MPLX Completes Successful Binding Open Season on Wood River-to-Patoka Pipeline Expansion
(Thomson Reuters ONE) -
FINDLAY, Ohio, Sept. 18, 2017 - MPLX LP (NYSE: MPLX) today announced that its
subsidiary Marathon Pipe Line LLC (MPL) has completed a successful binding open
season for the expansion of the Wood River-to-Patoka pipeline. Having obtained
strong interest from prospective shippers, MPL will continue with plans
to increase the capacity of the pipeline by 130,000 barrels per day. The
expansion will provide additional capacity for Mid-continent crude movements to
Midwest markets via Patoka, Illinois, a large hub for crude oil storage and
distribution.
"We are very pleased with the strong shipper interest in our Wood River-to-
Patoka expansion project," MPLX President Michael J. Hennigan said. "The
increased capacity of this system, expected to be completed by the second
quarter of 2018, will provide additional throughput and revenue opportunities
for MPLX. Likewise, it is expected to contribute to continued growth in the
partnership's distributable cash flow.
"This expansion project is another example of investment that provides expanded
crude optionality for shippers, including our sponsor Marathon Petroleum Corp.,
and adds to MPLX's growth in long-term earnings," Hennigan said.
The binding open season began on Aug. 1, 2017, and concluded on Aug. 31, 2017.
About the Wood River-to-Patoka Pipeline
The Wood River-to-Patoka Pipeline provides transportation from Wood River,
Illinois, to Patoka, Illinois. The project will expand the current capacity of
215,000 barrels per day to 345,000 barrels per day by increasing horsepower and
adding drag-reducing agents. The expansion is expected to begin service in the
second quarter of 2018.
###
About Marathon Pipe Line LLC
MPL operates one of the largest petroleum pipeline systems in the United States,
based on total volume delivered. MPL operates approximately 6,000 miles of
pipeline in 14 states. These pipelines range from 4 inches to 40 inches in
diameter. MPL transports crude oil, refined petroleum products and refinery
feedstocks to and from terminals, refineries and other pipelines. MPL safely
controls the movement and delivery of an average of 130 million gallons of crude
oil and petroleum products daily through its pipelines. For further information
on MPL, visit the company's website at http://www.marathonpipeline.com.
About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in
2012 by Marathon Petroleum Corporation (NYSE: MPC) 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, storage
and distribution of crude oil and refined petroleum products. Headquartered in
Findlay, Ohio, MPLX's assets consist of a network of crude oil and products
pipeline assets located in the Midwest and Gulf Coast regions of the United
States; 62 light-product terminals with approximately 24 million barrels of
storage capacity; an inland marine business; storage caverns with approximately
2.8 million barrels of storage capacity; crude oil and product storage
facilities (tank farms) with approximately 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 approximately 5.6 billion cubic feet per day of gathering
capacity, 8 billion cubic feet per day of natural gas processing capacity and
570,000 barrels per day of fractionation capacity.
Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Doug Wendt (419) 421-2423
Denice Myers (419) 421-2965
Media Contacts:
Chuck Rice (419) 421-2521
Katie Merx (419) 672-5159
Commercial Contact:
Dylan Haan (419) 421-2087
This press release contains forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements relate to, among other
things, statements with respect to forecasts regarding capacity, rates,
incremental investment and timing for becoming operational for the opportunities
discussed above, as well as MPLX's future growth and results of operations. 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 the control of the
company and are difficult to predict. Factors that could impact the
opportunities described above are: 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 pipeline capacity by our competitors; the
ability to obtain required regulatory approvals on a timely basis; the
occurrence of an operational hazard or unforeseen interruption; 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, 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 or in MPLX'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.
MPLX Woodpat OS success:
http://hugin.info/155038/R/2134690/816734.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: 18.09.2017 - 14:30 Uhr
Sprache: Deutsch
News-ID 560252
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"MPLX Completes Successful Binding Open Season on Wood River-to-Patoka Pipeline Expansion"
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