MPLX LP and MarkWest Energy Partners, L.P. Announce Early Termination of HSR Act Waiting Period
(Thomson Reuters ONE) -
FINDLAY, Ohio, and DENVER, Aug. 25, 2015 - MPLX LP (NYSE: MPLX) and MarkWest
Energy Partners, L.P. (NYSE: MWE) today announced that they have received
notification of early termination of the waiting period under the Hart-Scott-
Rodino Antitrust Improvements Act of 1976, as amended, in connection with the
proposed merger whereby MarkWest would become a wholly-owned subsidiary of MPLX,
thereby satisfying one of the conditions to closing of the transaction. The
transaction remains subject to approval by MarkWest unitholders and to other
customary closing conditions, and is expected to close in the fourth quarter of
2015.
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About MPLX LP
MPLX is a fee-based, growth-oriented master limited partnership formed in 2012
by Marathon Petroleum Corporation to own, operate, develop and acquire pipelines
and other midstream assets related to the transportation and storage of crude
oil, refined products and other hydrocarbon-based products. Headquartered in
Findlay, Ohio, MPLX's assets consist of a 99.5 percent equity interest in a
network of common carrier crude oil and products pipeline assets located in the
Midwest and Gulf Coast regions of the United States and a 100 percent interest
in a butane storage cavern located in West Virginia, with approximately 1
million barrels of natural gas liquids storage capacity.
About MarkWest Energy Partners
MarkWest Energy Partners, L.P. is a master limited partnership that owns and
operates midstream service businesses. MarkWest has a leading presence in many
natural gas resource plays including the Marcellus Shale, Utica Shale,
Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation.
MPLX Investor Relations Contacts:
Geri Ewing (419) 421-2071
Teresa Homan (419) 421-2965
MPLX Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
MarkWest Investor Relations and Media Contact:
Joshua Hallenbeck (866) 858-0482
This press release contains forward-looking statements within the meaning of
federal securities laws regarding MPLX LP ("MPLX"), Marathon Petroleum
Corporation ("MPC"), and MarkWest Energy Partners, L.P. ("MWE"). These forward-
looking statements relate to, among other things, expectations, estimates and
projections concerning the business and operations of MPC, MPLX and MWE. You can
identify forward-looking statements by words such as "anticipate," "believe,"
"imply," "estimate," "objective," "expect," "forecast," "plan," "project,"
"potential," "could," "may," "should," "would," "will" or other similar
expressions that convey the uncertainty of future events or outcomes. Such
forward-looking statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors, some of which are beyond the
companies' control and are difficult to predict. Factors that could cause MPLX's
or MWE's actual results to differ materially from those in the forward-looking
statements include: their ability to complete the proposed merger of MPLX and
MWE on anticipated terms and timetable; the ability to obtain approval of the
transaction by the unitholders of MWE and satisfy other conditions to the
closing of the transaction contemplated by the merger agreement; the risk that
the costs savings and any other synergies from the MPLX/MWE transaction may not
be fully realized or may take longer to realize than expected; disruption from
the MPLX/MWE transaction making it more difficult to maintain relationships with
customers, employees or suppliers; risks relating to any unforeseen liabilities
of MWE or MPLX, as applicable; the adequacy of their respective capital
resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions and execute their respective business
plans; the timing and extent of changes in commodity prices and demand for crude
oil, refined products, feedstocks or other hydrocarbon-based products;
volatility in and/or degradation of market and industry conditions; completion
of pipeline capacity by competitors; disruptions due to equipment interruption
or failure, including electrical shortages and power grid failures; the
suspension, reduction or termination of MPC's obligations under MPLX's
commercial agreements; each company's ability to successfully implement its
growth plan, whether through organic growth or acquisitions; modifications to
earnings and distribution growth objectives; federal and state environmental,
economic, health and safety, energy and other policies and regulations; changes
to MPLX's capital budget; other risk factors inherent to their industry; and the
factors set forth under the heading "Risk Factors" in MPLX's Annual Report on
Form 10-K for the year ended Dec. 31, 2014, filed with the Securities and
Exchange Commission (SEC); and the factors set forth under the heading "Risk
Factors" in MWE's Annual Report on Form 10-K for the year ended Dec. 31, 2014
and Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed
with the SEC. These risks, as well as other risks associated with MPLX, MWE and
the proposed transaction are also more fully discussed in the preliminary joint
