MPLX LP Announces Quarterly Distribution

Rhea-AI Summary

MPLX LP declares a quarterly cash distribution of $0.85 per common unit for Q1 2024, totaling $3.40 annually. The distribution will be paid on May 13, 2024, to common unitholders of record as of May 3, 2024. Qualified Tax Notice is provided for non-U.S. investors regarding federal income tax withholding.

FINDLAY, Ohio, April 23, 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 first quarter of 2024, or $3.40 on an annualized basis. The distribution will be paid on May 13, 2024, to common unitholders of record as of May 3, 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, Supervisor, Investor Relations

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

 

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SOURCE MPLX LP

FAQ

What is the quarterly cash distribution announced by MPLX LP for the first quarter of 2024?

MPLX LP declared a quarterly cash distribution of $0.85 per common unit for the first quarter of 2024.

When will the quarterly distribution be paid to common unitholders?

The distribution will be paid on May 13, 2024, to common unitholders of record as of May 3, 2024.

How much is the annualized basis of the quarterly cash distribution declared by MPLX LP?

The quarterly cash distribution of $0.85 per common unit amounts to $3.40 on an annualized basis.

What is the Qualified Tax Notice provided by MPLX LP?

The Qualified Tax Notice provides information to brokers and nominees holding MPLX units for non-U.S. investors regarding federal income tax withholding.

Who is responsible for federal income tax withholding on distributions to non-U.S. investors according to the Qualified Tax Notice?

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.