Marathon Petroleum Corp. and MPLX to Exchange MPC's General Partner Interests for MPLX Common Units
Vinson & Elkins advised Marathon Petroleum Corp. (MPC) in its agreement with MPLX LP for MPC to exchange its general partner economic interests in MPLX, which include incentive distribution rights, for 275 million newly issued MPLX common units valued at approximately $10.1 billion based on the volume-weighted average price of MPLX over the past 10 days.
MPC is the nation's third-largest refiner, with a crude oil refining capacity of approximately 1.8 million barrels per calendar day in its seven-refinery system.
The V&E team was led by corporate partner David Oelman
and tax partner Ryan Carney
, with senior associate James Brown
and associate Crosby Scofield
. Partner Joe Garcia
and senior associate Laura Gieseke also provided tax advice.