MPLX LP (NYSE:MPLX) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
information concerning the 2016 Unaudited Quarterly Recasted
Statements of Income for each of the quarters in the year ended
December 31, 2016. As a result of the Partnership’s acquisition
from Marathon Petroleum Corporation (“MPC”) of Hardin Street
Transportation LLC (“HST”), Woodhaven Cavern LLC (“WHC”) and
MPLX>Terminals LLC (“MPLXT”) on March 1, 2017, management
desires to provide information to investors to enhance the
understanding of each component’s historical operating
performance. The results for MPLXT are recast effective April 1,
2016. Prior to this date, MPLXT was not considered a business for
accounting purposes and therefore there are no financial results
from which to recast. As the acquisition of HST, WHC and MPLXT
from MPC was a transfer between entities under common control,
the basis of the assets acquired from MPC is MPC’s historical
basis instead of fair value. Accordingly, beginning with the
filing of its Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 2017, the Partnership retrospectively
adjusted the historical financial results for all periods to
include HST, WHC and MPLXT as required for transactions between
entities under common control.
been prepared based on the consolidated financial statements
included in the Partnership’s Quarterly Reports on Form 10-Q for
the quarterly periods ended March 31, 2016, June 30, 2016 and
September 30, 2016 and the Partnership’s Annual Report on Form
10-K for the year ended December 31, 2016. The 2016 Unaudited
Quarterly Statements of Income should be read in conjunction with
such historical consolidated financial statements, including the
related financial statement notes.
Income are being furnished as Exhibit 99.1 to this Current Report
and are incorporated herein by reference. The 2016 Unaudited
Quarterly Recasted Statements of Income are presented for
illustrative purposes only and are based on available information
and assumptions the Partnership believes are reasonable. They do
not purport to represent what the actual consolidated results
would have been if the acquisitions of HST, WHC and MPLXT had
occurred on January 1, 2016, nor are they necessarily indicative
of future consolidated results of operations. Actual results of
operations may differ, perhaps significantly, from the amounts
reflected in the 2016 Unaudited Quarterly Recasted Statements of
Income.
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Exhibit Number
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Description
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99.1
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2016 Unaudited Quarterly Recasted Statements of Income
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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 (NYSE:MPLX) Recent Trading Information
MPLX LP (NYSE:MPLX) closed its last trading session up +0.11 at 35.34 with 1,400,899 shares trading hands.