Marathon Petroleum Raises One-time Cash Payment For MPLX/MarkWest Combination

(RTTNews) - MPLX LP (MPLX) and MarkWest Energy Partners, L.P. (MWE) announced that, in connection with the anticipated combination of MPLX and MarkWest, Marathon Petroleum Corp.(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.

Under the revised terms, 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.

The proposed transaction will combine MarkWest, the second-largest processor of natural gas in the United States with MPLX, a rapidly growing crude oil and refined products logistics partnership sponsored by MPC.