Marathon Petroleum executives resist idea to split company

Marathon Petroleum CEO Gary Heminger and Greg Goff, one of the company’s directors, recently assured employees “the company intends to continue as a diversified oil and gasoline company” in response to a New York hedge fund’s recommendation to break Marathon into three companies, the Akron Beacon Journal reports. Findlay-based Marathon operates a refinery in Canton and is the “majority owner in a partnership that operates MPLX, an oil and natural gas gathering network with operations in Stark County and the Utica Shale.”

Elliott Management, which owns 2.5% of Marathon’s stock, said it believes Marathon would be more valuable if the company split into three businesses: Speedway gas and convenience stores, a refining operation, and MPLX as a standalone “midstream business moving oil and natural gas from wells to refineries and processors.” For more, read the full article.

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