Marathon Petroleum Corporation : Purchase of BP's Texas City Refinery and Related Assets Closes

  Marathon Petroleum Corporation : Purchase of BP's Texas City Refinery and
                            Related Assets Closes

FINDLAY, Ohio, Feb. 1, 2013 - Marathon Petroleum Corporation (NYSE: MPC) today
announced that it has closed the transaction with BP to purchase several
assets, including a 451,000 barrel per calendar day refinery located in Texas
City, Texas. The refinery will be renamed and referred to in future MPC
communications as the Galveston Bay refinery. Additionally, the transaction
includes a 1,040 megawatt cogeneration facility, four light product terminals
located in the Southeast, retail marketing contract assignments for
approximately 1,200 branded sites representing approximately 61,000 barrels
per day (bpd) of gasoline sales, three operating intrastate natural gas
liquids pipelines originating at the refinery and a 50,000 bpd allocation of
BP's Colonial Pipeline Company shipper history.

The transaction was initially announced on Oct. 8, 2012. The base purchase
price is approximately $598 million, plus inventories valued at approximately
$1.1 billion. The agreement also contains an earnout provision under which MPC
could pay up to an additional $700 million over six years, subject to certain
conditions. The transaction is expected to be accretive to earnings in the
first year of operation.

"This is a unique opportunity to acquire, at an attractive price, a
world-scale refinery on the western Gulf Coast that is well positioned to
benefit from the growing supply of North American crude oil," said MPC
President and Chief Executive Officer Gary R. Heminger. "The refinery and
related assets should enhance our current footprint by integrating well with
our existing operations. This transaction will provide MPC the opportunity to
grow in contiguous markets, expand our export opportunities and further
optimize our Gulf Coast operations. We believe this transaction will create
long term value for our shareholders."

"As our history has shown, our focus will remain on the safe and
environmentally responsible operations of all of our facilities. We look
forward to providing quality products and services to meet the needs of our
new branded jobbers. We welcome all of our new employees at the Galveston Bay
refinery and product terminals," said Heminger.

                     About Marathon Petroleum Corporation

MPC is the nation's fourth-largest refiner, with a crude oil refining capacity
of approximately 1.7 million barrels per calendar day in its seven-refinery
system. Marathon brand gasoline is sold through approximately 5,000
independently owned retail outlets across 17 states. In addition, Speedway
LLC, an MPC subsidiary, owns and operates the nation's fourth-largest
convenience store chain, with approximately 1,460 convenience stores in seven
states. MPC also owns, leases or has ownership interests in approximately
8,300 miles of pipeline. Through subsidiaries, MPC owns the general partner of
MPLX LP, a midstream master limited partnership. MPC's fully integrated system
provides operational flexibility to move crude oil, feedstocks and
petroleum-related products efficiently through the company's distribution
network in the Midwest, Southeast and Gulf Coast regions. For additional
information about the company, please visit our website at

Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559

Media Contacts:
Angelia Graves (419) 421-2703

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.These forward-looking
statements relate to, among other things, MPC's current expectations,
estimates and projections concerning: MPC business and operations, the
potential earnings and synergies of the acquired assets, MPC's ability to
successfully integrate the assets into its operations and the assets being
accretive to earnings. You can identify forward-looking statements by words
such as "should," "would," "will," "expect" or 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. Factors that could cause actual results
to differ materially from those in the forward-looking statements include:
volatility in and/or degradation of market and industry conditions; the
availability and pricing of crude oil and other feedstocks; slower growth in
domestic and Canadian crude supply; changes in transportation logistics; the
availability of materials and labor, the reliability of processing units and
other equipment; and other risks customary to the industry. Additionally, the
forward-looking statements included herein could be affected by general
domestic and international economic and political conditions, as well as
factors set forth under the heading "Risk Factors" in MPC's Annual Report on
Form 10-K for the year ended December 31, 2011 filed with the Securities and
Exchange Commission (the "SEC"). Unpredictable or unknown factors not
discussed here or in MPC's Form 10-K could also have material adverse effects
on forward-looking statements. Copies of MPC's Form 10-K are available on the
SEC website, at or by contacting MPC's
Investor Relations Office.

Purchase of Refinery and Related Assets Closes


This announcement is distributed by Thomson Reuters on behalf of Thomson
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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Marathon Petroleum Corporation via Thomson Reuters ONE
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