October 31, 2019 / 10:36 AM / 12 days ago

Marathon Petroleum to spin off gas station unit, review midstream assets

Oct 31 (Reuters) - Marathon Petroleum Corp said on Thursday it will spin off its gas station business Speedway and review the midstream assets, conceding to some of the demands made by activist investors Elliott Management Corp and DE Shaw & Co.

Speedway will trade as an independent public company after the separation is completed, the company said.

Separately, Marathon Petroleum reported a 48.6% jump in quarterly profit, benefiting from easy access to cheaper light crude that helped outweigh a hit from higher prices of heavy crude. (Reporting by Shradha Singh and Shanti S Nair in Bengaluru; Editing by Subhranshu Sahu)

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