|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
45-5010536
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
200 E. Hardin Street, Findlay, Ohio
|
|
45840
|
(Address of principal executive offices)
|
|
(Zip code)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Page
|
|
|
|
|
|
|
|
|
Item 2. Unregistered Sales of Equity Securities
|
|
Item 5. Other Information
|
|
|
Three Months Ended
March 31, |
||||||
(In millions, except per unit data)
|
2015
|
|
2014
|
||||
Revenues and other income:
|
|
|
|
||||
Sales and other operating revenues
|
$
|
15.6
|
|
|
$
|
16.9
|
|
Sales to related parties
|
114.4
|
|
|
113.8
|
|
||
Other income
|
1.4
|
|
|
1.5
|
|
||
Other income - related parties
|
6.1
|
|
|
5.1
|
|
||
Total revenues and other income
|
137.5
|
|
|
137.3
|
|
||
Costs and expenses:
|
|
|
|
||||
Cost of revenues (excludes items below)
|
27.8
|
|
|
26.6
|
|
||
Purchases from related parties
|
23.9
|
|
|
24.0
|
|
||
Depreciation
|
12.7
|
|
|
12.6
|
|
||
General and administrative expenses
|
18.7
|
|
|
15.9
|
|
||
Other taxes
|
3.2
|
|
|
1.9
|
|
||
Total costs and expenses
|
86.3
|
|
|
81.0
|
|
||
Income from operations
|
51.2
|
|
|
56.3
|
|
||
Net interest and other financial costs
|
5.3
|
|
|
0.6
|
|
||
Income before income taxes
|
45.9
|
|
|
55.7
|
|
||
Provision for income taxes
|
—
|
|
|
—
|
|
||
Net income
|
45.9
|
|
|
55.7
|
|
||
Less: Net income attributable to MPC-retained interest
|
0.3
|
|
|
21.5
|
|
||
Net income attributable to MPLX LP
|
45.6
|
|
|
34.2
|
|
||
Less: General partner’s interest in net income attributable to MPLX LP
|
4.0
|
|
|
1.0
|
|
||
Limited partners’ interest in net income attributable to MPLX LP
|
$
|
41.6
|
|
|
$
|
33.2
|
|
|
|
|
|
||||
Per Unit Data (See Note 5)
|
|
|
|
||||
Net income attributable to MPLX LP per limited partner unit:
|
|
|
|
||||
Common - basic
|
$
|
0.46
|
|
|
$
|
0.41
|
|
Common - diluted
|
0.46
|
|
|
0.41
|
|
||
Subordinated - basic and diluted
|
0.46
|
|
|
0.41
|
|
||
Weighted average limited partner units outstanding:
|
|
|
|
||||
Common - basic
|
43.3
|
|
|
37.0
|
|
||
Common - diluted
|
43.4
|
|
|
37.0
|
|
||
Subordinated - basic and diluted
|
37.0
|
|
|
37.0
|
|
||
Cash distributions declared per limited partner common unit
|
$
|
0.4100
|
|
|
$
|
0.3275
|
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
132.5
|
|
|
$
|
27.3
|
|
Receivables
|
8.6
|
|
|
10.2
|
|
||
Receivables from related parties
|
51.2
|
|
|
41.0
|
|
||
Materials and supplies inventories
|
11.5
|
|
|
11.7
|
|
||
Other current assets
|
6.1
|
|
|
7.0
|
|
||
Total current assets
|
209.9
|
|
|
97.2
|
|
||
Property, plant and equipment, net
|
1,031.0
|
|
|
1,008.6
|
|
||
Goodwill
|
104.7
|
|
|
104.7
|
|
||
Other noncurrent assets
|
8.4
|
|
|
4.0
|
|
||
Total assets
|
$
|
1,354.0
|
|
|
$
|
1,214.5
|
|
Liabilities
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
44.9
|
|
|
$
|
42.2
|
|
Payables to related parties
|
21.8
|
|
|
20.2
|
|
||
Deferred revenue - related parties
|
33.4
|
|
|
30.5
|
|
||
Accrued taxes
|
7.1
|
|
|
5.2
|
|
||
Long-term debt due within one year
|
0.8
|
|
|
0.8
|
|
||
Other current liabilities
|
7.0
|
|
|
1.7
|
|
||
Total current liabilities
|
115.0
|
|
|
100.6
|
|
||
Long-term deferred revenue - related parties
|
4.6
|
|
|
4.0
|
|
||
Long-term debt
|
757.0
|
|
|
644.0
|
|
||
Deferred credits and other liabilities
|
1.4
|
|
|
2.2
|
|
||
Total liabilities
|
878.0
|
|
|
750.8
|
|
||
Commitments and contingencies (see Note 13)
|
|
|
|
||||
Equity
|
|
|
|
||||
Common unitholders - public (23.4 million units issued and outstanding)
|
641.7
|
|
|
639.0
|
|
||
Common unitholder - MPC (20.0 million units issued and outstanding)
|
263.8
|
|
|
261.1
|
|
||
Subordinated unitholder - MPC (37.0 million units issued and outstanding)
|
222.5
|
|
|
217.5
|
|
||
General partner - MPC (1.6 million units issued and outstanding)
|
(657.7
|
)
|
|
(659.4
|
)
|
||
Total MPLX LP partners’ capital
|
470.3
|
|
|
458.2
|
|
||
Noncontrolling interest retained by MPC
|
5.7
|
|
|
5.5
|
|
||
Total equity
|
476.0
|
|
|
463.7
|
|
||
Total liabilities and equity
|
$
|
1,354.0
|
|
|
$
|
1,214.5
|
|
|
Three Months Ended
March 31, |
||||||
