FOR IMMEDIATE RELEASE
FINDLAY, Ohio, Oct. 1, 2014 – Marathon Petroleum Corp. (NYSE: MPC) announced that on Sept. 30, 2014, its subsidiary, Speedway
LLC, closed its acquisition of Hess’ retail operations and related assets. The $2.82 billion transaction includes a $2.37 billion
base purchase price, capital leases that were cash settled at closing for $263 million, and $194 million of estimated working
capital, subject to post-closing adjustments. The transaction was announced May 22, 2014, and includes all of Hess’ retail operations,
transport operations, and shipper history on various pipelines.
“This transformative acquisition provides Speedway a significant growth platform by expanding our retail presence to 23 states throughout
the East Coast and Southeast,” said MPC President and Chief Executive Officer Gary R. Heminger. “Growing Speedway’s footprint as a premier
convenience store operator into the Eastern U.S. supports our strategic focus of increased investment in our stable cash-flow businesses.
We believe targeting the significant synergy potential in this business, including best practices and economies of scale, should drive
continued earnings growth into the future and enhance the value proposition to MPC investors.”
About Marathon Petroleum Corp.
MPC is the nation's fourth-largest refiner, with a crude oil refining capacity of approximately 1.7 million barrels per calendar day in its
seven-refinery system. Marathon brand gasoline is sold through approximately 5,300 independently owned retail outlets across 19 states. In
addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience store chain, with approximately 2,760
convenience stores in 22 states. MPC also owns, leases or has ownership interests in approximately 8,300 miles of pipeline. Through
subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. MPC's fully integrated system provides
operational flexibility to move crude oil, feedstocks and petroleum-related products efficiently through the company's distribution network
in the Midwest, Southeast and Gulf Coast regions. For additional information about the company, please visit our website at
Speedway LLC (Speedway), headquartered in Enon, Ohio, is the nation’s second-largest company-owned and -operated convenience store chain with
approximately 2,770 stores located in 22 states. Speedway is a wholly owned subsidiary of Marathon Petroleum Corp. (NYSE: MPC). For further
information about Speedway, visit the company’s website at http://www.speedway.com.
Investor Relations Contacts:
Geri Ewing (419) 421-2071
Angelia Graves (419) 421-2703
This press release contains forward-looking statements within the meaning of federal securities laws regarding MPC. These forward-looking statements
relate to, among other things, expectations, estimates and projections concerning the business and operations of MPC. You can identify forward-looking
statements by words such as "anticipate," "believe," "estimate," "expect," "forecast," "project," "could," "may," "should," "would," "will" or other
similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Factors that
could cause MPC's actual results to differ materially from those in the forward-looking statements include: our ability to successfully integrate Hess’
retail operations and achieve the strategic and other objectives relating to the acquisition, including any expected synergies; changes to the expected
construction costs of pipeline projects; volatility in and/or degradation of market and industry conditions; the availability and pricing of crude oil
and other feedstocks; slower growth in domestic and Canadian crude supply; completion of pipeline projects within the U.S.; consumer demand for refined
products; transportation logistics; the reliability of processing units and other equipment; our ability to successfully implement growth opportunities;
impacts from repurchases of shares of MPC common stock under share repurchase authorizations, including the timing and amounts of any common stock
repurchases; state and federal environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance
with the Renewable Fuel Standard; other risk factors inherent to MPC's industry; and the factors set forth under the heading "Risk Factors" in MPC's Annual
Report on Form 10-K for the year ended Dec. 31, 2013, filed with the Securities and Exchange Commission. In addition, the forward-looking statements
included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed
here or in MPC's Form 10-K could also have material adverse effects on results.