Marathon Petroleum has completed the acquisition of Andeavor, forming the largest independent U.S. refiner by capacity; shareholders approved the deal last week.
Marathon now controls 16 refineries in the U.S. with a combined throughput capacity of 3MM bbl/day, and owns and operates more than 16,000 miles of pipeline and more than 11,000 retail gas stations.
That includes the Galveston Bay refinery on the Houston Ship Channel, the second-largest U.S. refinery based on its 571,000-barrels-per-calendar-day capacity, per Marathon Petroleum's website. The Galveston Bay refinery employs about 1,960 people.
"This transformative transaction is a significant milestone in our company's more than 130-year history," Marathon Petroleum CEO Gary Heminger said in a statement. "MPC is now the leading refining, midstream and marketing company in the U.S. and is well-positioned for long-term growth and shareholder value creation."
Andeavor's corporate headquarters in north San Antonio will become a regional office for Marathon. Greg Goff, formerly Andeavor's CEO, has been named an executive vice president and board member of the combined company. Goff will continue to work in San Antonio, where he will oversee information technology, commercial and business development, and corporate affairs for Marathon. It is unclear how many local layoffs will be coming under the combined company.
For the time being, Andeavor's pipeline and storage terminal arm Andeavor Logistics LP remains a separate company from Marathon's logistics arm MPLX LP.
