Business Context and Reporting Period
This Form 8-K is a current report filed by MPLX LP on October 4, 2016. The filing addresses Item 5.02 regarding the departure of a principal financial officer and the appointment of a successor. MPLX LP is a Delaware limited partnership with its principal executive offices in Findlay, Ohio. The Partnership does not employ personnel directly; instead, its parent company, Marathon Petroleum Corporation (MPC), provides all necessary employees and executive officers.
Key Financial Metrics
This filing is a corporate governance report and does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The material change reported is a leadership transition within the Partnership's executive management:
- Departure: Nancy K. Buese ceased serving as the principal financial officer of the Partnership effective October 6, 2016, after accepting a position with another company.
- Appointment: Pamela K.M. Beall was appointed as Executive Vice President and Chief Financial Officer of the General Partner (MPLX GP LLC), thereby serving as the principal financial officer of the Partnership effective October 6, 2016.
Management Commentary and Compensation
Background of New CFO: Ms. Beall, age 60, has a long history with the Marathon organization, beginning in 1978. Prior to this appointment, she served as Executive Vice President of Corporate Planning and Strategy for the General Partner. She holds a bachelor's degree in accounting and an MBA, and is a licensed CPA in Ohio (inactive).
Compensation Structure: As MPLX LP has no direct employees, Ms. Beall's compensation is administered through MPC. She will receive an annual base salary from MPC and is eligible for MPC's annual cash bonus program, long-term incentive compensation plan, and benefit plans (health, life, disability, retirement, and severance). Additionally, she is eligible to participate in the Partnership's long-term incentive compensation plan.
Investor Verification Checklist
- Verify the effective date of the CFO transition (October 6, 2016) against internal governance records.
- Confirm that Ms. Beall's compensation is sourced from MPC rather than MPLX LP directly, as per the Partnership's employment structure.
- Review subsequent filings (e.g., 10-Q or 10-K) for any financial impact or strategic shifts resulting from this leadership change.
- Note that this filing contains no financial metrics; refer to the most recent quarterly or annual report for financial performance data.