Form 4: MPLX LP Director Christine S. Breves Reports Changes in Beneficial Ownership

Director Christine S. Breves of MPLX LP reports acquisition and disposal of common units related to equity retainer award.

Summary

• On April 1, 2025, Christine S. Breves, a director of MPLX LP, reported a transaction involving common units (limited partner interests).
• Breves acquired 192.026 common units as part of her second quarter 2025 equity retainer award, prorated for the period beginning April 1, 2025, and ending April 30, 2025.
• She also disposed of 0 common units at a price of $0.
• Following the reported transaction, Breves beneficially owns 8,492.549 common units.
• The equity retainer award is part of an annual equity retainer for non-management directors, valued at $125,000, with grants generally made after the annual meeting of shareholders of Marathon Petroleum Corporation, the parent company of MPLX's general partner.

Sentiment

Score: 7

Explanation: The document reflects standard director compensation practices and equity ownership, indicating a stable and well-governed company. There are no red flags or negative indicators.

Positives

• The equity retainer award aligns the interests of non-management directors with those of the company and its shareholders.

Future Outlook

Beginning in May 2025, MPLX's non-management directors will receive an annual equity retainer consisting of one grant in the amount of $125,000, generally made on the day following the annual meeting of shareholders of Marathon Petroleum Corporation.

Industry Context

This filing is a routine disclosure related to director compensation and equity ownership, common in publicly traded partnerships like MPLX LP. It reflects standard practices for aligning director interests with shareholder value.

Comparison to Industry Standards

• Equity compensation for board members is a common practice among publicly traded companies, including those in the energy and midstream sectors.
• Companies like Enterprise Products Partners (EPD) and Kinder Morgan (KMI) also utilize equity-based compensation for their directors.
• The specific amount and structure of the equity retainer ($125,000 annually in this case) are within the typical range for companies of MPLX's size and market capitalization.

Stakeholder Impact

• The equity retainer award aligns the interests of the director with those of the shareholders.

Key Dates

Keywords

MPLX LP, Christine S. Breves, Director, Beneficial Ownership, Common Units, Equity Retainer, Form 4, Marathon Petroleum Corporation