MPLX LP Reports Second-Quarter 2020 Financial Results
MPLX reported a second-quarter 2020 net income of $648 million, up from $482 million in Q2 2019. Adjusted EBITDA remained stable at $1.2 billion. The company generated $1.1 billion in net cash from operations, with a distribution coverage ratio of 1.39x. MPLX aims to cut capital spending by over $700 million and operating expenses by $200 million in 2020. Despite challenges from the pandemic, the Logistics and Storage segment saw income growth, while the Gathering and Processing segment faced declines. MPLX aims for positive free cash flow in 2021.
- Net income increased by $166 million year-over-year.
- Distribution coverage ratio at 1.39x signifies strong cash flow management.
- On track to reduce capital spending by over $700 million in 2020.
- Gathering and Processing segment income decreased by $13 million compared to Q2 2019.
- Total pipeline throughputs down by 15% year-over-year, indicating lower demand.
FINDLAY, Ohio, Aug. 3, 2020 /PRNewswire/ --
- Reported net income attributable to MPLX of
$648 million and adjusted EBITDA attributable to MPLX of$1.2 billion - Generated
$1.1 billion in net cash provided by operating activities and reported distribution coverage of 1.39x - Maintained quarterly distribution of
$0.68 75 per common unit - On-track to reduce forecasted 2020 capital spending by over
$700 million and operating expense by approximately$200 million - Maintaining goal to achieve positive free cash flow, after capital investments and distributions, for 2021
MPLX LP (NYSE: MPLX) today reported second-quarter 2020 net income attributable to MPLX of
The Logistics and Storage (L&S) segment reported segment income from operations of
During the quarter, MPLX generated
"The challenges created by the COVID pandemic continued during our second quarter," said Michael J. Hennigan, president and chief executive officer. "Significantly lower levels of demand for crude and refined products decreased the need for our logistics and storage services, while production curtailments in response to lower prices pressured the gathering and processing systems we operate. However, the progress we made on the proactive steps we announced last quarter helped offset some of these challenges. We continue to believe we will be able to generate a stable level of EBITDA to support our goal of achieving positive free cash flow, after capital investments and distributions, for 2021."
Financial Highlights
Three Months Ended | Six Months Ended | ||||||||||||||||||
(In millions, except per unit and ratio data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net (loss) income attributable to MPLX(a) | $ | 648 | $ | 482 | $ | (2,076) | $ | 985 | |||||||||||
Adjusted net income attributable to MPLX(b) | N/A | 651 | N/A | 1,334 | |||||||||||||||
Adjusted EBITDA attributable to MPLX LP(c) | 1,227 | 1,249 | 2,521 | 2,512 | |||||||||||||||
Net cash provided by operating activities | 1,105 | 1,101 | 2,114 | 1,954 | |||||||||||||||
Distributable cash flow attributable to MPLX LP(c) | 1,027 | 1,007 | 2,105 | 2,028 | |||||||||||||||
Distribution per common unit(d) | $ | 0.6875 | $ | 0.6675 | $ | 1.3750 | $ | 1.3250 | |||||||||||
Distribution coverage ratio(e) | 1.39x | 1.41x | 1.42x | 1.62x | |||||||||||||||
Consolidated debt to adjusted EBITDA(f) | 4.1x | 3.9x | N/A | N/A | |||||||||||||||
(a) | The six months ended June 30, 2020 includes impairments related to equity method investments of approximately |
(b) | Includes net income attributable to predecessor for the three and six months ended June 30, 2019. The predecessor period represents the period prior to MPLX's acquisition of ANDX on July 30, 2019. |
(c) | Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation below. Includes adjusted EBITDA and DCF adjustments attributable to predecessor. For the three and six months ended June 30, 2019, adjusted EBITDA attributable to MPLX LP excluding predecessor results was |
(d) | Distributions declared by the board of directors of MPLX's general partner. |
