Marathon plans IPO of pipeline subsidiary
10/19/2012FINDLAY — Marathon Petroleum Corp. released details Thursday of plans for an initial public offering of a subsidiary that will own its pipeline operations.
In a filing with the U.S. Securities and Exchange Commission, the company said it plans to sell 15 million units in an initial public offering of a master limited partnership called MPLX LP, with pricing expected to be $19 to $21 per share. That would raise about $300 million.
MPLX will trade on the New York Stock Exchange. Master limited partnerships are popular with energy companies in part because the structures pay little or no taxes.