Marathon Petroleum Corp.named Michael Hennigan, the head of its midstream business, as its new chief executive officer effective immediately.
Hennigan replaces Gary Heminger, whose departure was announced last year when the largest U.S. independent refiner launched a sweeping restructuring that included the spinoff of its Speedway retail operation.
Reuters reported last week that Marathon was considering a sale of assets worth as much as $15 billion at its midstream business MPLX LP, looking for a cash boost at a time when a looming economic slowdown triggered by the coronavirus outbreak and lower oil prices weighed on its prospects.
(Reuters)