MPLX LP Reports Third-Quarter 2024 Financial Results
MPLX LP reported strong third-quarter 2024 financial results with net income of $1.0 billion, up from $918 million in Q3 2023. The company achieved adjusted EBITDA of $1.7 billion and distributable cash flow of $1.4 billion. Notable highlights include a 12.5% increase in quarterly distribution to $3.83 per unit annualized and $949 million returned to unitholders. The company saw growth in both segments, with Logistics & Storage EBITDA at $1.2 billion and Gathering & Processing EBITDA at $557 million. Pipeline throughputs reached 6.0 million bpd, while processed volumes increased 9% to 9.8 bcf/d.
MPLX LP ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un reddito netto di 1,0 miliardi di dollari, in aumento rispetto ai 918 milioni di dollari del Q3 2023. L'azienda ha raggiunto un EBITDA rettificato di 1,7 miliardi di dollari e un flusso di cassa distribuibile di 1,4 miliardi di dollari. Tra i punti salienti si segnala un aumento del 12,5% nella distribuzione trimestrale a 3,83 dollari per unità in base annuale e 949 milioni di dollari restituiti agli unitholder. L'azienda ha visto una crescita in entrambi i segmenti, con l'EBITDA Logistica & Storage a 1,2 miliardi di dollari e l'EBITDA Gathering & Processing a 557 milioni di dollari. I volumi di pipeline hanno raggiunto 6,0 milioni di bpd, mentre i volumi lavorati sono aumentati del 9% a 9,8 bcf/d.
MPLX LP reportó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto de $1.0 mil millones, frente a $918 millones en el Q3 de 2023. La empresa logró un EBITDA ajustado de $1.7 mil millones y un flujo de caja distribuible de $1.4 mil millones. Los puntos destacados incluyen un aumento del 12.5% en la distribución trimestral a $3.83 por unidad anualizada y $949 millones devueltos a los unitholders. La compañía vio crecimiento en ambos segmentos, con un EBITDA de Logística y Almacenamiento de $1.2 mil millones y un EBITDA de Recolección y Procesamiento de $557 millones. Los volúmenes de pipeline alcanzaron 6.0 millones de bpd, mientras que los volúmenes procesados aumentaron un 9% a 9.8 bcf/d.
MPLX LP는 2024년 3분기 강력한 재무 실적을 보고했으며, 순이익은 10억 달러로, 2023년 3분기 9억 1천8백만 달러에서 증가했습니다. 회사는 조정 EBITDA 17억 달러와 배당 가능한 현금 흐름 14억 달러를 달성했습니다. 주목할 만한 하이라이트로는 분기 배당금이 12.5% 증가하여 연간 단위당 3.83달러에 도달했고, 9억 4천9백만 달러가 유닛홀더에게 반환된 점이 있습니다. 회사는 두 부문 모두에서 성장세를 보였으며, 물류 및 저장 부문의 EBITDA는 12억 달러, 수집 및 가공 부문의 EBITDA는 5억 5천7백만 달러에 달했습니다. 파이프라인 처리량은 하루 600만 배럴에 도달했으며, 가공된 볼륨은 9% 증가하여 하루 9.8 bcf에 이르렀습니다.
MPLX LP a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec un revenu net de 1,0 milliard de dollars, en hausse par rapport à 918 millions de dollars au T3 2023. L'entreprise a réalisé un EBITDA ajusté de 1,7 milliard de dollars et un flux de trésorerie distribuable de 1,4 milliard de dollars. Parmi les points saillants, on note une augmentation de 12,5 % de la distribution trimestrielle à 3,83 dollars par unité annuellement et 949 millions de dollars retournés aux détenteurs de parts. L'entreprise a connu une croissance dans les deux segments, avec un EBITDA Logistique & Stockage de 1,2 milliard de dollars et un EBITDA Collecte & Traitement de 557 millions de dollars. Les débits des pipelines ont atteint 6,0 millions de barils par jour, tandis que les volumes traités ont augmenté de 9 % pour atteindre 9,8 bcf/j.
