Hennigan Tapped as New Marathon CEO
Marathon Petroleum Corp.named Michael Hennigan, the head of its midstream business, as its new chief executive officer effective immediately.Hennigan replaces Gary Heminger, whose departure was announced last year when the largest U.S.
US Natgas Production Dips After Pipeline Fire in Ohio
U.S. natural gas production was expected to decline by about 2 percent on Thursday from earlier in the week due in part to an unexpected shutdown of a couple of pipelines in Ohio after a fire early Wednesday, according to Reuters data. The fire and…
Marathon Petroleum Beats Street as Pipeline Unit Delivers
Marathon Petroleum Corp reported a surprise quarterly profit on Thursday as the refiner earned more from its pipelines and storages business. Income from the company's midstream business rose 63.5 percent to $309 million in the first quarter ended March 31.
MPLX Files with U.S. to Expand Ozark Pipeline Expansion Project
MPLX LP filed a petition with the Federal Energy Regulatory Commission on Wednesday seeking permission to expand the Ozark Pipeline, which carries crude oil from Cushing, Oklahoma to Wood River, Illinois. MPLX expects the commission to act by May 10…
Energy pipelines back in investor favor after Trump orders
Investors have rushed back into North American pipelines after U.S. President Donald Trump revived growth prospects in a sector that struggled to cope with a two-year oil price slump and strident opposition from environmental and Native American activists.
Elliott Asks Marathon Petroleum to Consider Splitting Into Three
Hedge fund Elliott Management, which owns about 4 percent of Marathon Petroleum Corp, urged the company to conduct a strategic review and consider splitting into three businesses. Marathon should consider spinning off of its chain of gasoline and convenience stores or break into three businesses…
Marathon Petroleum Beats Street
Marathon Petroleum Corp posted a better-than-expected quarterly profit, helped by lower operating costs and robust demand for gasoline during the summer driving season. Marathon said it also gained from the $1.28 billion acquisition of U.S. natural gas processor MarkWest by its master limited partnership…
Chesapeake Energy Woes Cast Shadow on U.S. Pipeline Companies
U.S. oil and gas pipeline companies including Williams Companies Inc and Kinder Morgan Inc have contracts worth billions of dollars that might be at risk as Chesapeake Energy Corp aims to slash its debts amid collapsing energy prices. Chesapeake said…
Marathon Petroleum Financials Beats Street
Refiner Marathon Petroleum Corp reported a better-than-expected quarterly profit as low crude costs and strong gasoline demand pushed up margins. U.S. refiners have been pumping out strong profits as a plunge in crude prices widened crack spreads -…
Marathon ups Cash Portion of MarkWest Offer
Marathon Petroleum Corp raised for the second time the cash portion of its offer for U.S. natural gas processor MarkWest Energy Partners LP by $210 million to $1.28 billion, nearly double what it had offered initially. The two companies said on Tuesday…
Marathon May Step Away from Refineries to Add Alkylate Capacity
The biggest refiner in the U.S. Midwest is eyeing an unusual place to make more of a key ingredient for premium gasoline: the natural gas fields of eastern Ohio instead of an urban refinery. Marathon Petroleum Corp is after alkylate, which gives premium gasoline its high-octane punch. Although U.S.
Marathon's MLP to Acquire MarkWest Energy
Marathon Petroleum Corp's master limited partnership (MLP), MPLX LP, will acquire MarkWest Energy Partners LP for about $15.63 billion to add natural gas processing facilities to its portfolio. The deal is expected to create the fourth-largest MLP, based on a market value of $21 billion…
