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>>>>Today, MPC also offered to the MPLX board an exchange of its GP economic interests in MPLX, which include incentive distribution rights (IDRs), for newly issued MPLX common units. This transaction is expected to provide a clear valuation for MPC's GP interests in MPLX, and reduce MPLX's cost of capital to support the sustainable long-term growth of the partnership. <<<<

The important metric for MPLX---This will retire MPC's IDR's which will reduce MPLX's cost of capital to support the sustainable long-term growth of the partnership. The $4B equity portion of the dropdown/exchange will give MPC about a 65% direct ownership of MPLX and give them more of a common goal with MPLX going forward. IMHO it is a very important positive development for MPLX unitholders.

b&w
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