Marathon Petroleum to split from Speedway
Monday, November 18, 2019
Despite recent statements to the contrary, Marathon Petroleum Corp. has announced plans to “spin off its Speedway gas-station business,” according to The Columbus Dispatch. It will also be replacing CEO Gary Heminger, who will retire next year.
Buckling under pressure from investors, Findlay-based Marathon confirmed its new direction at the end of October, along with the formation of a special board committee to review the company’s pipeline business.
As for replacing Heminger, who is a 45-year company veteran, Executive Vice Chairman Gregory Goff has been discussed as a possible next CEO, but he also said he’s retiring.
Learn more: Columbus Dispatch > Marathon Petroleum to spin off Speedway stations and find a new CEO
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.