(e) | DCF attributable to GP and LP unitholders (including DCF attributable to predecessor) divided by total GP and LP distributions declared. For the six months ended June 30, 2019, DCF attributable to predecessor has been included with no corresponding distribution being declared by MPLX for the first quarter of 2019, resulting in a distribution coverage ratio of 1.62x. |
(f) | Calculated using face value total debt and LTM pro forma adjusted EBITDA, which is pro forma for acquisitions. See reconciliation below. 2019 is shown as historically presented and has not been adjusted for predecessor impacts. |
Segment Results (including predecessor)
(In millions) | Three Months Ended | Six Months Ended | |||||||||||||
Segment income (loss) from operations | 2020 | 2019 | 2020 | 2019 | |||||||||||
Logistics and Storage | $ | 681 | $ | 675 | $ | 1,404 | $ | 1,362 | |||||||
Gathering and Processing | 197 | 210 | (3,012) | 435 | |||||||||||
Segment adjusted EBITDA attributable to MPLX | |||||||||||||||
Logistics and Storage | 839 | 821 | 1,711 | 1,649 | |||||||||||
Gathering and Processing | $ | 388 | $ | 428 | $ | 810 | $ | 863 | |||||||
Logistics & Storage
L&S segment income from operations and segment adjusted EBITDA for the second quarter of 2020 increased by
Total pipeline throughputs were 4.3 million barrels per day in the second quarter, a decrease of
Gathering & Processing
G&P segment income from operations and segment adjusted EBITDA for the second quarter of 2020 decreased by
- Gathered volumes averaged 5.5 billion cubic feet per day (bcf/d), an
8% decrease versus the second quarter of 2019. - Processed volumes averaged 8.5 bcf/d, a
1% decrease versus the second quarter of 2019. - Fractionated volumes averaged 543 thousand barrels per day, a
5% increase versus the second quarter of 2019. The increase was primarily driven by higher volumes from the expansion at the Sherwood complex, completed during the fourth quarter of 2019.
In the Marcellus and Utica:
- Gathered volumes averaged 3.3 bcf/d in the second quarter, a
1% decrease versus the second quarter of 2019. - Processed volumes averaged 6.1 bcf/d in the second quarter, a
1% increase versus the second quarter of 2019. - Fractionated volumes averaged 495 thousand barrels per day in the second quarter, a
3% increase versus the second quarter of 2019.
Strategic Update
MPLX has made significant progress to reduce forecasted annual operating expenses by approximately
In the L&S segment, MPLX continues to advance its strategy of creating integrated crude oil and natural gas logistics systems from the Permian to the U.S. Gulf Coast. The Wink-to-Webster crude oil pipeline, in which MPLX has an equity interest, remains on schedule to be completed in the first half of 2021. The 36-inch diameter pipeline, of which
Also in the Permian, the Whistler Pipeline is being designed to transport approximately 2 bcf/d of natural gas from Waha, Texas, to the Agua Dulce market in south Texas, ultimately reaching MPC's Galveston Bay refinery. MPLX has an equity interest in Whistler, which is expected to be placed in service in the second half of 2021. Whistler is more than
This quarter, MPLX, WhiteWater Midstream, and West Texas Gas, Inc. (WTG) formed a joint venture (JV) to provide natural gas liquids (NGL) takeaway capacity from MPLX and WTG gas processing plants to Sweeny, Texas. The JV utilizes existing infrastructure with limited new construction and is a capital-efficient solution to support producer customers.
Additionally, MPLX entered into a redemption agreement with MPC, in which MPLX agreed to transfer the Western wholesale distribution business, which it acquired as a result of its acquisition of Andeavor Logistics, to MPC in exchange for the redemption of
Yesterday, MPC announced an agreement with 7-Eleven to sell Speedway for
MPC also announced the indefinite idling of the Gallup and Martinez refineries, and announced it is evaluating the strategic repositioning of Martinez to a renewable diesel facility.
