Marathon Petroleum Appoints New President
FINDLAY, Ohio — Donald C. Templin will take the reins as president of Marathon Petroleum Corp. (MPC) on July 1.
Templin is currently president of the general partner of MPLX LP. He joined MPC as senior vice president and chief financial officer (CFO) in June 2011. Nearly four years later, in March 2015, Templin took on the role of executive vice president, Supply, Transportation & Marketing in March 2015. He was named to his current position in January 2016.
"Don has been an extraordinary asset to MPC and its shareholders since we became an independent, publicly traded company," said President and CEO Gary R. Heminger. "Whether as CFO, running MPC's operating organizations, or heading MPLX, Don's strategic vision and business acumen have been integral to our success. We look forward to his continued leadership as president of MPC."
Templin will continue to serve as a member of the board of directors of the general partner of MPLX. He will continue to report to Heminger in his new role and be located in Findlay.
Mike Hennigan will take over as president of MPLX's general partner effective June 20. Hennigan comes to the role with 35 years of industry experience, most recently as president and CEO of Sunoco Logistics Partners LP since 2012.
"We are delighted to welcome Mike to MPLX in his new role as president," Heminger said. "Mike brings a tremendous depth of experience, having led one of the most successful growth-oriented master limited partnerships. Mike has demonstrated outstanding commercial skills as he set the direction, vision, and strategy while serving as chief executive."
Hennigan will serve as a member of the board of directors of the general partner of MPLX. He will report to Heminger, who is also chairman and CEO of MPLX's general partner, and will be located in Findlay.
In addition to personnel moves, MPC's board of directors approved an additional $3-billion share repurchase authorization. This authorization is in addition to its previous authorization, which had approximately $2.14 billion remaining as of March 31.
"As we execute our strategic initiatives, including dropdowns of midstream assets to our sponsored master limited partnership, we expect cash proceeds from the dropdowns and limited partner distributions to fund substantial ongoing return of capital to shareholders," Heminger explained.
Findlay-based MPC is the nation's third-largest refiner, with a crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,500 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience store chain, with approximately 2,730 convenience stores in 21 states.
MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by MPC to own, operate, develop and acquire midstream energy infrastructure assets.