Marathon Pete Corp Stock Price, News & Analysis

Marathon Petroleum Corporation (MPC) will hold a conference call on August 4, 2021, at 11 a.m. EDT to discuss its second-quarter financial results for 2021. Interested parties can access the call through MPC's website, where a replay will be available for two weeks following the event. The call will provide insights into the company’s performance, which operates the largest refining system in the U.S. and has a diverse marketing system, including Marathon brand retail locations. Financial details will be released prior to the call.

MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on August 4, 2021, at 9:30 a.m. EDT to discuss its 2021 second-quarter financial results. Interested parties can access the call via MPLX's website. A replay of the conference will be available for two weeks post-event. MPLX operates midstream energy infrastructure and logistics assets, including a network of pipelines and storage facilities across the U.S.

Marathon Petroleum Corp. (MPC) announced the final results of its modified Dutch auction tender offer, which closed on June 14, 2021. A total of 15,573,364 shares were validly tendered and accepted at a purchase price of $63.00 per share, amounting to approximately $981 million. This represents about 2.4% of MPC's outstanding shares. The company stated there was no proration factor since all properly tendered shares were accepted. J.P. Morgan and Barclays acted as dealer managers, while Computershare served as the depositary for the offer.

Marathon Petroleum Corp. (NYSE: MPC) reported preliminary results for its modified Dutch auction tender offer, which concluded on June 14, 2021. Approximately 15.6 million shares were validly tendered at a price of $63.00 each, totaling an aggregate cost of about $981 million. This accounts for approximately 2.4% of MPC's outstanding common stock. Following the sale of its Speedway business, MPC had a total share repurchase authorization of $10 billion, with about $9 billion remaining post-tender offer. The company aims to execute its capital return strategy over the next 12 to 18 months.

On May 19, 2021, 7-Eleven announced agreements to sell 293 Speedway and 7-Eleven stores to three buyers, following its acquisition of Speedway from Marathon Petroleum Corp. (NYSE: MPC) on May 14, 2021. The sales are divided among three agreements: 124 sites to Anabi Oil, 63 sites to Jacksons Food Stores, and 106 to CrossAmerica Partners LP. This strategic move continues 7-Eleven's expansion in the convenience retail market while streamlining its operations.

Marathon Petroleum Corp. (NYSE: MPC) is set to redeem all $300 million of its outstanding 5.125% senior notes due April 1, 2024. This decision aligns with the company's strategy to decrease long-term structural debt. The notes will be redeemed at 100.854% of the principal amount, plus accrued interest. The portion issued by MPC is expected to be redeemed on June 18, 2021, and the notes obligated by Andeavor LLC on June 1, 2021. This announcement serves as an informational release, not a solicitation to buy or sell the notes.

Marathon Petroleum Corp. (MPC) initiated a modified Dutch auction tender offer on May 17, 2021, to buy up to $4.0 billion of its common stock at prices between $56.00 and $63.00 per share. The offer will expire on June 14, 2021. Funding for the purchase will come from after-tax proceeds from the recent sale of its Speedway business to 7-Eleven. This offer is part of MPC's $10.0 billion share repurchase program. All shares purchased will be at the same price, contingent upon conditions set out in the offer materials, and shares can be withdrawn before the offer expires.

Marathon Petroleum Corp. (NYSE: MPC) has successfully closed its $21 billion sale of Speedway to 7-Eleven, Inc. All conditions were satisfied, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction was finalized after the FTC opted not to take action during the waiting period. MPC has received the sale proceeds and reaffirms its commitment to its capital return plans. A tender offer related to this transaction has yet to commence, with no guarantees on the timing or terms.

7-Eleven has successfully acquired Speedway, enhancing its position as the largest convenience store chain in North America. The acquisition adds approximately 3,800 stores across 36 states, increasing 7-Eleven's portfolio to around 14,000 locations. This strategic move diversifies 7-Eleven's presence, particularly in the Midwest and East Coast, and positions it in 47 of the 50 largest U.S. metro areas. The integration aims to improve efficiencies and innovate the customer experience.