Like most energy companies, independent refiner Marathon Petroleum took a big hit from declining oil and gas prices at the start of the pandemic—and saw its fortunes rebound in 2021, climbing from No. 32 to No. 19 on this year’s Fortune 500. The company also sold gas-station and convenience-store chain Speedway to 7-Eleven for $21 billion in May 2021. Russia’s invasion of Ukraine created new challenges for Marathon in 2022: Prior to the invasion, Marathon was a major purchaser of Russian oil. Owing to sanctions against Russian products, the company has started looking for alternative suppliers; in particular, it has begun turning to Ecuador as a source of crude.
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Latest news for Marathon Petroleum
- FinanceWant to find the next $10-billion-plus takeover target? Watch executive stock sales carefullyAugust 12, 2020 1:56 PM UTC
- No Primary Section FoundThe Biggest Winners in the $23 Billion Marathon-Andeavor DealApril 30, 2018 9:15 PM UTC
- No Primary Section FoundHess selling its retail business to Marathon PetroleumMay 22, 2014 2:05 PM UTC