Cases & Deals

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.

We use cookies to deliver our online services. Details of the cookies and other tracking technologies we use and instructions on how to disable them are set out in our Cookies Policy. By using this website you consent to our use of cookies.