Sunday Sankey 5/16/21

By Paul Sankey Published on May 16, 2021 at 12:59 PM

Good day, The week ended with the guided announcement from Marathon Petroleum that its deal with Seven & i to sell the massive Speedway gasoline retail network had closed for $21bn cash, and upside guidance from Marathon Petroleum on an imminent Dutch Auction for $4bn of stock, within a $10bn open buyback authorization. It was uncertain how much debt would be paid down, but that was announced light at $2.5bn. MPLX, the 63% MPC-owned MLP, […]

Morning Speedway

By Paul Sankey Published on August 3, 2020 at 8:55 AM

Huge deal from XOM on Friday, committing to no more debt and paying its dividend. The revelation that the company is 70% retail owned was an update to a number we have spoken about many times, that XOM was 50% retail held. Our number was stale! The imperative to pay dividend is clear, the commitment highly meaningful. Arguably XOM may now need to liquidate to pay dividend, which is actually what the market wants. We […]

Marathon / Speedway NAV

By Paul Sankey Published on August 3, 2020 at 7:04 AM

MPC/Speedway updated NAV. Conference call 9:30am ET. Continue reading