Marathon Petroleum Revises Timeline For Speedway Separation To Early 2021

(RTTNews) - Marathon Petroleum Corp. (MPC) has revised timeline for the Speedway separation to early 2021 from the initial target of the fourth quarter of 2020, citing impacts of the COVID-19 pandemic on market conditions.

The separation remains subject to final approval by MPC's board of directors, as well as the satisfaction or waiver of certain other customary conditions.

On June 11, 2020, Speedway Inc., a wholly owned subsidiary of Marathon Petroleum, confidentially submitted a registration statement on Form 10 with the U.S. Securities and Exchange Commission in connection with MPC's previously announced plan to separate its retail transportation fuels and convenience store business into an independent, publicly traded company.