Marathon Petroleum Corporation
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| Public company | |
| Traded as | : MPC S&P 500 Component |
| Industry | Oil and gas |
| Predecessor | Marathon Oil (1984) Ashland Inc. USX Corporation Marathon Oil |
| Founded | Findlay, Ohio, (September 1, 2005) |
| Headquarters | Findlay, Ohio |
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Number of locations
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Area served
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Worldwide |
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Key people
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Gary R. Heminger (CEO) |
| Products | |
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Production output
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1,900,000 barrels per day of refined crude oil (2017) |
| Services | |
| Revenue |
 US$75.369 billion (2017)
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US$3.969 billion (2017)
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US$3.432 billion (2017)
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| Total assets |
US$49.047 billion (2017)
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| Total equity |
US$14.033 billion (2017)
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Number of employees
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~43,800 (December 2017) |
| Divisions |
Speedway LLC Catlettsburg Refining |
| Website | www |
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
The company owns:
Marathon Petroleum Corporation was formed on November 9, 2005 as a subsidiary of Marathon Oil.
Marathon Oil, the company's former parent, dates back to 1887 when several small oil companies in Ohio banded together to form The Ohio Oil Company. In 1889, it was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until the Standard Oil Trust was broken in 1911. In 1930, The Ohio Oil Company bought the Transcontinental Oil Company and established the "Marathon" brand name. In 1962, the company changed its name to "Marathon Oil Company". From 1982 until 2002, Marathon Oil was a subsidiary of U.S. Steel.
In 2005, Marathon Oil announced the spin-off of its Downstream, refining and marketing assets to a separate company called Marathon Petroleum Corporation.
The predecessor company of Marathon Petroleum Corporation, Marathon Petroleum Company LLC, formerly known as Marathon Ashland Petroleum LLC, was formed by the merger of the refining operations of Marathon Oil and Ashland Inc. in 1998. In 2005, the company became a 100% owned subsidiary of Marathon Oil.
In 2006, Marathon began using STP-branded additives in its gasoline.
In 2009, the company completed a $3.9 billion expansion of its refinery in Garyville, Louisiana that increased the plant’s capacity by 180,000 barrels per day.
In 2010, the company sold its 74,000 barrel-per-day refinery in St. Paul Park, Minnesota along with associated terminals, pipelines, and inventory as well as 166 SuperAmerica convenience stores to Northern Tier Energy for $900 million.
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Wikipedia