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October 1, 2018 3:30 PM, EDT

Marathon Closes $23 Billion Deal With Texas Refining Firm Andeavor

Marathon gas station Marathon station in Garyville, Louisiana (Marathon Petroleum Corp.)

Marathon Petroleum Corp. officially closed a $23.3 billion deal Oct. 1 in which it acquired all the outstanding shares of Texas refining company Andeavor.

marathon logo

Marathon is based in Findlay, Ohio and is the parent company of the Speedway convenience store chain headquartered in Enon. As of the morning of Oct. 1, Andeavor ceased to be publicly traded, and its common stock discontinued trading on the New York Stock Exchange, according to information from Marathon.

“This transformative transaction is a significant milestone in our company’s more than 130-year history,” Chairman and CEO Gary R. Heminger said in a news release. “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.”

This transformative transaction is a significant milestone in our company’s more than 130-year history.

Chairman and CEO Gary R. Haminger

Gary Heminger

The combined company will be the largest U.S. refiner by capacity and a top-five refiner globally if the deal is approved, according to information from Marathon

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Distributed by Tribune Content Agency, LLC