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News Breaks
May 29, 2014
13:48 EDTMWE, RRCRange Resources says Q2 impact from MarkWest Energy incident to be minimal
Last night MarkWest (MWE) reported an incident at its Houston, Pennsylvania complex which damaged a portion of its gas processing facilities. As a result, some Range (RRC) wells are shut in while the plant is down to assess the damage. Range and MarkWest are working closely and are in the process of diverting production to MarkWest's facilities at Majorsville, West Virginia while repairs are made to the Houston facilities. Based on preliminary reports from MarkWest, the impact to Range's production is expected to be minimal in the second quarter. Range's second quarter production guidance remains at 1,065-1,075 Mmcfe per day.
News For RRC;MWE From The Last 14 Days
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November 20, 2015
09:28 EDTMWEGlass Lewis, Egan-Jones recommend MarkWest unitholders approve MPLX deal
MarkWest Energy Partners (MWE) announced that Glass Lewis and Egan-Jones Proxy Services, two independent proxy advisory firms, have issued reports recommending that MarkWest unitholders vote "FOR" the combination of MarkWest and MPLX (MPLX). The recommendations of Glass Lewis and Egan-Jones follow Institutional Shareholder Services Inc.'s recent report that also recommended that MarkWest unitholders vote "FOR" the MarkWest-MPLX combination.
09:01 EDTMWEMarkWest Hydrocarbon co-founders intend to vote against MarkWest & MPLX merger
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November 19, 2015
09:03 EDTMWEMarkWest former CEO John Fox responds to ISS report on proposed merger
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November 18, 2015
09:29 EDTMWEMarkWest Energy says ISS recommends investors vote for combination with MPLX
MarkWest Energy Partners (MWE) announced that Institutional Shareholder Services, an independent proxy advisory firm, has issued a report recommending that MarkWest unitholders vote FOR the combination of MPLX (MPLX) and MarkWest. In recommending that unitholders vote in favor of the MarkWest-MPLX combination, ISS's report, issued on November 17, 2015 stated: "Given the premium to the unaffected price at announcement, the subsequent cash increases in the merger consideration, and the strategic advantages of the combination -- including both the access to relatively more certain capital sources at a lower cost of capital and the ability to de-risk certain growth opportunities with Marathon as its parent -- a vote FOR the merger is warranted."
November 17, 2015
15:36 EDTMWETortoise Capital Advisors reports 6.38% stake in MarkWest Energy
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08:07 EDTMWEJohn Fox to hold a teleconference
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06:32 EDTMWEMPLX 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 12, 2015
10:00 EDTRRCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Angie's List (ANGI) upgraded to Market Perform from Underperform at Raymond James... CGI Group (GIB) upgraded to Buy from Hold at Societe Generale... Devon Energy (DVN) upgraded to Buy from Neutral at Guggenheim... EP Energy (EPE) upgraded to Neutral from Sell at Citi... Franco-Nevada (FNV) upgraded to Buy from Hold at Canaccord... Galena (GALE) upgraded on commercial business divestment at Oppenheimer... KPN (KKPNY) upgraded to Buy from Hold at HSBC... Macy's (M) upgraded to Buy from Neutral at Northcoast... Magic Software (MGIC) upgraded to Overweight from Equal Weight at Barclays... Range Resources (RRC) upgraded on valuation, 2016 outlook at RBC Capital... Raytheon (RTN) upgraded to Buy from Hold at Argus... Trend Micro (TMICY) upgraded to Buy from Neutral at Nomura.
09:34 EDTMWEFormer MarkWest Energy CEO says will vote against MPLX merger
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07:25 EDTRRCRange Resources upgraded on valuation, 2016 outlook at RBC Capital
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06:11 EDTRRCRange Resources upgraded to Outperform from Sector Perform at RBC Capital

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