What is the main reason for the amendment to the Partnership Agreement?

The primary reason for the amendment is to comply with and facilitate the obligations arising from the Bipartisan Budget Act of 2015 (BBA), which introduced new procedures for partnership audits and adjustments. The amendment ensures MPLX LP is equipped to handle its role as 'Partnership Representative' under these new regulations.

How might the amendment affect partners economically?

The amendment intends to maintain the economic balance by providing the General Partner with the option to ensure that partners who were part of the partnership during the 'reviewed year' bear the economic burden associated with any adjustments resulting from an audit for that year. This is a key aspect of the new BBA rules.

What is the significance of the updated investor presentation?

The updated investor presentation, filed as an exhibit, provides investors with current information and insights into MPLX LP's business, strategy, and performance. While the specific content isn't detailed in the 8-K text, such updates are part of the company's ongoing communication with the investment community.

Is the information in the updated investor presentation considered 'filed' for legal purposes?

No, information furnished under Regulation FD, such as the investor presentation in this case, is generally not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into other filings, unless specifically stated. This means it does not typically create liability under those specific sections.

MPLX/MPLXP 8-K: Corporate Changes & Regulation FD

Summary

MPLX LP (MPLX) filed an 8-K on January 8, 2018, primarily to disclose two key events. First, the company's general partner, MPLX GP LLC, entered into a Second Amendment to its Partnership Agreement. This amendment addresses changes to the Internal Revenue Code, specifically the Bipartisan Budget Act of 2015 (BBA), which impacts partnership audit procedures. The amendment aims to facilitate the general partner's role as the 'Partnership Representative' and, where feasible, maintain the economic burden of any audit adjustments on the partners from the reviewed year. Second, MPLX LP updated its investor presentation, which was made available on its website and filed as an exhibit to the 8-K. While the content of the presentation itself is not detailed in the 8-K text provided, its update signifies ongoing investor relations and communication efforts. Investors should note that information furnished under Regulation FD, such as this investor presentation, is generally not considered "filed" for the purposes of liability under securities laws, but it does offer current insights into the company's perspective.

Key Highlights

1MPLX LP's General Partner amended the Partnership Agreement in response to new Bipartisan Budget Act (BBA) of 2015 audit rules.
2The amendment designates the General Partner as the 'Partnership Representative' under the BBA.
3The revisions aim to ensure partners from a reviewed year bear the economic burden of any adjustments.
4MPLX LP updated and posted a new investor presentation on its website on January 8, 2018.
5The updated investor presentation is filed as an exhibit to the 8-K.
6The BBA changes affect partnership audit and adjustment procedures.

MPLX LP 8-K Report, Bylaw Amendment (Jan 8, 2018)

Summary

Key Highlights

Frequently Asked Questions