MPLX LP increases quarterly distribution
October 25 2016 - 6:54AM
FINDLAY, Ohio, Oct. 25, 2016 - MPLX LP (NYSE:
MPLX) today announced that the board of directors of its general
partner has declared a cash distribution of $0.515 per common unit
for the third quarter of 2016. This represents an increase of
$0.005 per unit, or 1 percent, over the second-quarter 2016
distribution and an increase of $0.045 per unit, or 10 percent,
over the third-quarter 2015 distribution. Since the partnership's
initial public offering in October 2012, the MPLX board has
authorized distribution increases for 15 consecutive quarters,
representing a compound annual growth rate of 20 percent over the
minimum quarterly distribution established at the partnership's
formation. The distribution will be paid Nov. 14, 2016, to
unitholders of record as of Nov. 4, 2016.
On Oct. 27, MPLX will provide an update on its 2016 third-quarter
results through an earnings release, to be followed by a conference
call scheduled for 11 a.m. EDT that day. Interested parties may
listen to the conference call by dialing 1-800-446-1671
(confirmation number 43396866) or by visiting MPLX's website at
http://www.mplx.com and clicking on the "2016 Third-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.
###
About MPLX LP
MPLX is a diversified, growth-oriented master limited
partnership formed in 2012 by Marathon Petroleum Corporation to
own, operate, develop and acquire midstream energy infrastructure
assets. We are engaged in the gathering, processing and
transportation of natural gas; the gathering, transportation,
fractionation, storage and marketing of natural gas liquids (NGLs);
and the transportation and storage of crude oil and refined
petroleum products. Headquartered in Findlay, Ohio, MPLX's assets
consist of a network of common carrier crude oil and products
pipeline assets located in the Midwest and Gulf Coast regions of
the United States, an inland marine business, a butane storage
cavern located in West Virginia with approximately 1 million
barrels of storage capacity, crude oil and product storage
facilities (tank farms) with approximately 4.5 million barrels of
available storage capacity, a barge dock facility with
approximately 78,000 barrels per day of crude oil and product
throughput capacity, and gathering and processing assets that
include more than 5,500 miles of gas gathering and NGL pipelines,
54 gas processing plants, 13 NGL fractionation facilities and
two condensate stabilization facilities.
Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Teresa Homan (419) 421-2965
Media Contacts:
Chuck Rice
(419) 421-2521
Jamal Kheiry (419) 421-3312
MPLX Distribution
Increase
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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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