FINDLAY, Ohio, July 21, 2015 - MPLX LP (NYSE: MPLX) today announced that the board of directors of its general partner has declared a cash distribution of $0.44 per common unit for the second quarter of 2015. This represents an increase of $0.0975 per unit, or 28.5 percent, over the second-quarter 2014 distribution and an increase of $0.03 per unit, or 7.3 percent, over the first-quarter 2015 distribution. Since the partnership's initial public offering in October 2012, the board has authorized distribution increases for 10 consecutive quarters, representing a compound annual growth rate of 23 percent over the minimum quarterly distribution established at the partnership's formation. The distribution will be paid Aug. 14, 2015, to unitholders of record as of Aug. 4, 2015.
MPLX also announced that upon payment of the second-quarter distribution, the financial tests required for conversion of all of the MPLX subordinated units, which are owned by a subsidiary of Marathon Petroleum Corporation, will have been met. Accordingly, the subordinated units will convert into common units on a one-for-one basis effective Aug. 17, 2015, the first business day following the payment of the second-quarter distribution.
On July 30, MPLX will provide an update on its 2015 second-quarter results through an earnings news release, to be followed by a conference call scheduled for 2 p.m. EDT that day. Interested investors can listen to the conference call on MPLX's website at http://www.mplx.com by clicking on the "2015 Second-Quarter Financial Results" link in the "News & Headlines" section.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of MPLX's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MPLX's distributions to non-United States investors are subject to federal income tax withholding at the highest applicable effective tax rate.
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About MPLX LP
MPLX is a fee-based, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation to own, operate, develop and acquire pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon-based products. Headquartered in Findlay, Ohio, MPLX's assets consist of a 99.5 percent equity interest in a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States and a 100 percent interest in a butane storage cavern located in West Virginia, with approximately 1 million barrels of natural gas liquids storage capacity.
Investor Relations Contacts:
Geri Ewing (419) 421-2071
Teresa Homan (419) 421-2965
Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MPLX LP via Globenewswire
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