MPLX LP (MPLX) IPO Surges Higher

October 26, 2012 9:54 AM EDT
The IPO for MPLX LP (NYSE: MPLX), a subsidiary Marathon Petroleum Corporation (NYSE: MPC), opened for trading at $26 after pricing 17,300,000 common units at $22 per common unit. Shares last traded at $26.14.

UBS Investment Bank, BofA Merrill Lynch, Morgan Stanley, Citigroup and J.P.
Morgan are acting as joint book-running managers for the offering. Barclays, Deutsche Bank Securities and Wells Fargo Securities are acting as co-managers for the offering.

MPLX is a fee-based, growth-oriented limited partnership recently formed by Marathon Petroleum Corporation to own, operate, develop and acquire crude oil, refined product and other hydrocarbon-based product pipelines and other midstream assets. Headquartered in Findlay, Ohio, MPLX's assets consist of a 51 percent interest in a network of common carrier crude oil and products pipeline assets located in the Midwest and Gulf Coast regions of the United States and a 100 percent interest in a butane storage cavern located in West Virginia.

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