Ohio-based Marathon energy firm to acquire MarkWest Energy Partners
Tuesday, July 14, 2015
Findley, Ohio-based MPLX LP will acquire Denver-based MarkWest Energy Partners for about $15.8 million, USA Today reports. MPLX LP is owned by Marathon Petroleum Corp.
The deal is expected to close in late 2015. At that time, the midstream natural gas firm will become a wholly owned subsidiary of MPLX LP. In addition, the deal will put the company’s combined total market capitalization at $21 billion.
MarkWest is ranked second by market share in natural gas processing for the Marcellus and Utica shales. Together, MPLX LP and MarkWest will be the fourth largest limited master partnership.
Via: USA Today > Marathon energy firm to acquire Marcellus shale gas processor
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
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Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.