Marathon Energy Announces Closing of TransactionPosted on August 13, 2020 |
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August 1st, 2020 – Marathon Energy (“Marathon”) is pleased to announce that it has closed on its previously announced Asset Purchase Agreement with National Fuel Resources, Inc. (“NFR”), whereby Marathon acquired NFR’s commercial and industrial gas contracts in NY and PA, along with select other assets.
“I am excited to announce that we have completed our third major acquisition in less than two years. This transaction expands our footprint in New York and Pennsylvania, while also expanding our business model to provide complementary energy products and services to their customers,” said Jerry Drenis, President and CEO of Marathon. “NFR has an established and strong reputation, I’m pleased to welcome NFR‘s customers and key employees to the Marathon family, and look forward to our shared success. Marathon’s strong coverage and balance sheet puts us in a great position to continue our growth trajectory.”
Terms of the transaction were not disclosed.
About Marathon Energy Marathon was founded in 1996 and is headquartered in Woodside, NY, with an operations office in Syracuse, NY. Marathon provides wholesale and retail fuel oil, natural gas, electricity and a full suite of energy services to commercial and residential customers. The Company currently serves 33 utilities in New York, New Jersey, Pennsylvania and Maryland.
Press contacts: Marathon Energy 62-01 34th Avenue Woodside, NY 11377 (888) 378-9898 press@mecny.com
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