Due to the COVID-19 pandemic, Findlay, Ohio-based Marathon Petroleum Corporation (MPC) plans to defer its Speedway gas station spin-off to early 2021, according a filing with the U.S. Securities and Exchange Commission.
The separation was initially scheduled to take place by the end of 2020.
“In light of the impacts of the COVID-19 pandemic on market conditions, MPC continues to assess the timeline for the Speedway separation,” said Molly Benson, vice president, chief securities, governance and compliance officer and corporate secretary, in the filing.
The company is working toward establishing the largest U.S. listed convenience store operator by separating Speedway from its parent platform into an independent publicly traded company. However, over the past few months, the oil and gas industry has been greatly affected by the pandemic.
MPC continues to assess the timeline for the Speedway separation, which “remains subject to final approval by MPC’s board of directors, as well as the satisfaction or waiver of certain other customary conditions.”
MPC is an 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 U.S., including Marathon brand retail outlets.
Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the U.S. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company which owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.
