MPLX LP Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by MPLX LP on January 28, 2016. The filing reports a corporate governance event effective as of January 28, 2016, involving an amendment to the Partnership's governing documents.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a legal amendment to the Partnership Agreement and does not contain financial performance data.
Material Changes
The material change reported is the execution of Amendment No. 2 to the First Amended and Restated Agreement of Limited Partnership by MPLX GP LLC. The amendment modifies Article VI of the Partnership Agreement regarding the calculation of quarterly distributions of Available Cash to the General Partner and holders of Incentive Distribution Rights (IDRs). Specifically, the calculation will exclude any Available Cash distributed to holders of Class A Units for as long as those units are held by a wholly owned subsidiary of the Partnership.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies. The document serves solely to disclose the amendment and incorporates the full text of the amendment by reference as Exhibit 3.1.
Key Facts for Investor Verification
- Amendment No. 2 to the Partnership Agreement was executed on January 28, 2016.
- The amendment alters the calculation of Available Cash distributions to the General Partner and IDR holders.
- Distributions to Class A Units held by a wholly owned subsidiary are now excluded from the calculation of distributions to the General Partner and IDR holders.
- The full text of the amendment is available in Exhibit 3.1 of the filing.