Marathon Petroleum Corporation Provides Update to Midstream Strategic Alternatives Evaluation Process; Considering IPO

Marathon Petroleum Corporation

announced today that while it continues to evaluate strategic alternatives to enhance shareholder value with respect to certain midstream assets, MPC's board of directors has authorized and directed its evaluation team to further explore the formation and initial public offering of a master limited partnership (MLP) and to prepare a registration statement. If MPC determines to further pursue an initial public offering of an MLP, the issuer would be a wholly-owned subsidiary, MPLX LP. MPC would contribute a portion of its midstream assets to the MLP and sell a minority interest in the MLP in an initial public offering. The potential MLP would support MPC's strategy to grow its midstream business, initially through a contribution of an interest in certain onshore common carrier pipeline assets located in the Midwest and Gulf Coast regions of the U.S. If pursued, MPC would expect to file a registration statement relating to the common units to be sold in a potential initial public offering with the Securities and Exchange Commission during the third quarter, subject to final MPC board approval and prevailing market conditions. There can be no assurance that the evaluation process will lead to an initial public offering of an MLP or any other transaction, or that if any transaction is further pursued, that it will be consummated. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. This announcement is being issued pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933.