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News Breaks
June 25, 2014
17:30 EDTMPC, EEPEnbridge Energy approved to construct Sandpiper Pipeline Project in NDMarathon Petroleum
The North Dakota Public Service Commission issued its permit approving the North Dakota Pipeline Company LLC's Sandpiper Pipeline Project. The permit allows a subsidiary of Enbridge Energy (EEP) to begin construction of the Sandpiper Pipeline Project as early as July 1 in the state of North Dakota. North Dakota Pipeline Company LLC is a joint venture between Enbridge Energy Partners and Williston Basin Pipe Line, an indirect subsidiary of Marathon Petroleum (MPC). Marathon Petroleum is funding 37.5% of the Sandpiper Pipeline Project and will hold an approximate 27% interest in the North Dakota Pipeline Company when the Sandpiper Pipeline is anticipated to be placed into service in early 2016.
News For EEP;MPC From The Last 14 Days
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November 25, 2015
07:36 EDTMPCMarathon Petroleum price target raised to $70 from $60 at Oppenheimer
Oppenheimer expects Marathon to generate free cash flow of $1.6B this year and $0.7B next year, before acquisitions and share repurchases. The firm says the company's valuation is attractive, and it keeps an Outperform rating on the shares.
November 18, 2015
08:14 EDTEEPRBC Capital to hold a conference
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November 17, 2015
06:32 EDTMPCMPLX and MarkWest combination receives further cash consideration from Marathon
MPLX (MPLX) and MarkWest Energy (MWE) announced that, in connection with the anticipated combination of MPLX and MarkWest, Marathon Petroleum (MPC) has agreed to further increase the amount of the one-time cash consideration payable to MarkWest common unitholders to $6.20 per unit, up from the cash consideration previously announced on Nov. 10, 2015, of approximately $5.21 per unit. This cash consideration represents a significant enhancement to the initial July 13, 2015, offer which was approximately $3.37 per unit. Under the revised terms of the merger agreement announced today, which represents the best and final offer, MarkWest common unitholders will receive approximately $1.28 billion in total cash consideration and 1.09 MPLX common units per MarkWest common unit, for a total consideration of approximately $51.74 per MarkWest common unit, based on the closing price of MPLX's common units on Nov. 16, 2015. Three of MarkWest's largest unitholders, Kayne Anderson Capital Advisors, L.P., Tortoise Capital Advisors, L.L.C., and, as previously announced, The Energy & Minerals Group, which cumulatively represent more than 15 percent of MarkWest's outstanding units entitled to vote, have all entered into voting agreements to vote in favor of the transaction. The merger is also recommended by each of the boards of MPC, MPLX and MarkWest, and the executive management of both partnerships strongly support the transaction and its revised terms. The combination will create one of the largest master limited partnerships, which is expected to generate a mid-20 percent compound annual distribution growth rate through 2019. The transaction is subject to approval by MarkWest unitholders and other customary closing conditions and, subject to the satisfaction of those conditions, is expected to close in December 2015. The date of the special meeting of MarkWest common unitholders is Dec. 1, 2015. MarkWest unitholders of record as of Oct. 5, 2015, will be entitled to vote on approval of the merger and the associated proposals.

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