MPLX/MarkWest Combination Receives Further Cash Consideration from Marathon Petroleum Corp.

FINDLAY, Ohio & DENVER--(BUSINESS WIRE)--MPLX LP (NYSE:MPLX) and MarkWest Energy Partners, L.P. (NYSE:MWE) (MarkWest) today announced that, in connection with the anticipated combination of MPLX and MarkWest, Marathon Petroleum Corporation (NYSE:MPC) has agreed to further increase the amount of the one-time cash consideration payable to MarkWest common unitholders to $6.20 per unit, up from the cash consideration previously announced on Nov. 10, 2015, of approximately $5.21 per unit. This cash consideration represents a significant enhancement to the initial July 13, 2015, offer which was approximately $3.37 per unit. Under the revised terms of the merger agreement announced today, which represents the best and final offer, MarkWest common unitholders will receive approximately $1.28 billion in total cash consideration and 1.09 MPLX common units per MarkWest common unit, for a total consideration of approximately $51.74 per MarkWest common unit, based on the closing price of MPLX’s common units on Nov. 16, 2015.