MPLX LP Increases Quarterly Distribution
MPLX LP (MPLX) today announced a cash distribution of $0.41 per common unit for the first quarter of 2015. This represents an increase of $0.0825 per unit, or 25.2 percent, over the first-quarter 2014 distribution and an increase of $0.0275 per unit, or 7.2 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 nine consecutive quarters, representing a compound annual growth rate of 21.9 percent over the minimum quarterly distribution established at the partnership`s formation. The distribution will be paid May 15, 2015, to unitholders of record as of May 5, 2015.
On April 30, MPLX will provide an update on its 2015 first-quarter results through an earnings news release, to be followed by a conference call scheduled for 2 p.m. EST that day. Interested investors can listen to the conference call on MPLX`s website at http://www.mplx.com by clicking on the “2015 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 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.