FINDLAY, Ohio, Jan. 25, 2016 - MPLX LP (NYSE: MPLX) today announced that the board of directors of its general partner has declared a cash distribution of $0.50 per common unit for the fourth quarter of 2015. This represents an increase of $0.03 per unit, or 6.4 percent, over the third-quarter 2015 distribution and an increase of $0.1175 per unit, or 30.7 percent, over the fourth-quarter 2014 distribution. Since the partnership's initial public offering in October 2012, the MPLX board has authorized distribution increases for 12 consecutive quarters, representing a compound annual growth rate of 24 percent over the minimum quarterly distribution established at the partnership's formation. The distribution will be paid Feb. 12, 2016, to unitholders of record as of Feb. 4, 2016.
On Feb. 3, MPLX will provide an update on its 2015 fourth-quarter and full-year results through an earnings release, to be followed by a conference call scheduled for 2 p.m. EST that day. Interested investors may listen to the conference call by dialing 1-800-447-0521 (confirmation #41539371) or by visiting MPLX's website at http://www.mplx.com and clicking on the "2015 Fourth-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 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 network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States and a butane storage cavern located in West Virginia with approximately 1 million barrels of natural gas liquids storage capacity. In addition, MarkWest Energy Partners, L.P., a wholly owned subsidiary of MPLX, owns and operates midstream service businesses. MarkWest has a leading presence in many natural gas resource plays, including the Marcellus Shale, Utica Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation.
Investor Relations Contacts:
Lisa Wilson (419) 421-2071
Kevin Hawkins (866) 858-0482
Chuck Rice (419) 421-2521