Houston based Marathon Petroleum Corp Shares Crashed

Houston based Marathon Petroleum Corp. shares slipped 3.44% to $58.97 Tuesday. This proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.20% to 4,343.54 and Dow Jones Industrial Average DJIA falling 0.60% to 34,577.37.

Marathon Petroleum Corp. closed $5.87 below its 52-week high ($64.84), which the company achieved on June 10th.The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Exxon Mobil Corp. XOM fell 2.85% to $61.37, Chevron Corp. CVX fell 1.96% to $103.99, and BP PLC ADR BP fell 3.74% to $25.97.

Marathon Petroleum Corp volume (9.4 M) eclipsed its 50-day average volume of 7.4 M.This was the stock’s second consecutive day of losses. Marathon Petroleum is an integrated, downstream energy company. It got its current form from the 2011 spin-off of Houston, TX-based Marathon Oil Corporation’s refining/sales business into a separate, independent, and publicly traded entity. The company operates the country’s largest refining system with more than 3 million barrels of crude oil capacity per day across 16 refineries. The company’s marketing system includes branded locations across the United States including Marathon brand retail outlets.

Last month, Marathon Petroleum completed the sale of its Speedway business of about 3,900 stores in 35 states to Japanese retail group Seven & I Holdings, owner of the 7-Eleven convenience store chain, for $ 21 billion. However, the decision to acquire multiple Speedway filling stations for the 7-Eleven was illegal and created difficulties in several local markets in the United States, according to two leading FTC experts.