MPLX LP berichtete über starke Finanzresultate für das dritte Quartal 2024, mit einem Nettoeinkommen von 1,0 Milliarden Dollar, ein Anstieg von 918 Millionen Dollar im Q3 2023. Das Unternehmen erreichte ein bereinigtes EBITDA von 1,7 Milliarden Dollar und einen distributierbaren Cashflow von 1,4 Milliarden Dollar. Bemerkenswerte Höhepunkte sind ein Anstieg der vierteljährlichen Ausschüttung um 12,5% auf 3,83 Dollar pro Einheit auf Jahresbasis und 949 Millionen Dollar, die an die Unitholder zurückgegeben wurden. Das Unternehmen verzeichnete in beiden Segmenten Wachstum, mit einem EBITDA von Logistik & Lagerung von 1,2 Milliarden Dollar und einem EBITDA von Sammlung & Verarbeitung von 557 Millionen Dollar. Die Pipeline-Durchsatzmenge erreichte 6,0 Millionen bpd, während die bearbeiteten Volumina um 9% auf 9,8 bcf/d stiegen.
- Net income increased 13% YoY to $1.0 billion in Q3 2024
- Adjusted EBITDA grew 7.4% YoY to $1.7 billion
- 12.5% increase in quarterly distribution to $3.83 per unit
- Pipeline throughputs increased 1% to 6.0 million bpd
- Processed volumes up 9% to 9.8 bcf/d
- Strong liquidity position with $2.4 billion in cash
- Distribution coverage ratio decreased to 1.5x from 1.6x in Q3 2023
Insights
MPLX delivered strong Q3 2024 results with
- Adjusted EBITDA grew to
$1.7 billion , a7.4% increase - Distribution increased by
12.5% to$3.83 per unit annually - Strong balance sheet with 3.4x leverage ratio and
$5.9 billion in total liquidity
The company's expansion projects in the Permian and Marcellus basins, including new processing plants and pipeline infrastructure, position it well for future growth. The
The expansion strategy in key basins demonstrates excellent market positioning. The Permian development with Preakness II and upcoming Secretariat plants will boost processing capacity to 1.4 bcf/d. The Marcellus expansion reaching 8.1 bcf/d processing and 800 mbpd fractionation capacity positions MPLX as a dominant midstream player. The BANGL pipeline expansion to 250,000 bpd and new Blackcomb/Rio Bravo projects show strong infrastructure growth trajectory. These investments in critical infrastructure assets should generate stable, long-term cash flows and support continued distribution growth.
- Third-quarter net income attributable to MPLX of
and net cash provided by operating activities of$1.0 billion $1.4 billion of adjusted EBITDA attributable to MPLX and$1.7 billion of distributable cash flow$1.4 billion of capital returned to unitholders$949 million - Increased quarterly distribution by
12.5% to per unit annualized$3.83 - Executing growth strategy in the Northeast with additional processing plant; expected to bring total processing and fractionation capacity to 8.1 bcf/d and 800 mbpd, respectively, in the second half of 2026
MPLX LP (NYSE: MPLX) today reported third-quarter 2024 net income attributable to MPLX of
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was
During the quarter, MPLX generated
"Through the first nine months, adjusted EBITDA grew over
Financial Highlights (unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
(In millions, except per unit and ratio data) | 2024 | 2023 | 2024 | 2023 | |||||||
Net income attributable to MPLX LP | $ | 1,037 | $ | 918 | $ | 3,218 | $ | 2,794 | |||
Adjusted EBITDA attributable to MPLX LP(a) | 1,714 | 1,596 | 5,002 | 4,646 | |||||||
Net cash provided by operating activities | 1,415 | 1,244 | 4,271 | 3,908 | |||||||
Distributable cash flow attributable to MPLX LP(a) | 1,446 | 1,373 | 4,220 | 3,956 | |||||||
Distribution per common unit(b) | $ | 0.9565 | $ | 0.8500 | $ | 2.6565 | $ | 2.4000 | |||
Distribution coverage(c) | 1.5x | 1.6x | 1.6x | 1.6x | |||||||
Consolidated total debt to LTM adjusted EBITDA(d) | 3.4x | 3.4x | 3.4x | 3.4x | |||||||
Cash paid for common unit repurchases | $ | 76 | $ | — | $ | 226 | $ | — | |||
(a) | Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow. |
(b) | Distributions declared by the board of directors of MPLX's general partner. |
(c) | DCF attributable to LP unitholders divided by total LP distributions. |
(d) | Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow. |
Segment Results
(In millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
Segment adjusted EBITDA attributable to MPLX LP (unaudited) | 2024 | 2023 | 2024 | 2023 | |||||||
Logistics and Storage | $ | 1,157 | $ | 1,091 | $ | 3,384 | $ | 3,139 | |||
Gathering and Processing | 557 | 505 | 1,618 | 1,507 | |||||||
Logistics & Storage
L&S segment adjusted EBITDA for the third quarter of 2024 increased by
Total pipeline throughputs were 6.0 million barrels per day (bpd) in the third quarter, an increase of
Gathering & Processing
G&P segment adjusted EBITDA for the third quarter of 2024 increased by
In the third quarter of 2024:
- Gathered volumes averaged 6.7 billion cubic feet per day (bcf/d), an
8% increase from the third quarter of 2023. - Processed volumes averaged 9.8 bcf/d, a
9% increase versus the third quarter of 2023. - Fractionated volumes averaged 635 thousand bpd, a
4% increase versus the third quarter of 2023.
