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Photo: Bruce Bennett/Getty Images

Refining giant Marathon Petroleum Corp. announced late Sunday that it's selling its Speedway retail gasoline stations and convenience stores to 7-Eleven, Inc. in a $21 billion cash deal.

Why it matters: It's the year's biggest energy deal thus far, the Wall Street Journal notes.

  • The deal comes as energy companies are under intense financial pressure due to the COVID-19 pandemic. Marathon reported an adjusted second-quarter loss of $868 million this morning.
  • However, the seeds of the deal were planted before the crisis. "Marathon, under pressure from activist investor Elliott Management, said last year it would launch sweeping restructuring, including spinning off Speedway," Reuters notes.

The big picture: Marathon said the estimated $16.5 billion in after-tax proceeds will be used to "strengthen balance sheet and return capital to shareholders."

  • 7-Eleven said the deal would add about 3,900 Speedway stores located in 35 states, allowing the company to diversify its U.S. footprint, especially in the Midwest and East Coast.
  • Under the deal, Marathon will supply 7-Eleven with 7.7 billion gallons of fuel annually for 15 years.

Go deeper

Ina Fried, author of Login
Oct 29, 2020 - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Texas Republicans pass new congressional maps in their favor

Photo: Matthew Busch/Bloomberg via Getty Images

The Texas House voted 84-59 late Monday to approve new congressional district maps that reduce the number of districts with Black and Hispanic majorities, per the Texas Tribune.

Why it matters: The legislation comes after recent census figures found Texas' growing diverse population doesn't bode well for Republicans, who then worked to protect incumbents with the redrawn maps.

2 hours ago - World

North Korea's military fires another ballistic missile into sea

A woman in Seoul, South Korea, walks past a television image if North Korean leader Kim Jong-un. Photo: Jung Yeon-je/AFP via Getty Images

North Korea's military fired at least one ballistic missile into the sea off its east coast on Tuesday, per multiple reports.

Why it matters: Pyongyang's latest in a series of recent missile launches happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.