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2016-05-13

MPLX LP: MPLX LP Announces Closing of $1 Billion Private Placement of 6.5% Series A Convertible Preferred Units

FINDLAY, Ohio, May 13, 2016 - MPLX LP (NYSE: MPLX) has closed the previously
announced sale of approximately 30.8 million Series A Convertible Preferred
Units representing limited partnership interests in the Partnership (the
"Preferred Units"). Primary investors include funds managed by Stonepeak
Infrastructure Partners, Magnetar Capital, Kayne Anderson Capital Advisors
and The Energy&Minerals Group. The aggregate net proceeds of approximately
$984 million from the sale of these Preferred Units will be used for capital
expenditures, repayment of debt, and general partnership purposes. MPLX
previously announced that the combination of some opportunistic equity
issuances in the first quarter and this private placement provides for the
partnership's anticipated funding needs for the remainder of 2016 and into
2017.

The securities offered in the private placement have not been registered under
the Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements of the
Securities Act and applicable state laws.

This press release is neither an offer to sell nor a solicitation of an offer
to purchase the securities described herein.

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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 business, 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 that include more than 5,000
miles of gas gathering and NGL pipelines, 53 gas processing plants, 13 NGL
fractionation facilities and one condensate stabilization facility.

Investor Relations Contacts:

Lisa D. Wilson (419) 421-2071
Kevin Hawkins (866) 858-0482

Media Contact:

Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312

Forward-looking statements
This press release contains forward-looking statements within the meaning of
federal securities laws regarding MPLX LP ("MPLX") and Marathon Petroleum
Corporation ("MPC").These forward-looking statements relate to, among other
things, expectations, estimates and projections concerning the business and
operations of MPLX and MPC. You can identify forward-looking statements by
words such as "anticipate," "believe," "design," "estimate," "expect,"
"forecast," "goal," "guidance," "imply," "intend," "objective,"
"opportunity," "outlook," "plan," "position," "pursue," "prospective,"
"predict," "project," "potential," "seek," "strategy," "target," "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 the companies' 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: negative capital market conditions, including a persistence or
increase of the current yield on common units, which is higher than
historical yields, adversely affecting MPLX's ability to meet its
distribution growth guidance; risk that the synergies from the acquisition of
MarkWest Energy Partners, L.P. ("MarkWest") by MPLX may not be fully realized
or may take longer to realize than expected; disruption from the
MPLX/MarkWest merger making it more difficult to maintain relationships with
customers, employees or suppliers; risks relating to any unforeseen
liabilities of MarkWest; the adequacy of MPLX's capital resources and
liquidity, including, but not limited to, availability of sufficient cash
flow to pay distributions, and the ability to successfully execute its
business plans and growth strategy; the timing and extent of changes in
commodity prices and demand for crude oil, refined products, feedstocks or
other hydrocarbon-based products; continued/further volatility in and/or
degradation of market and industry conditions; completion of midstream
infrastructure by competitors; disruptions due to equipment interruption or
failure, including electrical shortages and power grid failures; the
suspension, reduction or termination of MPC's obligations under MPLX's
commercial agreements; modifications to earnings and distribution growth
objectives; the level of support from MPC, including drop-downs, alternative
financing arrangements, taking equity units, and other methods of sponsor
support, as a result of the capital allocation needs of the enterprise as a
whole and its ability to provide support on commercially reasonable terms;
federal and state environmental, economic, health and safety, energy and
other policies and regulations; changes to MPLX's capital budget; 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, 2015, filed with the Securities and Exchange Commission (SEC).
Factors that could cause MPC's actual results to differ materially from those
implied in the forward-looking statements include: risks described above
relating to MPLX and the MPLX/MarkWest merger; changes to the expected
construction costs and timing of pipeline projects; continued/further
volatility in and/or degradation of market and industry conditions; the
availability and pricing of crude oil and other feedstocks; slower growth in
domestic and Canadian crude supply; the effects of the lifting of the U.S.
crude oil export ban; completion of pipeline capacity to areas outside the
U.S. Midwest; consumer demand for refined products; transportation logistics;
the reliability of processing units and other equipment; MPC's ability to
successfully implement growth opportunities; modifications to MPLX earnings
and distribution growth objectives; federal and state environmental,
economic, health and safety, energy and other policies and regulations,
including the cost of compliance with the Renewable Fuel Standard; changes to
MPC's capital budget; other risk factors inherent to MPC's industry; and the
factors set forth under the heading "Risk Factors" in MPC's Annual Report on
Form 10-K for the year ended Dec. 31, 2015, filed with the 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, in MPLX's Form 10-K or in MPC'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, MPLX's website
at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Copies of MPC's Form 10-K are available on the SEC website, MPC's website at
http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations
office.

MPLX Private Placement Closing
http://hugin.info/155038/R/2012803/745789.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MPLX LP via Globenewswire

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