Speedway gas stations going bye bye

[Turkeytop]

[
It’s a start.

Yes. We're always deferential to the Yankee tourists.

[Rate This]

[
It’s a start.

Yes. We're always deferential to the Yankee tourists.

Mighty neighborly of you...

[kager]

I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years). Staying clueless, I had no idea that a sale to 7-11 was going to happen, or that the brand was in any way related to Marathon.

I always considered Speedway a 2nd-tier brand, but like the coffee options at most of their stores.

We're always deferential to the Yankee tourists.

Mighty neighborly of you...

Um, yeah... they love US...

https://www.reddit.com/r/canada/comment ... gas_pumps/

Perhaps the opinion is highly localized.

I suppose you could always move to Oregon...

[moldyoldie]

I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years).

7-Eleven's Japanese parent company is Seven & I Holdings, a H*** multi-national retail conglomerate. Their $21 billion offer for Speedway is most generous, one that many analysts considered excessive, but that is certainly arguable. That same offer was made in the pre-pandemic solicitation for bids, then pulled for obvious reasons. It was most surprising to us Marathon shareholders that the same offer reprised a few months hence. Part of the agreement was that Marathon would be the sole provider of petroleum products to Speedway for a specific number of years. Speedway is a cash cow (FWIW, the main reason I invested in Marathon) and in light of Marathon's need for cash to pay down the large debt it incurred in its acquisition of Andeavor and to maintain its dividend, the deal looks on the surface to be a timely win-win.

An interesting factoid is that till very recently, Seven & I's $21 billion offer for Speedway was larger than Marathon Petroleum's entire market capitalization! There's speculation a further reorganization of Marathon may be in the cards, or else a sizable special dividend and/or continuation of share repurchases in addition to the retirement of debt. They've already closed three western refineries acquired in the Andeavor deal with talk of converting one of them to renewable fuel.

[Bryce]

I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years).

7-Eleven's Japanese parent company is Seven & I Holdings, a H*** multi-national retail conglomerate.

7-11 is a big deal in Japan. They are EVERYWHERE. I'm betting there are many more 7-11's in Japan than there are in the U.S.

[Rate This]

I had no idea 7-11 was healthy enough financially to pull something like this off (around here, most 7-11s went away at some point in the past 10-15 years). Staying clueless, I had no idea that a sale to 7-11 was going to happen, or that the brand was in any way related to Marathon.

I always considered Speedway a 2nd-tier brand, but like the coffee options at most of their stores.

We're always deferential to the Yankee tourists.

Mighty neighborly of you...

Um, yeah... they love US...

https://www.reddit.com/r/canada/comment ... gas_pumps/

Perhaps the opinion is highly localized.

I suppose you could always move to Oregon...

Looks like British Columbia is prepay only by law. A 16 year old attendant was run over by gas thieves and dragged down the road and killed several years ago and that was that.

[Turkeytop]

When the Liberals were in power in Ontario, they were threatening to make pre-pay mandatory. When the Conservatives got elected, they scrapped that idea pretty quickly.

[km1125]

When the Liberals were in power in Ontario, they were threatening to make pre-pay mandatory. When the Conservatives got elected, they scrapped that idea pretty quickly.

Thank the government for protecting you from yourself!!