RTTNews | Feb 2, 2021 07:00AM EST

06:59 Tuesday, February 2, 2021 (RTTNews.com) - While reporting its financial results for the fourth quarter on Tuesday, Marathon Petroleum Corp. (MPC) announced its 2021 standalone capital spending outlook of $1.40 billion, representing a reduction of $350 million from 2020.

The company said it continues to progress activities related to the $21 billion sale of Speedway to 7-Eleven, targeting a close of the transaction by the end of the first quarter of 2021.

The company expects to use proceeds from the sale to strengthen the balance sheet and return capital to shareholders. The deal includes a 15-year fuel supply agreement and the opportunity to supply additional 7-Eleven locations.

In August 2020, Marathon Petroleum entered into a definitive agreement to sell Speedway to 7-Eleven, Inc. for $21 billion in cash.

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