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Speedway gas stations going bye bye

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Turkeytop
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Re: Speedway gas stations going bye bye

Post by Turkeytop » Wed Nov 25, 2020 1:20 am

Rate This wrote:
Wed Nov 25, 2020 12:37 am
[
It’s a start.

Yes. We're always deferential to the Yankee tourists.


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Rate This
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Re: Speedway gas stations going bye bye

Post by Rate This » Wed Nov 25, 2020 1:45 am

Turkeytop wrote:
Wed Nov 25, 2020 1:20 am
Rate This wrote:
Wed Nov 25, 2020 12:37 am
[
It’s a start.

Yes. We're always deferential to the Yankee tourists.
Mighty neighborly of you...



kager
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Re: Speedway gas stations going bye bye

Post by kager » Wed Nov 25, 2020 6:25 am

I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years). Staying clueless, I had no idea that a sale to 7-11 was going to happen, or that the brand was in any way related to Marathon.

I always considered Speedway a 2nd-tier brand, but like the coffee options at most of their stores. :red
Rate This wrote:
Wed Nov 25, 2020 1:45 am
Turkeytop wrote:
Wed Nov 25, 2020 1:20 am
We're always deferential to the Yankee tourists.
Mighty neighborly of you...
Um, yeah... they love US...

https://www.reddit.com/r/canada/comment ... gas_pumps/

Perhaps the opinion is highly localized.

I suppose you could always move to Oregon...


"The problem with communication is the illusion that it has occurred."

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moldyoldie
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Re: Speedway gas stations going bye bye

Post by moldyoldie » Wed Nov 25, 2020 6:52 am

kager wrote:
Wed Nov 25, 2020 6:25 am
I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years).
7-Eleven's Japanese parent company is Seven & I Holdings, a H*** multi-national retail conglomerate. Their $21 billion offer for Speedway is most generous, one that many analysts considered excessive, but that is certainly arguable. That same offer was made in the pre-pandemic solicitation for bids, then pulled for obvious reasons. It was most surprising to us Marathon shareholders that the same offer reprised a few months hence. Part of the agreement was that Marathon would be the sole provider of petroleum products to Speedway for a specific number of years. Speedway is a cash cow (FWIW, the main reason I invested in Marathon) and in light of Marathon's need for cash to pay down the large debt it incurred in its acquisition of Andeavor and to maintain its dividend, the deal looks on the surface to be a timely win-win.

An interesting factoid is that till very recently, Seven & I's $21 billion offer for Speedway was larger than Marathon Petroleum's entire market capitalization! There's speculation a further reorganization of Marathon may be in the cards, or else a sizable special dividend and/or continuation of share repurchases in addition to the retirement of debt. They've already closed three western refineries acquired in the Andeavor deal with talk of converting one of them to renewable fuel.


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Bryce
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Re: Speedway gas stations going bye bye

Post by Bryce » Wed Nov 25, 2020 8:35 am

moldyoldie wrote:
Wed Nov 25, 2020 6:52 am
kager wrote:
Wed Nov 25, 2020 6:25 am
I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years).
7-Eleven's Japanese parent company is Seven & I Holdings, a H*** multi-national retail conglomerate.
7-11 is a big deal in Japan. They are EVERYWHERE. I'm betting there are many more 7-11's in Japan than there are in the U.S.


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Rate This
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Re: Speedway gas stations going bye bye

Post by Rate This » Wed Nov 25, 2020 10:30 am

kager wrote:
Wed Nov 25, 2020 6:25 am
I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years). Staying clueless, I had no idea that a sale to 7-11 was going to happen, or that the brand was in any way related to Marathon.

I always considered Speedway a 2nd-tier brand, but like the coffee options at most of their stores. :red
Rate This wrote:
Wed Nov 25, 2020 1:45 am
Turkeytop wrote:
Wed Nov 25, 2020 1:20 am
We're always deferential to the Yankee tourists.
Mighty neighborly of you...
Um, yeah... they love US...

https://www.reddit.com/r/canada/comment ... gas_pumps/

Perhaps the opinion is highly localized.

I suppose you could always move to Oregon...
Looks like British Columbia is prepay only by law. A 16 year old attendant was run over by gas thieves and dragged down the road and killed several years ago and that was that.



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Turkeytop
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Re: Speedway gas stations going bye bye

Post by Turkeytop » Wed Nov 25, 2020 11:39 am

When the Liberals were in power in Ontario, they were threatening to make pre-pay mandatory. When the Conservatives got elected, they scrapped that idea pretty quickly.


Please, sir, if Your Lordship does not mind, would Your Lordship move himself up upon me a little higher? You are crushing my chest and I am finding difficulty in breathing.

