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Speedway gas stations going bye bye

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Realist
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Speedway gas stations going bye bye

Post by Realist » Sun Nov 22, 2020 5:59 pm

I can’t believe that I missed this when it was announced in August.

7-Eleven has bought Speedway. Projected regulatory approval is spring

https://www.businessinsider.com/7-eleve ... eal-2020-8

Here I’d actually been patronizing Speedway way more than 7-11 (prior to COVID-19) because their drink refills were a lot cheaper...


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TC Talks
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Re: Speedway gas stations going bye bye

Post by TC Talks » Sun Nov 22, 2020 6:07 pm

Maxx Fischer died years ago, the family has been shopping the company for over a year bit there aren't many companies ready to drop 21 billion during COVID.

It's risky given that gas will be banned soon...


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Turkeytop
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Re: Speedway gas stations going bye bye

Post by Turkeytop » Sun Nov 22, 2020 6:20 pm

I did see that somewhere a few months back, but I had forgotten about it.

In Florida, we had the Hess chain that was bought up by Speedway five or six years ago.


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Re: Speedway gas stations going bye bye

Post by MotorCityRadioFreak » Sun Nov 22, 2020 7:27 pm

Seems like Speedway had the lowest snack prices, but they were always the first to increase gas prices in an area with their 20-35 cent price jumps. I have mixed feelings on this.


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Realist
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Re: Speedway gas stations going bye bye

Post by Realist » Sun Nov 22, 2020 7:28 pm

Turkeytop wrote:
Sun Nov 22, 2020 6:20 pm
I did see that somewhere a few months back, but I had forgotten about it.

In Florida, we had the Hess chain that was bought up by Speedway five or six years ago.
Yep and have been happy about that when the wife and I visit our parents in Fort Myers and Naples in the winter. Speedway fountain drinks always 79 cents down there because of the intense competition between them, 7-11, Circle K, Race Trac, etc


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Re: Speedway gas stations going bye bye

Post by Realist » Sun Nov 22, 2020 7:29 pm

MotorCityRadioFreak wrote:
Sun Nov 22, 2020 7:27 pm
Seems like Speedway had the lowest snack prices, but they were always the first to increase gas prices in an area with their 20-35 cent price jumps. I have mixed feelings on this.
That’s because Marathon / Speedway is always the first to Jack up prices


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Re: Speedway gas stations going bye bye

Post by Deleted User 4520 » Sun Nov 22, 2020 7:30 pm

Didn't Marathon own Speedway?



Realist
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Re: Speedway gas stations going bye bye

Post by Realist » Sun Nov 22, 2020 10:06 pm

TheForce wrote:
Sun Nov 22, 2020 7:30 pm
Didn't Marathon own Speedway?
Yes - was a subsidiary until earlier this year then was spun off to became a wholly owned subsidiary. According to the articles I read, 7-Eleven was going to buy it in March but COVID-19 hit, They paid a Billion less in August for it.


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Re: Speedway gas stations going bye bye

Post by audiophile » Mon Nov 23, 2020 9:03 am

TC Talks wrote:
Sun Nov 22, 2020 6:07 pm
Maxx Fischer died years ago, the family has been shopping the company for over a year bit there aren't many companies ready to drop 21 billion during COVID.

It's risky given that gas will be banned soon...
Joe Biden/Jamasia Harris going to ban it?


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moldyoldie
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Re: Speedway gas stations going bye bye

Post by moldyoldie » Mon Nov 23, 2020 10:35 am

Realist wrote:
Sun Nov 22, 2020 10:06 pm
TheForce wrote:
Sun Nov 22, 2020 7:30 pm
Didn't Marathon own Speedway?
Yes - was a subsidiary until earlier this year then was spun off to became a wholly owned subsidiary. According to the articles I read, 7-Eleven was going to buy it in March but COVID-19 hit, They paid a Billion less in August for it.
Speedway was never spun off to shareholders of Marathon Petroleum, but it was certainly discussed as an option to unlock value in Marathon stock. Activist investors Elliot Management were behind the whole idea to break up Marathon suggesting that the sum of the parts (midstream, downstream, and retail) were potentially worth well over $100 a share...then Covid hit. Marathon currently trades between $35-$40. I was a Marathon Petroleum shareholder until recently, so I know.

