Marathon Petroleum Corp., through subsidiaries including Speedway LLC, agreed to acquire a 900,000-barrel capacity light product and asphalt terminal and 33 NOCO Express retail outlets in Buffalo, New York, U.S.A., from NOCO Inc., building on prior investments to “maximize refinery utilization,” the company said.
“The terminal is well positioned to receive supply from the Midwest, Canada, or the New York Harbor via multiple supply routes, including pipeline, truck, rail, or waterborne vessels and deliver our products in this attractive new market,” said Gary R. Heminger, Marathon Petroleum chairman and chief executive officer.
The transaction is subject to regulatory approvals and other closing conditions.
Marathon Petroleum Corp. announced that its wholly-owned subsidiaries, including Speedway LLC, have entered into a definitive purchase agreement to acquire a 900,000-barrel capacity light product and asphalt terminal and 33 NOCO Express retail stores in Buffalo, New York, U.S.A., from NOCO Incorporated.
“This acquisition supports MPC’s Midwest product placement strategy and builds upon prior investments, including Speedway’s acquisition of 78 Express Mart locations in western New York, to maximize our refinery utilization,” said MPC Chairman and Chief Executive Officer Gary R. Heminger.
“The terminal is well positioned to receive supply from the Midwest, Canada or the New York Harbor via multiple supply routes, including pipeline, truck, rail or waterborne vessels and deliver our products in this attractive new market.”
“We are excited to continue our growth into western New York,” said Speedway President Tony Kenney. “The NOCO Express stores have been very well managed and maintained, and will complement our expanding presence in this region. We look forward to further bringing the Speedway brand to even more consumers in the Buffalo region.”
The transaction is subject to standard regulatory approvals, customary due diligence, and other closing conditions.
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio, U.S.A. The company operates the nation’s largest refining system with more than 3.0 million barrels per day of crude oil capacity across 16 refineries. MPC’s marketing system includes branded locations across the United States, including Marathon brand retail outlets.
Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interests in two midstream companies, MPLX LP and Andeavor Logistics LP, which own and operate gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure.