MPLX Energy Logistics Swallows Mark West - Wait For Gas And NGL Pricing To Firm Before Jumping In
Michael Fitzsimmons • 30 Comments
Michael Fitzsimmons • 30 Comments
MPLX Energy Logistics: An MLP Very Much Like 2014 #1 Performer Phillips 66 Partners
Michael Fitzsimmons • 16 Comments
Michael Fitzsimmons • 16 Comments
Mon, Nov. 21, 9:09 AM
- Marathon Petroleum (NYSE:MPC) +4.3% premarket on news that Elliott Management sent a letter to the company's board, saying MPC shares are "severely undervalued" and making recommendations it says would unlock $14B-$19B for shareholders.
- Elliott, which owns ~4% of MPC shares, outlines recommendations it says could result in an uplift of 60%-80% or more in the company's stock by immediately dropping down all MLP-qualifying assets to MPLX and conducting a full strategic review of the company.
- The hedge fund also says MPC should consider spinning off its chain of gasoline and convenience stores or break into three businesses, focused on retailing, refining and midstream operations that hold pipeline and storage assets.
Wed, Nov. 2, 8:49 AM
Thu, Oct. 27, 9:15 AM
- Marathon Petroleum (NYSE:MPC) -1% premarket after Q3 earnings and revenues came in below expectations, as its refining and marketing gross margin fell nearly 38% to $10.75/bbl.
- The company says it recorded a $267M impairment charge in the period, as the company and its partner Enbridge shelved the Sandpiper Pipeline project.
- MPC also says it has hired financial advisers to help evaluate its general partner ownership interest in MPLX, its affiliated MLP.
- MPC plans to dropdown certain assets to MPLX, which it says would generate $350M of annual EBITDA by the end of 2017; MPLX's plans to fund the dropdown likely would include transactions with MPC, such as the potential issue of a substantial amount of equity to MPC.
- Activist investor JANA Partners says it supports MPC's strategic initiatives, including the dropdowns to MPLX and potential related changes to its financial reporting.
Thu, Oct. 27, 7:27 AM
Wed, Oct. 26, 5:30 PM
- ABB, ABMD, ACOR, AET, ALLE, ALV, ALXN, AMT, APD, ASPS, AUO, AVT, AXTA, BBW, BC, BCOR, BGCP, BMS, BMY, BWA, BX, CBG, CCMP, CELG, CFX, CHH, CL, CLF, CMC, CME, CMS, COLB, COP, COR, CRI, CRR, CRS, CVE, CVI, CVRR, CWT, CYS, DFT, DLX, DOW, DPS, EME, EPD, EQGP, EQM, EQT, EXLS, F, FCFS, FCN, FMS, GCI, GLOP, GNC, GOV, GTLS, HCA, HEES, I, IDA, IDCC, IP, IPGP, IRDM, IVZ, LANC, LAZ, LKQ, LLL, MD, MDP, MDXG, MHO, MJN, MO, MPC, MPLX, MSCI, MTH, MTRN, NEWM, NMR, NOK, NOV, NTCT, ODFL, ORI, PATK, PENN, PF, PJC, POT, PRLB, PTEN, PX, QSII, RDN, RGS, ROCK, RTN, SCG, SEE, SFE, SILC, SIRI, SMP, SQNS, SRPT, STM, SUP, SWK, TCK, TDC, TFX, THRM, TKR, TMO, TPH, TPX, TREE, TROW, TUES, TWTR, TZOO, UAN, UFS, UPS, UTHR, VC, VLP, WCC, WEX, WST, WWE, XEL, XRS, YNDX
Tue, Oct. 11, 5:57 PM
- MPLX says its newly constructed Cornerstone Pipeline in northeastern Ohio is now fully operational, which the company says in the initial step in its plan to provide better connectivity to the Utica Shale.
- The new 50-mile pipeline connects origination facilities in Harrison County, Ohio, to a tank farm in East Sparta, where condensate and natural gasoline can then continue to Marathon Petroleum's (NYSE:MPC) 93K bbl/day refinery in Canton.
- MPLX also says it is constructing or expanding additional pipelines to provide further distribution to the midwest and Canada, with completion on the projects expected next year.
Sat, Sep. 10, 8:25 AM
- Energy MLPs enjoyed a lift this week (at least until yesterday) following news of the Enbridge-Spectra merger, particularly those lacking sponsorship by producers that may be targets for consolidation.
- Credit Suisse sees logical players to be involved in combinations to secure access to opportunities and capital including ETE/ETP, EPD, MMP, PAA/PAGP, OKE/OKS, WPZ, PSX/PSXP, MPC/MPLX, TRGP, NS/NSH, GEL and TEP/TEGP.
- FBR Capital says MLP valuations have improved ~45% from lows reached early this year, and expects macro trends to lift the sector; the firm thinks CAPL could enjoy double-digit growth for nearly seven years, and says MMLP is another notable outperformer whose valuation reflects more than enough discount for a distribution cut (which the firm is forecasting) - it also likes ENLK, EEP, TLP, SRLP, USAC, WLKP and USDP,
- RBC notes favorable sentiment in the MLP realm, highlighting attractive valuations particularly at ETP, BWP and AMID, and sees dropdown stories - out of favor YTD - such as VLP and SHLX offering visible growth that can support the stocks over the next 12 months.
