Akin Gump Advises MPLX LP in $2 Billion Terminal, Pipeline and Storage Assets Deal
(Houston) – Marathon Petroleum Corp. and MPLX LP, a master limited partnership, have closed a transaction in which Marathon Petroleum contributed certain terminal, pipeline and storage assets to MPLX for total consideration of $2.015 billion. Akin Gump advised the conflicts committee of MPLX’s board of directors in the transaction.
The assets involved in the transaction include 62 light-product terminals with approximately 24 million barrels of storage capacity; 11 pipeline systems consisting of 604 miles of pipeline; 73 tanks with approximately 7.8 million barrels of storage capacity; a crude oil truck unloading facility at MPC`s refinery in Canton, Ohio; and eight natural gas liquids storage caverns in Woodhaven, Michigan, with approximately 1.8 million barrels of capacity.
Christine LaFollette and John Goodgame, partners in Akin Gump’s oil and gas practice, led the deal team for Akin Gump. They were joined by oil and gas senior counsel Christopher Arntzen and associates Cynthia Angell and Marcella Burke as well as tax partner Alison Chen.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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