MPLX LP Announces Quarterly Distribution

Rhea-AI Summary

MPLX LP (NYSE: MPLX) has announced a quarterly cash distribution of $0.775 per common unit for Q4 2022, amounting to an annualized total of $3.10. The distribution is set to be paid on February 14, 2023, for common unitholders on record by February 6, 2023. The announcement includes a qualified tax notice for brokers concerning non-U.S. investors, indicating that all distributions will be considered as income effectively connected with U.S. trade or business, necessitating federal income tax withholding at the highest effective rate. MPLX operates midstream energy infrastructure and logistics assets.

Positive

• Quarterly cash distribution of $0.775 per common unit indicates strong financial health.
• Annualized distribution of $3.10 reflects consistent cash flow management.

Negative

• Distributions to non-U.S. investors are subject to high federal income tax withholding, which may deter foreign investment.

FINDLAY, Ohio, Jan. 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 fourth quarter of 2022, or $3.10 on an annualized basis. The distribution will be paid on Feb. 14, 2023, to common unitholders of record as of Feb. 6, 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
Isaac Feeney, Supervisor

Media Contact: (419) 421-3312
Jamal Kheiry, Communications Manager

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SOURCE MPLX LP

FAQ

What is the MPLX quarterly distribution for Q4 2022?

MPLX declared a quarterly cash distribution of $0.775 per common unit for Q4 2022.

When will MPLX distribute the $0.775 cash payout?

The distribution will be paid on February 14, 2023.

What is the annualized distribution rate for MPLX in 2022?

The annualized distribution rate for MPLX is $3.10.

What are the tax implications for non-U.S. investors holding MPLX units?

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