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Marathon Petroleum Corporation Announces Purchase of Biodiesel Facility from Felda Iffco


February 3, 2014 - London

FINDLAY, Ohio, Feb. 3, 2014 - Marathon Petroleum Corporation (NYSE: MPC) today announced that it has signed an agreement to purchase a facility in Cincinnati, Ohio from Felda Iffco Sdn Bhd, Malaysia. The plant currently produces several products including biodiesel and glycerin. The capacity of the plant is 4,100 barrels per day. The transaction is expected to close in April 2014. The details of the transaction are not being disclosed.

"MPC has been a producer and large blender of ethanol for many years, and this acquisition will broaden our renewable fuels portfolio with a quality asset," said Senior Vice President, Supply Distribution and Planning, Mike Palmer. "We continue to grow our biodiesel blending volumes and this acquisition will be a natural value chain fit. Also, the facility is located in the heart of MPC's Midwest assets, providing efficiencies in our product supply logistics."

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About Marathon Petroleum Corporation
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 5,200 independently owned retail outlets across 18 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,480 convenience stores in nine 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 http://www.marathonpetroleum.com.

Investor Relations Contacts:
Beth Hunter (419) 421-2559
Geri Ewing (419) 421-2071
                                                          
Media Contacts:
Angelia Graves (419) 421-2703
                                  
This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements relate to, among other things, MPC's current expectations concerning the completion of the acquisition of the production facility from Felda IFFCO. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond MPC's control and are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include the failure of either party to satisfy conditions to closing the transaction. Additionally, the forward-looking statements included herein could be affected by factors set forth under the heading "Risk Factors" in MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2012, filed with the Securities and Exchange Commission (SEC). Unpredictable or unknown factors not discussed here or in MPC's Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPC's Form 10-K are available on the SEC website, MPC's website at http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations office.

 


MPC Purchases Biodiesel Facility



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via Globenewswire

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GlobeNewswire

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