MPLX LP subsidiary to purchase Ozark Pipeline
(Thomson Reuters ONE) -
FINDLAY, Ohio, Feb. 13, 2017 - MPLX LP (NYSE: MPLX) today announced that its
MPLX Pipe Line Holdings LLC subsidiary (MPLH) has entered into an asset purchase
agreement with Enbridge Pipelines (Ozark) LLC, under which an affiliate of MPLH
has agreed to purchase Enbridge's Ozark Pipeline for approximately $220 million.
The Ozark pipeline is a 433-mile, 22-inch crude oil pipeline originating in
Cushing, Oklahoma, and terminating in Wood River, Illinois, capable of
transporting approximately 230,000 barrels per day (bpd).
MPLX also announced that an open season recently conducted by Enbridge Pipelines
(Ozark) LLC received sufficient long-term volume commitments to plan an
expansion of the pipeline's capacity to approximately 345,000 bpd. The expansion
project design includes increasing the horsepower at pump stations along the
pipeline and adding drag-reducing agents to the crude oil. The expansion project
is expected to be complete in the second quarter of 2018.
"We believe MPLX is extremely well-positioned to grow through a combination of
organic projects, dropdowns from our sponsor Marathon Petroleum Corporation, and
third-party acquisitions," said Don Templin, president of MPLX. "Ozark Pipeline
will expand the footprint of our logistics and storage segment by connecting
Cushing-sourced volumes to our extensive Midwest pipeline network."
The purchase transaction is expected to close in the first quarter of 2017,
subject to customary closing conditions, including regulatory approvals.
###
About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in
2012 by Marathon Petroleum Corporation to own, operate, develop and acquire
midstream energy infrastructure assets. We are engaged in the gathering,
processing and transportation of natural gas; the gathering, transportation,
fractionation, storage and marketing of NGLs; and the transportation and storage
of crude oil and refined petroleum products. Headquartered in Findlay, Ohio,
MPLX's assets consist of a network of common carrier crude oil and products
pipeline assets located in the Midwest and Gulf Coast regions of the United
States; an inland marine business; a butane storage cavern located in West
Virginia with approximately 1 million barrels of storage capacity; crude oil and
product storage facilities (tank farms) with approximately 4.5 million barrels
of available storage capacity; a barge dock facility with approximately 78,000
barrels per day of crude oil and product throughput capacity; and gathering and
processing assets that include more than 5,600 miles of gas gathering and NGL
pipelines, 54 gas processing plants, 14 NGL fractionation facilities and two
condensate stabilization facilities.
Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Denice Myers (419) 421-2965
Doug Wendt (419) 421-2423
Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
This press release contains forward-looking statements within the meaning of
federal securities laws regarding MPLX LP ("MPLX"). These forward-looking
statements relate to, among other things, expectations, estimates and
projections concerning the business and operations of MPLX. You can identify
forward-looking statements by words such as "anticipate," "believe," "design,"
"estimate," "expect," "forecast," "goal," "guidance," "imply," "intend,"
"objective," "opportunity," "outlook," "plan," "position," "pursue,"
"prospective," "predict," "project," "potential," "seek," "strategy," "target,"
"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 MPLX's control and are
difficult to predict. Factors that could cause MPLX's actual results to differ
materially from those implied in the forward-looking statements include: the
time, costs and ability to obtain regulatory and other approvals and otherwise
consummate the proposed transactions described herein; the satisfaction or
waiver of conditions in the agreements governing the proposed transactions
described herein; our ability to achieve the strategic and other objectives
related to the proposed transactions described herein; adverse changes in laws
including with respect to tax and regulatory matters; the adequacy of MPLX's
capital resources and liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions, and the ability to successfully
execute its business plans and growth strategy; the timing and extent of changes
in commodity prices and demand for crude oil, refined products, feedstocks or
other hydrocarbon-based products; continued/further volatility in and/or
degradation of market and industry conditions; changes to the expected
construction costs and timing of projects; completion of midstream
infrastructure by competitors; disruptions due to equipment interruption or
failure, including electrical shortages and power grid failures; compliance with
federal and state environmental, economic, health and safety, energy and other
policies and regulations and/or enforcement actions initiated thereunder;
changes to MPLX's capital budget; other risk factors inherent to MPLX's
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, 2015, and Quarterly
Report on Form 10-Q for the quarter ended March 31, 2016, filed with the
Securities and Exchange Commission ("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 or Form 10-Q could also have
material adverse effects on forward-looking statements. Copies of MPLX's Form
10-K and Form 10-Q are available on the SEC website, MPLX's website at
http://ir.mplx.com or by contacting MPLX's Investor Relations office.
MPLX purchases Ozark:
http://hugin.info/155038/R/2078073/781922.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MPLX LP via GlobeNewswire
Datum: 13.02.2017 - 13:17 Uhr
Sprache: Deutsch
News-ID 523724
Anzahl Zeichen: 7308
contact information:
Town:
FINDLAY
Kategorie:
Business News
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