MPLX LP Increases Quarterly Distribution

Rhea-AI Summary

MPLX LP declares a quarterly cash distribution of $0.85 per common unit for Q3 2023, representing a 10% increase from the previous quarter. The distribution will be paid on Nov. 13, 2023.

Positive

• MPLX LP announces a 10% increase in quarterly cash distribution for Q3 2023, which could positively impact the stock price.

Negative

• None.

FINDLAY, Ohio, Oct. 24, 2023 /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 third quarter of 2023, or $3.40 on an annualized basis.

This represents a 10% increase, or $0.075 increase per common unit, over the second quarter 2023 distribution. The distribution will be paid on Nov. 13, 2023, to common unitholders of record as of Nov. 3, 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-increases-quarterly-distribution-301966030.html

SOURCE MPLX LP

FAQ

What is the cash distribution announced by MPLX LP for Q3 2023?

MPLX LP has declared a quarterly cash distribution of $0.85 per common unit for the third quarter of 2023.

When will the distribution be paid?

The distribution will be paid on Nov. 13, 2023.

Is the cash distribution higher or lower than the previous quarter?

The cash distribution for Q3 2023 represents a 10% increase over the previous quarter.