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km1125
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Re: Speedway gas stations going bye bye

Post by km1125 » Wed Nov 25, 2020 1:28 pm

Turkeytop wrote:
Wed Nov 25, 2020 11:39 am
When the Liberals were in power in Ontario, they were threatening to make pre-pay mandatory. When the Conservatives got elected, they scrapped that idea pretty quickly.
Thank the government for protecting you from yourself!!



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moldyoldie
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Re: Speedway gas stations going bye bye

Post by moldyoldie » Sat May 15, 2021 8:15 am

Sorry to bump this thread, but apparently a fly in the ointment has materialized out of nowhere.

Yesterday (Friday May 14) Marathon Petroleum consummated the $21 billion sale of all its Speedway locations to Seven & I Holdings, parent of 7-Eleven. However, the acting chairwoman of the Federal Trade Commission released a statement immediately following:
The FTC wrote:Today Federal Trade Commission Acting Chairwoman Rebecca Kelly Slaughter and Commissioner Rohit Chopra issued the following statement in response to the announcement by 7-Eleven’s parent company that it had pressed forward in its merger agreement with Marathon Petroleum Corporation during the agency’s ongoing investigation:

“Today, Seven & i Holdings, the Tokyo-based owner of 7-Eleven, announced that it closed a $21 billion transaction with Marathon Petroleum Corporation, purchasing roughly 3,900 Speedway retail gasoline and convenience store businesses from Marathon.

“We have reason to believe that this transaction is illegal under Section 7 of the Clayton Act and Section 5 of the Federal Trade Commission Act, raising significant competitive concerns in hundreds of local retail gasoline and diesel fuel markets across the country. In many local markets, the transaction is either a merger-to-monopoly or reduces the number of competitors from three to two. With the support of a majority of Commissioners, the Commission can and routinely does challenge these harmful mergers.

“The Commission has spent significant resources investigating this transaction but has not yet come to an agreement with the parties and a majority of the Commission that would fully resolve the competitive concerns. Seven and Marathon’s decision to close under these circumstances is highly unusual, and we are extremely troubled by it.

“The parties have closed their transaction at their own risk. The Commission will continue to investigate to determine an appropriate path forward to address the anticompetitive harm and will also continue to work with State Attorneys General.”
The problem is that the FTC currently has only four members, two Democrats and two Republicans. The fifth and deciding member has yet to be appointed. Hence, a voting majority isn't possible. Stay tuned!

Meanwhile, Marathon Petroleum has announced a $10 billion share buyback.


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Mike Oxlong
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Re: Speedway gas stations going bye bye

Post by Mike Oxlong » Sat May 15, 2021 8:43 am

For some reason, this part of the press release quoted jumped out at me:

"In many local markets, the transaction is either a merger-to-monopoly or reduces the number of competitors from three to two."

Would a local market be a community that only has one or two gas stations?
I can think of many towns down though Eastern Kentucky and up in Northern Michigan that have one gas station.
I don't believe anyone is calling these petrol stations a monopoly.

Anyway, just the thought that crossed my mind as I read this.


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Re: Speedway gas stations going bye bye

Post by MotorCityRadioFreak » Sat May 15, 2021 11:04 am

A business doing something illegal? I'm shocked.


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moldyoldie
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Re: Speedway gas stations going bye bye

Post by moldyoldie » Sat May 15, 2021 12:28 pm

Mike Oxlong wrote:
Sat May 15, 2021 8:43 am
For some reason, this part of the press release quoted jumped out at me:

"In many local markets, the transaction is either a merger-to-monopoly or reduces the number of competitors from three to two."

Would a local market be a community that only has one or two gas stations?
I can think of many towns down though Eastern Kentucky and up in Northern Michigan that have one gas station.
I don't believe anyone is calling these petrol stations a monopoly.
The preceding sentence stated: "...in hundreds of local markets...."

I'm sure small communities with only one gas station aren't a concern for the FTC as far as monopolies go.


"The primary purpose of a liberal education is to make one's mind a pleasant place in which to spend one's leisure."
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paul8539
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Re: Speedway gas stations going bye bye

Post by paul8539 » Sat May 29, 2021 6:27 pm

Will they give us the same special as the Slurpees on the gas? Any size Mid-grade for $1.



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moldyoldie
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Re: Speedway gas stations going bye bye

Post by moldyoldie » Thu Jun 03, 2021 4:16 pm

The latest announcement is that 7-Eleven will be installing 500 electric vehicle charging ports at 250 locations in the U.S. and Canada by the end of 2022. I'm sure it's just a start.
Last edited by moldyoldie on Sat Jun 05, 2021 8:09 am, edited 2 times in total.


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HD74
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Re: Speedway gas stations going bye bye

Post by HD74 » Thu Jun 03, 2021 4:22 pm

How long does it take to charge an electric car?


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