Shares of Marathon Petroleum (MPC) were lower Wednesday despite reporting a solid beat for the latest quarter. The refiner reported earnings of 43 cents a share on revenue of $17.3 billion, surpassing analysts' estimates.
The company also announced that it is moving forward with its plan to accelerate the transfer of some assets to its MPLX unit, with $250 million expected by the end of the first quarter.
Marathon Petroleum also says it has selected an independent financial advisor to assist in the review of its Speedway retail business to "ensure optimum value is delivered to shareholders over the long term."
This comes after hedge fund Elliot Management raised concerns with the company, issuing recommendations in November to increase shareholder value.
Management did, however, say that if the Trump administration implements a border-adjusted tax, it would pass along any incremental costs to consumers.