This Overlooked Pipeline Stock Just Became a Rival's Joint-Venture Partner Without Anyone Noticing
MPLX LP didn't just team up with a pipeline rival; it also teamed up with two rivals in the upstream sector, too.
Overview
The Solitude Pipeline System has gotten the green light. You probably haven't heard of it, but the project will help connect natural gas production in the Permian Basin to demand on the Gulf Coast. Given the current global demand for natural gas, this could be a valuable capital investment project.
But what's most interesting here is that the Solitude Pipeline System is being backed by companies that are actually rivals, including pipeline owners MPLX LP (NYSE: MPLX) and Western Midstream Partners (NYSE: WES), and upstream producers Diamondback Energy (NASDAQ: FANG) and Devon Energy (NYSE: DVN). Here's why these competitors are teaming up.
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Originally published at www.fool.com.