MPLX LP Announces Quarterly Distribution

Rhea-AI Summary

The board of MPLX LP has declared a quarterly cash distribution of $0.6875 per common unit for Q2 2020, totaling $2.75 annually. This amount is unchanged from Q1 2020 but reflects a 3% increase compared to Q2 2019. The distribution will be paid on August 14, 2020, to unitholders on record by August 7, 2020. Notably, distributions to foreign investors will be subject to federal income tax withholding at the highest applicable rate. MPLX operates a diversified midstream energy infrastructure, including pipelines and storage facilities.

Positive

• Quarterly cash distribution of $0.6875 per common unit maintained from Q1 2020.
• 3% increase in distribution compared to Q2 2019.

Negative

• None.

FINDLAY, Ohio, July 28, 2020 /PRNewswire/ -- The board of directors of the general partner of MPLX LP (NYSE: MPLX) has declared a quarterly cash distribution of $0.6875 per common unit for the second quarter of 2020, or $2.75 on an annualized basis.

This distribution is flat versus the first quarter of 2020 distribution and represents an increase of 3% over the second quarter 2019 distribution. The distribution will be paid on Aug. 14, 2020, to common unitholders of record as of Aug. 7, 2020.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of MPLX's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MPLX's distributions to non-United States investors are subject to federal income tax withholding at the highest applicable effective tax rate.

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, Investor Relations
Evan Barbosa, Manager, Investor Relations
Jim Mallamaci, Manager, Investor Relations

Media Contacts:
Hamish Banks, Vice President, Corporate Communications (419) 421-2521
Jamal Kheiry, Manager, Corporate Communications (419) 421-3312

View original content:http://www.prnewswire.com/news-releases/mplx-lp-announces-quarterly-distribution-301101680.html

SOURCE MPLX LP

FAQ

What is the MPLX LP cash distribution for Q2 2020?

MPLX LP has declared a cash distribution of $0.6875 per common unit for Q2 2020.

When will MPLX LP's distribution be paid out?

The distribution will be paid on August 14, 2020.

How does the Q2 2020 distribution compare to previous quarters?

The distribution is flat compared to Q1 2020 but represents a 3% increase over Q2 2019.

Who is eligible for the MPLX LP distribution?

Common unitholders of record as of August 7, 2020, are eligible for the distribution.

Are MPLX LP's distributions taxable for foreign investors?

Yes, distributions to foreign investors are subject to federal income tax withholding at the highest effective rate.