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February 3, 2014
08:39 EDTMPCMarathon Petroleum purchases biodiesel facility in Ohio, details not disclosed
Marathon Petroleum announced that it has signed an agreement to purchase a facility in Cincinnati, Ohio from Felda Iffco Sdn Bhd, Malaysia. The plant currently produces several products including biodiesel and glycerin. The capacity of the plant is 4,100 barrels per day. The transaction is expected to close in April. The details of the transaction are not being disclosed.
News For MPC From The Last 14 Days
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December 1, 2015
11:10 EDTMPCMarkWest Energy unitholders approve combination with MPLX
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November 30, 2015
14:52 EDTMPCEPA sets renewable fuel standards for 2014, 2015, 2016
The EPA announced it is finalizing the volume requirements and associated percentage standards that apply under the RFS program in calendar years 2014, 2015, and 2016 for cellulosic biofuel, biomass-based diesel, advanced biofuel, and total renewable fuel. EPA is also finalizing the volume requirement for biomass-based diesel for 2017. The final 2016 standard for advanced biofuel is nearly 1 billion gallons, or 35 percent, higher than the actual 2014 volumes, while the total renewable standard requires growth from 2014 to 2016 of over 1.8 billion gallons of biofuel, or 11% higher than 2014 actual volumes. The EPA set the renewable fuel target for 2015 at 16.93B gallons and the 2016 target at 18.11B gallons. Companies involved in renewable fuel production include Pacific Ethanol (PEIX), Gevo (GEVO), Renewable Energy (REGI), FutureFuel (FF) and Amyris (AMRS). Publicly traded companies in the refiner space, which may be impacted by the EPA's renewable fuel standards, include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO) and Western Refining (WNR). Reference Link
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
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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