Marathon Petroleum Corporation Names Michael J. Hennigan Chief Executive Officer

Hennigan brings 38 years of refining and midstream experience

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Mar 18, 2020, 07:51 ET

FINDLAY, Ohio, March 18, 2020 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) today announced that Michael J. Hennigan has been appointed president and chief executive officer, effective immediately, and will join the company's Board of Directors following the company's 2020 annual meeting of shareholders on April 29, 2020.

"The Board's unanimous decision to appoint Mike as our new CEO marks the conclusion of a broad and rigorous search that considered many external and several internal candidates, all seasoned executives from the petroleum refining and adjacent sectors," said Edward G. Galante, chair of the special committee of the Board that led the CEO search process.

Lead Independent Director James E. Rohr added, "Mike is a well-respected industry veteran with 28 years of refining experience and ten years of midstream experience, including several at the chief executive level. Since joining us in 2017, Mike has demonstrated a keen understanding of our business and the value of our platform." Rohr went on to state, "Mike has a clear vision for the company's future and is the right leader with the necessary experience and skills to guide us through a period of change."

"I am honored by the confidence placed in me to lead this great company," said Hennigan. "Despite the current turbulence in the energy and broader markets, we have a lot of opportunity ahead of us. With the Board having completed its retail and midstream reviews, my relentless focus will be on capturing commercial opportunities across the value chain and leading and empowering my executive team as we maintain our commitment to operational excellence and shareholder return."

The Board intends to announce the selection and appointment of a new, non-executive chairman in conjunction with the company's April 29, 2020, annual meeting. As announced last October, current Chairman and Chief Executive Officer Gary R. Heminger will retire in April after 45 years of service to the company.

As MPC's new president and CEO, Hennigan brings 38 years of energy industry experience in the refining and midstream space, including nearly three years with MPLX LP (NYSE: MPLX). Hennigan will continue to serve as president and chief executive officer of MPLX GP LLC, the general partner of MPLX.

Prior to joining MPLX GP LLC in 2017, Hennigan, 60, was president, crude, NGL and refined products of the general partner of Energy Transfer Partners L.P. Prior to that, he served as president and chief executive officer of Sunoco Logistics Partners L.P. He was responsible for all operations and business activities, including setting the direction, strategy and vision for the company. Hennigan began his career with Sunoco, Inc. and served in various engineering and operations roles in Northeast refineries. Thereafter, he assumed positions of increasing responsibility in corporate business planning, financial analysis, marketing, supply and trading and business development. He holds a Bachelor of Science degree in chemical engineering from Drexel University.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system with more than 3 million barrels per day of crude oil capacity across 16 refineries. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. Speedway LLC, an MPC subsidiary, owns and operates retail convenience stores across the United States. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President, Investor Relations
Taryn Erie, Manager, Investor Relations
Brian Worthington, Manager, Investor Relations

Media Contacts:
Hamish Banks, Vice President, Corporate Communications (419) 421-2521
Jamal Kheiry, Manager, Corporate Communications (419) 421-3312

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws regarding Marathon Petroleum Corporation (MPC). These forward-looking statements relate to, among other things, expectations, estimates and projections concerning the business and operations, strategy and value creation plans of MPC. You can identify our forward-looking statements by words such as "anticipate," "believe," "budget," "commitment," "design," "estimate," "expect," "focus," "forecast," "forward," "goal," "guidance," "imply," "intend," "look," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "projection," "proposition," "prospective," "pursue," "schedule," "seek," "strategy," "target," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. We have based our forward-looking statements on our current expectations, estimates and projections about our industry and our company. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we have included in MPC's Form 10-K for the year ended Dec. 31, 2019, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Copies of MPC's Form 10-K are available on the SEC website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

SOURCE Marathon Petroleum Corporation