Marathon Petroleum Corp. has announced the successful completion of the Andeavor combination, creating a leading US refining, midstream and marketing company.
The company has closed the transaction in which it acquired all of the outstanding shares of Andeavor. As of October 1, 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 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 $1bn 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.”
For more information visit: www.marathonpetroleum.com
2nd October 2018
