The Federal Trade Commission this week cleared Marathon Petroleum Corp. of any potential antitrust concerns in its planned $2.87 billion purchase of Hess Corp.’s 1,256 East Coast gas stations.
Marathon Petroleum’s Speedway subsidiary is expected to close its purchase of the Hess stations by late September.
Speedway will become the nation’s largest company-owned convenience store chain by revenue, said Tony Kenney, Speedway president.
In terms of store numbers, Speedway will be second-largest, behind 7-Eleven.
Speedway’s reach will extend from the current 1,478 stations in nine Midwestern states to 1,256 additional stores in 16 East Coast and Southeastern states.
New York-based Hess wanted to sell its retail outlets to help reverse its recent rough fortunes and to focus on exploration and production.
Hess did well at selling fuel, but Speedway excels at that and selling higher-margin merchandise, while minimizing costs. It plans to extend that model to the Hess stores.