsic value? Using the most recent financial...
The federal government's EIA report revealed that domestic crude production climbed to yet another record high of 12.8 million barrels per day.
Note: On November 13, 2019, the press release was corrected as follows: In the debt list, under Assignments for Louisiana Offshore Terminal Authority, the descriptions of the Deepwater Port Revenue Bonds were changed to Senior Secured Deepwater Port Revenue Bond (Series 2007A), Senior Secured Deepwater Port Revenue Bond (Series 2013A) and Senior Secured Deepwater Port Revenue Bond (Series 2013C). New York, November 12, 2019 -- Moody's Investors Service ("Moody's") assigned an A3 issuer rating to LOOP LLC and concurrently assigned a provisional (P)A3 rating to Louisiana Offshore Terminal Authority's (LOTA) proposed $175.5 million medium term note program and assigned an A3 rating to three secured industrial revenue bonds (Series 2007A, Series 2013A, and Series 2013C) LOTA issued under its Deepwater Port Revenue Bonds program.
John Roller and Karen Vázquez were raising families in the Alamo City when they were asked to lead a new company.
Keith Casey's lawsuit is one of two suits alleging that Ohio-based Marathon Petroleum shorted former Andeavor employees on bonuses.
Moody's Investors Service ("Moody's") changed Marathon Petroleum Corporation's (MPC) outlook to negative from stable, while affirming its Baa2 senior unsecured rating and its P-2 short-term rating. Moody's also changed MPLX LP's (MPLX) outlook to negative from stable, while affirming its Baa2 senior unsecured rating.
(Bloomberg) -- Marathon Petroleum Corp. buckled under pressure from shareholders and announced the spinoff of its retail fuel-station business and the departure of its Chairman and Chief Executive Officer, just five weeks after activist investor Elliott Management Corp. went public with demands for a radical overhaul of the company.Marathon confirmed the plan Thursday, along with a review of its pipeline business. Gary Heminger, a four-decade company veteran, will retire next year and is stepping down from pipeline affiliate MPLX LP this week. Executive Vice Chairman Gregory Goff, who has been discussed as a possible successor to Heminger, is also retiring.The sweeping changes give the dissident shareholders much of what they were looking for. Elliott had called on Findlay, Ohio-based Marathon, the second-largest U.S. oil refiner, to improve its performance by breaking itself up into three separate companies: retail, which largely operates under the Speedway brand, refining and pipelines. Other investors had agitated for Heminger’s ouster.”The wish list was pretty well fulfilled with today’s slew of announcements,” said Roger Read, an analyst at Wells Fargo Securities.The CEO’s retirement, first reported by Bloomberg, will come after next year’s shareholders meeting. Marathon said it will search both in and outside of the company for potential successors. The shareholders meeting will also see Marathon put to a vote the de-staggering of board members so that all directors stand for reelection annually instead of just a few at a time, as is the case now, the company said in a filing.In contrast to Heminger’s exit, Goff’s departure has come as a surprise. The activists had viewed him as a well-respected executive who could have taken on the top job. Goff had joined Marathon after its purchase of rival refiner Andeavor last year.However, by the time the CEO search process concludes, Goff will have little more than a year left before hitting Marathon’s mandatory retirement age of 65, and that’s one reason why he chose to leave, according to people familiar with the matter. Heminger was exempted from the age limit last year.New DebtThere are no standstill agreements in place with any of the activists, meaning that they’re free to agitate for further changes if they don’t like the direction the company is going in, according to the people, who asked not be identified because the information hasn’t been made public. A Marathon representative declined to comment.“The actions announced today will unlock substantial value for shareholders,” Elliott said in a statement. “We commend Gary and the board for taking action to allow these businesses to realize their full potential.”Heminger took charge of the fuel maker when it was spun off from Marathon Oil Corp. in 2011. While he has previously assuaged investors including Jana Partners and overseen a fivefold rise in dividend payouts, the company faltered more recently as it sought to expand through acquisitions, including the purchase of Andeavor.Marathon fell 3.4% to $63.95 amid a broad sell-off in energy stocks Thursday. It has lost roughly 20% of its value after closing the $22 billion deal for Andeavor.As part of the planned separation, Speedway will raise new debt and pay a dividend to Marathon, Heminger told analysts and investors on a conference call. The unit has a potential enterprise value of $15 billion to $18 billion, according to Marathon, which plans to retain its direct-dealer business. Meanwhile, Michael J. Hennigan will take over as CEO of MPLX effective Friday.As of last week, Marathon was in active discussions with possible buyers for its 68,000-barrel-per-day Kenai oil refinery near Anchorage and its 58,500-barrel Salt Lake City plant, people familiar with the situation said at the time. Kenai was among “several logical non-core” assets flagged for sale by Elliott in a presentation published last month.The separation of Speedway won’t require a shareholder vote, but will be subject to final approval by the board and other customary conditions. Marathon said it will initiate a nationwide search for a Speedway CEO from both internal and external sources.(Updates with closing share price in 11th paragraph.)\--With assistance from Catherine Ngai.To contact the reporters on this story: David Wethe in Houston at email@example.com;Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com;Liana Baker at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Former CEO of San Antonio-based Andeavor Gregory Goff is leaving Marathon Petroleum Corp. at the end of this year, Marathon announced Thursday.
