MPLX LP Announces Formation of Strategic Joint Venture with Antero Midstream Partners LP - Seite 2

MarkWest will continue to construct and operate all processing facilities installed to service Antero Resources' production and will also retain full ownership of the first six processing facilities at the Sherwood Complex.

In addition to the development of gas processing infrastructure, the joint venture will support the growth of Antero Resources' natural gas liquids (NGL) production with fractionation infrastructure at the Hopedale Complex in Harrison County, Ohio. The largest fractionation facility in the Marcellus and Utica shales, the Hopedale Complex currently has three units providing 180,000 barrels per day (bpd) of propane-plus fractionation capacity. The joint venture is investing in 20,000 bpd of existing fractionation capacity at the Hopedale Complex, and has an option to invest in future fractionation expansions at the complex subject to the production of incremental NGLs from the joint venture's processing facilities. MarkWest and its affiliates will continue to fully own and operate all NGL pipelines, rail and marketing infrastructure associated with the Hopedale Complex. In addition, MarkWest will continue to fully own and operate all fractionation facilities and related NGL infrastructure in the Marcellus Shale. 

MarkWest will initially contribute existing assets to the joint venture consisting of the three processing facilities currently under construction at the Sherwood Complex, as well as associated infrastructure related to the operation of these facilities. Antero Midstream will initially contribute approximately $155 million for its allocated share of processing assets at the Sherwood Complex and ownership of fractionation capacity at the Hopedale Complex. Going forward, it is expected that MarkWest and Antero Midstream will each contribute 50 percent of the future capital investments for the joint venture.

"MPLX is excited to continue expanding our midstream operations on behalf of Antero Resources by partnering with Antero Midstream," commented MPLX President Don Templin. "This unique transaction further strengthens our long-term relationship with the largest producer in the Appalachian Basin and provides MPLX with substantial future organic growth opportunities."  

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About MPLX LP

MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation to own, operate, develop and acquire midstream energy infrastructure assets. We are engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation and storage of crude oil and refined petroleum products. Headquartered in Findlay, Ohio, MPLX's assets consist of a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States; an inland marine business; a butane storage cavern located in West Virginia with approximately one million barrels of storage capacity; crude oil and product storage facilities (tank farms) with approximately 4.5 million barrels of available storage capacity; a barge dock facility with approximately 78,000 barrels per day of crude oil and product throughput capacity; and gathering and processing assets that include more than 5,600 miles of gas gathering and NGL pipelines, 54 gas processing plants, 14 NGL fractionation facilities and two condensate stabilization facilities.