(In millions)
|
2015
|
|
2014
|
||||
Increase (decrease) in cash and cash equivalents
|
|
|
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
45.9
|
|
|
$
|
55.7
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
12.7
|
|
|
12.6
|
|
||
Asset retirement expenditures
|
(0.1
|
)
|
|
(0.2
|
)
|
||
Changes in:
|
|
|
|
||||
Current receivables
|
1.6
|
|
|
—
|
|
||
Materials and supplies inventories
|
(0.1
|
)
|
|
0.3
|
|
||
Current accounts payable and accrued liabilities
|
5.0
|
|
|
(2.3
|
)
|
||
Receivables from / liabilities to related parties
|
(5.1
|
)
|
|
6.3
|
|
||
All other, net
|
(1.4
|
)
|
|
(0.5
|
)
|
||
Net cash provided by operating activities
|
58.5
|
|
|
71.9
|
|
||
Investing activities:
|
|
|
|
||||
Additions to property, plant and equipment
|
(29.7
|
)
|
|
(5.1
|
)
|
||
All other, net
|
0.4
|
|
|
(1.5
|
)
|
||
Net cash used in investing activities
|
(29.3
|
)
|
|
(6.6
|
)
|
||
Financing activities:
|
|
|
|
||||
Long-term debt - borrowings
|
528.2
|
|
|
270.0
|
|
||
- repayments
|
(415.2
|
)
|
|
(0.2
|
)
|
||
Debt issuance costs
|
(3.8
|
)
|
|
—
|
|
||
Quarterly distributions to unitholders and general partner
|
(33.1
|
)
|
|
(23.7
|
)
|
||
Quarterly distributions to noncontrolling interest retained by MPC
|
(0.1
|
)
|
|
(14.9
|
)
|
||
Distributions related to purchase of additional interest in Pipe Line Holdings
|
—
|
|
|
(310.0
|
)
|
||
Net cash provided by (used in) financing activities
|
76.0
|
|
|
(78.8
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
105.2
|
|
|
(13.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
27.3
|
|
|
54.1
|
|
||
Cash and cash equivalents at end of period
|
$
|
132.5
|
|
|
$
|
40.6
|
|
|
Partnership
|
|
|
|
|
||||||||||||||||||
(In millions)
|
Common
Unitholders
Public
|
|
Common
Unitholder
MPC
|
|
Subordinated
Unitholder
MPC
|
|
General Partner
MPC
|
|
Noncontrolling
Interest
Retained
by MPC
|
|
Total
|
||||||||||||
Balance at December 31, 2013
|
$
|
412.0
|
|
|
$
|
57.4
|
|
|
$
|
209.3
|
|
|
$
|
(32.5
|
)
|
|
$
|
467.9
|
|
|
$
|
1,114.1
|
|
Purchase of additional interest in Pipe Line Holdings
|
—
|
|
|
—
|
|
|
—
|
|
|
(172.5
|
)
|
|
(137.5
|
)
|
|
(310.0
|
)
|
||||||
Net income
|
8.9
|
|
|
7.7
|
|
|
16.6
|
|
|
1.0
|
|
|
21.5
|
|
|
55.7
|
|
||||||
Quarterly distributions to unitholders and general partner
|
(6.2
|
)
|
|
(5.4
|
)
|
|
(11.6
|
)
|
|
(0.5
|
)
|
|
—
|
|
|
(23.7
|
)
|
||||||
Quarterly distributions to noncontrolling interest retained by MPC
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.9
|
)
|
|
(14.9
|
)
|
||||||
Non-cash contribution from MPC
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
||||||
Equity-based compensation
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Balance at March 31, 2014
|
$
|
414.5
|
|
|
$
|
59.7
|
|
|
$
|
214.3
|
|
|
$
|
(204.5
|
)
|
|
$
|
337.1
|
|
|
$
|
821.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2014
|
$
|
639.0
|
|
|
$
|
261.1
|
|
|
$
|
217.5
|
|
|
$
|
(659.4
|
)
|
|
$
|
5.5
|
|
|
$
|
463.7
|
|
Net income
|
12.1
|
|
|
10.4
|
|
|
19.1
|
|
|
4.0
|
|
|
0.3
|
|
|
45.9
|
|
||||||
Quarterly distributions to unitholders and general partner
|
(9.0
|
)
|
|
(7.7
|
)
|
|
(14.1
|
)
|
|
(2.3
|
)
|
|
—
|
|
|
(33.1
|
)
|
||||||
Quarterly distributions to noncontrolling interest retained by MPC
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||
Equity-based compensation
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
||||||
Balance at March 31, 2015
|
$
|
641.7
|
|
|
$
|
263.8
|
|
|
$
|
222.5
|
|
|
$
|
(657.7
|
)
|
|
$
|
5.7
|
|
|
$
|
476.0
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Net income attributable to MPLX LP
|
$
|
45.6
|
|
|
$
|
34.2
|
|
Transfer to noncontrolling interest retained by MPC:
|
|
|
|
||||
Decrease in general partner-MPC equity for purchases of additional interest in Pipe Line Holdings
|
—
|
|
|
(172.5
|
)
|
||
Change from net income attributable to MPLX LP and transfer to noncontrolling interest retained by MPC
|
$
|
45.6
|
|
|
$
|
(138.3
|
)
|
•
|
MPC, which refines, markets and transports crude oil and petroleum products, primarily in the Midwest, Gulf Coast, East Coast and Southeast regions of the United States.
