America Based Marathon Petroleum Corp. shares rose 1.13% to $62.50 Tuesday. This proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.13% to 34,575.31 and the S&P 500 Index SPX falling 0.05% to 4,202.04.
Marathon Petroleum Corp. hit a new 52-week high, surpassing its previous peak of $61.97, which the company reached on May 28th. The stock underperformed when compared to some of its competitors Tuesday, as Exxon Mobil Corp. XOM rose 3.58% to $60.46, Chevron Corp. CVX rose 2.76% to $106.65, and BP PLC ADR BP rose 3.01% to $27.02.
The trading volume (6.4 M) of Marathon Petroleum Inc remained 346,433 below its 50-day average volume of 6.7 M.This was the stock’s fourth consecutive day of gains. The company provided additional comments regarding the closing of its $21 billion sales of Speedway to 7-Eleven, Inc., a wholly-owned, indirect subsidiary of Seven & I Holdings Co., Ltd. The parties closed the transaction after all conditions to close were fully satisfied. MPC receives the $21 billion sale proceeds, and Speedway and its assets are owned by 7-Eleven.
Throughout its thorough evaluation of the transaction, Marathon Petroleum and 7-Eleven worked very cooperatively over many months with the U.S. Federal Trade Commission and its staff and will continue to do so going forward. The relevant conditions to close the transaction was satisfied with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the expiration of the parties’ timing agreement with FTC staff, which had been extended multiple times. That timing agreement elapsed overnight, with the FTC electing to take no action on the transaction. Upon satisfaction of all conditions to close, the parties finalized the transaction this morning.