In the Marcellus:
- Gathered volumes averaged 1.5 bcf/d in the third quarter, an
11% increase versus the third quarter of 2023. - Processed volumes averaged 6.0 bcf/d in the third quarter, a
4% increase versus the third quarter of 2023. - Fractionated volumes averaged 550 thousand bpd in the third quarter, a
1% increase versus the third quarter of 2023.
Strategic Update
In the L&S segment, MPLX is expanding its Permian basin value chains in natural gas and natural gas liquids long-haul pipelines, and crude gathering pipelines supporting the Permian and Bakken basins.
- The BANGL joint venture pipeline is being expanded to increase capacity to 250 thousand bpd, with expected completion in the first quarter of 2025.
- MPLX and its partners are progressing the Blackcomb and Rio Bravo pipelines, designed to transport natural gas from the Permian to domestic and export markets along the Gulf Coast. Both pipelines are expected in service in the second half of 2026.
In the G&P segment, MPLX remains focused on the Permian and Marcellus basins in response to producer demand.
- In the Permian, new plants will bring MPLX gas processing capacity in the
Delaware basin to 1.4 bcf/d:- Preakness II, a 200 million cubic feet per day (mmcf/d) processing plant, began operations in July.
- Secretariat, a 200 mmcf/d processing plant, is expected online in the second half of 2025.
- In the Marcellus, new plants will bring MPLX gas processing capacity in the Northeast to 8.1 bcf/d and total fractionation capacity to 800 thousand bpd:
- Harmon Creek II, a 200 mmcf/d processing plant, was placed into operation in February.
- Harmon Creek III, a 300 mmcf/d processing plant and 40 thousand bpd de-ethanizer, is expected online in the second half of 2026.
- In the
Utica basin, we are increasing utilization of existing capacity, with gas processing volumes up50% year to date versus the same period in 2023.
Financial Position and Liquidity
As of September 30, 2024, MPLX had
The partnership repurchased
Conference Call
At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.
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
Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Director, Investor Relations
Isaac Feeney, Manager, Investor Relations
Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager
Non-GAAP references
In addition to our financial information presented in accordance with
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable.
DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.
Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.
Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.
The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.
Forward-Looking Statements
This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") goals and targets, including those related to greenhouse gas emissions, biodiversity, diversity, equity and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG goals and targets are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "endeavor," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs") or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the
Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.
