marathon petroleum corp (MPC) Key Developments
Marathon Petroleum Seeks Acquisitions
Sep 2 14
Marathon Petroleum Corporation (NYSE:MPC) has announced an offering of around $2 billion. The net proceeds from the sale of the securities will be used for general corporate purposes, including repayment or refinancing of debt and funding for acquisitions, working capital requirements, capital expenditures and repurchases and redemptions of securities.
Marathon Petroleum Corporation Enters into $700 Million Five-Year Term Loan Agreement
Aug 26 14
Marathon Petroleum Corporation announced that it has entered into a five-year senior unsecured term loan agreement with a syndicate of lenders providing commitments for $700 million in term loan borrowings. The term loan proceeds will be used to fund a portion of the purchase consideration for Speedway's acquisition of Hess Retail Holdings LLC, expected to close later this year. Borrowings under the term loan agreement are subject to customary conditions and would have to be repaid if the acquisition is not completed within 10 business days following the funding date. The term loan was substantially oversubscribed from a group of the lenders who are also participants in company's primary revolving credit facility. The borrowings will mature five years following the funding date and may be prepaid at any time without premium or penalty. Interest on the borrowings will accrue at a rate determined by a grid-based pricing matrix that is dependent upon the company's credit ratings. RBS Securities Inc., Bank of Tokyo-Mitsubishi UFJ Ltd., Barclays Bank PLC, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. served as joint lead arrangers and joint bookrunners under the term loan agreement.
Marathon Petroleum Corporation Presents at Barclays CEO Energy-Power Conference, Sep-02-2014 11:45 AM
Aug 26 14
Marathon Petroleum Corporation Presents at Barclays CEO Energy-Power Conference, Sep-02-2014 11:45 AM. Venue: The Sheraton NY Hotel & Towers, 811 Seventh Ave, New York City, NY 10019, United States. Speakers: Gary R. Heminger, Chief Executive Officer, President, Director and Member of Executive Committee.
Marathon Petroleum Corporation Announces Executive Changes Effective October 1, 2014
Aug 5 14
On July 30, 2014, the board of directors of Marathon Petroleum Corporation appointed John J. Quaid, who currently serves as vice president and controller, to also serve as the company's principal accounting officer effective October 1, 2014. In his capacity as the company's principal accounting officer, Mr. Quaid will replace Michael G. Braddock, the company's vice president and chief accounting officer, whose retirement date of October 1, 2014. Mr. Quaid joined PricewaterhouseCoopers' audit and assurance practice, where he was promoted to manager in 1998. Mr. Quaid was elected vice president and treasurer in August 2011. In January 2014, Mr. Quaid became vice president of Iron Ore, with responsibilities for all mining operations. Mr. Quaid was appointed vice president and controller of Marathon Petroleum Corporation effective June 23, 2014.
Marathon Petroleum Corp. Announces Earnings Results for the Second Quarter of 2014
Jul 31 14
Marathon Petroleum Corp. announced earnings results for the second quarter of 2014. For the period, the company earnings rose by 44%, net income rose to $855 million, or $2.95 per share, from $593 million, or $1.83 per share, in the same quarter a year earlier. Revenue rose 5%, to $26,930 million from $25,700 million.