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MarketScreener Homepage  >  Equities  >  Nyse  >  MPLX LP    MPLX

MPLX LP

(MPLX)
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MPLX LP : Costs Associated with Exit or Disposal Activities (form 8-K)

09/30/2020 | 04:14pm EST

Item 2.05 Costs Associated with Exit or Disposal Activities.

As indicated on its August 3, 2020 second-quarter earnings call, MPLX LP ("MPLX") has been working to lower its cost structure to be more competitive going forward. Additionally, Marathon Petroleum Corporation ("MPC"), which owns the general partner and majority limited partnership interest in MPLX, has been advancing certain strategic priorities to lay a foundation for long-term success, including plans to optimize its assets and structurally lower costs in 2021 and beyond. As part of this effort, and in recognition of the impacts of the COVID-19 pandemic on MPC's business operations and financial position, on September 29, 2020, MPC approved an involuntary workforce reduction plan. This workforce reduction plan, together with employee reductions resulting from MPC's indefinite idling of its Martinez, California and Gallup, New Mexico refineries, affects approximately 2,050 employees. In total, these reductions and the open positions MPC has elected not to fill, represent approximately 12% of MPC's workforce, excluding employees at its Speedway operations. MPC has previously announced its agreement to sell Speedway, its company-owned and operated retail transportation fuel and convenience store business, to 7-Eleven, Inc. All of the employees that conduct MPLX's business are directly employed by affiliates of MPC, and certain of those employees are affected by MPC's workforce reductions. MPLX has various employee services agreements and secondment agreements with MPC pursuant to which MPLX reimburses MPC for employee costs, along with the provision of operational and management services in support of MPLX's operations. Pursuant to such agreements, MPLX expects to reimburse MPC for approximately $20 to $35 million of the severance and employee benefits related expenses that MPC expects to record in connection with its workforce reductions. These reimbursement expenses will primarily be recorded in the third quarter of 2020.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 7 456 M - -
Net income 2020 -860 M - -
Net Debt 2020 20 551 M - -
P/E ratio 2020 -27,4x
Yield 2020 12,5%
Capitalization 22 853 M 22 853 M -
EV / Sales 2020 5,82x
EV / Sales 2021 5,05x
Nbr of Employees -
Free-Float 37,3%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 23,89 $
Last Close Price 21,97 $
Spread / Highest target 22,9%
Spread / Average Target 8,73%
Spread / Lowest Target -18,1%
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Managers
NameTitle
Michael J. Hennigan Chairman, President & Chief Executive Officer
Gregory Scott Floerke Chief Operating Officer & Executive Vice President
Pamela K. M. Beall Chief Financial Officer, Director & Executive VP
Garry L. Peiffer Independent Director
Donald C. Templin Director
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