Deals - Joint Ventures | Midstream - Transportation & Pipelines
Marathon Joins Enterprise To Build Dakota Access Pipeline
Print
|
Marathon Petroleum has decided to form a JV to invest in the Dakota Access Pipeline and the Enterprise Transfer Crude Oil Project referred to as the Bakken Pipeline system.
Marathon Petroleum will own 25 % equity interest in the venture with Enbridge. The company will contribute $500 million which will entitle it to 9% interest in the pipeline.
"This system is planned to provide cost-effective access to Bakken crude oil production for the Midwest and Gulf Coast, which will increase MPC's refinery supply flexibility," said Gary R. Heminger, MPC chairman, president and chief executive officer. "In addition, MPC's equity-ownership interest in these major pipelines will make a significant contribution toward the company's plan to grow its midstream logistics business."
The Bakken Pipeline system is currently expected to deliver in excess of 470,000 barrels per day of crude oil from the Bakken/Three Forks production area in North Dakota to the Midwest through Patoka, Illinois, and to the Gulf Coast. The Bakken Pipeline system is expected to be ready for service by the end of 2016.
Heminger noted MPC's investment in the Bakken Pipeline system substantially reduces the company's total expected capital investment in North Dakota crude oil-related pipelines.
More Deals - Joint Ventures News
Schlumberger, Aker Solutions Ink Subsea-Focused JV
Schlumberger, Aker Solutions and Subsea 7 announced an agreement to form a joint venture focused on subsea optimization. The proposed joint venture will combine Schlumberger’s and Aker Solutions’…
California Resources Second Quarter 2022 Results
California Resources Corp. reported second quarter 2022 operational and financial results. The company also announced the formation of a joint venture with Brookfield Renewable, creating a carbon management…
Equinor to Exit Russian JVs, Halt New Investments in Country
Equinor's Board of Directors has decided to stop new investments into Russia, and to start the process of exiting Equinor’s Russian Joint Ventures. Anders Opedal, President and CEO…
Talos, Storegga Partner for Carbon Capture Storage Project in GOM
Talos Energy Inc. has formed an exclusive joint venture with Storegga Geotechnologies Ltd. to source, evaluate and develop carbon capture and storage (CCS) project. The JV will evaluate…
ExxonMobil, Petronas Tout Discovery Offshore Suriname
ExxonMobil and PETRONAS have discovered hydrocarbons at the Sloanea-1 exploration well on Block 52 offshore Suriname. The well was drilled by operator PETRONAS to a total depth of…
Williston Basin News
Bakken Midstream Project shelved; as future growth projects thin
Hess Midstream highlighted continued throughput growth across its Williston Basin (Bakken/Three Forks) systems, signaling higher utilization in gas gathering and processing. For producers, the only forward-looking capacity signal…
Empire Petroleum First Quarter 2023 Results
Empire Petroleum announced first quarter 2023 results. Highlights Increased year-over-year per day sales volumes by 4% to 2,206 barrels of oil equivalent per day ("Boe/d") (61% oil, 19%…
Vitesse Energy, Inc. First Quarter 2023 Results
Vitesse Energy, Inc. announced first quarter 2023 results. Highlights Completed spin-off from Jefferies Financial Group Inc. (the "Spin-Off") and closed the acquisition of Vitesse Oil, LLC on January…
Exxon Mobil First Quarter 2023 Results
Exxon Mobil Corp. announced its first quarter 2023 results. Highlights: Delivered record first quarter earnings of $11.4 billion, demonstrating structural earnings improvements through growth of advantaged assets, mix…
ExxonMobil Fourth Quarter, Full Year 2022 Results
Exxon Mobil Corp. reported its fourth quarter and full year 2022 results. Exxon announced fourth-quarter 2022 earnings of $12.8 billion, or $3.09 per share assuming dilution, resulting in…