Condensed Consolidated Results of Operations (unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions, except per unit data) | 2024 | 2023 | 2024 | 2023 | |||||||
Revenues and other income: | |||||||||||
Operating revenue | $ | 1,325 | $ | 1,289 | $ | 3,795 | $ | 3,651 | |||
Operating revenue - related parties | 1,451 | 1,425 | 4,269 | 4,108 | |||||||
Income from equity method investments | 149 | 159 | 631 | 438 | |||||||
Other income | 47 | 39 | 175 | 118 | |||||||
Total revenues and other income | 2,972 | 2,912 | 8,870 | 8,315 | |||||||
Costs and expenses: | |||||||||||
Operating expenses (including purchased product costs) | 829 | 861 | 2,368 | 2,317 | |||||||
Operating expenses - related parties | 407 | 450 | 1,176 | 1,184 | |||||||
Depreciation and amortization | 322 | 301 | 959 | 907 | |||||||
General and administrative expenses | 107 | 102 | 323 | 280 | |||||||
Other taxes | 32 | 44 | 99 | 102 | |||||||
Total costs and expenses | 1,697 | 1,758 | 4,925 | 4,790 | |||||||
Income from operations | 1,275 | 1,154 | 3,945 | 3,525 | |||||||
Net interest and other financial costs | 226 | 225 | 692 | 701 | |||||||
Income before income taxes | 1,049 | 929 | 3,253 | 2,824 | |||||||
Provision for income taxes | 2 | 1 | 5 | 2 | |||||||
Net income | 1,047 | 928 | 3,248 | 2,822 | |||||||
Less: Net income attributable to noncontrolling interests | 10 | 10 | 30 | 28 | |||||||
Net income attributable to MPLX LP | 1,037 | 918 | 3,218 | 2,794 | |||||||
Less: Series A preferred unitholders interest in net income | 6 | 25 | 21 | 71 | |||||||
Less: Series B preferred unitholders interest in net income | — | — | — | 5 | |||||||
Limited partners' interest in net income attributable to MPLX LP | $ | 1,031 | $ | 893 | $ | 3,197 | $ | 2,718 | |||
Per Unit Data | |||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||
Common – basic | $ | 1.01 | $ | 0.89 | $ | 3.14 | $ | 2.70 | |||
Common – diluted | $ | 1.01 | $ | 0.89 | $ | 3.14 | $ | 2.70 | |||
Weighted average limited partner units outstanding: | |||||||||||
Common units – basic | 1,020 | 1,001 | 1,016 | 1,001 | |||||||
Common units – diluted | 1,020 | 1,001 | 1,016 | 1,001 | |||||||
Select Financial Statistics (unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions, except ratio data) | 2024 | 2023 | 2024 | 2023 | |||||||
Common unit distributions declared by MPLX LP | |||||||||||
Common units (LP) – public | $ | 355 | $ | 301 | $ | 986 | $ | 849 | |||
Common units – MPC | 619 | 550 | 1,720 | 1,554 | |||||||
Total GP and LP distribution declared | 974 | 851 | 2,706 | 2,403 | |||||||
Preferred unit distributions(a) | |||||||||||
Series A preferred unit distributions | 6 | 25 | 21 | 71 | |||||||
Series B preferred unit distributions | — | — | — | 5 | |||||||
Total preferred unit distributions | 6 | 25 | 21 | 76 | |||||||
Other Financial Data | |||||||||||
Adjusted EBITDA attributable to MPLX LP(b) | 1,714 | 1,596 | 5,002 | 4,646 | |||||||
DCF attributable to LP unitholders(b) | $ | 1,440 | $ | 1,348 | $ | 4,199 | $ | 3,880 | |||
Distribution coverage(c) | 1.5x | 1.6x | 1.6x | 1.6x | |||||||
Cash Flow Data | |||||||||||
Net cash flow provided by (used in): | |||||||||||
Operating activities | $ | 1,415 | $ | 1,244 | $ | 4,271 | $ | 3,908 | |||
Investing activities | (536) | (236) | (1,646) | (727) | |||||||
Financing activities | $ | (954) | $ | (803) | $ | (1,247) | $ | (2,459) | |||
(a) | Includes MPLX distributions declared on the Series A and Series B preferred units as well as distributions earned on the Series B preferred units. Series A preferred unitholders receive the greater of |
(b) | Non-GAAP measure. See reconciliation below. |
(c) | DCF attributable to LP unitholders divided by total LP distribution declared. |
