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FINDLAY, Ohio -- Marathon Petroleum Co. (MPC) is officially its own independent and publicly traded company. MPC, a refining, marketing and transportation business, has begun trading on the New York Stock Exchange. Shares of MPC, the same as its ticker symbol, were trading at $42.50 during this morning's trade.
MPC was formerly a subsidiary of Marathon Oil Corp., the fifth-largest crude oil refiner in the U.S. and the largest in the Midwest. Marathon-brand gasoline is sold at 5,100 independently owned locations in 18 states. Also under MPC's umbrella is Speedway LLC, the country's fourth largest company-owned and operated convenience store chain with 1,350 stores.
Announcement of the MPC spinoff was first made in January. Marathon Oil's board of directors approved the transaction in May.
"The benefits of independence have become increasingly apparent and establishing Marathon Petroleum as a standalone energy company, with enhanced flexibility to pursue tailored strategies, will drive long-term value for our shareholders and customers alike," said Gary R. Heminger, president and CEO of MPC.
"Each of our business segments is a top performer. With a fully integrated system focused on refining, marketing and transportation operations, Marathon Petroleum is uniquely positioned to grow profitably. Our strong balance sheet and access to capital provides us with the necessary resources to allow us to grow organically, to pursue acquisitions and to deliver competitive returns to our shareholders. We will be a capital disciplined company."