MPLX LP Announces $1 Billion Private Placement of 6.5% Series A Convertible Preferred Units

FINDLAY, Ohio, April 27, 2016 - MPLX LP (NYSE: MPLX) today announced that it has entered into an agreement for the private placement of $1 billion of newly authorized 6.5% Series A Convertible Preferred Units (the "Preferred Units") at a price of $32.50 per unit with approximately 30.8 million Preferred Units to be outstanding at the closing of the private placement. The Preferred Units are generally convertible into MPLX common units on a one for one basis after three years, at the purchasers' option, and after four years at MPLX's option, subject to certain conditions. The transaction is expected to close in May 2016.

The net proceeds, after deducting offering and transaction expenses, are expected to be approximately $984 million. MPLX expects to use the proceeds for capital expenditures, repayment of debt, and general partnership purposes. Primary investors include funds managed by Stonepeak Infrastructure Partners, Magnetar Capital, Kayne Anderson Capital Advisors and The Energy & Minerals Group.

"The partnership elected to take advantage of very strong investor interest in convertible preferred securities by agreeing to the private placement of $1 billion of those securities with a select group of investors," MPLX Chairman and Chief Executive Officer Gary R. Heminger said. "This private placement provides an attractive funding source for the partnership and combined with some opportunistic at-the-market issuances in the first quarter, provides for the partnership's anticipated funding needs for the remainder of 2016 and into 2017, enabling MPLX to continue its execution of attractive organic growth projects that will contribute to distributable cash flow and long-term value for our unitholders."

On April 28, MPLX will provide an update on its 2016 first-quarter results through an earnings release, to be followed by a conference call scheduled for 11 a.m. EDT that day. Interested parties may listen to the conference call by dialing 1-800-446-1671 (confirmation #42124992) or by visiting MPLX's website at http://www.mplx.com and clicking on the "2016 First-Quarter Financial Results" link in the "News & Headlines" section.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.