Capline Operator to Conduct Reversal Open Season
October 17 2017 - 8:53AM
FINDLAY, Ohio, Oct. 17, 2017 -
Marathon Pipe Line LLC, a wholly owned subsidiary of MPLX LP (NYSE:
MPLX), the master limited partnership sponsored by Marathon
Petroleum Corporation (NYSE: MPC), and 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. MPC owns an approximate 33 percent interest
in Capline.
A copy of the press release issued by Marathon
Pipe Line LLC can be found at http://ir.mplx.com.
About Marathon Petroleum
Corporation
MPC is the nation's third-largest refiner, with a
crude oil refining capacity of approximately 1.8 million barrels
per calendar day in its seven-refinery system. Marathon brand
gasoline is sold through approximately 5,600 independently owned
retail outlets across 19 states. In addition, Speedway LLC, an MPC
subsidiary, owns and operates the nation's second-largest
convenience store chain, with approximately 2,730 convenience
stores in 21 states. MPC owns, leases or has ownership interests in
approximately 10,800 miles of crude and light product pipelines.
Through subsidiaries, MPC owns the general partner of MPLX LP, a
midstream master limited partnership. Through MPLX, MPC has
ownership interests in gathering and processing facilities with
approximately 5.6 billion cubic feet per day of gathering capacity,
8 billion cubic feet per day of natural gas processing capacity and
570,000 barrels per day of fractionation capacity. MPC's fully
integrated system provides operational flexibility to move crude
oil, NGLs, feedstocks and petroleum-related products efficiently
through the company's distribution network and midstream service
businesses in the Midwest, Northeast, East Coast, Southeast and
Gulf Coast regions.
Investor Relations
Contacts:
Lisa Wilson (419) 421-2071
Doug Wendt (419) 421-2423
Denice Myers (419) 421-2965
Media Contacts:
Chuck Rice (419) 421-2521
Sid Barth (419) 421-2850
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 MPC'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," "propose," "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 MPC'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 MPC's Form 10-K could also have material adverse effects on
forward-looking statements. Copies of MPC's Form 10-K are available
on the SEC website, MPC's website at
http://ir.marathonpetroleum.com or by contacting
MPC's Investor Relations office.
MPC 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: Marathon Petroleum Corporation via
Globenewswire
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