Financial Data (unaudited) | |||||
(In millions, except ratio data) | September 30, | December 31, | |||
Cash and cash equivalents | $ | 2,426 | $ | 1,048 | |
Total assets | 38,515 | 36,529 | |||
Total debt(a) | 22,086 | 20,431 | |||
Redeemable preferred units | 203 | 895 | |||
Total equity | $ | 13,779 | $ | 12,689 | |
Consolidated debt to LTM adjusted EBITDA(b) | 3.4x | 3.3x | |||
Partnership units outstanding: | |||||
MPC-held common units | 647 | 647 | |||
Public common units | 372 | 356 | |||
(a) | There were no borrowings on the loan agreement with MPC as of September 30, 2024, or December 31, 2023. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year. |
(b) | Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was |
Operating Statistics | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Logistics and Storage | |||||||||||||||
Pipeline throughput (mbpd) | |||||||||||||||
Crude oil pipelines | 3,895 | 3,911 | 0 % | 3,769 | 3,796 | (1) % | |||||||||
Product pipelines | 2,056 | 1,975 | 4 % | 1,987 | 2,027 | (2) % | |||||||||
Total pipelines | 5,951 | 5,886 | 1 % | 5,756 | 5,823 | (1) % | |||||||||
Average tariff rates ($ per barrel) | |||||||||||||||
Crude oil pipelines | $ | 1.01 | $ | 0.99 | 2 % | $ | 1.01 | $ | 0.95 | 6 % | |||||
Product pipelines | 1.01 | 0.99 | 2 % | 0.99 | 0.88 | 13 % | |||||||||
Total pipelines | $ | 1.01 | $ | 0.99 | 2 % | $ | 1.00 | $ | 0.93 | 8 % | |||||
Terminal throughput (mbpd) | 3,268 | 3,228 | 1 % | 3,132 | 3,167 | (1) % | |||||||||
Barges at period-end | 311 | 305 | 2 % | 311 | 305 | 2 % | |||||||||
Towboats at period-end | 28 | 27 | 4 % | 28 | 27 | 4 % | |||||||||
Gathering and Processing | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2024 | 2023 | % | 2024 | 2023 | % | ||||||||||
Gathering throughput (MMcf/d) | |||||||||||||||
Marcellus Operations | 1,527 | 1,376 | 11 % | 1,515 | 1,353 | 12 % | |||||||||
Utica Operations | 354 | — | — % | 239 | — | — % | |||||||||
Southwest Operations | 1,813 | 1,302 | 39 % | 1,668 | 1,345 | 24 % | |||||||||
Bakken Operations | 181 | 160 | 13 % | 183 | 159 | 15 % | |||||||||
Rockies Operations | 542 | 490 | 11 % | 563 | 463 | 22 % | |||||||||
Total gathering throughput | 4,417 | 3,328 | 33 % | 4,168 | 3,320 | 26 % | |||||||||
Natural gas processed (MMcf/d) | |||||||||||||||
Marcellus Operations | 4,393 | 4,187 | 5 % | 4,360 | 4,107 | 6 % | |||||||||
Utica Operations(b) | — | — | — % | — | — | — % | |||||||||
Southwest Operations | 1,977 | 1,405 | 41 % | 1,786 | 1,442 | 24 % | |||||||||
Southern Appalachia Operations | 215 | 207 | 4 % | 218 | 219 | — % | |||||||||
Bakken Operations | 179 | 159 | 13 % | 182 | 157 | 16 % | |||||||||
Rockies Operations | 597 | 491 | 22 % | 622 | 472 | 32 % | |||||||||
Total natural gas processed | 7,361 | 6,449 | 14 % | 7,168 | 6,397 | 12 % | |||||||||
C2 + NGLs fractionated (mbpd) | |||||||||||||||
Marcellus Operations | 550 | 546 | 1 % | 558 | 533 | 5 % | |||||||||
Utica Operations(b) | — | — | — % | — | — | — % | |||||||||
Southern Appalachia Operations | 12 | 10 | 20 % | 12 | 10 | 20 % | |||||||||
Bakken Operations | 20 | 20 | — % | 20 | 19 | 5 % | |||||||||
Rockies Operations | 5 | 3 | 67 % | 5 | 3 | 67 % | |||||||||
Total C2 + NGLs fractionated | 587 | 579 | 1 % | 595 | 565 | 5 % | |||||||||
(a) | Includes operating data for entities that have been consolidated into the MPLX financial statements. |
(b) | The |
Gathering and Processing | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2024 | 2023 | % | 2024 | 2023 | % | ||||||||||
Gathering throughput (MMcf/d) | |||||||||||||||
Marcellus Operations | 1,527 | 1,376 | 11 % | 1,515 | 1,353 | 12 % | |||||||||
