FINDLAY, Ohio, Oct. 17, 2017 - Marathon Pipe Line LLC, a wholly owned subsidiary of MPLX LP (NYSE: MPLX), the master limited partnership sponsored by Marathon Petroleum Corporation (NYSE: MPC), and operator of the 40-inch, 1.2 million barrel per day capacity Capline pipeline, announced today that the pipeline's owners are launching a non-binding open season to gauge shipper interest in a proposed reversal of Capline, which currently transports crude oil from St. James, Louisiana, to Patoka, Illinois. MPC owns an approximate 33 percent interest in Capline.
A copy of the press release issued by Marathon Pipe Line LLC can be found at http://ir.mplx.com.
About Marathon Petroleum Corporation
MPC is the nation's third-largest refiner, with a crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system. Marathon brand gasoline is sold through approximately 5,600 independently owned retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience store chain, with approximately 2,730 convenience stores in 21 states. MPC owns, leases or has ownership interests in approximately 10,800 miles of crude and light product pipelines. Through subsidiaries, MPC owns the general partner of MPLX LP, a midstream master limited partnership. Through MPLX, MPC has ownership interests in gathering and processing facilities with approximately 5.6 billion cubic feet per day of gathering capacity, 8 billion cubic feet per day of natural gas processing capacity and 570,000 barrels per day of fractionation capacity. MPC's fully integrated system provides operational flexibility to move crude oil, NGLs, feedstocks and petroleum-related products efficiently through the company's distribution network and midstream service businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast regions.
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
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 MPC'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," "propose," "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 MPC'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 MPC's Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPC's Form 10-K are available on the SEC website, MPC's website at http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations office.
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via Globenewswire