|
•
|
Centennial Pipeline LLC (“Centennial”), in which MPC has a
50 percent
interest. Centennial owns a products pipeline and storage facility.
|
•
|
Muskegon Pipeline LLC (“Muskegon”), in which MPC has a
60 percent
interest. Muskegon owns a common carrier products pipeline.
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
MPC
|
$
|
114.4
|
|
|
$
|
113.8
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
MPC
|
$
|
5.4
|
|
|
$
|
6.0
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
MPC
|
$
|
8.2
|
|
|
$
|
7.7
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
MPC
|
$
|
2.1
|
|
|
$
|
0.8
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Purchases from related parties
|
$
|
18.5
|
|
|
$
|
18.0
|
|
General and administrative expenses
|
7.4
|
|
|
5.6
|
|
||
Total
|
$
|
25.9
|
|
|
$
|
23.6
|
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
MPC
|
$
|
50.7
|
|
|
$
|
40.5
|
|
Centennial
|
0.3
|
|
|
0.3
|
|
||
Muskegon
|
0.2
|
|
|
0.2
|
|
||
Total
|
$
|
51.2
|
|
|
$
|
41.0
|
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
MPC
|
$
|
21.8
|
|
|
$
|
20.1
|
|
Centennial
|
—
|
|
|
0.1
|
|
||
Total
|
$
|
21.8
|
|
|
$
|
20.2
|
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
Minimum volume deficiencies - MPC
|
$
|
32.6
|
|
|
$
|
29.9
|
|
Project reimbursements - MPC
|
5.4
|
|
|
4.6
|
|
||
Total
|
$
|
38.0
|
|
|
$
|
34.5
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Net income attributable to MPLX LP
|
$
|
45.6
|
|
|
$
|
34.2
|
|
Less: General partner’s distributions declared (including IDRs)
(1)
|
3.9
|
|
|
0.8
|
|
||
Limited partners’ distributions declared on common units
(1)
|
17.8
|
|
|
12.1
|
|
||
Limited partner’s distributions declared on subordinated units
(1)
|
15.2
|
|
|
12.1
|
|
||
Undistributed net income attributable to MPLX LP
|
$
|
8.7
|
|
|
$
|
9.2
|
|
(1)
|
See Note
6
for distribution information.
|
|
Three Months Ended March 31, 2015
|
||||||||||||||
(In millions, except per unit data)
|
General
Partner
|
|
Limited
Partners’
Common
Units
|
|
Limited
Partner’s Subordinated Units |
|
Total
|
||||||||
Basic and diluted net income attributable to MPLX LP per unit:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to MPLX LP:
|
|
|
|
|
|
|
|
||||||||
Distributions declared (including IDRs)
|
$
|
3.9
|
|
|
$
|
17.8
|
|
|
$
|
15.2
|
|
|
$
|
36.9
|
|
Undistributed net income attributable to MPLX LP
|
4.4
|
|
|
2.3
|
|
|
2.0
|
|
|
8.7
|
|
||||
Net income attributable to MPLX LP
(1)
|
$
|
8.3
|
|
|
$
|
20.1
|
|
|
$
|
17.2
|
|
|
$
|
45.6
|
|
Weighted average units outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
1.6
|
|
|
43.3
|
|
|
37.0
|
|
|
81.9
|
|
||||
Diluted
|
1.6
|
|
|
43.4
|
|
|
37.0
|
|
|
82.0
|
|
||||
Net income attributable to MPLX LP per limited partner unit:
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
|
|
||||
Diluted
|
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
|
|
|
Three Months Ended March 31, 2014
|
||||||||||||||
(In millions, except per unit data)
|
General
Partner
|
|
Limited
Partners’
Common
Units
|
|
Limited
Partner’s
Subordinated
Units
|
|
Total
|
||||||||
Basic and diluted net income attributable to MPLX LP per unit:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to MPLX LP:
|
|
|
|
|
|
|
|
||||||||
Distributions declared (including IDRs)
|
$
|
0.8
|
|
|
$
|
12.1
|
|
|
$
|
12.1
|
|
|
$
|
25.0
|
|
Undistributed net income attributable to MPLX LP
|
3.0
|
|
|
3.1
|
|
|
3.1
|
|
|
9.2
|
|
||||
Net income attributable to MPLX LP
(1)
|
$
|
3.8
|
|
|
$
|
15.2
|
|
|
$
|
15.2
|
|
|
$
|
34.2
|
|
Weighted average units outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
1.4
|
|
|
37.0
|
|
|
37.0
|
|
|
75.4
|
|
||||
Diluted
|
1.4
|
|
|
37.0
|
|
|
37.0
|
|
|
75.4
|
|
||||
Net income attributable to MPLX LP per limited partner unit:
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
$
|
0.41
|
|
|
$
|
0.41
|
|
|
|
||||
Diluted
|
|
|
$
|
0.41
|
|
|
$
|
0.41
|
|
|
|
(1)
|
Allocation of net income attributable to MPLX LP is based on the current period distribution priorities as if all earnings for the period had been distributed.
