Tag Archives: Hess Downstream Sale To Marathon Petroleum

Is Marathon Petroleum’s Speedway Spinoff Destined For A Sale?

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It’s been quite the ride for Marathon Petroleum’s (MPC) planned spinoff of its convenience store business, Speedway. The idea was studied as part of a strategic review in 2017, but ultimately the board determined it wasn’t in the company’s best interests at the time. That decision was surprising given Elliott Management‘s involvement and initial support for the idea.… Read More »

Hess’ Retail Spinoff Saga Ends With Sale of Downstream Assets to Marathon Petroleum

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We didn’t really cover this saga, but last year Hess Corporation (HES) was embroiled in a heated proxy battle with Paul Singer’s Elliott Management. The fund argued (and put together a nice presentation) that the company was poorly managed, had lousy governance (too many cronies on the board) and was undervalued on a sum of the parts basis.… Read More »