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Purchase of Hess' Retail Operations and Related Assets Closes
Marathon Petroleum Corp. announced that on Sept. 30, 2014, its subsidiary, Speedway LLC, closed its acquisition of Hess' retail operations and related assets. The $2.82 billion transaction includes a $2.37 billion base purchase price, capital leases that were cash settled at closing for $263 million, and $194 million of estimated working capital, subject to post-closing adjustments. The transaction was announced May 22, 2014, and includes all of Hess' retail operations, transport operations, and shipper history on various pipelines.

"This transformative acquisition provides Speedway a significant growth platform by expanding our retail presence to 23 states throughout the East Coast and Southeast," said MPC President and Chief Executive Officer Gary R. Heminger. "Growing Speedway's footprint as a premier convenience store operator into the Eastern U.S. supports our strategic focus of increased investment in our stable cash-flow businesses. We believe targeting the significant synergy potential in this business, including best practices and economies of scale, should drive continued earnings growth into the future and enhance the value proposition to MPC investors."

About Marathon Petroleum Corp.

MPC (NYSE: MPC) is the nation's fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,300 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience store chain, with approximately 2,740 convenience stores in 23 states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC's fully integrated system provides operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution network in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at http://www.marathonpetroleum.com.

About Speedway

Speedway LLC (Speedway), headquartered in Enon, Ohio, is the nation's second-largest company-owned and -operated convenience store chain with approximately 2,740 stores located in 23 states. Speedway is a wholly owned subsidiary of Marathon Petroleum Corp. (NYSE: MPC).

About Hess

Hess Corporation (NYSE:HES) is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.


Origine : Communiqué Marathon Petroleum

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