Just FYI, Marathon Oil (ticker MRO) is now a completely separate entity from Marathon Petroleum (ticker MPC), the former is what used to represent the upstream operation; i.e. exploration and drilling; of the combined company. The current Marathon Petroleum is now involved strictly in refining and marketing, as well as transportation pipelines through their majority stake in MPLX, a master limited partnership.

I know it's confusing, but the upshot is the Speedway deal will net MPC about $16 billion in much needed cash after taxes. They've recently had to execute extensive borrowing to pay their hefty dividend, not a good sign. This situation partially stems from MPC's ill-timed acquisition of large refiner Andeavor, marketers of Tesoro gasoline, making Marathon the nation's largest refining operation with refineries strategically located from coast to coast. Just a few months later Covid hit and Marathon was saddled with a H*** debt load and a severe winnowing of demand for its distillate products. Such is life. Speedway was a good, steady source of cash flow through economic ups and downs and arguably Marathon's most profitable asset.

Also FWIW, I seriously doubt the Speedway moniker is going bye-bye anytime soon.


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Re: Speedway gas stations going bye bye

Post by Rate This » Mon Nov 23, 2020 4:44 pm

moldyoldie wrote:
Mon Nov 23, 2020 10:35 am
Realist wrote:
Sun Nov 22, 2020 10:06 pm
TheForce wrote:
Sun Nov 22, 2020 7:30 pm
Didn't Marathon own Speedway?
Yes - was a subsidiary until earlier this year then was spun off to became a wholly owned subsidiary. According to the articles I read, 7-Eleven was going to buy it in March but COVID-19 hit, They paid a Billion less in August for it.
Speedway was never spun off to shareholders of Marathon Petroleum, but it was certainly discussed as an option to unlock value in Marathon stock. Activist investors Elliot Management were behind the whole idea to break up Marathon suggesting that the sum of the parts (midstream, downstream, and retail) were potentially worth well over $100 a share...then Covid hit. Marathon currently trades between $35-$40. I was a Marathon Petroleum shareholder until recently, so I know.

Just FYI, Marathon Oil (ticker MRO) is now a completely separate entity from Marathon Petroleum (ticker MPC), the former is what used to represent the upstream operation; i.e. exploration and drilling; of the combined company. The current Marathon Petroleum is now involved strictly in refining and marketing, as well as transportation pipelines through their majority stake in MPLX, a master limited partnership.

I know it's confusing, but the upshot is the Speedway deal will net MPC about $16 billion in much needed cash after taxes. They've recently had to execute extensive borrowing to pay their hefty dividend, not a good sign. This situation partially stems from MPC's ill-timed acquisition of large refiner Andeavor, marketers of Tesoro gasoline, making Marathon the nation's largest refining operation with refineries strategically located from coast to coast. Just a few months later Covid hit and Marathon was saddled with a H*** debt load and a severe winnowing of demand for its distillate products. Such is life. Speedway was a good, steady source of cash flow through economic ups and downs and arguably Marathon's most profitable asset.

Also FWIW, I seriously doubt the Speedway moniker is going bye-bye anytime soon.
From a couple of other articles I read it looks like they will all be converted to 7-11’s.



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Re: Speedway gas stations going bye bye

Post by moldyoldie » Mon Nov 23, 2020 5:19 pm

Rate This wrote:
Mon Nov 23, 2020 4:44 pm
moldyoldie wrote:
Mon Nov 23, 2020 10:35 am
Realist wrote:
Sun Nov 22, 2020 10:06 pm
TheForce wrote:
Sun Nov 22, 2020 7:30 pm
Didn't Marathon own Speedway?
Yes - was a subsidiary until earlier this year then was spun off to became a wholly owned subsidiary. According to the articles I read, 7-Eleven was going to buy it in March but COVID-19 hit, They paid a Billion less in August for it.
Speedway was never spun off to shareholders of Marathon Petroleum, but it was certainly discussed as an option to unlock value in Marathon stock. Activist investors Elliot Management were behind the whole idea to break up Marathon suggesting that the sum of the parts (midstream, downstream, and retail) were potentially worth well over $100 a share...then Covid hit. Marathon currently trades between $35-$40. I was a Marathon Petroleum shareholder until recently, so I know.

