Marathon(US:MPC)2020-08-03 16:20Speedway Sale & Strategy - Marathon Petroleum Corporation (MPC) executed a strategic priority by selling Speedway in a 100% cash transaction for $21 billion, unlocking significant value[6] - The company anticipates approximately $16.5 billion in after-tax cash proceeds from the Speedway sale, strengthening the balance sheet and enabling capital return to shareholders[6] - MPC has long-term fuel supply agreements up to 7.7 billion gallons per year with 7-Eleven as part of the Speedway sale[7] - MPC's strategy for continuing value creation focuses on strengthening the competitive position of assets, improving commercial performance, and lowering the cost structure[9] Second Quarter 2020 Financial Highlights - MPC reported an adjusted loss per share of $(1.33)[15] - The adjusted EBITDA was $653 million[16] - Cash from operations, excluding working capital, was $172 million[17] - Dividends were $378 million[18] Segment Performance - Midstream EBITDA was $1.199 billion in 2Q 2020, compared to $1.268 billion in 1Q 2020, a decrease of $69 million[21,78] - Retail EBITDA was $626 million in 2Q 2020, compared to $644 million in 1Q 2020, a decrease of $18 million[24,25] Fuel volumes were down approximately 25% from the first quarter due to COVID-19 demand destruction, and down approximately 36% year-over-year[23] - Refining & Marketing adjusted EBITDA was $(1.024) billion in 2Q 2020, compared to $154 million in 1Q 2020, a decrease of $1.178 billion[19,26] Cost Discipline & Liquidity - MPC guided 2Q R&M operating expenses to be approximately $300 million lower than 1Q20, and costs were further reduced by $64 million more than guidance[30] - The company has a strong liquidity position with $7.7 billion of available credit capacity as of June 30, 2020[35]