Marathon Petroleum Corporation (MPC) history, profile and corporate video
Marathon Petroleum Corporation (MPC) is an American downstream energy company headquartered in Findlay, Ohio, United States. It was formed on November 9, 2009, as a subsidiary of Marathon Oil.
On July 1, 2011, Marathon Oil spin-off Marathon Petroleum, which became a stand-alone refining, marketing, and transportation company.
In 2013, MPC purchased numerous assets from BP, including the Galveston Bay refinery in Texas City, Texas, four light product distribution terminals, and retail marketing contracts for 1,200 retail stations throughout the southeastern United States.
In 2014, Marathon acquired Hess retail operations and related assets. The acquisition included 1,256 stores in 16 states.
In 2018, MPC acquired Andeavor, an independent refinery and oil company based in the Western United States. The acquisition included 10 refineries, approximately 3,300 retail stations and the general partner of Andeavor Logistics.
In 2021, Seven & i Holdings acquired Marathon’s subsidiary, Speedway LLC.
Former parent company – Marathon Oil
Marathon Oil, the company’s former parent, dates back to 1887 when several small oil companies in Ohio merged to form The Ohio Oil Company.
In 1889, John D. Rockefeller’s Standard Oil purchased Ohio Oil.
It remained a part of Standard Oil until The Supreme Court broke up the Standard Oil trust in 1911, and Ohio Oil was again an independent company.
In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the “Marathon” brand name.
In 1962, the company changed its name to “Marathon Oil Company”.
From 1982 until 2002, Marathon Oil was a subsidiary of U.S. Steel.
Predecessor company
The predecessor company of Marathon Petroleum Corporation, Marathon Petroleum Company LLC, formerly known as Marathon Ashland Petroleum LLC, was formed in 1998 by the merger of the refining operations of Marathon Oil and Ashland Inc.
In 2005, the company became wholly-owned subsidiary of Marathon Oil.
The company operates the nation’s largest refining system. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets. 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.
With more than 57 000 employees, Marathon Petroleum Corporation is considered one of the largest petroleum refinery operators in the United States, with 16 refineries and over 3 million barrels per day of refining capacity. According to Forbes, it is considered one of the top 2000 largest public companies in the world.
*Information from Forbes.com, Wikipedia.org, and www.marathonpetroleum.com.
**Video published on YouTube by “Marathon Petroleum Corporation“.