Utica Operations | 2,616 | 2,375 | 10 % | 2,522 | 2,387 | 6 % | |||||||||
Southwest Operations | 1,813 | 1,742 | 4 % | 1,668 | 1,775 | (6) % | |||||||||
Bakken Operations | 181 | 160 | 13 % | 183 | 159 | 15 % | |||||||||
Rockies Operations | 600 | 604 | (1) % | 639 | 584 | 9 % | |||||||||
Total gathering throughput | 6,737 | 6,257 | 8 % | 6,527 | 6,258 | 4 % | |||||||||
Natural gas processed (MMcf/d) | |||||||||||||||
Marcellus Operations | 6,013 | 5,803 | 4 % | 5,963 | 5,683 | 5 % | |||||||||
Utica Operations | 794 | 557 | 43 % | 801 | 533 | 50 % | |||||||||
Southwest Operations | 1,977 | 1,744 | 13 % | 1,786 | 1,771 | 1 % | |||||||||
Southern Appalachia Operations | 215 | 207 | 4 % | 218 | 219 | — % | |||||||||
Bakken Operations | 179 | 159 | 13 % | 182 | 157 | 16 % | |||||||||
Rockies Operations | 597 | 491 | 22 % | 622 | 472 | 32 % | |||||||||
Total natural gas processed | 9,775 | 8,961 | 9 % | 9,572 | 8,835 | 8 % | |||||||||
C2 + NGLs fractionated (mbpd) | |||||||||||||||
Marcellus Operations | 550 | 546 | 1 % | 558 | 533 | 5 % | |||||||||
Utica Operations | 48 | 34 | 41 % | 49 | 31 | 58 % | |||||||||
Southern Appalachia Operations | 12 | 10 | 20 % | 12 | 10 | 20 % | |||||||||
Bakken Operations | 20 | 20 | — % | 20 | 19 | 5 % | |||||||||
Rockies Operations | 5 | 3 | 67 % | 5 | 3 | 67 % | |||||||||
Total C2 + NGLs fractionated | 635 | 613 | 4 % | 644 | 596 | 8 % | |||||||||
(a) | Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. |
Reconciliation of Segment Adjusted EBITDA to | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||
L&S segment adjusted EBITDA attributable to MPLX LP | $ | 1,157 | $ | 1,091 | $ | 3,384 | $ | 3,139 | |||
G&P segment adjusted EBITDA attributable to MPLX LP | 557 | 505 | 1,618 | 1,507 | |||||||
Adjusted EBITDA attributable to MPLX LP | 1,714 | 1,596 | 5,002 | 4,646 | |||||||
Depreciation and amortization | (322) | (301) | (959) | (907) | |||||||
Net interest and other financial costs | (226) | (225) | (692) | (701) | |||||||
Income from equity method investments | 149 | 159 | 631 | 438 | |||||||
Distributions/adjustments related to equity method investments | (253) | (208) | (671) | (551) | |||||||
Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | 33 | 31 | |||||||
Garyville incident response costs | — | (63) | — | (63) | |||||||
Other(a) | (26) | (41) | (96) | (71) | |||||||
Net income | $ | 1,047 | $ | 928 | $ | 3,248 | $ | 2,822 | |||
(a) | Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items. |
Reconciliation of Segment Adjusted EBITDA to | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||
L&S | |||||||||||
L&S segment adjusted EBITDA | $ | 1,157 | $ | 1,091 | 3,384 | 3,139 | |||||
Depreciation and amortization | (132) | (130) | (393) | (399) | |||||||
Income from equity method investments | 80 | 95 | 429 | 248 | |||||||
Distributions/adjustments related to equity method investments | (150) | (113) | (382) | (278) | |||||||
Garyville incident response costs | — | (63) | — | (63) | |||||||
Other | (12) | (10) | (40) | (27) | |||||||
G&P | |||||||||||
G&P segment adjusted EBITDA | 557 | 505 | 1,618 | 1,507 | |||||||
Depreciation and amortization | (190) | (171) | (566) | (508) | |||||||
Income from equity method investments | 69 | 64 | 202 | 190 | |||||||
Distributions/adjustments related to equity method investments | (103) | (95) | (289) | (273) | |||||||
Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | 33 | 31 | |||||||
Other | (12) | (30) | (51) | (42) | |||||||
Income from operations | $ | 1,275 | $ | 1,154 | $ | 3,945 | $ | 3,525 | |||
Reconciliation of Adjusted EBITDA Attributable to | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||
Net income | $ | 1,047 | $ | 928 | $ | 3,248 | $ | 2,822 | |||
