5/8/19 – 9:46 A.M.
Marathon Petroleum is merging its two midstream companies. A release from the company says that combining MPLX LP and Andeavor Logistics LP represents an equity value of around $9 billion.
In a statement, Marathon CEO Gary Heminger said the move “creates a leading, large-scale, diversified midstream company anchored by fee-based cash flows.” Heminger added, “The combined entity will have an expanded geographic footprint which we believe enhances our long-term growth opportunities and the sustainable cash flow profile of the business.”
Mike Hennigan will remain the president of the combined companies.