Marathon Petroleum’s IDR Swap Valuation Slightly Exceeds Our Estimates; Raising FVE
On Dec. 15, Marathon Petroleum released the final terms of the previously announced swap of its general-partner IDR interests for MPLX common units. The IDR valuation of $10.1 billion will equate to 275 million MPLX common units, leaving Marathon Petroleum with a 64% interest following the swap and close of the latest drop of assets announced in November. At roughly 17 times anticipated 2018 IDR distributions, the valuation came in slightly above our expectations but near the midpoint of the gui...Marathon Petroleum is an independent petroleum refining and marketing, retail and midstream company. The company's segments include: Refining and Marketing, which refines crude oil and other feedstocks at its refineries, purchases refined products and ethanol for resale and distributes refined products; Retail, which sells transportation fuels and convenience products in the retail market across the U.S.; and Midstream, which transports, stores, distributes and markets crude oil and refined products via refining logistics assets, pipelines, terminals, towboats and barges, gathers, processes and transports natural gas, and gathers, transports, fractionates, stores and markets natural gas liquids.
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