|
(In units)
|
Common
|
|
Subordinated
|
|
General Partner
|
|
Total
|
||||
Balance at December 31, 2014
|
43,341,098
|
|
|
36,951,515
|
|
|
1,638,625
|
|
|
81,931,238
|
|
Unit-based compensation awards
(1)
|
17,224
|
|
|
—
|
|
|
351
|
|
|
17,575
|
|
Balance at March 31, 2015
|
43,358,322
|
|
|
36,951,515
|
|
|
1,638,976
|
|
|
81,948,813
|
|
(1)
|
As a result of the unit-based compensation awards issued during the period, MPLX GP contributed less than
$0.1 million
in exchange for
351
general partner units to maintain its
two percent
general partner interest.
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Net income attributable to MPLX LP
|
$
|
45.6
|
|
|
$
|
34.2
|
|
Less: General partner's incentive distribution rights
|
3.2
|
|
|
0.3
|
|
||
Net income attributable to MPLX LP available to general and limited partners
|
$
|
42.4
|
|
|
$
|
33.9
|
|
|
|
|
|
||||
General partner's two percent interest in net income attributable to MPLX LP
|
$
|
0.8
|
|
|
$
|
0.7
|
|
General partner's incentive distribution rights
|
3.2
|
|
|
0.3
|
|
||
General partner's interest in net income attributable to MPLX LP
|
$
|
4.0
|
|
|
$
|
1.0
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
General partner's distributions:
|
|
|
|
||||
General partner's distributions
|
$
|
0.7
|
|
|
$
|
0.5
|
|
General partner's incentive distribution rights
|
3.2
|
|
|
0.3
|
|
||
Total general partner's distributions
|
$
|
3.9
|
|
|
$
|
0.8
|
|
Limited partners' distributions:
|
|
|
|
||||
Common unitholders
|
$
|
17.8
|
|
|
$
|
12.1
|
|
Subordinated unitholders
|
15.2
|
|
|
12.1
|
|
||
Total limited partners' distributions
|
33.0
|
|
|
24.2
|
|
||
Total cash distributions declared
|
$
|
36.9
|
|
|
$
|
25.0
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Interest expense
|
5.5
|
|
|
0.6
|
|
||
Interest capitalized
|
(0.6
|
)
|
|
(0.2
|
)
|
||
Other financial costs
|
0.4
|
|
|
0.2
|
|
||
Net interest and other financial costs
|
$
|
5.3
|
|
|
$
|
0.6
|
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
Land
|
$
|
5.5
|
|
|
$
|
5.5
|
|
Pipelines and related assets
|
1,081.8
|
|
|
1,081.4
|
|
||
Storage and delivery facilities
|
166.8
|
|
|
165.8
|
|
||
Other
|
23.9
|
|
|
23.7
|
|
||
Assets under construction
|
118.3
|
|
|
85.3
|
|
||
Total
|
1,396.3
|
|
|
1,361.7
|
|
||
Less accumulated depreciation
|
365.3
|
|
|
353.1
|
|
||
Property, plant and equipment, net
|
$
|
1,031.0
|
|
|
$
|
1,008.6
|
|
|
March 31, 2015
|
|
December 31, 2014
|
||||||||||||
(In millions)
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
||||||||
Long-term debt
|
$
|
756.7
|
|
|
$
|
748.2
|
|
|
$
|
635.6
|
|
|
$
|
635.0
|
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
MPLX LP:
|
|
|
|
||||
Bank revolving credit facility due 2019
|
—
|
|
|
385.0
|
|
||
Term loan facility due 2019
|
250.0
|
|
|
250.0
|
|
||
4.000% senior notes due 2025
|
500.0
|
|
|
—
|
|
||
Consolidated subsidiaries:
|
|
|
|
||||
Pipe Line Holdings - revolving credit agreement due 2019
|
—
|
|
|
—
|
|
||
MPL - capital lease obligations due 2020
|
9.6
|
|
|
9.8
|
|
||
Total
|
759.6
|
|
|
644.8
|
|
||
Unamortized discount
|
1.8
|
|
|
—
|
|
||
Amounts due within one year
|
0.8
|
|
|
0.8
|
|
||
Total long-term debt due after one year
|
$
|
757.0
|
|
|
$
|
644.0
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Net cash provided by operating activities included:
|
|
|
|
||||
Interest paid (net of amounts capitalized)
|
$
|
1.8
|
|
|
$
|
—
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Net transfers of property, plant and equipment to (from) materials and supplies inventories
|
$
|
(0.3
|
)
|
|
$
|
0.4
|
|
Property, plant and equipment contributed by MPC
|
—
|
|
|
0.1
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Additions to property, plant and equipment
|
$
|
29.7
|
|
|
$
|
5.1
|
|
Plus: Increase in capital accruals
|
5.0
|
|
|
0.1
|
|
||
Asset retirement expenditures
|
0.1
|
|
|
0.2
|
|
||
Total capital expenditures
|
$
|
34.8
|
|
|
$
|
5.4
|
|
|
Number
of Units |
|
Weighted
Average Fair Value |
|||
Outstanding at December 31, 2014
|
100,769
|
|
|
$
|
41.66
|
|
Granted
|
30,659
|
|
|
81.83
|
|
|
Settled
|
(30,548
|
)
|
|
39.87
|
|
|
Outstanding at March 31, 2015
|
100,880
|
|
|
54.41
|
|
|
Number of
Units |
|
Outstanding at December 31, 2014
|
924,143
|
|
Granted
|
590,687
|
|
Outstanding at March 31, 2015
|
1,514,830
|
|
•
|
a
99.5 percent
general partner interest in Pipe Line Holdings, an entity that owns
100 percent
interest in MPL and ORPL, which in turn collectively own:
|
•
|
a network of pipeline systems that includes approximately
1,004
miles of common carrier crude oil pipelines and approximately
1,902
miles of common carrier product pipelines extending across nine states. This network includes approximately
230
miles of common carrier crude oil and product pipelines that we operate under long-term leases with third parties;
|
•
|
a barge dock located on the Mississippi River near Wood River, Illinois with approximately
78
thousand barrels per day (mbpd) of crude oil and product throughput capacity; and
|
•
|
crude oil and product tank farms located in Patoka, Wood River and Martinsville, Illinois and Lebanon, Indiana.
|
•
|
a
100 percent
interest in a butane cavern located in Neal, West Virginia with approximately
one million
barrels of storage capacity that serves MPC’s Catlettsburg, Kentucky refinery.
|
|
Three Months Ended March 31,
|
||||||||||
(In millions, unless otherwise noted)
|
2015
|
|
2014
|
|
Variance
|
||||||
Revenues and other income:
|
|
|
|
|
|
||||||
Sales and other operating revenues
|
$
|
15.6
|
|
|
$
|
16.9
|
|
|
$
|
(1.3
|
)
|
Sales to related parties
|
114.4
|
|
|
113.8
|
|
|
0.6
|
|
|||
Other income
|
1.4
|
|
|
1.5
|
|
|
(0.1
|
)
|
|||
Other income - related parties
|
6.1
|
|
|
5.1
|
|
|
1.0
|
|
|||
Total revenues and other income
|
137.5
|
|
|
137.3
|
|
|
0.2
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Cost of revenues (excludes items below)
|
27.8
|
|
|
26.6
|
|
|
1.2
|
|
|||
Purchases from related parties
|
23.9
|
|
|
24.0
|
|
|
(0.1
|
)
|
|||
Depreciation
|
12.7
|
|
|
12.6
|
|
|
0.1
|
|
|||
General and administrative expenses
|
18.7
|
|
|
15.9
|
|
|
2.8
|
|
|||
Other taxes
|
3.2
|
|
|
1.9
|
|
|
1.3
|
|
|||
Total costs and expenses
|
86.3
|
|
|
81.0
|
|
|
5.3
|
|
|||
Income from operations
|
51.2
|
|
|
56.3
|
|
|
(5.1
|
)
|
|||
Net interest and other financial costs
|
5.3
|
|
|
0.6
|
|
|
4.7
|
|
|||
Income before income taxes
|
45.9
|
|
|
55.7
|
|
|
(9.8
|
)
|
|||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net income
|
45.9
|
|
|
55.7
|
|
|
(9.8
|
)
|
|||
Less: Net income attributable to MPC-retained interest
|
0.3
|
|
|
21.5
|
|
|
(21.2
|
)
|
|||
Net income attributable to MPLX LP
