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|MPLX LP Increases Quarterly Distribution|
FINDLAY, Ohio, April 19, 2016 - MPLX LP (NYSE: MPLX) today announced that the board of directors of its general partner has declared a cash distribution of $0.505 per common unit for the first quarter of 2016. This represents an increase of $0.005 per unit, or 1 percent, over the fourth-quarter 2015 distribution and an increase of $0.095 per unit, or 23 percent, over the first-quarter 2015 distribution. Since the partnership's initial public offering in October 2012, the MPLX board has authorized distribution increases for 13 consecutive quarters, representing a compound annual growth rate of 22 percent over the minimum quarterly distribution established at the partnership's formation. The distribution will be paid May 13, 2016, to unitholders of record as of May 3, 2016.
On April 28, MPLX will provide an update on its 2016 first-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 #42124992) or by visiting MPLX's website at http://www.mplx.com and clicking on the "2016 First-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 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 fleet, 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, which include more than 5,000 miles of gas gathering and NGL pipelines, over 50 gas processing plants, more than 10 NGL fractionation facilities and one condensate stabilization facility.
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