10/28/16 – 5:30 A.M.
Marathon officials aren’t happy with the company’s current stock price. The Courier reports the company has outlined plans to raise its value. In a release, CEO Gary Heminger said Marathon will make a series of, “very bold, aggressive” moves to raise the stock price.
Plans include offering its logistics and transportation subsidiary, MPLX, assets contributing about $350 million to annual earnings by the end of 2017. Marathon will also contribute to MPLX’s $1 billion of earnings before interest, tax, depreciation and amortization by year-end 2019. Heminger says other moves to “highlight and capture the value” of Marathon Petroleum’s ownership interest in MPLX” are on the table.
Fadel Gheit is a senior energy analyst for Oppenheimer. He tells the newspaper he agrees with Marathon’s strategy.
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