Post Tagged with: "IDRs"

Fox to Marathon: Don’t Put MPLX in the Penalty Box

Fox to Marathon: Don’t Put MPLX in the Penalty Box

MarkWest Co-Founder John Fox confirms stance that Marathon Petroleum should eliminate IDRs before refinery dropdowns John M. Fox, co-founder and former chairman and CEO of MarkWest Hydrocarbon, which merged with Marathon Petroleum’s MPLX LP (ticker: MPLX) in December 2015, issued a press release today reaffirming his stance against Marathon Petroleum Company’s (ticker: MPC) proposed January 3, 2017 plan. Fox said that his own proposal to eliminate Incentive Distribution Rights (IDRs) would provide immediate uplift in value for MPC shareholders. Fox said that his former company, MarkWest, generated a 143.3% total return and grew from a $1.2 billion market cap to an $8.6 billion market cap for the period of September 5, 2007, when the IDRs were eliminated at MarkWest, to December 4, 2015, when MarkWest merged with MPLX. Fox is beneficial owner of 1,542,072 MPLX common units, and 20,900 shares of Marathon Petroleum Company, according to the press release. “The engagement[Read More…]

January 30, 2017 - 1:10 pm Closing Bell Story, MLP News, MLPs, Oil and Gas 360 Articles, People