FINDLAY, Ohio, March 18, 2020 /PRNewswire/ -- Marathon Petroleum
Corp. (NYSE: MPC) today announced that Michael J. Hennigan has been
appointed president and chief executive officer, effective
immediately, and will join the company's Board of Directors
following the company's 2020 annual meeting of shareholders on
April 29, 2020.
"The Board's unanimous decision to appoint Mike as our new CEO
marks the conclusion of a broad and rigorous search that considered
many external and several internal candidates, all seasoned
executives from the petroleum refining and adjacent sectors," said
Edward G. Galante, chair of the
special committee of the Board that led the CEO search process.
Lead Independent Director James E.
Rohr added, "Mike is a well-respected industry veteran with
28 years of refining experience and ten years of midstream
experience, including several at the chief executive level. Since
joining us in 2017, Mike has demonstrated a keen understanding of
our business and the value of our platform." Rohr went on to state,
"Mike has a clear vision for the
company's future and is the right leader with the necessary
experience and skills to guide us through a period of change."
"I am honored by the confidence placed in me to lead this great
company," said Hennigan. "Despite the current turbulence in the
energy and broader markets, we have a lot of opportunity ahead of
us. With the Board having completed its retail and midstream
reviews, my relentless focus will be on capturing commercial
opportunities across the value chain and leading and empowering my
executive team as we maintain our commitment to operational
excellence and shareholder return."
The Board intends to announce the selection and appointment of a
new, non-executive chairman in conjunction with the company's
April 29, 2020, annual meeting. As
announced last October, current Chairman and Chief Executive
Officer Gary R. Heminger will retire
in April after 45 years of service to the company.
As MPC's new president and CEO, Hennigan brings 38 years of
energy industry experience in the refining and midstream space,
including nearly three years with MPLX LP (NYSE: MPLX). Hennigan
will continue to serve as president and chief executive officer of
MPLX GP LLC, the general partner of MPLX.
Prior to joining MPLX GP LLC in 2017, Hennigan, 60, was
president, crude, NGL and refined products of the general partner
of Energy Transfer Partners L.P. Prior to that, he served as
president and chief executive officer of Sunoco Logistics Partners
L.P. He was responsible for all operations and business activities,
including setting the direction, strategy and vision for the
company. Hennigan began his career with Sunoco, Inc. and served in
various engineering and operations roles in Northeast refineries.
Thereafter, he assumed positions of increasing responsibility in
corporate business planning, financial analysis, marketing, supply
and trading and business development. He holds a Bachelor of
Science degree in chemical engineering from Drexel University.
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 million barrels
per day of crude oil capacity across 16 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 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.
Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President,
Investor Relations
Taryn Erie, Manager, Investor
Relations
Brian Worthington, Manager, Investor
Relations
Media Contacts:
Hamish
Banks, Vice President, Corporate Communications (419)
421-2521
Jamal Kheiry, Manager, Corporate Communications (419) 421-3312
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws regarding Marathon Petroleum
Corporation (MPC). These forward-looking statements relate to,
among other things, expectations, estimates and projections
concerning the business and operations, strategy and value creation
plans of MPC. You can identify our forward-looking statements by
words such as "anticipate," "believe," "budget," "commitment,"
"design," "estimate," "expect," "focus," "forecast," "forward,"
"goal," "guidance," "imply," "intend," "look," "objective,"
"opportunity," "outlook," "plan," "policy," "position,"
"potential," "predict," "priority," "project," "projection,"
"proposition," "prospective," "pursue," "schedule," "seek,"
"strategy," "target," "could," "may," "should," "would," "will" or
other similar expressions that convey the uncertainty of future
events or outcomes. Such forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond the
company's control and are difficult to predict. 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. 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, 2019,
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
https://www.marathonpetroleum.com/Investors/ or by contacting MPC's
Investor Relations office.
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SOURCE Marathon Petroleum Corporation