Provision for income taxes | 2 | 1 | 5 | 2 | |||||||
Net interest and other financial costs | 226 | 225 | 692 | 701 | |||||||
Income from operations | 1,275 | 1,154 | 3,945 | 3,525 | |||||||
Depreciation and amortization | 322 | 301 | 959 | 907 | |||||||
Income from equity method investments | (149) | (159) | (631) | (438) | |||||||
Distributions/adjustments related to equity method investments | 253 | 208 | 671 | 551 | |||||||
Garyville incident response (recoveries) costs | — | 63 | — | 63 | |||||||
Other | 24 | 40 | 91 | 69 | |||||||
Adjusted EBITDA | 1,725 | 1,607 | 5,035 | 4,677 | |||||||
Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | (33) | (31) | |||||||
Adjusted EBITDA attributable to MPLX LP | 1,714 | 1,596 | 5,002 | 4,646 | |||||||
Deferred revenue impacts | (15) | 25 | 6 | 65 | |||||||
Sales-type lease payments, net of income | 7 | 3 | 20 | 9 | |||||||
Adjusted net interest and other financial costs(a) | (212) | (212) | (651) | (650) | |||||||
Maintenance capital expenditures, net of reimbursements | (40) | (28) | (120) | (93) | |||||||
Equity method investment maintenance capital expenditures paid out | (4) | (4) | (11) | (11) | |||||||
Other | (4) | (7) | (26) | (10) | |||||||
DCF attributable to MPLX LP | 1,446 | 1,373 | 4,220 | 3,956 | |||||||
Preferred unit distributions(b) | (6) | (25) | (21) | (76) | |||||||
DCF attributable to LP unitholders | $ | 1,440 | $ | 1,348 | $ | 4,199 | $ | 3,880 | |||
(a) | Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs. |
(b) | Includes MPLX distributions declared on the Series A preferred units and Series B preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders. |
Reconciliation of Net Income to Last Twelve Month | Last Twelve Months | |||||||
September 30, | December 31, | |||||||
(In millions) | 2024 | 2023 | 2023 | |||||
LTM Net income | $ | 4,392 | $ | 3,646 | $ | 3,966 | ||
Provision for income taxes | 14 | 4 | 11 | |||||
Net interest and other financial costs | 914 | 935 | 923 | |||||
LTM income from operations | 5,320 | 4,585 | 4,900 | |||||
Depreciation and amortization | 1,265 | 1,212 | 1,213 | |||||
Income from equity method investments | (793) | (579) | (600) | |||||
Distributions/adjustments related to equity method investments | 894 | 753 | 774 | |||||
Gain on sales-type leases and equity method investments | (92) | — | (92) | |||||
Garyville incident response (recoveries) costs | (47) | 63 | 16 | |||||
Other | 122 | 106 | 100 | |||||
LTM Adjusted EBITDA | 6,669 | 6,140 | 6,311 | |||||
Adjusted EBITDA attributable to noncontrolling interests | (44) | (40) | (42) | |||||
LTM Adjusted EBITDA attributable to MPLX LP | 6,625 | 6,100 | 6,269 | |||||
Consolidated total debt(a) | $ | 22,356 | $ | 20,707 | $ | 20,706 | ||
Consolidated total debt to LTM adjusted EBITDA(b) | 3.4x | 3.4x | 3.3x | |||||
(a) | Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC. |
(b) | Also referred to as our leverage ratio. |
Reconciliation of Adjusted EBITDA Attributable to | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||
Net cash provided by operating activities | $ | 1,415 | $ | 1,244 | $ | 4,271 | $ | 3,908 | |||
Changes in working capital items | 40 | 47 | (55) | (76) | |||||||
All other, net | (3) | — | (13) | 8 | |||||||
Loss on extinguishment of debt | — | — | — | 9 | |||||||
Adjusted net interest and other financial costs(a) | 212 | 212 | 651 | 650 | |||||||
Other adjustments related to equity method investments | 34 | 13 | 75 | 25 | |||||||
Garyville incident response costs | — | 63 | — | 63 | |||||||
Other | 27 | 28 | 106 | 90 | |||||||
Adjusted EBITDA | 1,725 | 1,607 | 5,035 | 4,677 | |||||||
Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | (33) | (31) | |||||||
