Speedway stores are owned by Marathon Petroleum Corporation. The company is one of the largest integrated energy companies in the United States and is based out of Findlay, Ohio. Marathon Petroleum purchased Speedway in 2018 from its previous owner, the Hess Corporation.
This purchase made it the second-largest convenience store chain in America with approximately 3,900 locations across 23 states. The company’s operations include refining, marketing and transportation of petroleum products as well as retailing through a network of more than 5,600 convenience stores under various brand names including Speedway in sixteen states across Midwest and Southeast regions.
Speedway is a chain of convenience stores owned by Marathon Petroleum Corporation, one of the largest oil refineries in the United States. Founded in 1959 and headquartered in Enon, Ohio, Speedway has grown to over 3,900 locations across 23 states. The company is committed to providing customers with quality products at competitive prices as well as excellent customer service.
Speedway also offers fuel discounts for loyalty program members and various other benefits for those who shop with them on a regular basis.
7-Eleven owner buying Speedway gas stations for $21 billion
Why are Speedway Gas Stations Closing
In recent years, many Speedway gas station locations across the United States have begun to close due to a variety of economic factors. The convenience store chain has faced increasing competition from other chains offering similar products and services, as well as higher operational costs such as rent and labor. Additionally, declining fuel margins have caused some locations to become unprofitable.
As a result, hundreds of Speedway stores have closed over the past few years in order for the company to remain competitive in today’s retail landscape.
Who Bought Out Speedway?
Speedway, one of the largest chain convenience stores in America, was recently acquired by 7-Eleven. The buyout was announced on October 12th and marks a significant milestone for both companies. 7-Eleven is now the world’s largest chain of convenience stores with over 68,000 locations around the globe.
For Speedway, this acquisition provides an opportunity to expand their customer base and grow their brand exponentially. As part of the deal, Marathon Petroleum Company agreed to sell its retail business that includes Speedway for $21 billion in cash. In addition to gaining a large selection of convenience stores across 19 states in America, 7-Eleven will also be able to leverage Speedway’s loyalty program which offers customers discounts and other rewards when they shop at any participating Speedway location or online store.
This move not only strengthens both brands but also gives customers more options when it comes to finding quality products at competitive prices from trusted retailers like 7-Eleven and Speedway.
Is Speedway a Russian Owned Company?
No, Speedway is not a Russian owned company. Speedway LLC (formerly The SuperAmerica Group) is an American convenience store and gas station chain headquartered in Enon, Ohio. It operates more than 4,000 locations across the United States.
Speedway is a wholly-owned subsidiary of Marathon Petroleum Corporation which acquired it from Hess Corporation in 2011 for $2.8 billion dollars. It has operated as part of the Marathon Petroleum family since 2012 and has served customers with quality fuel products at competitive prices ever since then. The company also prides itself on offering great customer service along with convenient amenities such as prepaid cards and rewards programs to ensure that their loyal customers always have a positive experience when visiting their stores or fueling up at one of their many sites throughout the US.
Did Speedway Get Bought Out by 7-Eleven?
In 2020, Speedway LLC was acquired by 7-Eleven in a deal valued at $21 billion. The acquisition makes 7-Eleven the largest convenience store chain in the United States with more than 14,000 stores across North America. This merger comes after Marathon Petroleum Corporation announced in 2019 that it would be spinning off Speedway into an independent company and selling it to another retailer.
After months of speculation and bidding wars between major retailers like Circle K, Alimentation Couche-Tard Inc., and EG Group, 7-Eleven emerged as the winning bidder for Speedway. With this acquisition, 7-Eleven now has a larger presence across the United States which should help them better compete against its rivals such as Wawa and Sheetz.
Is Speedway Being Bought Out?
There has been much speculation as to whether or not Speedway, a major gas station and convenience store chain in the United States, is being bought out. In November of 2018 it was announced that Marathon Petroleum Corporation had agreed to purchase Speedway from its parent company, Marathon Oil Corporation. This deal is estimated at $21 billion dollars and would make it one of the largest merger and acquisition deals in US history.
The move comes after years of shifting fuel markets throughout the country and could put thousands of jobs on the line as well as eliminate some retail locations across America. The deal still needs regulatory approval before it can be finalized, but both companies are optimistic about the transaction going through without any problems. With many questions looming about what this means for those employed by Speedway, customers are left wondering if their favorite spots will remain open after this buyout happens.
Only time will tell how this situation plays out but rest assured that we here at Speedway will do our best to keep you all informed with any news regarding our future!
Conclusion
This blog post has shown that Speedway stores are a great convenience store option with competitive prices and a wide variety of products. The company is owned by Marathon Petroleum Corporation, who have been operating the chain since 2018. They have implemented many changes, such as introducing new loyalty programs and improving customer service, to make the shopping experience even better for customers.
With more than 3,900 locations across 23 states in the US and 12 other countries around the world, Speedway is one of the most successful convenience store chains today.
