8-KLeadership Changes

MPLX LP 8-K Report, Executive Changes (Jun 5, 2017)

Filed June 5, 2017For Securities:MPLXMPLXP

Summary

MPLX LP's 8-K filing on June 5, 2017, announced a significant leadership change within its general partner. Michael J. Hennigan has been appointed as President of MPLX GP LLC and elected to the board of directors, effective June 20, 2017. Mr. Hennigan brings extensive experience in crude, NGL, and refined products, having previously held senior leadership roles at Energy Transfer Partners and Sunoco Logistics Partners. This appointment is expected to leverage his 35 years of industry expertise for the benefit of MPLX. Concurrently, Donald C. Templin will step down as President of the General Partner, effective June 20, 2017, but will continue to serve on the board. Mr. Templin will assume a new role as President of Marathon Petroleum Corporation (MPC) starting July 1, 2017. It's important to note that MPLX, like its subsidiaries, does not have employees; all operational personnel, including Mr. Hennigan, are provided by MPC under a contractual agreement. Mr. Hennigan's compensation and benefits will be managed by MPC, with eligibility for MPLX's long-term incentive plan.

Key Highlights

  • 1Michael J. Hennigan appointed President of MPLX GP LLC, effective June 20, 2017.
  • 2Michael J. Hennigan elected to the Board of Directors of MPLX GP LLC, effective June 20, 2017.
  • 3Hennigan brings 35 years of industry experience, including leadership roles at Energy Transfer Partners and Sunoco Logistics Partners.
  • 4Donald C. Templin to cease as President of MPLX GP LLC, effective June 20, 2017.
  • 5Donald C. Templin will continue to serve on the Board of Directors of MPLX GP LLC.
  • 6Donald C. Templin appointed President of Marathon Petroleum Corporation (MPC), effective July 1, 2017.
  • 7All MPLX operational employees and officers are provided by MPC under a contractual agreement.

Frequently Asked Questions

Michael J. Hennigan has been appointed as the new President of MPLX GP LLC and elected as a director to the Board of Directors, effective June 20, 2017. He brings extensive experience from his 35 years in the energy industry, having held senior leadership positions at companies like Energy Transfer Partners and Sunoco Logistics Partners.

Donald C. Templin will be stepping down from his role as President of MPLX GP LLC on June 20, 2017. However, he will continue to serve as a member of the Board of Directors. He is moving to Marathon Petroleum Corporation (MPC) as its President, effective July 1, 2017.

MPLX LP and its subsidiaries do not have employees; all personnel, including executive officers, are provided by Marathon Petroleum Corporation (MPC) under a contractual agreement. Mr. Hennigan will receive his compensation and benefits, including salary, bonus, and long-term incentives, from MPC. He is also eligible to participate in MPLX's long-term incentive compensation plan.

The filing primarily details leadership changes and does not explicitly state a shift in strategic direction. However, Mr. Hennigan's extensive experience in crude, NGL, and refined products operations suggests a continued focus on operational efficiency and growth within MPLX's existing business segments.