|Tuesday, 3 July 2012, 19:20 HKT|
Source: Marathon Petroleum Corporation
FINDLAY, Ohio, July 3, 2012 - (ACN Newswire) - MPLX LP (MPLX), a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC), announced today that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). This filing is made in anticipation of a proposed initial public offering of common units representing limited partner interests in MPLX. An application will be made to the New York Stock Exchange to list the common units under the symbol "MPLX." The number of common units to be offered and the price range for the offering have not been determined.
MPLX was formed by MPC as its primary vehicle to own, operate, develop and acquire crude oil, refined products and other hydrocarbon-based products pipelines and other midstream assets. Headquartered in Findlay, Ohio, MPLX's initial assets are expected to consist of a 51 percent interest in a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions and a 100 percent interest in a butane cavern in West Virginia.
UBS Investment Bank and BofA Merrill Lynch are acting as joint book-running managers and structuring agents for the proposed offering. The offering will be made only by means of a prospectus. When available, a preliminary prospectus relating to this offering may be obtained from:
UBS Investment Bank
299 Park Avenue
New York, NY 10171
BofA Merrill Lynch
New York, NY 10038
When available, to obtain a copy of the preliminary prospectus free of charge, visit the SEC's website and search under the registrant's name, "MPLX LP."
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains "forward-looking" statements within the meaning of the federal securities laws. These statements contain words such as "possible," "intend," "will," "if" and "expect" and can be impacted by numerous factors, including the risk that an initial public offering of MPLX may not occur, risks relating to the securities markets generally, the impact of adverse market conditions affecting MPC's midstream business or MPLX's business, adverse changes in laws including with respect to tax and regulatory matters and other risks. There can be no assurance that actual results will not differ from those expected by management of MPC or MPLX. For more information concerning factors that could affect these statements, see the registration statement relating to these securities and MPC's most recent annual report on Form 10-K, each filed with the SEC. Neither MPC nor MPLX undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which MPC or MPLX becomes aware of, after the date hereof.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via Thomson Reuters ONE
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July 3, 2012
Topic: Press release summary
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