Marathon responds to idea of splitting company three ways
Monday, October 21, 2019
Following a New York hedge fund’s recommendation to break Marathon Petroleum into three companies, CEO Gary Heminger and Greg Goff, one of the company’s directors, assured employees “the company intends to continue as a diversified oil and gasoline company,” according to Shale Ohio.
Elliott Management, which owns 2.5% of Marathon’s stock, believes the company would be more valuable if it slips into three businesses: Speedway gas and convenience stores, a refining operation, and MPLX as a standalone “midstream business moving oil and natural gas from wells to refineries and processors.”
Marathon operates a refinery in Canton and is the “majority owner in a partnership that operates MPLX, an oil and natural gas gathering network with operations in Stark County and the Utica Shale.”
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