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Dive Brief

Speedway's boss signals interest in buying Hess properties

Published Nov. 1, 2013
By
Paul Conley Contributing Editor

Dive Brief:

  • Gary Heminger, president and CEO of Marathon Petroleum Co., sang the praises of the retail properties owned by rival Hess. Heminger suggested that Hess' convenience stores would make an nice addition to the Speedway brand owned by Marathon.
  • Hess owns 1,300 convenience stores and gasoline stations along the East coast. The company has said it is interested in selling its retail operations.
  • Marathon operates roughly 1,471 stores and stations under the Speedway brand, and is expanding.

Dive Insight:

Call it a marriage of convenience (stores.) Hess wants out of retail. Speedway want to dive in deeper. We see no reason whey these two companies can't find a way to meet each other's needs. Look for an announcement of a deal soon.

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