Last week Marathon Petroleum, the parent company of MPLX (formerly called MarkWest Energy) announced some big changes during their third quarter update. Namely, they have caved to “activist” investors (we still call them corporate raiders) and their demands to split the company and dump the current CEO (see Partial Activist Victory: Marathon to Sell Speedway, CEO Retiring). The one thing activists didn’t get was a commitment to sell off the MarkWest/MPLX division. What we overlooked at the time (correcting it now) is the fairly big news that the MPLX division got a new CEO, and they continue to build new natural gas and NGL processing plants in the Marcellus/Utica region.
Last week Marathon Petroleum, the parent company of MPLX (formerly called MarkWest Energy) announced some big changes during their third quarter update. Namely, they have caved to “activist” investors (we still call them corporate raiders) and their demands to split the company and dump the current CEO (see 