Summary
MPLX LP (MPLX) filed an 8-K on May 1, 2017, to furnish supplemental information regarding recasted financial statements for the full year 2016. This recasting was undertaken due to MPLX's acquisition of Hardin Street Transportation LLC, Woodhaven Cavern LLC, and MPLX Terminals LLC from Marathon Petroleum Corporation (MPC) on March 1, 2017. As these were transfers between entities under common control, MPLX retrospectively adjusted its historical financial results to include these entities as if they were part of MPLX from earlier periods, specifically for MPLXT effective April 1, 2016. The primary purpose of this filing is to provide investors with enhanced clarity on the historical operating performance of these newly acquired businesses. The recasted statements are presented for illustrative purposes and are based on available information and assumptions considered reasonable by management. Investors should note that these recasted figures are not necessarily indicative of future results and actual future performance may differ significantly.
Key Highlights
- 1MPLX LP is furnishing supplemental information with recasted 2016 financial statements.
- 2The recasting is a result of the March 1, 2017 acquisition of Hardin Street Transportation LLC, Woodhaven Cavern LLC, and MPLX Terminals LLC from Marathon Petroleum Corporation (MPC).
- 3These acquisitions were treated as transfers between entities under common control, requiring retrospective adjustment of historical financial results.
- 4MPLX Terminals LLC (MPLXT) results are recast effective April 1, 2016, as it was not considered a business prior to that date.
- 5The recasted statements aim to provide investors with a clearer understanding of the historical operating performance of the acquired assets.
- 6The recasted statements are illustrative and based on management's reasonable assumptions; they do not guarantee future results.
- 7Detailed recasted statements for 2016 are provided as Exhibit 99.1 to the filing.