3/2/17 – 6:47 A.M.

Marathon Petroleum is working to boost its stock price. The Courier reports the company contributed more than $2 billion of assets to its energy and logistics subsidiary, MPLX, Wednesday. The assets include terminal, pipeline and storage facilities.

Senior Oppenheimer energy analyst Fadel Gheit tells the Courier refiners are doing everything they can to raise stock value in a less profitable environment. He says expanding refining won’t work because it’s too expensive and there are already plenty of refiners. Gheit added the transportation and logistics of MPLX is a faster-growth business.

Marathon is contributing to MPLX 62 refined fuels terminals with about 24 million barrels of storage capacity; 11 pipeline systems consisting of 604 miles of pipeline; and 73 tanks with about 7.8 million barrels of storage capacity. The move also includes a crude oil truck unloading facility at Marathon’s refinery in Canton; and eight natural gas liquids storage caverns in Woodhaven, Michigan, with about 1.8 million barrels of capacity.

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