MPLX LP Announces Quarterly Distribution

Rhea-AI Summary

The board of directors of MPLX LP has announced a quarterly cash distribution of $0.775 per common unit for Q1 2023, totaling $3.10 annually. This distribution will be paid on May 15, 2023, to common unitholders recorded as of May 5, 2023. The announcement includes a qualified tax notice for brokers representing non-U.S. investors, specifying that all distributions are subject to federal income tax withholding at the highest applicable rate. MPLX LP is a large-cap master limited partnership focused on midstream energy infrastructure and logistics, with extensive assets including crude oil pipelines and natural gas processing facilities. More details can be found at www.MPLX.com.

Positive

• Quarterly cash distribution of $0.775 per common unit for Q1 2023, indicating steady cash flow.
• Annualized distribution of $3.10 shows commitment to returning value to unitholders.
• Payment on May 15, 2023, reflects timely financial management.

Negative

• Distributions to non-U.S. investors are subject to federal income tax withholding at the highest rate, which may affect attractiveness for foreign investors.

FINDLAY, Ohio, April 25, 2023 /PRNewswire/ -- The board of directors of the general partner of MPLX LP (NYSE: MPLX) has declared a quarterly cash distribution of $0.775 per common unit for the first quarter of 2023, or $3.10 on an annualized basis. The distribution will be paid on May 15, 2023, to common unitholders of record as of May 5, 2023.

Qualified Tax Notice

Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold MPLX units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not MPLX, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

About MPLX LP 

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.

Investor Relations Contacts: (419) 421-2071 
Kristina Kazarian, Vice President, Finance and Investor Relations 
Brian Worthington, Director, Investor Relations 
Isaac Feeney, Supervisor, Investor Relations

Media Contact: (419) 421-3577 
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-announces-quarterly-distribution-301807102.html

SOURCE MPLX LP

FAQ

What is the MPLX LP cash distribution for Q1 2023?

MPLX LP has declared a cash distribution of $0.775 per common unit for the first quarter of 2023.

When will the MPLX distribution be paid?

The distribution will be paid on May 15, 2023, to unitholders of record as of May 5, 2023.

What are the tax implications for non-U.S. investors in MPLX LP?

Distributions to non-U.S. investors will be subject to federal income tax withholding at the highest applicable effective tax rate.

How does MPLX LP support its unitholders?

MPLX LP demonstrates support through regular cash distributions, such as the recent $0.775 per unit for Q1 2023.