|
45.6
|
|
|
34.2
|
|
|
11.4
|
|
|||
Less: General partner’s interest in net income attributable to
MPLX LP
|
4.0
|
|
|
1.0
|
|
|
3.0
|
|
|||
Limited partners’ interest in net income attributable to MPLX LP
|
$
|
41.6
|
|
|
$
|
33.2
|
|
|
$
|
8.4
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA attributable to MPLX LP
(1)
|
$
|
64.2
|
|
|
$
|
43.8
|
|
|
$
|
20.4
|
|
Distributable Cash Flow attributable to MPLX LP
(1)
|
57.4
|
|
|
37.3
|
|
|
20.1
|
|
|||
|
|
|
|
|
|
||||||
Pipeline throughput (mbpd):
|
|
|
|
|
|
||||||
Crude oil pipelines
|
1,012
|
|
|
1,009
|
|
|
3
|
|
|||
Product pipelines
|
886
|
|
|
819
|
|
|
67
|
|
|||
Total
|
1,898
|
|
|
1,828
|
|
|
70
|
|
|||
Average tariff rates ($ per barrel):
(2)
|
|
|
|
|
|
||||||
Crude oil pipelines
|
$
|
0.67
|
|
|
$
|
0.66
|
|
|
$
|
0.01
|
|
Product pipelines
|
0.62
|
|
|
0.62
|
|
|
—
|
|
|||
Total pipelines
|
0.65
|
|
|
0.64
|
|
|
0.01
|
|
(1)
|
Non-U.S. GAAP financial measure. See the following tables for reconciliations to the most directly comparable U.S. GAAP measures.
|
(2)
|
Average tariff rates calculated using pipeline transportation revenues divided by pipeline throughput barrels.
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to MPLX LP from Net Income:
|
|
|
|
||||
Net income
|
$
|
45.9
|
|
|
$
|
55.7
|
|
Less: Net income attributable to MPC-retained interest
|
0.3
|
|
|
21.5
|
|
||
Net income attributable to MPLX LP
|
45.6
|
|
|
34.2
|
|
||
Plus: Net income attributable to MPC-retained interest
|
0.3
|
|
|
21.5
|
|
||
Depreciation
|
12.7
|
|
|
12.6
|
|
||
Non-cash equity-based compensation
|
0.6
|
|
|
0.4
|
|
||
Net interest and other financial costs
|
5.3
|
|
|
0.6
|
|
||
Adjusted EBITDA
|
64.5
|
|
|
69.3
|
|
||
Less: Adjusted EBITDA attributable to MPC-retained interest
|
0.3
|
|
|
25.5
|
|
||
Adjusted EBITDA attributable to MPLX LP
|
64.2
|
|
|
43.8
|
|
||
Plus: Current period deferred revenue for committed volume deficiencies
|
12.6
|
|
|
7.7
|
|
||
Less: Net interest and other financial costs
|
5.3
|
|
|
0.8
|
|
||
Maintenance capital expenditures paid
|
4.2
|
|
|
1.9
|
|
||
Volume deficiency credits
|
9.9
|
|
|
11.5
|
|
||
Distributable Cash Flow attributable to MPLX LP
|
$
|
57.4
|
|
|
$
|
37.3
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to MPLX LP from Net Cash Provided by Operating Activities:
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
58.5
|
|
|
$
|
71.9
|
|
Less: Changes in working capital items
|
1.4
|
|
|
4.3
|
|
||
All other, net
|
(1.4
|
)
|
|
(0.5
|
)
|
||
Plus: Non-cash equity-based compensation
|
0.6
|
|
|
0.4
|
|
||
Net interest and other financial costs
|
5.3
|
|
|
0.6
|
|
||
Asset retirement expenditures
|
0.1
|
|
|
0.2
|
|
||
Adjusted EBITDA
|
64.5
|
|
|
69.3
|
|
||
Less: Adjusted EBITDA attributable to MPC-retained interest
|
0.3
|
|
|
25.5
|
|
||
Adjusted EBITDA attributable to MPLX LP
|
64.2
|
|
|
43.8
|
|
||
Plus: Current period deferred revenue for committed volume deficiencies
|
12.6
|
|
|
7.7
|
|
||
Less: Net interest and other financial costs
|
5.3
|
|
|
0.8
|
|
||
Maintenance capital expenditures paid
|
4.2
|
|
|
1.9
|
|
||
Volume deficiency credits
|
9.9
|
|
|
11.5
|
|
||
Distributable Cash Flow attributable to MPLX LP
|
$
|
57.4
|
|
|
$
|
37.3
|
|
|
Three Months Ended
March 31, |
||||||
(In millions)
|
2015
|
|
2014
|
||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
