MPLX

[cviller]

Dan,
Marathon Petroleum (MPC) said today in response to agitation from Elliot Management, "We are evaluating strategic opportunities to highlight and capture the value of MPC's general partner interest in MPLX." The general partner interest is held in an MPC sub. What options does Marathon have to "highlight and capture the value of" that GP interest?
Thanks.

[dan_s]

MPC owns 100% of the GP of MPLX, which owns 2% of MPLX. MPC also owns 18% of the LP units of MPLX, which have a market value of approximately $2.2 Billion.

They could sell the LP units, but that seems a bit extreme to me.

I do not follow MPC closely. They may have more midstream assets that they can sell to MPLX.

[dan_s]

You can download our 10-11-2016 profile on MLPX from the EPG website. It is under the MLP tab.