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Stock Market & Financial Investment News

News Breaks
February 5, 2013
09:15 EDTBP, MPCMarathon Petroleum price target raised to $90 from $65 at Oppenheimer
Oppenheimer increased its price target on Marathon Petroleum (MPC) as the firm believes that U.S. refiners are benefiting from several catalysts including cheap natural gas and growing exports, while the company's earnings outlook should benefit from the completion of the Detroit refinery upgrade and the acquisition of BP's (BP) Texas City refinery. Oppenheimer maintains an Outperform rating on Marathon.
News For MPC;BP 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 17, 2015
10:16 EDTBPBP confirms exploring sale of Alabama petrochemical facility
BP confirmed that it has decided to market for sale its Decatur, Alabama, petrochemicals complex as part of a broader reorganization of the company's global petrochemicals business. BP said its refocused petrochemicals strategy is pursuing a competitively advantaged portfolio through world-scale, low-cost facilities that utilize BP proprietary technology including the production of purified terephthalic acid, or PTA, a key raw material in the production of polyester. BP is spending $200M to upgrade its Cooper River, S.C., plant and its sister facility in Geel, Belgium - the largest PTA-producing sites in the Americas and Europe, respectively. The investment will enable the two facilities to lower operating costs, improve reliability and reduce emissions. Earlier this year, BP also started up its new Zhuhai 3 unit in Guangdong Province, China. Using BP's latest technology and capable of producing up to 1.25M tons of PTA per year, Zhuhai 3 is the world's largest single-train PTA production unit as well as being one of the largest and most efficient PTA production units in the world. While BP's Decatur complex no longer fits with this strategy, the facility has been a major contributor to BP's U.S. petrochemicals business for many years. It makes chemicals essential for the production of thousands of items, from plastic water bottles to flat-screen televisions. BP expects to complete a sale of all or part of the facility provided a buyer can be found and an acceptable deal can be reached. Reference Link
09:48 EDTBPBP to explore sale of Alabama petrochemical plant, Bloomberg reports
Bloomberg cites e-mailed statement from BP.
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.
November 16, 2015
06:51 EDTBPBig energy firms saw 70% earnings dip for first nine months, WSJ says
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