News Releases

Baker Botts Represents the Financial Advisor to the Conflicts Committee of the Board of Directors of the General Partner of MPLX

Deal Description: Jefferies LLC acted as financial advisor to the Conflicts Committee (the “Conflicts Committee”) of the board of directors of MPLX GP LLC, the general partner of MPLX GP (the “Partnership”), in the drop-down of joint-interest ownership in certain pipelines and storage facilities from Marathon Petroleum Corporation (“MPC”) to the Partnership or its subsidiaries for total consideration of $1.05 billion. The assets include MPC’s ownership in: Explorer Pipeline Co., representing a 24.51% interest in the company; Lincoln Pipeline LLC, representing a 35.00% interest in the Southern Access Extension Pipeline (SAX); MPL Louisiana Holdings LLC, representing a 40.70% interest in the Louisiana Offshore Oil Port (LOOP); and LOCAP LLC, representing a 58.52% interest in the company. MPC contributed these assets in exchange for $630 million in equity of the Partnership and $420 million in cash. 

Baker Botts Lawyers/Office Involved: Corporate: Joshua Davidson (Partner, Houston); Leslie Daniel (Associate, Houston) 


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