- ETFs: AMLP, AMJ, KYN, TYG, KYE, SRV, CEM, MLPI, NML, FEN, NTG, KMF, MLPA, EMLP, FMO, AMZA, FEI, JMF, SRF, CBA, MLPN, GMZ, MLPX, GER, EMO, TTP, CTR, MLPS, CEN, SMM, DSE, FPL, AMU, MIE, JMLP, ENFR, ATMP, IMLP
Thu, Jul. 28, 8:41 AM
Wed, Jul. 27, 5:30 PM
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Tue, Jul. 19, 2:47 PM
- MPLX LP (MPLX +0.3%) is resumed with an Overweight rating and a $42 price target at Barclays, which cites solid growth visibility underpinned by dropdowns and organic projects offered at discount to large cap MLP peers.
- Barclays believes MPLX can grow at a five-year 10.5% compound annual growth rate through 2020 based on currently available dropdown inventory and organic projects.
- The firm's assumption includes only 35% of opportunity set presented by the company, which translates into 65% of investment backlog available in 2020, providing continued growth visibility post 2020.
Mon, May 2, 11:58 AM
- MPLX (MPLX -2%) is initiated with an Outperform rating and $45 price target at RBC Capital, which says it is encouraged by the supportive multiple following the company's most recent dropdown and the $1B preferred equity raise that keeps MPLX out of markets until 2017.
- The firm says MPLX's valuation screens attractive and thinks the key to outperformance will be in building investor confidence through delivering on organic growth through Marcellus/Utica utilization and pro-active sponsor support.
- Now read The best of the best in the refining industry
Thu, Apr. 28, 3:48 PM
- Marathon Petroleum (MPC -0.6%), which operates the 1.2M bbl/day Louisiana-to-Illinois Capline crude oil pipeline, likely will reverse the pipeline to move heavy Canadian crude south to Louisiana after oil prices recover from the current rout, Marathon Petroleum CEO Gary Heminger says.
- Volumes for the Capline pipeline, the largest in the U.S. and once a major artery to deliver imports and Gulf of Mexico crude to the U.S. midwest, have dropped sharply as U.S. shale output boomed before prices plunged.
- Plains All American Pipeline (PAA -3.9%), the line's majority owner, has said that its 600K bbl/day portion of Capline moved an average of 170K bbl/day last year; MPC and PAA support reversing Capline, but minority owner BP, which relies in part on the line to supply its massive Indiana refinery, has not signed off.
- Heminger says a reversed Capline would need to move a minimum of 500K bbl/day of Canadian heavy crude, but producers struggling with profit losses have cut spending and deferred projects.
- MPC shares are lower after Q1 earnings fell on weaker refining margins and revenue, as well as writedown at MPC’s MPLX (MPLX -0.4%) pipeline subsidiary.
- Now read Hidden gems that make Marathon Petroleum a buy
Thu, Apr. 28, 7:22 AM
- MPLX (NYSE:MPLX): Q1 EPS of -$0.33 may not be comparable to consensus of $0.19.
- Revenue of $609M (+203.0% Y/Y) misses by $4.9M.
Wed, Apr. 27, 5:30 PM
- AB, ABBV, ACOR, ADP, AEP, AET, AIT, ALKS, ALLE, ALXN, AME, APD, ASPS, AUO, AVT, AXTA, BC, BCOR, BG, BLL, BMS, BMY, BOFI, BWA, BWEN, BXLT, BZH, CAB, CAH, CBG, CCE, CELG, CHTR, CIT, CL, CLF, CLFD, CME, CMS, COMM, COP, COR, CRCM, CRI, CRR, CSH, CVI, CVRR, CWT, CY, DBD, DFT, DLX, DNKN, DOW, DPZ, EME, EPD, EQM, EQT, F, FCFS, FCN, GEO, GLOP, GNC, GOV, GTLS, GWR, HAR, HEES, HHS, HMC, HUN, I, IDA, IDCC, INGR, INSY, INT, IPGP, IQNT, IRDM, IRM, ITC, ITCI, IVC, IVZ, KERX, LANC, LBY, LKQ, LVLT, MA, MD, MDP, MHO, MINI, MITK, MJN, MMC, MO, MPC, MPLX, MSCI, MTH, NEE, NEWM, NOV, OAK, ODFL, ORI, OSK, PF, PJC, POT, PPL, PRLB, PTEN, QSR, RGS, RTIX, RTN, RUTH, SABR, SCG, SEE, SFE, SIRI, SNAK, SNE, SPB, SPIL, SQNS, TFX, THRM, TMO, TOWR, TPX, TWC, TZOO, UAN, UBSI, UFS, UPS, UTHR, VA, VAC, VC, VIAB, VIVO, WCC, WM, WNS, WST, XRS, YNDX, ZBH
Wed, Mar. 30, 7:09 AM
- February monthly performance was: +1%
- 52-week performance vs. the S&P 500 is: -38%
- No dividends were paid in February
- Top 10 Holdings as of 12/31/2015: Enterprise Products Partners LP (EPD): 18.36%, Energy Transfer Partners LP (ETP): 10.13%, Magellan Midstream Partners LP (MMP): 8.69%, MPLX LP (MPLX): 5.14%, Buckeye Partners LP (BPL): 4.11%, Plains All American Pipeline LP (PAA): 3.95%, Sunoco Logistics Partners LP (SXL): 3.86%, EQT Midstream Partners LP (EQM): 3.84%, Enbridge Energy Partners LP (EEP): 3.57%, Williams Partners LP (WPZ): 3.49%
Mon, Mar. 14, 7:14 PM
- Marathon Petroleum (NYSE:MPC) agrees to drop down its fee-based inland marine assets to MPLX in exchange for issuing equity to MPC valued at $600M.
- MPLX expects 98% of the equity to be issued in the form of common units and the remainder in general partner units, at ~$26.09/unit.
- MPLX says the inland marine business, which consists of 18 tow boats and 205 barges, accounts for nearly 60% of total volumes MPC ships by inland marine vessels, and will contribute ~$120M in annual EBITDA.