There Is a Better Path for Real Value Creation
For MPC and MPLX:

The MPC/MPLX IDR elimination plan must be completed at a fair and transparent price (12x – 14x IDR distributions).

MPC’s current plan of 15x – 20x will
destroy value.

The valuation of the IDR transaction has material impacts on MPLX and MPC’s long-term value. An inflated transaction multiple will:

  • Vastly diminished growth prospects at MPLX
  • Put future distributions in jeopardy
  • Raise cost of capital
  • Ultimately destroy value for MPLX and MPC

John M. Fox
Former Chairman,
President and CEO of
MarkWest Energy Partners

It Just Makes Sense!