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Marathon Petroleum Corp (MPC)

MPC on New York Consolidated

64.97USD
14 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Marathon Petroleum agrees to drop down $8.1 bln assets worth $8.1 bln to MLPX
Monday, 13 Nov 2017 04:15pm EST 

Nov 13 (Reuters) - Marathon Petroleum Corp :Marathon Petroleum Corp and MPLX LP announce agreement for approximately $8.1 billion dropdown to MPLX, and MPC initiates offer to exchange its general partner interests, including its IDRS, in MPLX.Transaction is expected to close on Feb. 1, 2018, and be immediately accretive to MPLX's distributable cash flow per unit​.Dropdown agreement approved by MPLX board following approval of terms of transaction by its independent conflicts committee​.‍MPC is contributing the assets and services in exchange for $4.1 billion in cash, MPLX equity valued at about $4 billion​.In connection with entering into dropdown agreement, MPLX entered into a commitment letter with Mizuho Bank Ltd​, among others.Commitment letter was for $4.1 billion 364-day term-loan facility to be funded upon closing of dropdown deal expected on Feb. 1, 2018​.‍MPC also offered to MPLX board exchange of GP economic interests in MPLX for newly-issued MPLX common units​.  Full Article

Marathon Texas City refinery reports emissions from alkylation unit
Tuesday, 31 Oct 2017 02:32pm EDT 

Oct 31 (Reuters) - Marathon Petroleum Corp :Marathon Petroleum Texas City, Texas refinery reports emissions from alkylation unit.Marathon reports an ammonia cylinder found empty and the cause was under investigation .Related story: Ammonia cylinder rupture shakes Marathon's Texas City refinery: sources nL2N1N60RD.  Full Article

Marathon Petroleum sees Q4 total throughput of 1,925‍​ MBPD
Thursday, 26 Oct 2017 09:05am EDT 

Oct 26 (Reuters) - Marathon Petroleum Corp :Marathon Petroleum Corp sees Q4 total throughput of 1,925‍​ MBPD - presentation.  Full Article

Marathon Petroleum Q3 earnings per share $1.77 including items
Thursday, 26 Oct 2017 06:35am EDT 

Oct 26 (Reuters) - Marathon Petroleum Corp :Reg-Marathon petroleum corp. Reports third-quarter 2017 results.Q3 earnings per share $1.77 including items.Q3 earnings per share view $1.48 -- Thomson Reuters I/B/E/S.Marathon petroleum corp qtrly total revenue and other income $‍19,386​ million versus $16,460 million.Marathon petroleum qtrly ‍refining & marketing segment reported segment income from operations of $1.097 billion, an $845 million increase from q3 of 2016​.Marathon petroleum corp - ‍company expects to repurchase at least $550 million of its shares in q4​.Q3 revenue view $18.93 billion -- Thomson Reuters I/B/E/S.  Full Article

Marathon Petroleum provides update on strategic actions to enhance shareholder value
Tuesday, 5 Sep 2017 06:00am EDT 

Sept 5 (Reuters) - Marathon Petroleum Corp :Provides update on strategic actions to enhance shareholder value.‍Company intends to repurchase $1 billion of additional shares by end of 2017​.Determined that maintaining speedway as fully integrated business within co gives "best opportunity for enhancing" shareholder value​.‍Expects to repurchase about $450 million of its shares by end of Q3, funded partially by after-tax cash proceeds from sept 1 dropdown​.‍Expects to repurchase $550 million in Q4​.On track to complete dropdown of remaining identified assets, which generate about $1 billion in annual EBITDA, by end of Q1 of 2018​.Decided to maintain speedway as integrated business as a spin-off would need at least $2.5 billion of debt reduction, $1 billion of cash on hand.Marathon says "‍board and management team have benefitted from our constructive dialogue with, and valuable input from, Elliott".  Full Article

Marathon Petroleum drops down joint-interest ownership in certain assets to MPLX for $1.05 bln
Friday, 1 Sep 2017 06:50am EDT 

Sept 1 (Reuters) - MPLX LP :Reg-Marathon Petroleum Corp. drops down joint-interest ownership in certain assets to MPLX for $1.05 billion.Marathon Petroleum says joint-interest acquisitions projected to generate about $138 million of 2018 adjusted EBITDA.  Full Article

Marathon Petroleum enters settlement agreements
Thursday, 3 Aug 2017 06:36am EDT 

Aug 3 (Reuters) - Marathon Petroleum Corp :Marathon petroleum- on Aug 1, entered settlement agreements with plaintiffs, co-defendants‍​ regarding fire that occurred at Galveston Bay refinery.Marathon Petroleum Corp says agreed to pay $86 million to settle all four lawsuits‍​.Marathon Petroleum Corp says recorded liability for losses under settlement agreements, which resulted in a charge of $86 million in Q2.  Full Article

Marathon petroleum corporation reports second-quarter results
Thursday, 27 Jul 2017 06:35am EDT 

July 27 (Reuters) - Marathon Petroleum Corp :Marathon Petroleum Corporation reports second-quarter 2017 results.Q2 earnings per share $1.00 including items.Q2 earnings per share view $1.07 -- Thomson Reuters I/B/E/S.Says ‍second-quarter 2017 earnings include a charge of $0.05 per diluted share​.Says refining & marketing segment income from operations was $562 million in q2 2017, compared with $1.03 billion in same quarter of 2016.Says ‍second-quarter 2017 earnings include a charge related to estimated losses for ongoing litigation matters​.Says in Q2 the company recognized estimated losses of $40 million related to ongoing litigation matters.Says ‍expects to complete ongoing review of speedway by end of Q3​.Q2 total revenues and other income $18,354 million versus $16,790 million.Says impairments in q2 of 2017 included a benefit of $19 million related to mpc's share of a gain on asset liquidations.Says Q2 earnings per share view $1.07, revenue view $18.70 billion -- Thomson Reuters I/B/E/S.  Full Article

Marathon Galveston Bay, Texas refinery reports SRU upset
Wednesday, 26 Jul 2017 04:01pm EDT 

July 26 (Reuters) - Marathon Petroleum Corp ::Marathon Galveston Bay, Texas refinery reports upset at the sulfur recovery unit (SRU) resulted in release from the incinerator.Marathon Galveston Bay, Texas refinery reports emissions from SRU c/d incinerator, SRU incinerator, sulfur recovery unit (SRU).Marathon Galveston Bay, Texas refinery reports the unit was able to resolve the issue and resume normal operations.  Full Article

Marathon Petroleum raises dividend 11 pct to $0.40/share
Wednesday, 26 Jul 2017 12:17pm EDT 

July 26 (Reuters) - Marathon Petroleum Corp ::Marathon Petroleum Corp increases dividend 11 percent.Sets dividend of $0.40 per share.  Full Article

3rd Circuit says Marathon can challenge Delaware law later

A federal appeals court has declined to revive a lawsuit by Marathon Petroleum challenging Delaware's unclaimed property law that the state is using to try to seize unused gift cards, ruling its claims for federal common law preemption are premature now but may be viable in the future.