What is the main change introduced by the Sixth Amended and Restated Partnership Agreement?

The main change is the cancellation and elimination of the TexNew Mex Units, along with the reassignment of their associated capital account to the Special Limited Partner Interest held by a subsidiary of Marathon Petroleum Corporation (MPC).

Why did MPLX amend its partnership agreement?

The amendment was made to simplify and streamline MPLX's capital structure and to eliminate the obligation to pay cash distributions on the now-cancelled TexNew Mex Units.

Will this change affect the distributions I receive as an MPLX unitholder?

This specific amendment focused on internal capital structure simplification and the elimination of distributions on specific units held by the parent company. It is unlikely to directly impact regular distributions to public unitholders, but it contributes to overall simplification which could indirectly benefit the partnership.

MPLX/MPLXP 8-K: Corporate Changes

Q: Who owned the TexNew Mex Units that were cancelled?

The TexNew Mex Units were wholly owned by a subsidiary of Marathon Petroleum Corporation (MPC), which is MPLX's parent company.

Summary

MPLX LP (MPLX) filed an 8-K on February 2, 2021, reporting an amendment to its Agreement of Limited Partnership, effective February 1, 2021. This amendment, specifically the Sixth Amended and Restated Partnership Agreement, primarily focused on simplifying the partnership's capital structure. The key action taken was the cancellation and elimination of the TexNew Mex Units, which were wholly owned by a subsidiary of Marathon Petroleum Corporation (MPC), the parent company. Consequently, the capital account associated with these TexNew Mex Units has been reassigned to the Special Limited Partner Interest, also held by the MPC subsidiary. This move eliminates the obligation for MPLX to make cash distributions on these specific units.

Key Highlights

1MPLX LP executed a Sixth Amended and Restated Agreement of Limited Partnership, effective February 1, 2021.
2The primary purpose of the amendment is to simplify and streamline the partnership's capital structure.
3The TexNew Mex Units, held by a wholly owned subsidiary of Marathon Petroleum Corporation (MPC), have been cancelled and eliminated.
4The capital account associated with the TexNew Mex Units has been reassigned to MPC's Special Limited Partner Interest.
5This amendment eliminates MPLX's requirement to pay cash distributions on the TexNew Mex Units.
6The filing indicates a move towards greater operational and financial efficiency for MPLX.

MPLX LP 8-K Report, Bylaw Amendment (Feb 3, 2021)

Summary

Key Highlights

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