Marathon Petroleum Corp. and MPLX’s Exchange of MPC’s General Partner Interests for MPLX Common Units


Vinson & Elkins advised Marathon Petroleum Corp. (MPC) in its agreement with MPLX LP for MPC to exchange its general partner economic interests in MPLX, which include incentive distribution rights, for 275 million newly issued MPLX common units valued at approximately $10.1 billion based on the volume-weighted average price of MPLX over the past 10 days.

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 Petroleum Corporation operates as an oil and gas exploration company. The company, led by Gary R Heminger, Donald C Templin and Anthony R Kenney, in 2016 recorded $56 Billion Revenues.

The V&E team was led by corporate partner David Oelman (Picture) and tax partner Ryan Carney, with senior associate James Brown and associate Crosby Scofield. Partner Joe Garcia and senior associate Laura Gieseke also provided tax advice.

Baker Botts Represents Jefferies LLC as Financial Advisor to the Conflicts Committee of MPLX with a team including Joshua Davidson and Leslie Daniel.

Involved fees earner: David Palmer Oelman – Vinson & Elkins LLP; James Brown – Vinson & Elkins LLP; Crosby Scofield – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Joe Garcia Jr. – Vinson & Elkins LLP; Laura Wilhite Gieseke – Vinson & Elkins LLP; Joshua Davidson – Baker Botts; Leslie Daniel – Baker Botts;

Law Firms: Vinson & Elkins LLP; Baker Botts;

Clients: Jefferies; Marathon Petroleum Corporation;

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Author: Ambrogio Visconti