MPLX LP (NYSE:MPLX)’s subsidiary MPLX Pipe Line Holdings LLC (MPLH), has announced closure of the purchase of Ozark Pipeline from Enbridge Pipelines (Ozark) LLC at a total cost of $220 million. The Ozark Pipeline is 433-mile and 22-inch in diameter transporting crude oil from Cushing, Oklahoma to Wood River, Illinois. The pipeline has the capacity to transport around 230,000 barrels every day. MPLX plans to expand the pipeline which is scheduled to be completed by the second quarter of 2018. The move is aimed at increasing the pipeline’s transportation capacity to around 345,000 bpd. MPLX LP (NYSE:MPLX) is one of the Biotech Stocks listed at SEC.
Following the completion of the transaction, the energy company will be seeking to consolidate its positions and acquire a sizable market share in highly completive market environment. The company will also seek to increase its production volume.
MPLX is a mixed growth-driven partnership established by Marathon Petroleum Corp (NYSE:MPC) in 2012. The company owns, develops, operates and acquires midstream energy infrastructure assets. The company is mainly engaged in exploration, processing and transporting natural gas. It is also engaged in the transportation, gathering, refinery, storage, commercialization and marketing of NGLs. With its headquarters in Findlay, Ohio, the company’s assets mainly consist of a wide network of crude oil and other oil products carrier assets that are situated in the Gulf Coast and Midwest regions of the U.S. the company also owns a marine business, a butane storage facility situated in West Virginia and with a storage capacity of around 1 million barrels. It owns storage for crude oil and oil products with a capacity to hold around 4.5 million barrels of oil. The company has dock facility with a daily supply capacity of nearly 78,000 barrels of crude oil and oil products.
Additionally, the company, one of the top biotech stocks in the United States has assets for gathering and processing including over 5,600 miles of NGL pipelines and gas gathering. Additionally, the company operates 14 NGL fractionation facilities, 54 gas processing plants as well as two condensate stabilization facilities.