Marathon Petroleum Corporation and MPLX LP announce MPLX senior management changes
(Thomson Reuters ONE) -
FINDLAY, Ohio, Aug. 24, 2016 - Marathon Petroleum Corporation (NYSE: MPC)
Chairman, President and Chief Executive Officer Gary R. Heminger today announced
changes in the senior management structure of the general partner of MPLX LP
(NYSE: MPLX), MPC's master limited partnership, and MarkWest Energy Partners,
L.P., a wholly owned subsidiary of MPLX. The changes will be effective Oct.
1, 2016.
John C. Mollenkopf, executive vice president and chief operating officer,
MarkWest Operations, of MPLX's general partner, has decided to retire after a
33-year career in the energy industry. Mollenkopf joined MarkWest Hydrocarbon in
1996 as manager, new projects, and, after a series of assignments of increasing
responsibility, became one of the founding members of the general partner of
MarkWest at its initial public offering in 2002. In 2003, Mollenkopf became vice
president, Business Development, for MarkWest and completed the company's first
three acquisitions marking its entrance into the Southwest region. In 2004 he
became senior vice president, Southwest Business Unit, and then in 2006, he was
named chief operating officer. Mollenkopf was named executive vice president of
MPLX's general partner in December 2015, when MarkWest became a subsidiary of
MPLX.
"John's impact on MarkWest will be recognized long after he retires,
particularly in the influential leadership role he played in growing the
company's operations and facilities, which have provided best-in-class service
to our customers for over a decade," said Heminger. "John was one of the
founding members of MarkWest Energy Partners and we celebrate his many
contributions to our company and industry, and wish him and his family all the
best in his well-earned retirement."
Gregory S. Floerke, currently serving as executive vice president and chief
commercial officer, MarkWest Assets, of MPLX's general partner, will assume the
role of executive vice president and chief operating officer, MarkWest
Operations, and report to Donald C. Templin, president of MPLX's general
partner. He will remain at MarkWest's offices in Denver.
"In addition to his commercial experience, Greg has a deep understanding of
MarkWest's operations gained during his leadership of the company's Marcellus
and Utica shale activities," Heminger said. "Greg is extremely well-positioned
for this assignment and we are confident that he will deliver on our strategic
goal of remaining No. 1 in customer satisfaction."
Randy S. Nickerson, who currently serves as MPC's executive vice president,
Corporate Strategy, will also be appointed executive vice president and chief
commercial officer, MarkWest Assets, of MPLX's general partner. In this
incremental role, he will serve as an officer of MPLX and report to Templin.
Nickerson will continue in his role to develop overall strategy around midstream
assets as they relate to MarkWest, MPLX and MPC. He will remain in Denver.
"Randy's expanded role is in clear recognition of the phenomenal contribution he
has made to our company's strategic planning efforts and his keen knowledge of
our customers," Heminger said.
###
About Marathon Petroleum Corporation
MPC is the nation's third-largest refiner, with a crude oil refining capacity of
approximately 1.8 million barrels per calendar day in its seven-refinery system.
Marathon brand gasoline is sold through approximately 5,400 independently owned
retail outlets across 19 states. In addition, Speedway LLC, an MPC subsidiary,
owns and operates the nation's second-largest convenience store chain, with
approximately 2,770 convenience stores in 22 states. MPC owns, leases or has
ownership interests in approximately 8,400 miles of crude and light product
pipelines and 5,000 miles of gas gathering and natural gas liquids (NGL)
pipelines. MPC also has ownership interests in 54 gas processing plants, 13 NGL
fractionation facilities and two condensate stabilization facilities. Through
subsidiaries, MPC owns the general partner of MPLX LP, a midstream master
limited partnership. MPC's fully integrated system provides operational
flexibility to move crude oil, NGLs, feedstocks and petroleum-related products
efficiently through the company's distribution network and midstream service
businesses in the Midwest, Northeast, East Coast, Southeast and Gulf Coast
regions.
About MPLX LP
MPLX is a diversified, growth-oriented master limited partnership formed in
2012 by Marathon Petroleum Corporation to own, operate, develop and acquire
midstream energy infrastructure assets. MPLX 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
transportation and storage of crude oil and refined petroleum products.
Headquartered in Findlay, Ohio, MPLX's assets consist of a network of common
carrier crude oil and products pipeline assets located in the Midwest and Gulf
Coast regions of the United States, an inland marine business, a butane storage
cavern located in West Virginia with approximately 1 million barrels of storage
capacity, crude oil and product storage facilities (tank farms) with
approximately 4.5 million barrels of available storage capacity, a barge dock
facility with approximately 78,000 barrels per day of crude oil and product
throughput capacity, and gathering and processing assets that include more than
5,000 miles of gas gathering and NGL pipelines, 54 gas processing plants, 13 NGL
fractionation facilities and two condensate stabilization facilities.
Investor Relations Contacts:
Lisa D. Wilson (419) 421-2071
Teresa Homan (419) 421-2965
Kevin Hawkins (866) 858-0482
Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
Forward-looking Statements
This press release contains forward-looking statements within the meaning of
federal securities laws regarding Marathon Petroleum Corporation ("MPC") and
MPLX LP ("MPLX").These forward-looking statements relate to, among other things,
expectations, estimates and projections concerning the business and operations
of MPC and MPLX. You can identify forward-looking statements by words such as
"anticipate," "believe," "design," "estimate," "expect," "forecast," "goal,"
"guidance," "imply," "intend," "objective," "opportunity," "outlook," "plan,"
"position," "pursue," "prospective," "predict," "project," "potential," "seek,"
"strategy," "target," "could," "may," "should," "would," "will" or other similar
expressions that convey the uncertainty of future events or outcomes. Such
forward-looking statements are not guarantees of future performance and are
subject to risks, uncertainties and other factors, some of which are beyond the
companies' control and are difficult to predict. Factors that could cause MPC's
actual results to differ materially from those implied in the forward-looking
statements are set forth under the heading "Risk Factors" in MPC's Annual Report
on Form 10-K for the year ended Dec. 31, 2015, filed with Securities and
Exchange Commission (SEC). Factors that could cause MPLX's actual results to
differ materially from those implied in the forward-looking statements are set
forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for
the year ended Dec. 31, 2015, and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2016, filed with the SEC. In addition, the forward-looking
statements included herein could be affected by general domestic and
international economic and political conditions. Unpredictable or unknown
factors not discussed here, in MPC's Form 10-K or in MPLX's Form 10-K or Form
10-Q could also have material adverse effects on forward-looking statements.
Copies of MPC's Form 10-K are available on the SEC website, MPC's website at
http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations
office. Copies of MPLX's Form 10-K and Form 10-Q are available on the SEC
website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor
Relations office.
MPLX Executive Changes:
http://hugin.info/155038/R/2037004/758916.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MPLX LP via GlobeNewswire
Datum: 24.08.2016 - 14:54 Uhr
Sprache: Deutsch
News-ID 490912
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