Hess Express gas station and convenient store in Tamaqua has a new name… Speedway.

According to a press release, Speedway LLC (Speedway), headquartered in Enon, Ohio, is the nation’s second-largest company-owned and -operated convenience store chain with approximately 2,740 stores located in 23 states. Speedway is a wholly owned subsidiary of Marathon Petroleum Corp. (NYSE: MPC).

PRESS RELEASE – Findlay, Ohio, Oct. 1, 2014 – Marathon Petroleum Corp. (NYSE: MPC) announced that on Sept. 30, 2014, its subsidiary, Speedway LLC, closed its acquisition of Hess’ retail operations and related assets. The $2.82 billion transaction includes a $2.37 billion base purchase price, capital leases that were cash settled at closing for $263 million, and $194 million of estimated working capital, subject to post-closing adjustments. The transaction was announced May 22, 2014, and includes all of Hess’ retail operations, transport operations, and shipper history on various pipelines.

“This transformative acquisition provides Speedway a significant growth platform by expanding our retail presence to 23 states throughout the East Coast and Southeast,” said MPC President and Chief Executive Officer Gary R. Heminger. “Growing Speedway’s footprint as a premier convenience store operator into the Eastern U.S. supports our strategic focus of increased investment in our stable cash-flow businesses. We believe targeting the significant synergy potential in this business, including best practices and economies of scale, should drive continued earnings growth into the future and enhance the value proposition to MPC investors.”

For further information about Speedway, visit the company’s website at http://www.speedway.com.
Click HERE for more information about the Hess acquisition by Speedway.