MPLX LP Announces Quarterly Distribution

Rhea-AI Summary

MPLX LP (NYSE: MPLX) has announced its quarterly cash distribution for the second quarter of 2024. The board of directors of MPLX's general partner has declared a distribution of $0.85 per common unit, which equates to $3.40 on an annualized basis. This distribution will be paid on August 16, 2024, to common unitholders of record as of August 9, 2024.

The announcement also includes a qualified tax notice for brokers and nominees holding MPLX units on behalf of non-U.S. investors. The notice states that 100% of the Partnership's distributions to non-U.S. investors should be treated as income effectively connected with a U.S. trade or business, subject to federal income tax withholding at the highest applicable effective tax rate.

Positive

• Consistent quarterly distribution of $0.85 per common unit
• Annualized distribution of $3.40 per unit

Negative

• None.

FINDLAY, Ohio, July 30, 2024 /PRNewswire/ -- The board of directors of the general partner of MPLX LP (NYSE: MPLX) has declared a quarterly cash distribution of $0.85 per common unit for the second quarter of 2024, or $3.40 on an annualized basis. The distribution will be paid on Aug. 16, 2024, to common unitholders of record as of Aug. 9, 2024.

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, Manager, 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-302210068.html

SOURCE MPLX LP

FAQ

What is MPLX's quarterly distribution for Q2 2024?

MPLX LP (NYSE: MPLX) has declared a quarterly cash distribution of $0.85 per common unit for the second quarter of 2024.

When will MPLX pay its Q2 2024 distribution?

MPLX will pay the Q2 2024 distribution on August 16, 2024, to common unitholders of record as of August 9, 2024.

What is MPLX's annualized distribution rate based on the Q2 2024 announcement?

Based on the Q2 2024 distribution of $0.85 per common unit, MPLX's annualized distribution rate is $3.40 per unit.

How are MPLX's distributions treated for non-U.S. investors?

100% of MPLX's distributions to non-U.S. investors are treated as income effectively connected with a U.S. trade or business, subject to federal income tax withholding at the highest applicable effective tax rate.