October 22, 2019 / 5:35 PM / a month ago

Marathon Petroleum mulls selling two refineries: Bloomberg

(Reuters) - U.S. refiner Marathon Petroleum Corp, which is under pressure from activist investor Elliott Management Corp, is considering the sale of two plants in Alaska and Utah, Bloomberg reported, citing people familiar with the matter.

Elliott urged Marathon to split into three companies in September, saying that would boost shareholders’ value by as much as $40 billion, three years after the hedge fund asked the refiner to consider spinning off businesses.

Marathon is in active discussions with possible buyers for its 68,000-barrel-per-day Kenai oil refinery near Anchorage and its 58,500-barrel-per-day Salt Lake City refinery, the largest in the Utah, the report bloom.bg/2MAuJmS added.

Marathon did not immediately respond to Reuters’ request for comment.

Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli

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