Marathon Petroleum -3.1% on spending plans for midstream, retail

Marathon Petroleum (MPC -3.1%) and MPLX (MPLX -0.7%) outline a plan to invest aggressively in its midstream and retail segments to help balance the volatility of its refining operations. (presentation)

Over the next three years, MPC expects to invest $640M in midstream assets that are a part of its refining and marketing segment, $2.4B in pipeline transportation including MPLX, and $925M on growing the Speedway convenience store segment.

"We recognize that earnings volatility is an issue for long-term investors, and we are addressing that by growing more aggressively the segments of our business that produce more stable cash flows," CEO Gary Heminger says.

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