Business Context and Reporting Period
This Form 8-K filing by MPLX LP, dated December 16, 2013, reports corporate governance changes effective January 1, 2014. The Partnership is a Delaware entity with its principal executive offices in Findlay, Ohio.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel appointments and ownership structure.
Material Changes
- Board Expansion: The Board of Directors of MPLX GP LLC (the General Partner) was increased to nine members.
- Director Election: Pamela K. M. Beall was elected as a director, effective January 1, 2014.
- Executive Appointment: Ms. Beall was appointed President of the General Partner, effective January 1, 2014.
- Compensation: Ms. Beall will not receive compensation for her director services as she serves as an officer of the General Partner.
Outlook, Risks, and Management Commentary
Management highlights Ms. Beall's extensive expertise in finance, accounting, business development, and investor relations within the energy sector as valuable for the Board. The filing notes that Ms. Beall will also assume the role of Senior Vice President, Corporate Planning, Government and Public Affairs at Marathon Petroleum Corporation (the parent of the General Partner) effective January 1, 2014. No specific risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Points
- Confirm the effective date of Ms. Beall's new roles (January 1, 2014).
- Verify the ownership stakes of Marathon Petroleum Corporation affiliates: 71.6% limited partner interest and 2.0% general partner interest as of December 16, 2013.
- Note that Ms. Beall will not serve on any standing committees of the Board.