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Marathon Petroleum to exchange GP interest in MPLX for $10B-plus in units

|About: Marathon Petroleum Corporation (MPC)|By:, SA News Editor

Marathon Petroleum (NYSE:MPC) says it will sell its general partner economic interests in MPLX, including incentive distribution rights, in exchange for 275M newly issued MPLX common units valued at ~$10.1B based on the volume-weighted average price of MPLX over the past 10 days.

MPC will continue to control MPLX through its ownership of the non-economic GP interest in MPLX and own ~64% of MPLX units outstanding.

the exchange simplifies the corporate structure and provides a clear valuation for its GP economic interests in MPLX.

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