Deals

Elliott Renews Call for Marathon Petroleum to Explore Split

D.E. Shaw also urging refiner to examine ways to boost value
Elliott says the move would unlock $22 billion in value

Marathon Petroleum Corp. oil storage tanks in Texas City, Texas. — Marathon Petroleum Corp. oil storage tanks in Texas City, Texas.
Photographer: Luke Sharrett/Bloomberg

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By David Wethe, Scott Deveau, and Catherine Ngai

September 25, 2019 at 1:03 PM UTC

Updated on

September 25, 2019 at 5:48 PM UTC

This article is for subscribers only.

Elliott Management Corp. renewed its push for Marathon Petroleum Corp. to split into three, a move the hedge fund said would unlock more than $22 billion in value.

Marathon should divide into separate retail, midstream and refining companies, the hedge fund founded by billionaire Paul Singer said Wednesday in a statement. Elliott said it owns about 2.5% of Marathon.