MPLX LP Increases Quarterly Distribution

Rhea-AI Summary

MPLX LP has announced a 12.5% increase in its quarterly cash distribution to $0.9565 per common unit for Q3 2024, equivalent to $3.826 annually. This represents a $0.1065 increase per common unit compared to Q2 2024. The distribution will be paid on November 15, 2024, to unitholders of record as of November 8, 2024. The announcement includes tax information for brokers and nominees handling MPLX units for non-U.S. investors, stating that 100% of distributions are subject to U.S. federal income tax withholding.

Positive

• 12.5% increase in quarterly distribution
• Distribution raised by $0.1065 per common unit
• New quarterly distribution of $0.9565 per unit ($3.826 annualized)

Negative

• None.

News Market Reaction – MPLX

+2.22%

1 alert

+2.22% News Effect

On the day this news was published, MPLX gained 2.22%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

FINDLAY, Ohio, Oct. 29, 2024 /PRNewswire/ -- The board of directors of the general partner of MPLX LP (NYSE: MPLX) has declared a quarterly cash distribution of $0.9565 per common unit for the third quarter of 2024, or $3.826 on an annualized basis.

This represents a 12.5% increase, or $0.1065 increase per common unit, over the second quarter 2024 distribution. The distribution will be paid on Nov. 15, 2024, to common unitholders of record as of Nov. 8, 2024.

Qualified Tax Notice

Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold MPLX units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not MPLX, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

About MPLX LP 

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.

Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Director, Investor Relations
Isaac Feeney, Manager, Investor Relations

Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-increases-quarterly-distribution-302290296.html

SOURCE MPLX LP

FAQ

What is MPLX's new quarterly distribution for Q3 2024?

MPLX's new quarterly distribution is $0.9565 per common unit for Q3 2024, equivalent to $3.826 on an annualized basis.

When will MPLX (NYSE: MPLX) pay its Q3 2024 distribution?

MPLX will pay its Q3 2024 distribution on November 15, 2024, to unitholders of record as of November 8, 2024.

How much did MPLX increase its quarterly distribution in Q3 2024?

MPLX increased its quarterly distribution by 12.5%, or $0.1065 per common unit, compared to Q2 2024.