Mplx

With optimism generated by global production restraints and the new political order in Washington, DC, Marathon Petroleum Corp. (MPC) and master limited partnership (MLP) MPLX LP are planning to spend up to $3.4 billion in capital expenditures (capex) this year while accelerating up to $1.4 billion in dropdowns to the pipeline partnership.

MarkWest Energy Partners LP co-founder and former CEO John Fox has sent a letter to Marathon Petroleum Corp. (MPC) urging against its plans for the accelerated dropdown of refining assets to its midstream partnership, MPLX LP.

MPLX LP, Marathon Petroleum Corp.’s (MPC) midstream master limited partnership, announced that Craig Pierson, vice president (VP) of operations at MPLX GP LLC, MPLX’s general partner, and president of MPLX’s subsidiary, Marathon Pipe Line LLC(MPL), will retire effective Jan. 1. Pierson joined Marathon in 1978 as a pipeline engineer and held numerous positions in pipeline, transportation and logistics and marketing. Pierson was named VP of operations for MPL in 2005 and assumed the role of president in 2011. “Craig has made significant and lasting contributions to the pipeline organization, leading its growth into the flexible and integrated system we operate today,” said MPLX President Don Templin. Pierson will be replaced by Timothy Aydt, who is currently a general manager at MPC.

Marathon Petroleum Corp.’s midstream master limited partnership, MPLX LP, turned in another strong quarter, again buoyed by last year’s acquisition of MarkWest Energy Partners LP and a rebound in drilling activity in the Northeast.

Condensate is flowing on MPLX LP’s Cornerstone Pipeline system, which is designed to move liquids from processing facilities in Harrison County, OH, to Marathon Petroleum Corp.’s (MPC) refinery in Canton, OH.

Marathon Petroleum Corp. (MPC) announced Wednesday that John Mollenkopf, COO for MarkWest operations following the merger between MPC’s midstream limited partnership, MPLX LP, and MarkWest Energy Partners LP, has decided to retire after a 33-year career in the energy industry (see Shale Daily,July 13, 2015;May 13, 2015). “John’s impact on MarkWest will be recognized long after he retires, particularly in the influential leadership role he played in growing the company’s operations and facilities, which have provided best-in-class service to our customers for over a decade,” MPC CEO Gary Heminger said in a statement. Gregory Floerke, the current chief commercial officer (CCO) for MarkWest Assets, will assume Mollenkopf’s post and report to MPLX President Donald Templin (see Shale Daily,April 9, 2014). Randy Nickerson, who currently serves as MPC’s executive vice president for corporate strategy, will be appointed CCO for MarkWest Assets and also report to Templin. Nickerson will continue in his role to develop overall strategy around midstream assets as they relate to MarkWest, MPLX and MPC. Both Floerke and Nickerson will maintain offices in Denver. The changes will take effect on Oct. 1.

MPLX LP said Thursday they are “very encouraged” by growth in the company’s gathering and processing segment, especially in support of the Marcellus and Utica shales. But the master limited partnership (MLP) again cut capital spending (capex) for 2016 as it delays gathering and processing projects.

MPLX LP said Thursday they are “very encouraged” by growth in the company’s gathering and processing segment, especially in support of the Marcellus and Utica shales. But the master limited partnership (MLP) again cut capital spending (capex) for 2016 as it delays gathering and processing projects.

With the MarkWest Energy Partners LP/MPLX LP merger completed in December, the master limited partnership (MLP) reported its 4Q2015 results Wednesday, announcing that it has lowered its projected 2016 capital expenditures (capex) and revised down its expected distribution growth rate in response to the ongoing commodity downturn.