Mplx LP 8-K, filed Aug 4, 2021
Mplx LP (MPLX)
8-K
2021-08-04
For: 2021-07-30
View Original
Added on
April 12, 2026
About this 8-K
Mplx LP filed this 8-K on August 4, 2021, reporting on events of July 30, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 30, 2021
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(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (419 ) 421-2414
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers | ||||
Appointment of Principal Financial Officer
On July 30, 2021, the board of directors of MPLX GP LLC, the general partner of MPLX LP (“MPLX”), appointed John J. Quaid as Executive Vice President and Chief Financial Officer, effective September 1, 2021. In this capacity, Mr. Quaid will be MPLX’s principal financial officer.
Mr. Quaid, 49, has served as Senior Vice President and Controller of Marathon Petroleum Corporation (“MPC”), the ultimate parent company of MPLX GP LLC, since April 2020, having previously served as Vice President and Controller of MPC since 2014. Before joining MPC, Mr. Quaid was Vice President of Iron Ore at United States Steel Corporation, an integrated steel producer, beginning in 2014, and Vice President and Treasurer beginning in 2011.
MPLX does not directly employ any of the personnel responsible for managing and operating its business. Rather, MPLX contracts with MPC to provide the necessary personnel, all of whom are directly employed by MPC or one of its affiliates. Mr. Quaid will receive an annual base salary from MPC of $575,000 and is eligible to participate in MPC’s annual cash bonus (“ACB”) program with a target bonus opportunity equal to 70% of his base salary. His actual bonus will be based on performance relative to the performance goals established under the ACB program. Mr. Quaid’s target award value under MPC’s long-term incentive (“LTI”) program is expected to be $1,200,000, beginning in 2022. Descriptions of the ACB and LTI programs are included in MPLX’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 10-K”).
Mr. Quaid will also continue to be eligible to participate in MPC’s other benefit plans and programs such as health and life insurance, income protection in a circumstance of long-term and short-term disability, retirement plans and executive severance benefits plans, descriptions of which are included in the 2020 10-K.
Other than with respect to the compensation matters described above, there are no arrangements or understandings between Mr. Quaid and any other persons pursuant to which Mr. Quaid was appointed MPLX’s Executive Vice President and Chief Financial Officer. There are no family relationships between Mr. Quaid and any director or executive officer of MPLX, and Mr. Quaid has no direct or indirect interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Quaid will succeed Pamela K.M. Beall, who is retiring effective September 1, 2021 as MPLX’s Chief Financial Officer following more than 25 years of service with MPC and MPLX. Ms. Beall will continue to be employed in an advisory capacity through November 30, 2021 to assist with the transition.
Appointment of Principal Accounting Officer
On July 30, 2021, the board of directors of MPLX GP LLC appointed Kelly D. Wright as Vice President and Controller, effective September 1, 2021. In this capacity, Ms. Wright will be MPLX’s principal accounting officer.
Ms. Wright, 39, has served as Assistant Controller of MPC since February 2019, having previously served as Senior Director Accounting Operations Excellence since October 2018. Prior to MPC’s acquisition of Andeavor in October 2018, Ms. Wright served in various roles of increasing responsibility at Andeavor, including Deputy Controller of Value Chain Accounting from April 2018 to October 2018, Director of M&A Finance Integration from January 2017 to April 2018, and Assistant Controller Logistics from March 2015 to January 2017. Prior to joining Andeavor in 2010, she spent five years in public accounting with KPMG LLP.
As noted above, MPC employs and provides the necessary personnel to operate MPLX’s business. Ms. Wright will continue to receive an annual base salary from MPC and participate in MPC’s ACB and LTI programs. Descriptions of the ACB and LTI programs are included in the 2020 10-K. Ms. Wright will also continue to be eligible to participate in MPC’s other benefit plans and programs such as health and life insurance, income protection in a circumstance of long-term and short-term disability, retirement plans and general employee severance benefits plans.
Other than with respect to the compensation matters described above, there are no arrangements or understandings between Ms. Wright and any other persons pursuant to which Ms. Wright was appointed MPLX’s Vice President and Controller. There are no family relationships between Ms. Wright and any director or executive officer of MPLX, and Ms. Wright has no direct or indirect interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Ms. Wright will succeed C. Kristopher Hagedorn, who will resign as MPLX’s Vice President and Controller effective September 1, 2021 to accept a role as MPC’s Senior Vice President and Controller, also effective September 1, 2021.
| Item 7.01 | Regulation FD Disclosure | ||||
On August 4, 2021, MPLX issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form
8-K. Information in this Item 7.01 (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
8-K. Information in this Item 7.01 (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MPLX LP | |||||||||||
| By: | MPLX GP LLC, its General Partner | ||||||||||
| Date: August 4, 2021 | By: | /s/ Molly R. Benson | |||||||||
Name: Molly R. Benson | |||||||||||
Title: Vice President, Chief Securities, Governance & Compliance Officer and Corporate Secretary | |||||||||||
MPLX LP Announces Retirement of Pamela K.M. Beall; John J. Quaid Named Executive Vice President and Chief Financial Officer of MPLX GP LLC
FINDLAY, Ohio, Aug. 4, 2021 – MPLX LP (NYSE: MPLX) today announced that Pamela K.M. Beall, Executive Vice President and Chief Financial Officer of MPLX GP LLC, will retire later this year after more than 25 years of service with sponsor Marathon Petroleum (NYSE: MPC) and MPLX. John J. Quaid will succeed Ms. Beall as Executive Vice President and Chief Financial Officer of the general partner, effective Sept. 1, 2021.
Ms. Beall began her career with Marathon as an auditor and rejoined the company in 2002, where she has since served in a wide range of capacities, including Vice President of Downstream Business Development; Vice President of Global Procurement; and Vice President of Products, Supply and Optimization. Ms. Beall was Vice President, Investor Relations and Government and Public Affairs during MPC’s separation from Marathon Oil in 2011 and supported MPLX’s initial public offering in 2012. She was named President, MPLX GP LLC in 2014, leading the company’s diversification into natural gas and natural gas liquids logistics services, before assuming her current role in 2016.
“Pam has played a critical role in many of Marathon’s most important recent milestones, including helping to establish both MPC and MPLX as publicly traded companies. During her time as MPLX CFO, we’ve successfully grown and diversified the MLP, increasing its value to MPC and unitholders and recently achieving our excess cash flow goal ahead of schedule. The board of directors and I appreciate Pam’s many years of service and wish her well in her much-deserved retirement,” said Michael J. Hennigan, Chairman, President and Chief Executive Officer of MPLX GP LLC. “We also congratulate John on his appointment and look forward to continued strategic growth and value creation under his financial leadership.”
Mr. Quaid joined MPC in 2014 as Vice President and Controller and has served as Senior Vice President and Controller since 2020. Prior to MPC, he spent 12 years with United States Steel Corp. serving in roles of increasing responsibility, including Vice President of Iron Ore, Vice President and Treasurer, divisional finance and accounting positions and investor relations manager. Mr. Quaid began his career in PricewaterhouseCoopers LLP’s audit and assurance practice, where he served companies in the steel, oil and gas, technology and consumer products industries. He holds a Bachelor of Science degree in accounting from Lehigh University.
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About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.
Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President
Jamie Madere, Manager
Media Contact: (419) 421-3312
Jamal Kheiry, Manager