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寻：北美地区在产油田收购。要求收购规模五亿美金以上，常规非常规皆可。有一定的在产产量，并有较大的后续开发潜力。项目方的报价需符合行业定价惯例。

Source: Zacks Equity Research

Mergers in the energy space are picking up pace. MPLX LP MPLX – a partnership controlled by independent oil refiner and marketer Marathon Petroleum Corporation MPC – has announced that it would acquire natural gas processor and distributor MarkWest Energy PartnersL.P. MWE. The $15.8 billion deal includes MarkWest’s $4.2 billion debt assumption.

This deal follows the recent merger announcement by Williams Companies Inc. WMB. Per the announcement, the parent company plans to acquire its unit Williams Partners L.P. WPZ in a $13.8 billion all stock-for-unit deal. Notably, Energy Transfer Equity ETE has also been trying to acquire Williams Companies.

Midstream companies have fared better than most exploration and production firms during this crude pricing downturn. This is mainly because the revenues of these companies generally come from long-term, fee-based contracts. The reliance on contracts like these makes financials of such firms less susceptible to commodity price volatility. Also, the steady stream of cash flows and sound financials mean a better position to exploit merger opportunities.

The merger would be a unit-for-unit deal and involve a one-time cash payment. MarkWest unit holders would receive 1.09 MPLX units and about $3.37 in cash for each unit they hold.The transaction amount reflects a 32% premium to MarkWest’s closing price of $59.75 as on Jul 10. Marathon Petroleum would be sponsoring $675 million tofund the cash portion of the deal.

Following the closure of the deal, MarkWest would become a wholly owned subsidiary of MPLX. The merger would create the fourth-largest master limited partnership (“MLP”) in terms of market capitalization. The combined entity will have a market capitalization of about $21 billion, thereby forming a large-cap, diversified MLP with strong growth profile.

MPLX has reaffirmed its 29%distribution growth expectation for this year and expects that this peer-leading distribution growth profile will continue. The partnership also anticipates a compound annual distribution growth rate of 25% for the merged entity through2017.

The merger deal is expected to complete in the fourth quarter of this year. Marathon Petroleum, the largest stakeholder, will continue to own the general partner interest in the new entity and about 19% of MPLX’s common units. The Energy & Minerals Group (“EMG”) will be the second-largest equity holder of the merged entity.

Management at MPLX added that owing to this deal, the proposed acquisition of Marathon’s marine transportation assets in 2015 has been indefinitely deferred.

Marathon Petroleum formed Find lay, OH-based MPLX in 2012 to own and operate pipe lines. Marathon, being the general partner of MPLX, is expected to get a much larger share of cash from the bigger merged entity.

The market reaction to the news clearly demarcated the winners and the losers of the deal. MPLX units slumped 15%, whereas MarkWest Energy and Marathon Petroleum gained 14% and 8%,respectively.

Currently, Marathon Petroleum holds a Zacks Rank #2 (Buy). Both MPLX and MarkWest carry a Zacks Rank #3(Hold).

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