You have reached your limit of free articles this month.

Enjoy unlimited access to

Starting at just 99¢ for 8 weeks.


  • ePAPER

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.


Welcome to

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Marathon reports $855 million in earnings in second quarter

Speedway move forward with Hess acquisition.

Marathon Petroleum Corporation announced $855 in earnings in the second quarter of this year, and officials said Speedway is moving ahead with its $2.8 billion acquisition of Hess Retail Holdings.

Speedway, based in Enon, is a subsidiary of Marathon. Speedway officials recently announced the company would create 350 new jobs in Springfield and spend $9.1 million to purchase an office building at the NextEdge Applied Research Technology Park. The company also has plans to renovate its current headquarters in Enon.

Speedway recently received notice that the Federal Trade Commission has finished its review of the $2.8 billion acquisition of Hess, said Gery Heminger, CEO of Marathon. The deal, expected to close this fall, will provide long-term value to the company, he said. Speedway will grow to more than 2,700 stores and expand its footprint from nine to 23 states.

Overall, Speedway earned about $93 million from operations in the second quarter of this year, compared to $123 million at the same time last year. In part, the decrease in earnings in the Speedway segment was due to higher operating expenses because of an increase in the number of stores compared to last year.

However, Speedway’s merchandise sales, as well as the profit margin it earned on those sales, was higher than the same time last year.

Marathon’s overall earnings of $855 million, or $2.95 per share, is a significant gain from the second quarter of last year, when the company earned $593 million, or about $1.83 per share.

“We had an outstanding quarter, with our focus on top-tier operational performance across the MPC refining, marketing and transportation system continuing to yield excellent results,” Heminger said.

Earlier this year, Speedway announced it would spend $2.8 billion to acquire Hess Retail Holdings, one of the largest convenience store chains on the east coast. The deal will roughly double Speedway’s size, and expand its footprint along the east coast.

The company already has about 800 employees at its headquarters. Speedway will also receive tax incentives from Ohio as part of its pledge to create 350 new jobs. In return, the company pledged to create about $14 million in new annual payroll and must maintain a presence in Springfield for 13 years.

Reader Comments ...

Next Up in Business

RECALL: Beer company issues recall impacting Ohio
RECALL: Beer company issues recall impacting Ohio

Beer company Sierra Nevada has voluntarily recalled some beers that could have small pieces of glass within the bottles. The company announced recalls after inspections at the company’s brewery in North Carolina found a limited number of bottle were flawed. The flaw could result in loss of carbonation and a small piece of glass could break off...
Speedway to hire 1,000 workers across 9 states
Speedway to hire 1,000 workers across 9 states

Speedway will hire 1,000 workers in nine Midwest states and will host open interviews at each of its stores in the region later this month. The convenience store chain, with a headquarters in Enon, will host open interviews from 11 a.m. to 3 p.m. Wednesday, Jan. 25 at every one of its stores in nine states, according to information from the company...
Holiday debt blues? Here’s help getting on track
Holiday debt blues? Here’s help getting on track

John North is president of the Dayton Better Business Bureau. With the holidays behind you, the new year is a great time to get your finances back on track if you’ve slipped a bit. By dedicating yourself to using credit responsibly and sticking to a sensible plan, then you can effectively pay down your debt. According to, total U.S....
New shopping center proposed at long-vacant Springfield site
New shopping center proposed at long-vacant Springfield site

A new retail development is likely coming to the east side of Springfield at a longtime vacant property, the first major commercial growth there in several years. The Springfield Board of Zoning Appeals approved Wednesday night a variance for the former Roberds site in the 3000 block of East Main Street. City documents filed by developer Springfield...
Gmail phishing scam may lead users to give up login info
Gmail phishing scam may lead users to give up login info

A new phishing scam is allowing hackers to gain access to unsuspecting Gmail users' accounts and target their login credentials, according to recent reports. Mark Maunder, CEO of security service Wordfence, described the scam in detail in a blog post, adding that it is also targeting other services beyond Gmail. Tech Times reported that the scam involves...
More Stories