Marathon Sells $1 Billion Of Assets To Its Subsidiary

09/01/17 – 11:40 A.M.

Marathon Petroleum Corp. sold $1.05 billion in its joint-interest ownership in some pipelines and storage facilities. The Courier reports that the company sold the assets to its subsidiary MPLX. The assets are projected to generate about $138 million in adjusted earnings. That is before interest, taxes, depreciation, and amortization.

Chairman and CEO Gary Heminger, said that this is all a part of Marathon’s strategic planning.