From Reuters U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road. U.S. independent refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for
Marathon Petroleum Corporation (NYSE: MPC) today announced the retirement of Thomas M. Kelley, senior vice president, Marketing, effective Oct. 1, 2018. “Tom’s dedication, insight and business acumen have been tremendous assets throughout his 37-year career,” said MPC Chairman and Chief Executive Officer Gary R. Heminger. “He has played a particularly influential leadership role in growing our marketing organization, and his
Stated target value to eliminate Incentive Distribution Rights (IDRs) is in question: Fox says that Marathon Petroleum’s 15x – 20x multiple for elimination of IDRs will damage MPLX unitholders, including MPC, the largest MPLX unitholder John M. Fox, co-founder and former chairman, president and CEO of MarkWest Energy Partners, yesterday published two letters directed towards the MPLX GP LLC Conflicts
On September 1, 2017, Marathon Petroleum Corp. (ticker: MPC) contributed its joint-interest ownership of pipelines and storage facilities to MPLX, LP (ticker: MPLX), Marathon’s infrastructure arm. The assets are valued at $1.05 billion, Marathon said in a press release. The assets that were dropped down to MPLX include MPC’s ownership interests in: Explorer Pipeline Co., representing a 24.51 % interest
John Fox, Co-Founder Of MarkWest Hydrocarbon, Issues Open Letter To The Board Of Directors Of Marathon Petroleum Corporation Against MPC’s Proposed January 3, 2017 Plan And Offers New Plan -Accelerated “dropdown” of refining assets hurts long-term MPC value and vastly diminishes growth prospects at MPLX that results in increased cost of capital -MPC needs to execute the IDR elimination plan
Reported first-quarter earnings of $1 million Results include pretax charges of $0.06 per diluted share related to the impairment of goodwill and the valuation of inventories at the lower of cost or market Completed major turnaround activity and refinery light crude upgrade project Delivered strong earnings and cash flow from Speedway and Midstream segments Returned $244 million to shareholders MPLX
Via Columbus Business Journal Marathon Petroleum had 2 competitors for MarkWest, filing reveals New details from a Marathon Petroleum Corp. subsidiary reveal two other companies were fighting for the rights to acquire MarkWest Energy Partners, a $2.01 billion oil and gas company with strong exposure in eastern Ohio. MarkWest and Marathon spent all of 2014 discussing a joint venture and
Combined Companies will Create Fourth Largest MLP MPLX LP (ticker: MPLX), the master limited partnership (MLP) vehicle of Marathon Petroleum (ticker: MPC), has announced the oil and gas industry’s third-largest acquisition to date in 2015. According to news releases from the three companies involved, MPC and MPLX have signed a definitive agreement to acquire MarkWest Energy Partners LP (ticker: MWE)
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