Marathon Petroleum Corp., ADM Announce Closing of Feedstock Partnership

Rhea-AI Summary

Marathon Petroleum Corp. (MPC) and ADM have finalized their joint venture, Green Bison Soy Processing, LLC, to produce soybean oil aimed at meeting the rising demand for renewable diesel fuel. With a 75% stake held by ADM and 25% by MPC, this $350 million facility in Spiritwood, North Dakota is set to process local soybeans, generating around 600 million pounds of refined soybean oil annually. The output will be dedicated to MPC for approximately 75 million gallons of renewable diesel per year.

Positive

• Joint venture aims to meet growing renewable diesel fuel demand.
• $350 million investment in soybean oil production.
• Facility expected to produce 600 million pounds of refined soybean oil annually.

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• None.

FINDLAY, Ohio and CHICAGO, Dec. 14, 2021 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) and ADM (NYSE: ADM) today announced the closing of their joint venture to produce soybean oil to supply the rapidly growing demand for renewable diesel fuel. The joint venture, which is named Green Bison Soy Processing, LLC, will own and operate a soybean processing complex in Spiritwood, North Dakota, with ADM owning 75% of the joint venture and MPC owning 25%, as previously announced in August.

Expected to be complete in 2023, the $350 million Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. The Spiritwood complex is expected to produce approximately 600 million pounds of refined soybean oil annually, enough feedstock for approximately 75 million gallons of renewable diesel per year.

Forward-Looking Statements

Some of the above statements constitute forward-looking statements. ADM and MPC's respective filings with the Securities and Exchange Commission provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, neither ADM nor MPC assume any obligation to update any forward-looking statements.

About ADM

At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We're a global leader in human and animal nutrition and the world's premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

ADM Media Relations Contact: (312) 634-8484
Jackie Anderson
media@adm.com

MPC Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President
Brian Worthington, Manager
Kenan Kinsey, Analyst

MPC Media Relations Contact: (419) 421-3312
Jamal Kheiry, Communications Manager

 

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SOURCE Marathon Petroleum Corporation

FAQ

What is the joint venture between Marathon Petroleum and ADM?

The joint venture, named Green Bison Soy Processing, LLC, focuses on producing soybean oil for renewable diesel fuel.

What percentage of the joint venture does ADM own?

ADM owns 75% of the Green Bison Soy Processing joint venture.

What is the expected annual output of the Spiritwood facility?

The Spiritwood facility is expected to produce approximately 600 million pounds of refined soybean oil each year.

How much is the investment in the Spiritwood production facility?

The investment in the Spiritwood facility is $350 million.

When is the Spiritwood facility expected to be completed?

The Spiritwood facility is expected to be completed in 2023.