Multifaceted partnership will proceed with design and construction A partnership involving several midstream companies and private equity firms has reached a final investment decision for the Whistler pipeline project, expected to run 475 miles and transport approximately 2 billion cubic feet of natural gas per day (Bcf/d). The 42-inch pipeline will run from Waha, Texas to the Agua Dulce region
Crimson Midstream and MPLX Announce Extension of Binding Open Season for Swordfish Pipeline to Align with Capline Reversal Open Season
Marathon Petroleum Corp. (ticker: MPC) earned $2.02 billion, or $4.09 per diluted share, in Q4 2017. This is significantly more than in Q4 2016, where the company had earnings of $227 million, or $0.43 per diluted share. FY 2017 earnings saw a significant increase as well – $3.43 billion, or $6.70 per diluted share. Compared to FY 2016’s $1.17 billion,
Marathon, TORC also announce changes Rex Energy Corporation (ticker: REXX) announced today that it has appointed Curt Walker, the company’s current chief accounting officer, to the position of CFO, effective immediately. Walker will be responsible for all financial, accounting and treasury functions, as well as other related duties. Walker has been the company’s chief accounting officer since May 2012. Prior
Enbridge Inc. (ticker: ENB) and Spectra Energy Partners, LP (ticker: SEP) announced today their execution of a definitive agreement resulting in Enbridge converting all of its incentive distribution rights (IDRs) and general partner (GP) economic interests in Spectra Energy Partners into 172.5 million newly issued SEP common units. As part of the transaction, all of the IDRs have been eliminated.
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
Reported first-quarter adjusted EBITDA of $302 million; distributable cash flow of $236 million Declared distribution of $0.505 per common unit, a 23 percent increase over first-quarter 2015 Announced a $1 billion private placement of convertible preferred securities with third-party investors Completed acquisition of Marathon Petroleum Corporation`s inland marine business, with strong sponsor support for the transaction Reaffirmed guidance of 12
MarkWest Energy: Sold. “For Pennies on the Dollar.” Unitholders Say “No” on Management Bonus Payments MarkWest Energy Partners (ticker: MWE) distributed a news release announcing that unitholders approved the merger with MPLX (ticker: MPLX), an MLP created by Marathon Petroleum (ticker: MPC). From the MarkWest news release: “Based on the voting results, approximately 80 percent of the units voted at
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