Marathon Petroleum Corp. Announces Successful Completion of Andeavor Combination, Creating the Leading US Refining, Midstream and Marketing Company

Source Press Release
Company Marathon Petroleum CorporationAndeavor 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date October 01, 2018

Marathon Petroleum Corp. (NYSE: MPC) has closed the transaction in which it acquired all of the outstanding shares of Andeavor. As of this morning, Andeavor ceased to be publicly traded and its common stock discontinued trading on the New York Stock Exchange.

"This transformative transaction is a significant milestone in our company's more than 130-year history," said MPC Chairman and Chief Executive Officer Gary R. Heminger. "MPC is now the leading refining, midstream, and marketing company in the U.S., and is well-positioned for long-term growth and shareholder value creation.""

We are excited to begin unlocking the extraordinary potential across our new platform, including approximately $1 billion of tangible annual run-rate synergies we expect within the first three years," added Heminger. "We look forward to sharing more details around our plans at our upcoming December Investor Day."

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd