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$8.1B Deal Completes Marathon Petroleum MLP Drop-Downs

Law360, New York (November 14, 2017, 1:23 PM EST) -- Marathon Petroleum Corp. said Monday it would drop down a package of refining and fuel distribution assets to the master limited partnership it controls for $8.1 billion, the last of several drop-downs completed by the refiner this year amid pressure from activist investor and hedge fund Elliott Management.

Marathon Petroleum is sending its ownership interests in several refining logistics assets and fuels distribution services to MPLX LP, the midstream MLP it formed in 2012. Those assets include its interest in MPLX Refining Logistics LLC, which owns...
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