8-KLeadership Changes

MPLX LP 8-K Report, Executive Changes (Oct 11, 2016)

Filed October 11, 2016For Securities:MPLXMPLXP

Summary

MPLX LP (MPLX) announced a change in its principal financial officer on October 4, 2016. Nancy K. Buese resigned from her position as principal financial officer to accept a role with another company. Effective October 6, 2016, the board of directors of MPLX GP LLC appointed Pamela K.M. Beall as the new Executive Vice President and Chief Financial Officer of the General Partner, making her the principal financial officer of MPLX LP. Ms. Beall brings a wealth of experience to the role, having held various senior positions within Marathon Petroleum Corporation (MPC), MPLX's parent company, since 2002, and prior roles with Marathon Oil Company and USX Corporation. Notably, she has served as President of the General Partner since January 2014 and was previously Executive Vice President of Corporate Planning and Strategy. Her extensive background in finance, planning, and operations, along with her continued eligibility for compensation and benefits from MPC and MPLX, positions her well for this transition.

Key Highlights

  • 1Nancy K. Buese has resigned as the Principal Financial Officer of MPLX LP, effective October 6, 2016.
  • 2Pamela K.M. Beall has been appointed as the new Executive Vice President and Chief Financial Officer of MPLX GP LLC, serving as the Principal Financial Officer of MPLX LP.
  • 3Ms. Beall has a strong background with Marathon Petroleum Corporation (MPC), the parent of MPLX's General Partner, with extensive experience in finance and strategy.
  • 4Ms. Beall will continue to hold her position on the board of directors of the General Partner.
  • 5MPLX LP and its subsidiaries do not have employees; all personnel, including executive officers, are provided by MPC.
  • 6Ms. Beall remains eligible for compensation and benefits through MPC and is also eligible for MPLX's long-term incentive compensation plan.

Frequently Asked Questions

Nancy K. Buese resigned from her position as principal financial officer of MPLX LP because she accepted a position with another company.

Pamela K.M. Beall has been appointed as the new Executive Vice President and Chief Financial Officer of MPLX GP LLC, and consequently serves as the Principal Financial Officer of MPLX LP.

Ms. Beall has a significant history with Marathon Petroleum Corporation (MPC), MPLX's parent company, holding roles such as President of the General Partner and Executive Vice President of Corporate Planning and Strategy. Her career spans over three decades with various Marathon entities and other corporations, in positions related to treasury, business development, and investor relations.

MPLX LP and its General Partner do not have employees; personnel are provided by MPC. Ms. Beall will continue to receive her annual base salary from MPC and is eligible for MPC's bonus programs, long-term incentives, and other employee benefits. She is also eligible to participate in MPLX's long-term incentive compensation plan.