Marathon Petroleum may consider IPO of pipeline assets
(Reuters) - Refining company Marathon Petroleum Corp (MPC.N) said it will look at spinning off some of its pipeline assets into a master limited partnership (MLP) and taking it public, even as it considers strategic alternatives for those assets.
Marathon added that it may sell a minority interest in the unit in an initial public offering.
If Marathon goes through with the public offering, the wholly owned subsidiary -- MPLX LP -- will hold an interest in onshore pipeline assets located in the Midwest and Gulf Coast regions of the United States.
Marathon said it expects to file a registration statement with the Securities and Exchange Commission during the third quarter.
(Reporting by Swetha Gopinath in Bangalore; Editing by Roshni Menon)
NEW YORK - Bank of America Corp on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27 billion penalty.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.