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 »
In January, under pressure from Elliott Management, Marathon Petroleum(MPC) announced a formal review of the company’s strategic options for its Speedway business. At the time, it seemed that a spinoff was both Elliott’s goal and a likely outcome of the review process. After all, the industry has seen several petroleum companies spin off their convenience store divisions. Marathon… Read More »
Someone sure was busy during the Holidays. On the very first trading day of the new year, Marathon Petroleum Corporation (MPC) announced a number of strategic updates, most of them suggested (and naturally approved) by activist fund Elliott Management. While most of the news was related to its ownership of MPLX (MPLX and worthy of its own post), there was… Read More »
Less than a year after being spun out of the Marathon Oil Corporation (MRO), the Marathon Petroleum Corporation (MPC) is pondering a spin of its own. Talk about moving quickly. Egged on by activist investor Jana Partners (who is also ‘prodding’ McGraw-Hill [MHP]), the company is considering setting up an master limited partnership (MLP) for its pipeline business… Read More »