Marathon Petroleum to Buy Hesss Retail Business For $2.87 Bln Hess Shares Pierce 52-Week HighCatherine Kinney (Author) Published Date : May 29, 2014 19:10 IST
Marathon Petroleum's (MPC) Speedway division has agreed to purchase Hess Corp's (HES) retail business, Hess Retail Holdings LLC, for $2.87 billion. The transaction includes all of Hess's retail business, transport operations and shipper history on various pipelines, including about 40,000 barrels a day on Colonial Pipeline, making Speedway the largest company-owned and company-operated convenience-store chain in the U.S. based on revenue. The sale will allow Hess to focus on exploration and production. Shares of MPC are mostly unchanged at $87.69 with a 52-week range of $61.32 to $97.70. HES is up nearly 2% to $90.99, above the 52-week high of $90.29.
Marathon Petroleum to Buy Hesss Retail Business For $2.87 Bln Hess Shares Pierce 52-Week High