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Moody's Investors Service (Moody's) assigned Baa2 ratings to Marathon Petroleum Corporation's (MPC) new notes totaling $2.9 billion issued in exchange for Andeavor's (ANDV) unsecured notes in conjunction with the close of MPC's acquisition of ANDV on October 1, 2018. In a related action, Moody's withdrew the Baa3 senior unsecured rating for ANDV, now a wholly-owned subsidiary of MPC.
Andeavor (ANDV) delivered earnings and revenue surprises of 19.59% and 0.94%, respectively, for the quarter ended June 2018. Do the numbers hold clues to what lies ahead for the stock?
Andeavor (ANDV) expects to invest $100 million in the Mexican project, which is likely to enable the company reduce its import expenses.
Case in point: Marathon Petroleum Corporation (NYSE: MPC) stock is up about 130% over the past two years. MPC it also just made a major acquisition in the refining arena, so it’s time to take a closer look at MPC stock. MPC stock has three divisions: Refining & Marketing, Speedway convenience stores and Midstream Operations.
Marathon Petroleum's (MPC) acquisition of Andeavor is going to create a nationwide refining giant, both in terms of refining capacity and market capitalization.
The merger news has put the spotlight on a number of energy ETFs that could be the best ways for investors to tap the opportunity arising from the MPC-ANDV deal.
The United States has become the world's top fuel exporter, shipping more than 3 million barrels per day (bpd) of gasoline and diesel. Refiners have capitalized on booming output from shale fields in Texas and North Dakota and are building out export terminals and processing facilities. Buying Andeavor gives Marathon more exposure to the booming U.S. shale oil sector, thanks to Andeavor's logistics and terminal operations in Texas and North Dakota shale regions.
Marathon Petroleum Corp said on Monday it would buy rival Andeavor for more than $23 billion, forming a company that will leapfrog Valero Energy Corp as the largest independent U.S. refiner by capacity. The cash-and-stock deal marries operations that are broadly complementary in terms of geography as well as giving Marathon extra capacity in the U.S. light crude produced by a booming shale oil sector.
Marathon Petroleum Corp. agreed to buy rival Andeavor for $23.3 billion in the biggest-ever deal for an oil refiner that would create the largest independent fuel maker in the U.S. Marathon shares sank as much as 8.9 percent in early trading with analysts at RBC Capital Markets seeing the deal done at “peak refining bullishness.” Andeavor rose as much as 18 percent. Shares of Andeavor, Marathon and other independent refiners have soared to record highs this year.