United States

Marathon Petroleum Corp (MPC)

MPC on New York Consolidated

23 Jan 2017
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Latest Key Developments (Source: Significant Developments)

Praxair signs hydrogen supply agreement with Marathon Petroleum
Monday, 23 Jan 2017 08:30am EST 

Praxair Inc : Praxair signs long-term U.S. Gulf Coast hydrogen supply agreement with Marathon Petroleum Corporation . Company will use hydrogen to support an ultra-low-sulfur diesel project planned for 2018 . Has signed a long-term contract to supply hydrogen to marathon petroleum corporation's refinery in Garyville, Louisiana .Hydrogen will be supplied through Praxair's Southeast Louisiana Pipeline Network.  Full Article

Marathon Petroleum comments on Elliott Management statements
Monday, 21 Nov 2016 11:33am EST 

Marathon Petroleum Corp : Marathon Petroleum comments on Elliott Management statements . "We agree with Elliott Management that there is upside to our valuation" . Disagree with Elliott's letter and presentation . "As discussed with Elliott, there are tax and other impediments to an immediate dropdown of all assets to MPLX" ."Confident our plan will deliver substantial shareholder value and we are moving ahead expeditiously on each of these actions".  Full Article

Elliott Management sends a letter to board of Marathon making recommendations
Monday, 21 Nov 2016 08:30am EST 

Marathon Petroleum Corp : Elliott Management Corporation - sent a letter to board of marathon making recommendations that would "unlock $14 - $19 billion for shareholders" . Elliott Management Corporation - manages funds that collectively beneficially own 4 pct of common stock and equivalents of marathon petroleum corporation . Elliott Management Corporation - "believe marathon is severely undervalued" . Elliott Management in letter to Marathon Petroleum - recommended "drop down" of all mlp-qualifying assets to mplx immediately .Elliott Management in letter to marathon petroleum - recommended conducting a full strategic review to reassess marathon's current structure.  Full Article

Marathon Petroleum says first dropdown to MPLX to be of pipeline and terminal assets - conf call
Thursday, 27 Oct 2016 02:24pm EDT 

Marathon Petroleum Corp - : Expect the first dropdown to MPLX to be of pipeline and terminal assets - conf call . Will be targetting traditonal midstream assets to dropdown to MPLX in 2017- earnings call . Marathon petroleum corp, on using cash from asset dropdowns, says it has cash beyond need and share repurchase is on its list - call Further company coverage: [MPC.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Marathon Petroleum sets dividend of $0.36/share
Wednesday, 26 Oct 2016 11:08am EDT 

Marathon Petroleum Corp :Sets dividend of $0.36 per share.  Full Article

Marathon Petroleum agrees to equity participation in Bakken Pipeline System
Tuesday, 2 Aug 2016 07:32pm EDT 

Marathon Petroleum Corp : Marathon Petroleum Corporation agrees to equity participation in Bakken Pipeline System .At closing, will own an approximate 9.2 percent indirect interest in pipeline system in exchange for its investment of $500 million.  Full Article

Marathon Petroleum expects to complete phase 1 of Galveston Bay refinery next month - CONF CALL
Thursday, 28 Jul 2016 11:15am EDT 

Marathon Petroleum Corp: Expects to complete first phase of multi-year program at the Galveston Bay refinery in Texas city next month - Conference Call . EBITDA contribution from initial phase is expected to average about $80 million/year . Expects Q3 total direct operating costs to be $7.65/barrel on total throughput of 1.85 million barrels/day . Expects Q3 throughput volumes to be down slightly compared to Q3, 2015 due to more planned maintenance . Expects Q3 projected corporate and other unallocated items to be about $75 million . Both heavy and light Canadian crude differentials have returned to more favorable levels as impact of Canadian wildfires subsided . Interested in continuing to build out within its footprint in retail and midstream side Further company coverage: [MPC.N] (Bengaluru Newsroom: +1-646-223-8780).  Full Article

Marathon Petroleum Q2 earnings per share $1.51
Thursday, 28 Jul 2016 06:36am EDT 

Marathon Petroleum Corp : Increased quarterly dividend by 12.5 percent, to $0.36 per share . Q2 total revenues and other income $16,790 million versus $20,581 million last year . Qtrly earnings include charge of $0.03 per share related to impairment of equity method investment held by mplx lp . On july 20, extended trade receivables securitization facility for new three-year term and reduced capacity from $1 billion to $750 million . Replaced existing bank revolving credit facility with four-year $2.5 billion bank revolving credit facility,364-day $1 billion bank revolving credit . Q2 earnings include net benefit of $0.44/share primarily related to reversal of company's lower of cost or market inventory valuation reserve . Marathon petroleum corporation reports second-quarter 2016 results . Q2 earnings per share $1.51 . Q2 earnings per share view $0.97 -- Thomson Reuters I/B/E/S . Qtrly "earnings benefited from improving crack spreads" . Refining & marketing segment income from operations was $1.08 billion in quarter, compared with $1.18 billion in same quarter of 2015 .Q2 revenue view $16.89 billion -- Thomson Reuters I/B/E/S.  Full Article

Marathon Petroleum increases dividend 12.5 percent
Wednesday, 27 Jul 2016 12:45pm EDT 

Marathon Petroleum Corp : Marathon Petroleum Corp. increases dividend 12.5 percent .Sets dividend of $0.36 per share.  Full Article

Marathon Petroleum enters into $2.5 bln credit agreement
Tuesday, 26 Jul 2016 04:05pm EDT 

Marathon Petroleum Corp [MPC.N] : On july 20, 2016, mpc amended its existing accounts receivable securitization facility . Entered into a $2.5 billion four-year revolving credit agreement and a $1.0 billion 364-day revolving credit agreement . Mpc has an option to increase aggregate commitments by up to an additional $500.0 million . Mpc may request up to two one-year extensions of maturity date of four-year credit agreement . First amendment, among other things, reduces capacity of receivables purchase agreement to $750.0 million .First amendment has an option to increase overall receivables purchase agreement capacity by up to an additional $250.0 million.  Full Article

Marathon Galveston Bay refinery plans SRU restart: sources

HOUSTON Marathon Petroleum Corp's Galveston Bay refinery in Texas City, Texas, plans to restart a sulfur recovery unit shut this week as part of a planned multi-unit overhaul that began on Jan. 9, said sources familiar with plant operations.