Today, Marathon Petroleum (MPC) released results for the third quarter, during which its earnings rose 49% YoY (year-over-year) to $1.1 billion.
Marathon Petroleum Corp chief Gary Heminger will leave next year, the largest U.S. independent refiner said on Thursday, adding it would launch a sweeping restructuring demanded by activist investors, including the spinoff of retail operations. The changes were a victory for Elliott Management, DE Shaw and other investors that had sought a shakeup to boost the company's lagging share price following its troubled 2018 acquisition of rival Andeavor. The $23 billion Andeavor deal gave Marathon a coast-to-coast refining network.
Shares of Marathon Petroleum Corp. rallied 2.2% in premarket trading, after the energy company reported third-quarter profit that beat expectations but revenue that missed, announced plans to spin off its Speedway business and said its long-time CEO plans to retire. Net income rose to $1.10 billion, or $1.66 a share, from $737 million, or $1.62 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS of $1.63 was above the FactSet consensus of $1.34. Revenue grew to $31.20 billion from $23.13 billion but was below the FactSet consensus of $32.74 billion. Separately, the company said it plans to form a special committee to evaluate strategic alternatives, such as ways to maximize value of its midstream earnings and cash flow. And Marathon Chief Executive Gary Heminger announced plans to retire, after more than 8 years in the role, and 44 years with the company. The company has appointed a committee to search for his successor. The stock has hiked up 17.4% over the past three months through Wednesday, while the S&P 500 has gained 2.2%.
FINDLAY, Ohio, Oct. 31, 2019 /PRNewswire/ -- Gary R. Heminger, Chairman and Chief Executive Officer of Marathon Petroleum Corporation (MPC), today announced his plan to retire from MPC, where he has served as president and CEO since the company's spin-off from Marathon Oil in June 2011, and as chairman and CEO since 2016.
FINDLAY, Ohio , Oct. 31, 2019 /PRNewswire/ -- Marathon Petroleum Corporation (NYSE: MPC) and MPLX LP (NYSE: MPLX) today announced that Gregory J. Goff , executive vice chairman of MPC and a member of each ...
FINDLAY, Ohio , Oct. 31, 2019 /PRNewswire/ -- Reported income of $1.1 billion , or $1.66 per diluted share; adjusted income of $1.1 billion , or $1.63 per diluted share Generated $2.8 billion of operating ...
FINDLAY, Ohio, Oct. 31, 2019 /PRNewswire/ -- Marathon Petroleum Corporation (MPC) today announced its intention to separate Speedway into an independent, publicly traded company. Independent Speedway will consist of MPC's company-owned retail store operations with an expected 2019 EBITDA of approximately $1.5 billion. MPC will retain its direct-dealer business, with an expected 2019 EBITDA of approximately $0.4 billion, which is also included in the Retail segment as currently reported.
The stock slipped Thursday after the oil refiner said that it would spin off its Speedway gas station chain and that CEO Gary Heminger would retire next year. Third-quarter earnings also beat analyst estimates.
Marathon Petroleum buckled under pressure from activist investors and announced the spinoff of its retail fuel-station business and the departure of CEO Gary Heminger.