Adjusted EBITDA attributable to MPLX LP | 1,714 | 1,596 | 5,002 | 4,646 | |||||||
Deferred revenue impacts | (15) | 25 | 6 | 65 | |||||||
Sales-type lease payments, net of income | 7 | 3 | 20 | 9 | |||||||
Adjusted net interest and other financial costs(a) | (212) | (212) | (651) | (650) | |||||||
Maintenance capital expenditures, net of reimbursements | (40) | (28) | (120) | (93) | |||||||
Equity method investment maintenance capital expenditures paid out | (4) | (4) | (11) | (11) | |||||||
Other | (4) | (7) | (26) | (10) | |||||||
DCF attributable to MPLX LP | 1,446 | 1,373 | 4,220 | 3,956 | |||||||
Preferred unit distributions(b) | (6) | (25) | (21) | (76) | |||||||
DCF attributable to LP unitholders | $ | 1,440 | $ | 1,348 | $ | 4,199 | $ | 3,880 | |||
(a) | Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs. |
(b) | Includes MPLX distributions declared on the Series A preferred units and Series B preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders. |
Reconciliation of Net Cash Provided by Operating | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||
Net cash provided by operating activities(a) | $ | 1,415 | $ | 1,244 | $ | 4,271 | $ | 3,908 | |||
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow | |||||||||||
Net cash used in investing activities(b) | (536) | (236) | (1,646) | (727) | |||||||
Contributions from MPC | 8 | 7 | 26 | 20 | |||||||
Distributions to noncontrolling interests | (11) | (11) | (33) | (30) | |||||||
Adjusted free cash flow | 876 | 1,004 | 2,618 | 3,171 | |||||||
Distributions paid to common and preferred unitholders | (873) | (799) | (2,623) | (2,419) | |||||||
Adjusted free cash flow after distributions | $ | 3 | $ | 205 | $ | (5) | $ | 752 | |||
(a) | The three months ended September 30, 2024 and September 30, 2023 include working capital builds of |
(b) | The three and nine months ended September 30, 2024 include |
Capital Expenditures (unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
(In millions) | 2024 | 2023 | 2024 | 2023 | |||||||
Capital Expenditures: | |||||||||||
Growth capital expenditures | $ | 248 | $ | 189 | $ | 569 | $ | 555 | |||
Growth capital reimbursements | (14) | (39) | (64) | (119) | |||||||
Investments in unconsolidated affiliates(a) | 32 | 13 | 186 | 90 | |||||||
Return of capital | (4) | — | (4) | — | |||||||
Capitalized interest | (4) | (4) | (12) | (10) | |||||||
Total growth capital expenditures(b) | 258 | 159 | 675 | 516 | |||||||
Maintenance capital expenditures | 53 | 35 | 151 | 113 | |||||||
Maintenance capital reimbursements | (13) | (7) | (31) | (20) | |||||||
Capitalized interest | (1) | — | (2) | (1) | |||||||
Total maintenance capital expenditures | 39 | 28 | 118 | 92 | |||||||
Total growth and maintenance capital expenditures | 297 | 187 | 793 | 608 | |||||||
Investments in unconsolidated affiliates(a) | (32) | (13) | (186) | (90) | |||||||
Return of capital | 4 | — | 4 | — | |||||||
Growth and maintenance capital reimbursements(c) | 27 | 46 | 95 | 139 | |||||||
(Increase)/Decrease in capital accruals | (21) | 6 | 28 | (6) | |||||||
Capitalized interest | 5 | 4 | 14 | 11 | |||||||
Additions to property, plant and equipment | $ | 280 | $ | 230 | $ | 748 | $ | 662 | |||
(a) | Investments in unconsolidated affiliates for the three and nine months ended September 30, 2024 exclude |
(b) | Total growth capital expenditures for the nine months ended September 30, 2024 exclude |
(c) | Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows. |
View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-third-quarter-2024-financial-results-302296437.html
SOURCE MPLX LP
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