Form 4: MPLX LP Director Garry L. Peiffer Reports Changes in Beneficial Ownership

Director Garry L. Peiffer reports acquisition and disposal of MPLX LP common units related to an equity retainer award and trust holdings.

Summary

• Garry L. Peiffer, a director of MPLX LP, filed a Form 4 detailing changes in his beneficial ownership of the company's common units.
• On April 1, 2025, Peiffer acquired 192.026 common units as part of his second quarter 2025 equity retainer award, prorated for the period beginning April 1, 2025 and ending April 30, 2025.
• The acquisition price was $0.
• On the same day, Peiffer disposed of 56,915.936 common units.
• Following these transactions, Peiffer directly owns 56,915.936 common units and indirectly owns 68,497 common units through a revocable trust.

Sentiment

Score: 7

Explanation: The document reflects standard director compensation practices and ownership disclosures, indicating stable corporate governance. The sentiment is neutral to slightly positive as it shows alignment of director interests with shareholders.

Positives

• The equity retainer program aligns the interests of non-management directors with those of the 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.

Management Comments

• The Reporting Person is a Director of MPLX GP LLC, the general partner of the Issuer.
• The Issuer is managed by the directors and executive officers of MPLX GP LLC.

Industry Context

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

Comparison to Industry Standards

• Equity retainer programs for non-management directors are common practice among publicly traded companies, including those in the energy sector.
• The $125,000 annual equity retainer is within the typical range for companies of MPLX's size and market capitalization.
• Other companies such as Enterprise Products Partners (EPD) and Energy Transfer LP (ET) also utilize equity-based compensation for their directors.

Stakeholder Impact

• The equity retainer program is designed to align the interests of the directors with those of the shareholders.

Key Dates

Keywords

MPLX LP, Garry L. Peiffer, Form 4, Beneficial Ownership, Common Units, Equity Retainer, Director