Marathon Petroleum Corporation Provides Update to Midstream Strategic Alternatives Evaluation Process
(Thomson Reuters ONE) -
FINDLAY, Ohio, May 1, 2012 - Marathon Petroleum Corporation (NYSE: MPC)
announced today that while it continues to evaluate strategic alternatives to
enhance shareholder value with respect to certain midstream assets, MPC's board
of directors has authorized and directed its evaluation team to further explore
the formation and initial public offering of a master limited partnership (MLP)
and to prepare a registration statement.
If MPC determines to further pursue an initial public offering of an MLP, the
issuer would be a wholly-owned subsidiary, MPLX LP. MPC would contribute a
portion of its midstream assets to the MLP and sell a minority interest in the
MLP in an initial public offering. The potential MLP would support MPC's
strategy to grow its midstream business, initially through a contribution of an
interest in certain onshore common carrier pipeline assets located in the
Midwest and Gulf Coast regions of the U.S.
If pursued, MPC would expect to file a registration statement relating to the
common units to be sold in a potential initial public offering with the
Securities and Exchange Commission during the third quarter, subject to final
MPC board approval and prevailing market conditions.
There can be no assurance that the evaluation process will lead to an initial
public offering of an MLP or any other transaction, or that if any transaction
is further pursued, that it will be consummated. This announcement does not
constitute an offer to sell, or the solicitation of an offer to buy, any
securities. This announcement is being issued pursuant to, and in accordance
with, Rule 135 under the Securities Act of 1933.
This announcement contains certain statements that are "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 concerning MPC's possible
initial public offering of interests in an MLP. These statements contain words
such as "possible," "intend," "will", "if" and "expect" and can be impacted by
numerous factors including the risk that an initial public offering may not
occur, risks relating to the securities markets generally, the impact of adverse
market conditions affecting MPC's midstream business, adverse changes in laws
including with respect to tax and regulatory matters and other risks. There can
be no assurance that actual results will not differ from MPC's expectations.
For more information concerning factors that could affect these statements see
MPC's most recent annual report on Form 10-K, filed with the Securities and
Exchange Commission. MPC undertakes no obligation to update or revise such
forward-looking statements to reflect events or circumstances that occur, or
which MPC becomes aware of, after the date hereof.
# # #
MPC Update on Strategic Alternatives:
http://hugin.info/147922/R/1607605/510013.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Marathon Petroleum Corporation via Thomson Reuters ONE
[HUG#1607605]
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 01.05.2012 - 07:02 Uhr
Sprache: Deutsch
News-ID 1109110
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Findlay, Ohio
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 54 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Marathon Petroleum Corporation Provides Update to Midstream Strategic Alternatives Evaluation Process
"
steht unter der journalistisch-redaktionellen Verantwortung von
Marathon Petroleum Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
