Marathon Petroleum to spin off Speedway into separate publicly traded company
Clients Marathon Petroleum Corporation
Jones Day is advising Marathon Petroleum Corporation ("MPC") in connection with the spin-off of Speedway LLC into an independent, publicly traded company. Speedway will consist of MPC's company-owned retail store operations, with an expected 2019 EBITDA of approximately $1.5 billion. MPC will retain its direct-dealer business. Activist shareholder Elliott Management initially proposed a separation of MPC into three separate publicly traded entities – Speedway, MPLX (Midstream) and New Marathon (Refining) – in a letter and presentation to MPC's board of directors on September 25, 2019.