proxy statement and prospectus included in the registration statement on Form S-
4 filed with the SEC by MPLX on August 18, 2015. Factors that could cause MPC's
actual results to differ materially from those in the forward-looking statements
include: risks described above relating to the MPLX/MWE proposed merger; changes
to the expected construction costs and timing of pipeline projects; volatility
in and/or degradation of market and industry conditions; the availability and
pricing of crude oil and other feedstocks; slower growth in domestic and
Canadian crude supply; an easing or lifting of the U.S. crude oil export ban;
completion of pipeline capacity to areas outside the U.S. Midwest; consumer
demand for refined products; transportation logistics; the reliability of
processing units and other equipment; MPC's ability to successfully implement
growth opportunities; modifications to MPLX earnings and distribution growth
objectives; federal and state environmental, economic, health and safety, energy
and other policies and regulations; MPC's ability to successfully integrate the
acquired Hess retail operations and achieve the strategic and other expected
objectives relating to the acquisition; changes to MPC's capital budget; other
risk factors inherent to MPC's industry; and the factors set forth under the
heading "Risk Factors" in MPC's Annual Report on Form 10-K for the year ended
Dec. 31, 2014, filed with SEC. In addition, the forward-looking statements
included herein could be affected by general domestic and international economic
and political conditions. Unpredictable or unknown factors not discussed here,
in MPLX's Form 10-K, in MPC's Form 10-K, or in MWE's Form 10-K could also have
material adverse effects on forward-looking statements. Copies of MPLX's Form
10-K are available on the SEC website, MPLX's website at http://ir.mplx.com or
by contacting MPLX's Investor Relations office. Copies of MPC's Form 10-K are
available on the SEC website, MPC's website at http://ir.marathonpetroleum.com
or by contacting MPC's Investor Relations office. Copies of MWE's Form 10-K are
available on the SEC website, MWE's website at http://investor.markwest.com or
by contacting MWE's Investor Relations office.
None of MPLX, MPC, or MWE undertake any duty to update any forward-looking
statement except as required by law.
Additional Information
This communication may be deemed to be solicitation material in respect of the
proposed transaction. In connection with the proposed transaction, a
registration statement on Form S-4 has been filed with the SEC and includes a
preliminary proxy statement of MWE. MPLX and MWE expect to file amendments to
these filings before they become effective. INVESTORS AND SECURITY HOLDERS ARE
ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, INCLUDING THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND,
WHEN AVAILABLE, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF
THE REGISTRATION STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED MERGER. The final proxy statement/prospectus will be mailed to
unitholders of MWE. Investors and security holders will be able to obtain the
documents free of charge at the SEC's website, www.sec.gov, from MPLX LP at its
website, http://ir.mplx.com, or 200 E. Hardin Street, Findlay, Ohio 45840,
Attention: Corporate Secretary, or from MWE at its website,
http://investor.markwest.com, or 1515 Arapahoe Street, Tower 1, Suite 1600,
Denver, CO 80202, Attention: Corporate Secretary.
Participants in Solicitation
MPLX and MWE and their respective directors and executive officers may be deemed
to be participants in the solicitation of proxies in respect of the proposed
merger. Information concerning MPLX participants is set forth in MPLX's Form 10-
K for the year ended December 31, 2014, as filed with the SEC on February
27, 2015, and MPLX's current report on Form 8-K, as filed with the SEC on March
9, 2015. Information concerning MWE's participants is set forth in the proxy
statement, dated April 23, 2015, for MWE's 2015 Annual Meeting of Common
Unitholders as filed with the SEC on Schedule 14A and MWE's current reports on
Form 8-K, as filed with the SEC on May 5, 2015, May 19, 2015 and June 8, 2015.
Additional information regarding the interests of participants of MPLX and MWE
in the solicitation of proxies in respect of the proposed merger are included in
the registration statement and proxy statement/prospectus and other relevant
materials filed with the SEC. These documents may be obtained free of charge
from MPLX or MWE using the contact information above.
Non-Solicitation
This communication shall not constitute an offer to sell or the solicitation of
an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of securities shall
be made except by means of a prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
HSR Termination:
http://hugin.info/155038/R/1947518/707185.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MPLX LP via GlobeNewswire
[HUG#1947518]
Datum: 25.08.2015 - 22:18 Uhr
Sprache: Deutsch
News-ID 415888
Anzahl Zeichen: 12070
contact information:
Town:
FINDLAY
Kategorie:
Business News
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