Marathon Petroleum acquires Hess Retail for $2.82 billion
Clients Marathon Petroleum Corporation
Jones Day advised Marathon Petroleum in the acquisition of Hess Corporation's gasoline stations and retail business for a total of $2.82 billion, expanding its footprint to 23 states from nine. The transaction includes all of Hess's retail locations, transport operations, and shipper history on various pipelines, including about 40,000 barrels a day on the Colonial Pipeline. The deal makes Speedway, Marathon's retail unit, the largest company-owned and company-operated convenience-store chain in the U.S. based on revenue.