Marathon Pipe Line LLC Announces Plans for Capline Reversal Non-Binding Open Season
FINDLAY, Ohio, Oct. 17, 2017 - Marathon Pipe Line LLC, 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.
The non-binding open season will be managed on behalf of the Capline owners by the law firm of Caldwell Boudreaux Lefler PLLC and will run from Oct. 17, 2017, through Nov. 17, 2017. If the owners, Plains All American Pipeline, L.P., (NYSE: PAA), Marathon Petroleum Corporation (NYSE: MPC) and BP Oil Pipeline Company decide to proceed, southbound flow could be operational by the second half of 2022. Once in southbound service, Capline would have an initial capacity up to 300,000 barrels per day. The reversed pipeline would be able to receive crude oil from connecting carriers at Patoka. At St. James, shippers would have access to a distribution network that includes refineries, terminals, ships, barges and rail.
Marathon Pipe Line LLC, a wholly owned subsidiary of MPLX LP (NYSE: MPLX), the master limited partnership sponsored by MPC, operates Capline. The pipeline was once a major transportation route for delivering crude oil that was imported or produced in the Gulf of Mexico to refineries in the Midwest. In recent years, Capline's throughput has decreased due to various market factors.
Interested shippers should contact Matt Heft at (419) 429-5499.
About Marathon Pipe Line LLC
Marathon Pipe Line LLC (MPL) is a subsidiary of MPLX LP, a diversified, growth-oriented master limited partnership formed by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. MPL operates approximately 6,400 miles of underground pipelines in 16 states and transports crude oil and petroleum products to and from terminals, refineries and other pipelines. The company safely controls the movement and delivery of an average of 143 million gallons of crude oil and petroleum products daily.
Matt Heft (419) 429-5499
Investor Relations Contacts:
Lisa Wilson (419) 421-2071
Denice Myers (419) 421-2965
Doug Wendt (419) 421-2423
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 MPLX'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," "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 MPLX'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 MPLX's Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPLX's Form 10-K are available on the SEC website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.