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MPC-Andeavor merger OK’d by stockholders;
close expected 10/1
Kristen Nelson Petroleum News
Marathon Petroleum Corp. and Andeavor stockholders voted Sept. 24 to approve the merger of MPC and Andeavor announced April 30. The approval came at separate stockholder meetings, with MPC stockholders approving the issuance of shares of MPC common stock in connection with the merger and Andeavor stockholders approving adoption of the previously disclosed agreement and plan of merger.
The combined company will carry the Marathon Petroleum Corp. name and have an initial enterprise value of more than $90 billion.
The votes satisfy one of the final conditions to the closing of the merger, which is expected Oct. 1, subject to satisfaction or waiver of the remaining customary conditions to closing.
MPC became an independent company on July 1, 2011. It operates an integrated refining, marketing and transportation system concentrated primarily in the U.S. Midwest, Northeast, East Coast, Southeast and Gulf Coast. It is headquartered in Findlay, Ohio, and has some 43,800 employees.
The exploration and production portion of the company, under the Marathon Oil name, became an independent E&P company July 1, 2011.
Marathon was formerly a major Cook Inlet E&P player. It sold most of its Cook Inlet oil production in 1996 and focused on natural gas.
In early 2012 it sold its Alaska assets to Hilcorp Alaska. The company had been operating in Alaska for almost 58 years, but its focus as Marathon Oil was on liquids-rich resource plays.
Andeavor is an integrated marketing, logistics and refining company, with operations primarily in the western and midcontinent U.S. it operates 10 refineries in the midcontinent and western U.S. It has some 14,000 employees.
Formerly known as Tesoro Corp., the company operates a refinery on the Kenai Peninsula and also owns the liquefied natural gas facility which was built by a partnership of Phillips Petroleum and Marathon. Plant operator ConocoPhillips put the LNG plant up for sale and mothballed it in the fall of 2017. A sale of the LNG facility to Andeavor closed Jan. 31 of this year.
- KRISTEN NELSON
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