Ohio based Marathon Petroleum Corp shared shed 1.29% to $59.55 Wednesday. This proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX falling 0.29% to 4,115.68 and Dow Jones Industrial Average DJIA falling 0.48% to 33,896.04. This was the stock’s second consecutive day of losses.
Marathon Petroleum Corp. closed $2.40 below its 52-week high ($61.95), which the company achieved on May 14th. Despite its losses, the stock outperformed some of its competitors Wednesday, as Exxon Mobil Corp. XOM fell 2.40% to $58.98, Chevron Corp. CVX fell 2.81% to $103.20, and BP PLC ADR BP fell 2.53% to $26.18.true Trading volume (9.2 M) eclipsed its 50-day average volume of 6.5 M.
Marathon Petroleum Corp has completed the sale of its Speedway convenience-store chain for $21 billion to retailer 7-Eleven. It plans to use the proceeds to buy back shares and pay debts. Marathon is an American fuel company whose operations include oil refining. It decided to sell Speedway as part of a restructuring plan.
Maryann Mannen, CFO said that the close of the Speedway transaction marks a significant milestone in our ongoing commitment to strengthen the competitive position of our portfolio. After paying taxes tied to the transaction, Marathon will retain $16.5 billion in cash. It plans to use up to $7.1 billion to fund stock repurchase. Including the $2.9 billion remaining from the previous repurchase plan, the company is now set to buy back up to $10 billion of its stock.