Business, Fuel

Marathon Petroleum Bows to Activist Push With Spinoff, CEO Exit

Marathon gas station A Marathon gas station in DeKalb, Ill., on July 29, 2019. Company Chairman and CEO Gary Heminger will retire next year. (Daniel Acker/Bloomberg News)

Marathon Petroleum Corp. buckled under pressure from shareholders and announced the spinoff of its retail fuel-station business and the departure of its chairman and chief executive officer, just five weeks after activist investor Elliott Management Corp. went public with demands for a radical overhaul of the company.

David Wethe and Scott Deveau | Bloomberg News
October 31, 2019
Government, Business, Fuel

Portugal May Declare Civil Order to Counter Fuel Supply Shortage

Tank truck drivers on strike in Lisbon, Portugal Tank truck drivers on strike watch a fellow driver leaving a fuel depot in Aveiras, outside Lisbon, on Aug. 12, 2019. Portugal is rationing gas as a precaution after some 2,000 tank truck drivers began a strike over pay. (Associated Press/Armando Franca)

Portugal may declare a civil order to ensure that truck drivers, who began a strike Aug. 12, deliver enough fuel to stop gas stations across the country from running dry at the height of the country’s tourism season, Prime Minister Antonio Costa said.

Henrique Almeida | Bloomberg News
August 12, 2019
Government, Business, Fuel, Logistics

Experts to Dissect Industry Trends, Insights at ATA Economic Summit

ATA Chief Economist Bob Costello ATA Chief Economist Bob Costello at the 2018 Management Conference & Exhibition. Costello says ATA's economic summit, which is being held Sept. 23 in Washington, has grown over its first three years. (John Sommers II for Transport Topics)

Experts in the fields of manufacturing, logistics and the petroleum industry are scheduled to participate in American Trucking Associations’ economic summit in September.

Eugene Mulero | Senior Reporter
August 9, 2019
Business, Fuel

Occidental Begins Bond Sale to Fund Anadarko Deal

Oil Rig Getty Images

Occidental Petroleum Corp. is selling bonds to help finance its $38 billion acquisition of Anadarko Petroleum Corp., as debt issuers show faith in the market rebound.

Caleb Mutua | Bloomberg News
August 6, 2019