Enbridge 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.
Marathon Petroleum upgraded to Overweight from Neutral at JPMorgan JPMorgan upgraded Marathon Petroleum to Overweight with a $61 price target. The firm believes Marathon's valuation is too attractive to ignore and the weaker Q2 capture rate was transitory and risks are reflected in shares.