Marathon Petroleum Corporation
Marathon Petroleum Corporation (“MPC”) was incorporated in Delaware
on November 9, 2009 in connection with an internal restructuring of Marathon
Oil Corporation (“Marathon Oil”). On May 25, 2011, the Marathon
Oil board of directors approved the spinoff of its Refining, Marketing &
Transportation Business (“RM&T Business”) into an independent,
publicly traded company, MPC, through the distribution of MPC common stock to
the stockholders of Marathon Oil common stock.
Marathon is engaged in refining, marketing and transportation of crude oil
and petroleum products primarily through MAP; and other energy related businesses.
Refining, Marketing and Transportation
RM&T operations are primarily conducted by MAP and its subsidiaries, including
its wholly owned subsidiaries, Speedway SuperAmerica LLC ('SSA') and Marathon
Ashland Pipe Line LLC.
Other Energy Related Businesses
Marathon operates other businesses that market and transport its own and third-party
natural gas, crude oil and products manufactured from natural gas, such as LNG
and methanol, primarily in the United States, Europe and West Africa.
Competition and Market Conditions
Strong competition exists in all sectors of the oil and gas industry and, in
particular, in the exploration and development of new reserves. Marathon competes
with major integrated and independent oil and gas companies for the acquisition
of oil and gas leases and other properties, for the equipment and labor required
to develop and operate those properties and in the marketing of oil and natural
gas to end-users. Many of Marathon's competitors have financial and other resources
greater than those available to Marathon. As a consequence, Marathon may be
at a competitive disadvantage in bidding for the rights to explore for oil and
gas.