Yahoo Finance Marathon Pipe Line announces Capline owners' intent to proceed with next steps in planning for potential reversal
FINDLAY, Ohio, Dec. 21, 2017 - Following the completion of the non-binding open season announced on October 17, Marathon Pipe Line LLC (MPL) announced today that the Capline owners are proceeding with planning for the potential reversal of the 40-inch, 1.2 million barrel per day capacity pipeline that runs between St. James, Louisiana, and Patoka, Illinois.
Based on shipper feedback, the Capline owners - Plains All American Pipeline, L.P., (PAA), Marathon Petroleum Corporation (MPC) and BP Oil Pipeline Company - plan to evaluate next steps required for a potential binding open season. Pending agreement among the owners, southbound service is estimated to commence by the second half of 2022.
If placed in southbound service, Capline would have an initial capacity of 300,000 barrels per day. The pipeline would 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.
The Capline pipeline is operated by MPL, a wholly owned subsidiary of MPLX LP (MPLX), the master limited partnership sponsored by MPC. The Capline pipeline was once a major northbound 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.
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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
Doug Wendt (419) 421-2423
Denice Myers (419) 421-2965
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.
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
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