Just FYI, Marathon Oil (ticker MRO) is now a completely separate entity from Marathon Petroleum (ticker MPC), the former is what used to represent the upstream operation; i.e. exploration and drilling; of the combined company. The current Marathon Petroleum is now involved strictly in refining and marketing, as well as transportation pipelines through their majority stake in MPLX, a master limited partnership.

I know it's confusing, but the upshot is the Speedway deal will net MPC about $16 billion in much needed cash after taxes. They've recently had to execute extensive borrowing to pay their hefty dividend, not a good sign. This situation partially stems from MPC's ill-timed acquisition of large refiner Andeavor, marketers of Tesoro gasoline, making Marathon the nation's largest refining operation with refineries strategically located from coast to coast. Just a few months later Covid hit and Marathon was saddled with a H*** debt load and a severe winnowing of demand for its distillate products. Such is life. Speedway was a good, steady source of cash flow through economic ups and downs and arguably Marathon's most profitable asset.

Also FWIW, I seriously doubt the Speedway moniker is going bye-bye anytime soon.
From a couple of other articles I read it looks like they will all be converted to 7-11’s.
If so, the 7-Eleven directly across the street from my local Speedway will be going bye-bye. Interestingly, this Reuters article and this CS News article conflict in that one says 7-Eleven's parent is ready to sell 300 gas stations following the Speedway purchase while the other states that it'll be 300 Speedway stations that are to be sold. Stay tuned.


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TC Talks
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Re: Speedway gas stations going bye bye

Post by TC Talks » Mon Nov 23, 2020 9:19 pm

audiophile wrote:
Mon Nov 23, 2020 9:03 am
TC Talks wrote:
Sun Nov 22, 2020 6:07 pm
Maxx Fischer died years ago, the family has been shopping the company for over a year bit there aren't many companies ready to drop 21 billion during COVID.

It's risky given that gas will be banned soon...
Joe Biden/Jamasia Harris going to ban it?
Absolutely, right after they take away your guns and restore the fairness doctrine.


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Mike Oxlong
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Re: Speedway gas stations going bye bye

Post by Mike Oxlong » Mon Nov 23, 2020 9:32 pm

moldyoldie wrote:
Mon Nov 23, 2020 5:19 pm
If so, the 7-Eleven directly across the street from my local Speedway will be going bye-bye. Interestingly, this Reuters article and this CS News article conflict in that one says 7-Eleven's parent is ready to sell 300 gas stations following the Speedway purchase while the other states that it'll be 300 Speedway stations that are to be sold. Stay tuned.
I'm thinking the 7-11's with gas would be shuttered when one is close to a Speedway. Speedways tend to have more pumps and more asphalt. Around me anyway, a 7-Eleven with gas is a tight fit to move around in.

As far as 7-11's without gas, I could see them both staying open across the street from each other. Myself, if I'm not getting gas, I don't want to deal with the traffic in a gas station lot. I'll go to a party store.



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Re: Speedway gas stations going bye bye

Post by moldyoldie » Tue Nov 24, 2020 6:29 am

Mike Oxlong wrote:
Mon Nov 23, 2020 9:32 pm
As far as 7-11's without gas, I could see them both staying open across the street from each other. Myself, if I'm not getting gas, I don't want to deal with the traffic in a gas station lot. I'll go to a party store.
But you wouldn't get your Speedy Rewards. :8)

I can tell you unequivocally that my local Speedway gets a ton more traffic than the 7-Eleven (no gas) with lines often extending to the door during morning and afternoon rush hours. I can't see the latter keeping the 7-Eleven name if the former takes it; it would be abject cannibalism.

I still maintain the Speedway brand has great cachet and it would be foolish to abandon it.


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