ANDX Andeavor Logistics LP

By Allison Prang 

The two limited partnerships that largely make up Marathon Petroleum Corp.'s midstream operations are combining in an all-stock deal, the entities said Wednesday.

MPLX LP, a midstream energy and logistics business, is buying Andeavor Logistics LP in a deal with an equity value of $9 billion, they said.

Marathon bought Andeavor last year but the limited partnership continued to trade publicly.

Marathon owns the general partner and majority limited partner interests in MPLX and Andeavor.

For each common share of Andeavor they own, Andeavor shareholders will get almost 1.14 common units of MPLX. For each common unit of Andeavor that Marathon owns, Marathon will get about 1.03 common units of MPLX.

Mike Hennigan, president of MPLX, will oversee all midstream operations following the deal, the entities said.

They expect the deal to close in the second half of the year.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

May 08, 2019 08:00 ET (12:00 GMT)

Andeavor Logistics (NYSE:ANDX)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Andeavor Logistics (NYSE:ANDX)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024