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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) -- June 9, 1994
MAPCO INC.
(Exact name of registrant as specified in its charter)
Delaware 1-5254 73-0705739
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1800 South Baltimore Avenue
Tulsa, Oklahoma 74119
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (918) 581-1800
Not Applicable
(Former name or former address, if changed since last report)
Page 1 of 5 Pages
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Item 5. Other Events.
On June 9, 1994, MAPCO Inc. issued the attached press release.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
None.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
MAPCO INC.
By: /s/ JAMES N. CUNDIFF
Name: James N. Cundiff
Title: Assistant General Counsel
and Assistant Secretary
Date: June 13, 1994
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<S> <C> <C>
PRESS RELEASE FROM:
/X/ DAVID S. LESLIE /X/ RICK J. NEAL
SENIOR VICE PRESIDENT -- CORPORATE AFFAIRS VICE PRESIDENT -- PUBLIC AFFAIRS
ASSISTANT TO THE CHIEF EXECUTIVE OFFICER 918 599-3650
918 599-3655 (HOME) 918 744-5447
(LOGO) MAPCO (HOME) 918 492-5962
POST OFFICE BOX 645
TULSA, OKLAHOMA 74101-0645 / / TERRI WILLSON
MANAGER -- CORPORATE AFFAIRS
918 599-3608
(HOME) 918 742-3535
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MAPCO TO ACQUIRE RETAIL PROPANE UNIT OF MARATHON OIL
FOR IMMEDIATE RELEASE
Tulsa, Oklahoma, June 9, 1994: MAPCO Inc. (MDA\NYSE) announced MAPCO Inc. has
signed a non-binding letter of intent to purchase the assets of Emro Propane
Company, a subsidiary of Emro Marketing, which is a wholly owned subsidiary of
Marathon Oil, for its NATURAL GAS LIQUIDS business unit. The transaction is for
an undisclosed amount of cash and the transfer by MAPCO's PETROLEUM business
unit of their retail marketing assets in Florida to Emro Marketing Company.
Closing of the transaction is anticipated in the 1994 third quarter.
MAPCO's NATURAL GAS LIQUIDS business unit markets propane and liquid fertilizer
under the Thermogas brand name. Thermogas is currently the fourth largest
retail propane marketer in the United States, with annual sales of 232,000,000
gallons at 140 retail operations in a 15 state area in the Midwest and
Southeast.
Emro Propane, headquartered in Flint, Michigan, is the eighth largest propane
marketer in the United States, with annual sales of 116,000,000 gallons at 57
retail operations in Michigan, Ohio, Indiana and Illinois. Emro Propane is
located in a market which has exhibited vigorous retail propane growth, high
residential volumes, and strong margins, which will result in greater
profitability and significant growth for Thermogas.
James E. Barnes, Chairman and Chief Executive Officer of MAPCO Inc., said "The
Emro Propane acquisition is consistent with and specifically addresses two
major elements of our strategic plan. First, the 50% expansion of our Thermogas
retail volumes and a substantial increase in its profits as provided by the
Emro acquisition, fits our plan to both expand and improve the profitability of
our natural gas liquids business. We expect to generate significant financial
and operating synergies out of merging these retail businesses. Second, MAPCO's
ability to partially pay for this acquisition with the transfer of PETROLEUM's
Florida retail operations, which are non-strategic to MAPCO, is a substantial
step toward our plan to further consolidate in our niche markets of Memphis,
Nashville and Alaska."
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Robert Sachse, President of MAPCO NATURAL GAS LIQUIDS, said "Emro retail
propane operations are a perfect fit with our Thermogas operations and
highlights our plans to continually improve our profitability. We see a growing
market for propane and believe that the competitive position of our Thermogas
retail operations in the Midwest will be further strengthened. Both
organizations have an outstanding work force, a commitment to customer service
and an aggressive marketing philosophy, and I believe that under the direction
of Douglas Rinke, President of Thermogas, the combined operations will make us
an even greater marketing force."
MAPCO Inc. is a diverse energy company whose principal businesses are conducted
by three business units: MAPCO COAL produces and markets bituminous steam and
metallurgical coal; MAPCO NATURAL GAS LIQUIDS operates natural gas liquids and
ammonia pipelines, fractionation and storage facilities and produces and
markets natural gas liquids and fertilizers; and MAPCO PETROLEUM operates
refineries and retail marketing networks through the Mid-South and Alaska
systems.
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