58.5
|
|
|
$
|
71.9
|
|
Investing activities
|
(29.3
|
)
|
|
(6.6
|
)
|
||
Financing activities
|
76.0
|
|
|
(78.8
|
)
|
||
Total
|
$
|
105.2
|
|
|
$
|
(13.5
|
)
|
(In millions)
|
March 31, 2015
|
|
December 31, 2014
|
||||
MPLX LP:
|
|
|
|
||||
Bank revolving credit facility due 2019
|
—
|
|
|
385.0
|
|
||
Term loan facility due 2019
|
250.0
|
|
|
250.0
|
|
||
4.000% senior notes due 2025
|
500.0
|
|
|
—
|
|
||
Consolidated subsidiaries:
|
|
|
|
||||
Pipe Line Holdings - revolving credit agreement due 2019
|
—
|
|
|
—
|
|
||
MPL - capital lease obligations due 2020
|
9.6
|
|
|
9.8
|
|
||
Total
|
759.6
|
|
|
644.8
|
|
||
Unamortized discount
|
1.8
|
|
|
—
|
|
||
Amounts due within one year
|
0.8
|
|
|
0.8
|
|
||
Total long-term debt due after one year
|
$
|
757.0
|
|
|
$
|
644.0
|
|
|
March 31, 2015
|
||||||||||
(In millions)
|
Total Capacity
|
|
Outstanding Borrowings
|
|
Available
Capacity
|
||||||
MPLX LP - bank revolving credit facility
|
$
|
1,000.0
|
|
|
$
|
—
|
|
|
$
|
1,000.0
|
|
Pipe Line Holdings - revolving credit agreement
|
50.0
|
|
|
—
|
|
|
50.0
|
|
|||
Total
|
$
|
1,050.0
|
|
|
$
|
—
|
|
|
1,050.0
|
|
|
Cash and cash equivalents
|
|
|
|
|
132.5
|
|
|||||
Total liquidity
|
|
|
|
|
$
|
1,182.5
|
|
(In units)
|
Common
|
|
Subordinated
|
|
General Partner
|
|
Total
|
||||
Balance at December 31, 2014
|
43,341,098
|
|
|
36,951,515
|
|
|
1,638,625
|
|
|
81,931,238
|
|
Unit-based compensation awards
(1)
|
17,224
|
|
|
—
|
|
|
351
|
|
|
17,575
|
|
Balance at March 31, 2015
|
43,358,322
|
|
|
36,951,515
|
|
|
1,638,976
|
|
|
81,948,813
|
|
|
Three Months Ended
March 31, |
||||||
(In millions)
|
2015
|
|
2014
|
||||
Distribution declared:
|
|
|
|
||||
Limited partner units - public
|
$
|
9.6
|
|
|
$
|
6.5
|
|
Limited partner units - MPC
|
23.4
|
|
|
17.7
|
|
||
General partner units - MPC
|
0.7
|
|
|
0.5
|
|
||
Incentive distribution rights - MPC
|
3.2
|
|
|
0.3
|
|
||
Total distribution declared
|
$
|
36.9
|
|
|
$
|
25.0
|
|
|
|
|
|
||||
Cash distributions declared per limited partner common unit
|
$
|
0.4100
|
|
|
$
|
0.3275
|
|
|
Three Months Ended March 31,
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Maintenance
|
$
|
2.5
|
|
|
$
|
2.4
|
|
Expansion
|
32.3
|
|
|
3.0
|
|
||
Total capital expenditures
|
34.8
|
|
|
5.4
|
|
||
Less: Increase in capital accruals
|
5.0
|
|
|
0.1
|
|
||
Asset retirement expenditures
|
0.1
|
|
|
0.2
|
|
||
Additions to property, plant and equipment
|
$
|
29.7
|
|
|
$
|
5.1
|
|
(In millions)
|
Fair Value as of March 31, 2015
(1)
|
|
Change in Fair Value
(2)
|
|
Change in Net Income for the Three Months Ended
March 31, 2015
(3)
|
|||||
Long-term debt
|
|
|
|
|
|
|||||
Fixed-rate
|
$
|
506.6
|
|
|
$
|
43.1
|
|
|
n/a
|
|
Variable-rate
|
250.1
|
|
|
n/a
|
|
|
1.1
|
|
(1)
|
Fair value was based on market prices, where available, or current borrowing rates for financings with similar terms and maturities.
|
(2)
|
Assumes a 100-basis-point decrease in the weighted average yield-to-maturity at
March 31, 2015
.
|
(3)
|
Assumes a 100-basis-point change in interest rates. The change to net income was based on the weighted average balance of all outstanding variable-rate debt for the
three
months ended
March 31, 2015
.
|
|
|
|
|
Incorporated by Reference
|
|
|
|
|
|||||||
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
SEC File No .
