Marathon Petroleum to acquire Hess retail unit for $2.6B

Marathon Petroleum (MPC) agrees to acquire Hess' (HES) retail business, including all of Hess' retail locations and transport operations, for $2.6B.

MPC says the addition of Hess' stores to its Speedway network of sites will broaden its geographic footprint and position Speedway as the premier convenience store operator in the eastern U.S.; the combined business will have 2013 pro forma revenues of more than $27B, 6.2B gallons of annual fuel sales, and $4.8B of annual merchandise sales at more than 2,700 retail locations.

Hess says the sale continues its strategic transformation into a pure-play E&P company; proceeds from the sale will be used for additional share repurchases, and existing share repurchase authorization is increased to $6.5B from $4B.

HES +3.5% premarket.

From other sites
Comments (3)
  • U2A Ventures
    , contributor
    Comments (355) | Send Message
    Great move by Hess here!!
    22 May 2014, 08:49 AM Reply Like
  • Allan J. Mortenson
    , contributor
    Comments (108) | Send Message
    I do believe you are talking about Marathon Oil Company - not [the refiner]
    Marathon Petroleum. When the split took place Marathon Oil got the Speedway
    retail chain.
    22 May 2014, 10:36 AM Reply Like
  • DCalkins0924
    , contributor
    Comment (1) | Send Message
    Marathon Petroleum owns Speedway, not Marthon Oil.
    22 May 2014, 12:20 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs