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Author Topic: Speedway acquiring Hess Back to Topics
PD
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Message Posted: May 23, 2014 12:37:32 PM

It's official: Marathon Petroleum's subsidiary, Speedway, is acquiring Hess's retail locations, in a deal announced yesterday. The acquisition would expand Speedway's footprint from nine states to a whopping 23 states, and leave it with 2,733 company-owned stories, putting Speedway near the top of the largest gas station chains in the country."This acquisition will be transformative for MPC and Speedway as it will significantly expand our retail presence from nine to 23 states through these premier Hess locations throughout the East Coast and Southeast," said MPC president and CEO Gary Heminger.While the move isn't a shock, the timing was surprising. Back in 2013, Heminger said Hess had "one of the best-looking systems on the East Coast," during a conference call. "It would be an excellent fit with Speedway." And he made it so.Before the acquisition, Hess was the largest operator of c-stores along the East Coast, and the fifth largest overall in the U.S. by number of stores, with 1,256

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REPLIES (newest first) Post a Reply
RapMassaG
Champion Author Cincinnati

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Message Posted: Oct 9, 2014 7:28:45 AM

I feel sorry for those people.
As someone who has lived under GREEDway's thumb my entire life, I can attest to the fact that you had better prepare to see your gas prices spike 20-50 cents at a time.
chuckmorgan
Champion Author Arkansas

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Message Posted: Oct 9, 2014 7:20:03 AM

OK
Glew123
Champion Author San Francisco

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Message Posted: Oct 8, 2014 8:48:47 AM

Great for them.
Tundralimited2009
Champion Author Dallas

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Message Posted: Aug 17, 2014 1:22:11 AM

Look Out 7/11
JOHNJOEYJOE
Champion Author Texas

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Message Posted: Aug 16, 2014 9:14:58 PM

This Will never have any impact in prices one way or the other.
gasmask78
Champion Author Virginia

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Message Posted: Aug 16, 2014 3:59:13 AM

Yep
Scrapheap
Champion Author Virginia

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Message Posted: Jul 15, 2014 2:50:12 PM

Sooo does this mean price spikes are coming to my neighborhood?
lyanMI
Champion Author Detroit

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Message Posted: Jul 15, 2014 1:10:00 PM

ok
Tundralimited2009
Champion Author Dallas

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Message Posted: Jul 3, 2014 1:24:52 AM

Time will tell...
Sneakers55
Champion Author Houston

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Message Posted: Jul 2, 2014 4:20:49 PM

A couple of weeks ago, I took my BFF and one of her friends down to Texas City, Texas.

Saw a Marathon sign, and said "I didn't think Marathon had any stations in Texas any more."

My BFF's friend, who was more conversant with Refinery Row as she knows a lot of people who work for Big Oil, said "That's an office building for Marathon Petroleum. They now own what used to be the BP Texas City Refinery."

I knew a bit about Marathon Petroleum having done my due diligence on them (ended out buying Phillips 66 instead) and I commented they had TWO refineries in Texas City. The one they call the Texas City Refinery has been Marathon's for years, and the one they call the Galveston Bay Refinery used to be owned by BP. That refinery had a lot of problems when BP ran it, but they didn't when Amoco ran it. Once Marathon Petroleum took over, they had one minor fire caused by a leak (spectacular black smoke that looked impressive on the evening news, but no injuries and not much damage) and after that they've been out of the news.
Sneakers55
Champion Author Houston

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Message Posted: Jul 2, 2014 4:08:41 PM

On May 30, 2014 8:15:40 PM, agrico wrote:

>Marathon obviously wants to vertically integrate

Marathon Petroleum and Hess Retail LLC combined are going to be refining and marketing only.

Most all of the integrated oils have spun off their refining and marketing businesses because the stock market dynamics for exploration and production are very different than for refining and marketing. The major US-based integrated oils that are staying that way for now are Chevron and ExxonMobil. And ExxonMobil is a buyer of crude oil to run through their refining networks as they sell more refined fuel than they can make from the crude oil they explore for and produce. I haven't studied Chevron's balance between what the crude oil they produce and the crude oil they refine into fuel.


retiredat44
Rookie Author San Diego

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Message Posted: Jun 1, 2014 4:24:43 PM

Premium gas for BMW, the ride is better, and worth a few cents
PAA64
Champion Author Cincinnati

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Message Posted: May 31, 2014 6:38:41 AM

k
agrico
Champion Author New Orleans

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Message Posted: May 30, 2014 9:15:40 PM

Marathon obviously wants to vertically integrate
willisc1
All-Star Author Louisville

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Message Posted: May 30, 2014 5:56:10 PM

NOOOOOO! Speedways poor quality fuel does NOT belong in northeast states like New york, Jersey, Mass where folks tend to drive high end cars that require quality fuel. Is speedway planning to up its fuel quality? Hess customers are going to have major problems if speedway sells the crap fuel they sell in the midwest.I actually liked Mr Hess. He priced his gas a bit lower then the other greedy oil companies.
honda0105
Champion Author Tallahassee

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Message Posted: May 29, 2014 12:01:27 AM

Rap: you're so right. Not that there are any here, but I know Greedway leads the way on price hikes.
RapMassaG
Champion Author Cincinnati

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Message Posted: May 28, 2014 11:32:13 AM

"This is excellent news.
Speedway does a great job at keeping their prices competitive and offering a wide variety in their convenience stores. Their Speedy Rewards program and gift cards are a favorite!">>>>>>>>>>>>>>>>>>>>>>>>>>LOLOLOLOLOL. You forgot the fact that they always lead price spikes in the area, and that we have been paying ABOVE the national average all year long, due to them increasing their desired profit margin by 30 cents/gallon in February. I just LOVED watching GREEDway increase prices 40 cents/gallon last week. And, as always, everyone else followed.

[Edited by: RapMassaG at 5/28/2014 11:32:57 AM EST]
Jayman1257
Rookie Author Raleigh

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Message Posted: May 28, 2014 10:59:02 AM

I've been told all Hess locations in NC, which are actually called WilcoHess, are converting to Marathons!!
honda0105
Champion Author Tallahassee

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Message Posted: May 28, 2014 6:38:39 AM

thankfully, none in my area. Don't want either...
babycatt116
Champion Author Massachusetts

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Message Posted: May 27, 2014 5:03:31 PM

We have Seekonk Speedway
jwalkerh
Champion Author Louisiana

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Message Posted: May 27, 2014 3:46:58 PM

Not many around here...
Rae45244
Rookie Author Cincinnati

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Message Posted: May 27, 2014 2:17:21 PM

This is excellent news.
Speedway does a great job at keeping their prices competitive and offering a wide variety in their convenience stores. Their Speedy Rewards program and gift cards are a favorite!
honda0105
Champion Author Tallahassee

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Message Posted: May 27, 2014 6:58:52 AM

keep Greedway!
2parrots
Champion Author Massachusetts

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Message Posted: May 26, 2014 10:12:24 AM

There are a few Hess stations on my route to work. One is about a mile from my workplace & is a 24/7. It is usually 25c - 30c per gallon cheaper than the 24/7 Gulf nearby.

[Edited by: 2parrots at 5/26/2014 10:12:47 AM EST]
pinbuster2005
Champion Author New Hampshire

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Message Posted: May 26, 2014 7:40:06 AM

"Around here, Target is as cheap and it's a much nicer place to shop."

Around here Wal-Mart is much cheaper than Target and has a much better selection.
lgwhitlock
Champion Author Chico

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Message Posted: May 26, 2014 2:16:39 AM

GREED...
outdoortechie
All-Star Author Nashville

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Message Posted: May 25, 2014 11:45:18 PM

Not many Marathon stations in Tennessee but I guess that will change.
Sneakers55
Champion Author Houston

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Message Posted: May 25, 2014 4:07:49 PM

On May 25, 2014 6:38:02 AM, MinoaMike wrote:

>Is now the time to buy Marathon stock or should we wait
>till the dust clears.

Marathon Petroleum (not to be confused with Marathon Oil) is going to be issuing a lot of corporate indebtedness to pay for the acquisition. Also, by 2018, all the Hess stations will be rebranded as Speedway stations. More cost to incur.

Hess Corporation, on the other hand, will be plowing the funds received in the sale of Hess Retail Holdings LLC back into stock repurchases. Hess Corporation, once the sale of Hess Retail Holdings closes, will be a pure-play exploration and production company. That's where the money is made in the oil and gas business.

It's interesting that Hess started out as a marketing company then they worked their way up the food chain to where the money is made.
Sneakers55
Champion Author Houston

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Message Posted: May 25, 2014 3:47:17 PM

On May 24, 2014 8:56:54 PM, The_Waysiders wrote:

>They are becoming the Walmart of gas stations

You mean they drive the mom and pop stations out of business and then jack up the prices?

Around here, Target is as cheap and it's a much nicer place to shop.
MinoaMike
Champion Author Syracuse

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Message Posted: May 25, 2014 9:38:02 AM

Is now the time to buy Marathon stock or should we wait till the dust clears.
dwg6392
Champion Author Maryland

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Message Posted: May 25, 2014 6:56:23 AM

Not familiar with either one of these.
lorimarie36
Champion Author New York

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Message Posted: May 25, 2014 6:13:29 AM

Will this cause gas prices at the pumps to lower?
iGas38
Champion Author Portland

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Message Posted: May 25, 2014 5:03:56 AM

Less competition, higher gas prices.
bigdaddy228
Champion Author Kentucky

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Message Posted: May 25, 2014 5:03:34 AM

ok.
debo248
Champion Author New York

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Message Posted: May 25, 2014 5:03:28 AM

there goes the american dream....
bolobill
Champion Author Michigan

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Message Posted: May 25, 2014 5:02:37 AM

ok
rcsteve23
Champion Author Ohio

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Message Posted: May 25, 2014 4:58:50 AM

Okay
cogas1
Champion Author Colorado

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Message Posted: May 25, 2014 4:56:11 AM

k
vjmagic
Champion Author Fort Worth

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Message Posted: May 25, 2014 4:54:15 AM

ok
tomok
Champion Author Portland

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Message Posted: May 25, 2014 4:48:28 AM

Speedway acquiring Hess.... Hess was the largest operator of c-stores along the east coast, and the fifth largest overall with 1,256 in 16 states. Speedway is the nation's fourth largest with 1,480 stores in 9 states. This could be a Hess of a deal!
There is only one Speedway in Portland and that is far away from me! From the member comments about Greedway, that is a Good Thing!
**Putz!! bwaaa ha ha ha !...
Drive vehicles with high mpg, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
pilotmass
Champion Author Boston

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Message Posted: May 25, 2014 4:47:03 AM

Ok
Cebo
Champion Author Maryland

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Message Posted: May 25, 2014 4:40:30 AM

Okay
fratt
Champion Author Grand Rapids

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Message Posted: May 25, 2014 4:37:53 AM

Old news.
Ready Eddie
Champion Author Twin Cities

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Message Posted: May 25, 2014 4:37:26 AM

not my problem
Geeser
Champion Author Idaho

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Message Posted: May 25, 2014 4:27:05 AM

OK
mohammed10
Champion Author Gainesville

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Message Posted: May 25, 2014 4:27:01 AM

two days old
btex49
Champion Author Austin

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Message Posted: May 25, 2014 4:19:30 AM

Old article.
jci25946
Champion Author Tampa

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Message Posted: May 25, 2014 4:13:35 AM

Re-post
twobroke61
Champion Author Michigan

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Message Posted: May 25, 2014 4:10:55 AM

old news article
SparkieMi
Champion Author Kalamazoo

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Message Posted: May 25, 2014 4:09:22 AM

Great if this will lower pump prices!!!!!!
TXryder
Champion Author Texas

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Message Posted: May 25, 2014 4:09:05 AM

old as the socks I been wearing
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