|
|
Filed
Herewith
|
|
Furnished
Herewith
|
|
3.1
|
|
Certificate of Limited Partnership of MPLX LP
|
|
S-1
|
|
3.1
|
|
|
7/2/2012
|
|
333-182500
|
|
|
|
|
3.2
|
|
Amendment to the Certificate of Limited Partnership of MPLX LP
|
|
S-1/A
|
|
3.2
|
|
|
10/9/2012
|
|
333-182500
|
|
|
|
|
3.3
|
|
First Amended and Restated Agreement of Limited Partnership of MPLX LP, dated October 31, 2012
|
|
8-K
|
|
3.1
|
|
|
11/6/2012
|
|
001-35714
|
|
|
|
|
3.4
|
|
Amended and Restated Agreement of Limited Partnership of MPLX Pipe Line Holdings LP, dated October 31, 2012
|
|
8-K
|
|
3.2
|
|
|
11/6/2012
|
|
001-35714
|
|
|
|
|
4.1
|
|
Indenture, dated February 12, 2015, between the Issuer and The Bank of New York Mellon Trust Company, N.A., as Trustee
|
|
8-K
|
|
4.1
|
|
|
2/9/2015
|
|
001-35714
|
|
|
|
|
4.2
|
|
First Supplemental Indenture, dated February 12, 2015, between the Issuer and The Bank of New York Mellon Trust Company, N.A., as Trustee (including Form of Notes)
|
|
8-K
|
|
4.2
|
|
|
2/9/2015
|
|
001-35714
|
|
|
|
|
10.1
|
|
MPLX GP LLC Amended and Restated Non-Management Director Compensation Policy and Equity Award Terms
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
10.2
|
|
First Amendment to Amended and Restated Operating Agreement, dated as of January 1, 2015, between Marathon Petroleum Company LP and Marathon Pipe Line LLC
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
10.3
|
|
Operating Agreement, dated as of January 1, 2015, between Hardin Street Transportation LLC and Marathon Pipe Line LLC
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13(a)-14 and 15(d)-14 under the Securities Exchange Act of 1934
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13(a)-14 and 15(d)-14 under the Securities Exchange Act of 1934
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
32.2
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
|
|
|||||||
Exhibit
Number
|
|
Exhibit Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
SEC File No .
|
|
Filed
Herewith
|
|
Furnished
Herewith
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
MPLX LP
|
|
|
|
|
|
|
|
By:
|
|
MPLX GP LLC
|
|
|
|
Its general partner
|
|
|
|
|
Date: May 4, 2015
|
By:
|
|
/s/ Ian D. Feldman
|
|
|
|
Ian D. Feldman
|
|
|
|
Controller of MPLX GP LLC
(the general partner of MPLX LP)
|
MPLX GP LLC
Non-Management Director Compensation Package
|
||
Annual Board Retainer (Cash)
|
|
$75,000
|
Annual Director Deferred Phantom Unit Equity Award
|
|
$75,000
|
Total Annual Compensation Package –
Exclusive of Chair Retainers
|
|
$150,000
|
|
|
|
Audit Committee Annual Chair Retainer (Cash)
|
|
$15,000
|
Conflicts Committee Annual Chair Retainer (Cash)
|
|
$15,000
|
Lead Director Annual Retainer (Cash)
|
|
$15,000
|
Any Other Committees Annual Chair Retainer (Cash)
|
|
$7,500
|
1.
|
Delete Exhibit “A” in its entirety and replace it with the attached Exhibit “A” dated January 1, 2015.
|
2.
|
Modify the Management Fee provided for in Section 4.2 and 4.3 from “$11,195,500.00 per year” to “$559,775.00 per year” to reflect the removal of those certain assets sold to Hardin Street Transportation LLC and Woodhaven Cavern LLC.
|
3.
|
In all other respects, except as herein modified, the terms and provisions of the Agreement shall remain in full force and effect.
|
4.
|
In the event of any conflict between the terms and provisions of this First Amendment and terms and provisions of the Agreement, the terms and provisions of this First Amendment shall prevail.
|
5.
|
Any terms not defined herein shall have the same meaning as specified in the Agreement.
|
1.
|
I have reviewed this report on Form 10-Q of MPLX LP;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: May 4, 2015
|
|
/s/ Gary R. Heminger
|
|
|
Gary R. Heminger
|
|
|
Chairman of the Board of Directors and Chief
Executive Officer of MPLX GP LLC
(the general partner of MPLX LP)
|
1.
|
I have reviewed this report on Form 10-Q of MPLX LP;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: May 4, 2015
|
|
/s/ Timothy T. Griffith
|
|
|
Timothy T. Griffith
|
|
|
Director, Vice President and Chief Financial
Officer of MPLX GP LLC
(the general partner of MPLX LP)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
May 4, 2015
|
|
|
|
|
|
/s/ Gary R. Heminger
|
|
|
Gary R. Heminger
|
|
|
Chairman of the Board of Directors and Chief
Executive Officer of MPLX GP LLC
(the general partner of MPLX LP)
|
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
May 4, 2015
|
|
|
|
|
|
/s/ Timothy T. Griffith
|
|
|
Timothy T. Griffith
|
|
|
Director, Vice President and Chief Financial
Officer of MPLX GP LLC
(the general partner of MPLX LP)
|
|
|