MPLX LP (NYSE:MPLX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
MPLX LP (NYSE:MPLX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 30, 2017, the sole member of MPLX GP LLC, the general partner (the “General Partner”) of MPLX LP (the “Partnership”), increased the size of the board of directors of the General Partner (the “Board”) to thirteen members and elected Michael J. Hennigan as a director, with such election to be effective June 20, 2017. On May 30, 2017, the Board appointed Mr. Hennigan President of the General Partner, with such appointment to also be effective June 20, 2017. As Mr. Hennigan will serve as an officer of the General Partner, he will not receive compensation for his services as a director. Mr. Hennigan is also not expected to serve on any standing committees of the Board.
Since April 28, 2017, Mr. Hennigan, age 57, has served as President, Crude, NGL and Refined Products of the general partner of Energy Transfer Partners L.P. He was elected President and Chief Executive Officer of the general partner of Sunoco Logistics Partners L.P. (“SXL GP”), effective March 1, 2012 and served until April 28, 2017. Prior to that, he was President and Chief Operating Officer of SXL GP from July 2010 until March 2012. From May 2009 until July 2010, Mr. Hennigan served as Vice President, Business Development of SXL GP. Prior to joining SXL GP, Mr. Hennigan was employed in the following positions at Sunoco, Inc.: Senior Vice President, Business Improvement from October 2008 to May 2009; and Senior Vice President, Supply, Trading, Sales and Transportation from February 2006 to October 2008. Mr. Hennigan previously served as a member of the board of directors of SXL GP beginning in April 2010, and on the board of directors of Niska Gas Storage Partners LLC beginning in September 2014.
Mr. Hennigan has held a variety of operations and leadership roles with increasing responsibility during his 35 years of industry experience providing him with valuable insight and perspective that will inform his service as a member of the Board.
Effective June 20, 2017, Donald C. Templin will cease to serve as President of the General Partner. Mr. Templin will continue to serve on the Board. Mr. Templin has been named President, Marathon Petroleum Corporation (“MPC”), effective July 1, 2017.
Neither the Partnership, the General Partner nor any of the Partnership’s subsidiaries have employees. MPC has the contractual responsibility for providing the employees and other personnel, including executive officers such as Mr. Hennigan, necessary to conduct the Partnership’s operations. Mr. Hennigan will receive an annual base salary from MPC and is eligible to participate in MPC’s annual cash bonus program and long-term incentive compensation plan, as well as other benefit plans and programs such as health and life insurance, income protection by means of long-term and short-term disability and retirement and severance benefits plans. Mr. Hennigan is also eligible to participate in the Partnership’s long-term incentive compensation plan. Through its affiliates, MPC owns 50% of the General Partner of the Partnership.
About MPLX LP (NYSE:MPLX)
MPLX LP is a United States-based diversified master limited partnership (MLP) company, which owns, operates, develops and acquires midstream energy infrastructure assets. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids (NGLs); and the gathering, transportation and storage of crude oil and refined petroleum products. The Company’s segments are Logistics and Storage (L&S) and Gathering and Processing (G&P). Its assets include infrastructure to support Marathon Petroleum Corporation (MPC), including approximately 2,900 miles of crude oil and refined product pipelines across over nine states. The Company owns a barge dock facility with approximately 80 thousand barrels per day (mbpd) of crude oil and product throughput capacity, as well as crude oil and product storage facilities with approximately 4,530 thousand barrels (mbbls) of available storage capacity.
MPLX LP is a United States-based diversified master limited partnership (MLP) company, which owns, operates, develops and acquires midstream energy infrastructure assets. The Company is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of natural gas liquids (NGLs); and the gathering, transportation and storage of crude oil and refined petroleum products. The Company’s segments are Logistics and Storage (L&S) and Gathering and Processing (G&P). Its assets include infrastructure to support Marathon Petroleum Corporation (MPC), including approximately 2,900 miles of crude oil and refined product pipelines across over nine states. The Company owns a barge dock facility with approximately 80 thousand barrels per day (mbpd) of crude oil and product throughput capacity, as well as crude oil and product storage facilities with approximately 4,530 thousand barrels (mbbls) of available storage capacity.