Marathon Pipe Line LLC Announces Plans for Capline Reversal Non-Binding Open Season
October 17 2017 - 8:50AM
FINDLAY, Ohio, Oct. 17, 2017 - Marathon Pipe Line
LLC, operator of the 40-inch, 1.2 million barrel per day capacity
Capline pipeline, announced today that the pipeline's owners are
launching a non-binding open season to gauge shipper interest in a
proposed reversal of Capline, which currently transports crude oil
from St. James, Louisiana, to Patoka, Illinois.
The non-binding open season will be managed on
behalf of the Capline owners by the law firm of Caldwell Boudreaux
Lefler PLLC and will run from Oct. 17, 2017, through Nov. 17, 2017.
If the owners, Plains All American Pipeline, L.P., (NYSE: PAA),
Marathon Petroleum Corporation (NYSE: MPC) and BP Oil Pipeline
Company decide to proceed, southbound flow could be operational by
the second half of 2022. Once in southbound service, Capline
would have an initial capacity up to 300,000 barrels per day. The
reversed pipeline would be able to receive crude oil from
connecting carriers at Patoka. At St. James, shippers would have
access to a distribution network that includes refineries,
terminals, ships, barges and rail.
Marathon Pipe Line LLC, a wholly owned subsidiary
of MPLX LP (NYSE: MPLX), the master limited partnership sponsored
by MPC, operates Capline. The pipeline was once a major
transportation route for delivering crude oil that was imported or
produced in the Gulf of Mexico to refineries in the Midwest. In
recent years, Capline's throughput has decreased due to various
market factors.
Interested shippers should contact Matt Heft at
(419) 429-5499.
About Marathon Pipe Line
LLC
Marathon Pipe Line LLC (MPL) is a subsidiary of
MPLX LP, a diversified, growth-oriented master limited partnership
formed by Marathon Petroleum Corporation (MPC) to own, operate,
develop and acquire midstream energy infrastructure assets. MPL
operates approximately 6,400 miles of underground pipelines in 16
states and transports crude oil and petroleum products to and from
terminals, refineries and other pipelines. The company safely
controls the movement and delivery of an average of 143 million
gallons of crude oil and petroleum products daily.
Commercial Contact:
Matt Heft (419) 429-5499
Investor Relations
Contacts:
Lisa Wilson (419) 421-2071
Denice Myers (419) 421-2965
Doug Wendt (419) 421-2423
Media Contacts:
Chuck Rice (419) 421-2521
Sid Barth (419) 421-2850
Forward-looking Statements
This press release contains
forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements relate to, among
other things, statements with respect to forecasts regarding
capacity, rates, incremental investment and timing for becoming
operational for the opportunities discussed above, as well as
MPLX's future growth and results of operations. You can identify
forward-looking statements by words such as "anticipate,"
"believe," "design," "estimate," "expect," "forecast," "goal,"
"guidance," "imply," "intend," "objective," "opportunity,"
"outlook," "plan," "position," "pursue," "prospective," "predict,"
"project," "potential," "seek," "strategy," "target," "could,"
"may," "should," "would," "will" or other similar expressions that
convey the uncertainty of future events or outcomes. Such
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, some of
which are beyond the control of the company and are difficult to
predict. Factors that could impact the opportunities described
above are: the timing and extent of changes in commodity prices and
demand for crude oil, refined products, feedstocks or other
hydrocarbon-based products; continued/further volatility in and/or
degradation of market and industry conditions; changes to the
expected construction costs and timing of projects; completion of
pipeline capacity by our competitors; the ability to obtain
required regulatory approvals on a timely basis; the occurrence of
an operational hazard or unforeseen interruption; and the factors
set forth under the heading "Risk Factors" in MPLX's Annual Report
on Form 10-K for the year ended Dec. 31, 2016, filed with the
Securities and Exchange Commission (SEC). In addition, the
forward-looking statements included herein could be affected by
general domestic and international economic and political
conditions. Unpredictable or unknown factors not discussed here or
in MPLX's Form 10-K could also have material adverse effects on
forward-looking statements. Copies of MPLX's Form 10-K are
available on the SEC website, MPLX's website
at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
MPL Capline 101717
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: MPLX LP via Globenewswire
MPLX (NYSE:MPLX)
Historical Stock Chart
From Mar 2024 to Apr 2024
MPLX (NYSE:MPLX)
Historical Stock Chart
From Apr 2023 to Apr 2024