MPLX completed the acquisition of Andeavor for $31bn.

MPLX completed its acquisition of Andeavor, an independent refiner creating the largest US independent refining, pipeline and retail company with assets in every US region. The transaction expanded Marathon Petroleum beyond its midcontinent and US Gulf coast concentration into the west, where Andeavor has built a tightly integrated business down the US west coast and in the Rocky mountains. The cash-and-stock deal represents a premium of about 7.3% to Andeavor stock's last close. This values Andeavor at around $23bn. "This transaction simplifies our MLPs into a single listed entity and creates a leading, large-scale, diversified midstream company anchored by fee-based cash flows. This transaction is projected to be immediately accretive to MPLX unitholders on distributable cash flow, demonstrating MPC's commitment to positioning its midstream business for long-term success. The combined entity will have an expanded geographic footprint which we believe enhances our long-term growth opportunities and the sustainable cash flow profile of the business. We are confident about the midstream growth and value-creation opportunities that exist across this combined platform in the best basins in the US," Gary R. Heminger, MPLX chairman and chief executive officer.