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MBW's Weekly Roundup: Sony Music Publishing, TikTok, Richard Rowe, Troy Carter, UMG x Big Hit

The biggest music industry stories of the week, all in one place… ....

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Suburban Propane Partners, L.P. Announces First Quarter Results

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WHIPPANY, N.J., Feb. 4, 2021 /PRNewswire/
Suburban Propane Partners, L.P. (NYSE:SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, today announced earnings for its first quarter ended December 26, 2020.
Net income for the first quarter of fiscal 2021 was $38.0 million, or $0.61 per Common Unit, compared to net income of $40.2 million, or $0.65 per Common Unit, in the prior year first quarter. Excluding the effects of non-cash items, including the equity in earnings of an unconsolidated affiliate and unrealized mark-to-market adjustments on derivative instruments in both years, adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA, as defined and reconciled below) amounted to $80.0 million for the first quarter of fiscal 2021, compared to $85.4 million in the prior year first quarter. ....

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Marathon Petroleum Corp. Reports Fourth-Quarter 2020 Results

Reported fourth-quarter income of $192 million,
or $0.29 per diluted share, which includes net pre-tax benefits of $851 million; reported adjusted loss of $608 million, or ($0.94) per diluted share
$21 billion Speedway sale targeted to close by end of first quarter; reiterating commitment to use proceeds to strengthen the balance sheet and return capital to shareholders
Advancing renewable fuels portfolio; Dickinson is 2nd largest renewable diesel facility in the US and progressing Martinez strategic repositioning
Continuing focus on lowering cost structure
Announced 2021 MPC standalone capital spending outlook of $1.4 billion, a reduction of $350 million from 2020
Marathon Petroleum Corp. (NYSE: MPC) today reported net income of $192 million, or $0.29 per diluted share, for the fourth quarter of 2020, compared with net income of $443 million, or $0.68 per diluted share, for the fourth quarter of 2019. ....

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Marathon Petroleum Corp. Names Brian C. Davis as Chief Commercial Officer

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FINDLAY, Ohio, Feb. 1, 2021 /PRNewswire/ Marathon Petroleum Corporation (NYSE: MPC) announced today that Brian C. Davis has joined the company as Executive Vice President and Chief Commercial Officer. In this role, Mr. Davis will be responsible for leading all commercial business activities across MPC s integrated value chain and will report to President and Chief Executive Officer Michael J. Hennigan.
Brian s extensive commercial experience, recent deep background in renewables and alternative energy, and track record of developing and enhancing capabilities is highly complementary to our strategic focus on improving our commercial performance, said Hennigan. The addition of Brian to our leadership team is a significant step toward maximizing the value of our integrated system and accelerating our go-forward growth strategy. ....

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Marathon Petroleum Corp. Names Maryann T. Mannen as Chief Financial Officer

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FINDLAY, Ohio, Jan. 13, 2021 /PRNewswire/ Marathon Petroleum Corporation (NYSE: MPC) today announced that Maryann T. Mannen will join the company as Executive Vice President and Chief Financial Officer effective January 25. Ms. Mannen will succeed retiring CFO Donald C. Templin.
Having spent nearly a decade as CFO in the energy services and manufacturing sectors, Maryann brings the financial acumen and strategic leadership experience critical for delivering our business transformation objectives, including strict capital discipline and overall expense management to lower our cost structure, said President and Chief Executive Officer Michael J. Hennigan. I m excited for the perspective and business insights Maryann will add to our executive team, as we work together to continue strengthening our financial and competitive positions. ....

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