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Marathon Petroleum says decision coming soon on Speedway spinoff

Published 07/06/2017, 11:31 AM
© Reuters.  Marathon Petroleum says decision coming soon on Speedway spinoff
MPC
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  • Marathon Petroleum (MPC +0.8%) indicates a decision is coming soon on whether to spin off its Speedway gasoline and convenience store chain into a publicly traded entity.
  • At a J.P. Morgan investor conference last week, MPC Chairman and CEO Gary Heminger showed a presentation saying the Speedway evaluation would be completed during Q3.
  • MPC says Speedway's Q1 revenue totaled $135M, lower than the $167M reported in the year-ago quarter, partly due to lower margins on gasoline and merchandise at its locations, but it says market conditions later in the quarter raise hopes for a stronger financial performance in the driving season.
  • Now read: Marathon Petroleum Corporation (MPC) Presents At J.P. Morgan Energy Equity Investor Conference - Slideshow


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