FINDLAY, Ohio, April 12, 2019 /PRNewswire/ -- Marathon Petroleum
Corp. (NYSE: MPC) today announced that its wholly owned
subsidiaries, including Speedway LLC, have entered into a
definitive purchase agreement to acquire a 900,000-barrel capacity
light product and asphalt terminal and 33 NOCO Express retail
stores in Buffalo, New York, from
NOCO Incorporated.
"This acquisition supports MPC's Midwest product placement
strategy and builds upon prior investments, including Speedway's
acquisition of 78 Express Mart locations in western New York, to maximize our refinery
utilization," said MPC Chairman and Chief Executive Officer
Gary R. Heminger. "The terminal is
well positioned to receive supply from the Midwest, Canada or the New York Harbor via multiple
supply routes, including pipeline, truck, rail or waterborne
vessels and deliver our products in this attractive new
market."
"We are excited to continue our growth into western New York," said Speedway President
Tony Kenney. "The NOCO Express
stores have been very well managed and maintained, and will
complement our expanding presence in this region. We look forward
to further bringing the Speedway brand to even more consumers in
the Buffalo region."
The transaction is subject to standard regulatory approvals,
customary due diligence, and other closing conditions.
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 with more than 3.0 million barrels
per day of crude oil capacity across sixteen refineries. MPC's
marketing system includes branded locations across the United States, including Marathon brand
retail outlets. Speedway LLC, an MPC subsidiary, owns and operates
retail convenience stores across the
United States. MPC also owns the general partner and
majority limited partner interests in two midstream companies, MPLX
LP and Andeavor Logistics LP, which own and operate 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.
Investor Relations Contacts:
Kristina A. Kazarian (419) 421-2071
Media Contacts:
Chuck
Rice (419) 421-2521
Forward-looking Statements
This press release
includes forward-looking statements regarding Marathon Petroleum
Corporation (MPC). You can identify forward-looking statements by
words such as "anticipate," "believe," "estimate," "expect,"
"forecast," "goal," "intend," "objective," "opportunity," "plan,"
"position," "potential," "predict," "project," "seek," "target,"
"could," "may," "should," "would," "will" or other similar
expressions that convey the uncertainty of future events or
outcomes. We have based our forward-looking statements on our
current expectations, estimates and projections about our industry
and our company. We caution that these statements are not
guarantees of future performance and you should not rely unduly on
them, as they involve risks, uncertainties and assumptions that we
cannot predict and many of which are beyond our control.
Accordingly, our actual results may differ materially from the
future performance that we have expressed or forecast in our
forward-looking statements. Factors that could cause actual results
to differ materially from those implied in the forward-looking
statements include: the time, costs and ability to obtain
regulatory and other approvals and otherwise consummate the
proposed transactions described herein; the satisfaction or waiver
of conditions in the agreements governing the proposed transactions
described herein; and our ability to achieve the strategic and
other objectives related to the proposed transactions described
herein. In accordance with "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, we have included in MPC's
Form 10-K for the year ended Dec. 31,
2018, cautionary language identifying important factors,
though not necessarily all such factors, that could cause future
outcomes to differ materially from those set forth in the
forward-looking statements. Copies of MPC's Form 10-K are available
on the SEC website, MPC's website
at http://ir.marathonpetroleum.com or by
contacting MPC's Investor Relations office.
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SOURCE Marathon Petroleum Corporation