Hess Corp. will part with its famous green-and-white gas station and convenience store business after agreeing to sell the division to Marathon Petroleum Corp. for $2.6 billion.
The transaction will allow Findlay, Ohio-based Marathon to dramatically expand its retail operations on the East Coast, where Hess has been a longtime regional stalwart. Once the deal is completed, Hess—which reached a truce with activist investors last year under which the company agreed to sharpen its focus on its oil and gas exploration and production operations—will see its name come off the 1,342 stores now slated for sale to Marathon, which also operates the Speedway LLC retail chain.
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