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.
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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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Corporation via Globenewswire
