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MPLX Responds to FERC Announcement

FINDLAY, Ohio, March 16, 2018 /PRNewswire/ -- MPLX LP (NYSE: MPLX) has reviewed the March 15 Federal Energy Regulatory Commission (FERC) policy revision, in which FERC no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost-of-service rate filings. The partnership expects these revisions to have a de minimis effect on its earnings and cash flow.

About MPLX LP

MPLX is a diversified, growth-oriented master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC) to own, operate, develop and acquire midstream energy infrastructure assets. MPLX is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the transportation, storage and distribution of crude oil and refined petroleum products through a marine fleet and approximately 10,000 miles of crude oil and light product pipelines. Headquartered in Findlay, Ohio, MPLX's assets consist of a network of crude oil and products pipelines and supporting assets, including storage facilities (tank farms) located in the Midwest and Gulf Coast regions of the United States; 62 light-product terminals with approximately 24 million barrels of storage capacity; storage caverns with approximately 2.8 million barrels of 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 approximately 5.9 billion cubic feet per day of gathering capacity, 8.2 billion cubic feet per day of natural gas processing capacity and 610,000 barrels per day of fractionation capacity. In addition, MPLX provides fuels distribution services to MPC and owns refining logistics assets consisting of tanks with storage capacity of approximately 56 million barrels as well as refinery docks, loading racks and associated piping. 

Forward-looking statement

This press release contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP ("MPLX"). These forward-looking statements relate to, among other things, expectations, estimates and projections concerning the business and operations of MPLX. You can identify forward-looking statements by words such as "anticipate," "expect," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include: the actual impact of the policy revision on our earnings and cash flow; other adverse changes in laws or regulatory matters; continued/further volatility in and/or degradation of market and industry conditions; other risk factors inherent to MPLX's industry; and the factors set forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2017, filed with the Securities and Exchange Commission (SEC). In addition, the forward-looking statements included herein could be affected by general domestic and international economic and political conditions. Unpredictable or unknown factors not discussed here or in MPLX's Form 10-K could also have material adverse effects on forward-looking statements. Copies of MPLX's Form 10-K are available on the SEC website or by contacting MPLX's Investor Relations office.

MPLX Energy Logistics Logo (PRNewsfoto/Marathon Petroleum Company LLC)

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SOURCE MPLX LP

Investor Relations Contacts: Lisa Wilson (419) 421-2071; Doug Wendt (419) 421-2423; Denice Myers (419) 421-2965; Media Contacts: Chuck Rice (419) 421-2521; Katie Merx (419) 672-5159