Financial Position and Liquidity
As of June 30, 2020, MPLX had
Conference Call
At 11 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 http://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 material, will also be available online prior to the conference call and webcast at http://ir.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 U.S. supply basins. More information is available at www.MPLX.com
Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President, Investor Relations
Evan Barbosa, Manager, Investor Relations
Jim Mallamaci, Manager, Investor Relations
Media Contacts:
Hamish Banks, Vice President, Communications (419) 421-2521
Jamal Kheiry, Manager, Communications (419) 421-3312
Non-GAAP references
In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to facilitate comparisons of past performance and future periods. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA and consolidated debt to last twelve months pro forma adjusted EBITDA, which we refer to as our leverage ratio, distributable cash flow (DCF) and distribution coverage ratio. The amount of adjusted EBITDA and DCF generated is considered by the board of directors of our general partner in approving the Partnership's cash distribution. Adjusted EBITDA and DCF should not be considered separately from or as a substitute for net income, income from operations, or cash flow as reflected in our financial statements. The GAAP measures most directly comparable to adjusted EBITDA and DCF are net income and net cash provided by operating activities. We define Adjusted EBITDA as net income adjusted for (i) depreciation and amortization; (ii) provision for income taxes; (iii) amortization of deferred financing costs; (iv) non-cash equity-based compensation; (v) net interest and other financial costs; (vi) income from equity method investments; (vii) distributions and adjustments related to equity method investments; (viii) unrealized derivative gains and losses; (ix) acquisition costs; (x) noncontrolling interest and (xi) other adjustments as deemed necessary. In general, we define DCF as adjusted EBITDA adjusted for (i) deferred revenue impacts; (ii) net interest and other financial costs; (iii) maintenance capital expenditures; (iv) equity method investment capital expenditures paid out; and (v) other non-cash items.
The Partnership makes a distinction between realized or unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record the realized gain or loss of the contract.
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.
DCF is a financial performance measure used by management 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.
Distribution coverage ratio is a financial performance measure used by management to reflect the relationship between the partnership's financial operating performance and cash distribution capability. We define the distribution coverage ratio as the ratio of DCF attributable to GP and LP unitholders to total GP and LP distributions declared.
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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws regarding MPLX LP (MPLX). These forward-looking statements relate to, among other things, MPLX's expectations, estimates and projections concerning the business and operations, financial priorities and strategic plans of MPLX. These statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. You can identify forward-looking statements by words such as "anticipate," "believe," "commitment," "could," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "project," "proposition," "prospective," "pursue," "seek," "should," "strategy," "target," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. 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: the effects of the recent outbreak of COVID-19 and the adverse impact thereof on our business, financial condition, results of operations and cash flows, including our growth, operating costs, labor availability, logistical capabilities, customer demand for our services and industry demand generally, cash position, taxes, the price of our securities and trading markets with respect thereto, our ability to access capital markets, and the global economy and financial markets generally; the ability to reduce capital and operating expenses; the risk of further impairments; the risk that anticipated opportunities and any other synergies from or anticipated benefits of the Andeavor Logistics LP (ANDX) acquisition may not be fully realized or may take longer to realize than expected, including whether the transaction will be accretive within the expected timeframe or at all; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of ANDX; the amount and timing of future distributions; negative capital market conditions, including an increase of the current yield on common units; the ability to achieve strategic and financial objectives, including positive free cash flow in 2021, and with respect to distribution coverage, future distribution levels, proposed projects and completed transactions; the success of MPC's portfolio optimization, including the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, and the effects of any such divestitures on the business, financial condition, results of operations and cash flows; adverse changes in laws including with respect to tax and regulatory matters; the adequacy of capital resources and liquidity, including, but not limited to, availability of sufficient cash flow to pay distributions and access to debt on commercially reasonable terms, and the ability to successfully execute business plans, growth strategies and self-funding models; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; continued/further volatility in and/or degradation of market and industry conditions as a result of the COVID-19 pandemic, other infectious disease outbreaks or otherwise; non-payment or non-performance by our producer and other customers; changes to the expected construction costs and timing of projects and planned investments, and the ability to obtain regulatory and other approvals with respect thereto; completion of midstream infrastructure by competitors; disruptions due to equipment interruption or failure, including electrical shortages and power grid failures; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; modifications to financial policies, capital budgets, and earnings and distributions; the ability to manage disruptions in credit markets or changes to credit ratings; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations and/or enforcement actions initiated thereunder; adverse results in litigation; other risk factors inherent to MPLX's industry; risks related to MPC; and the factors set forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for the year ended Dec. 31, 2019, and in Forms 10-Q and other filings, filed with Securities and Exchange Commission (SEC).
Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include: the effects of the recent outbreak of COVID-19 and the adverse impact thereof on the business, financial condition, results of operations and cash flows, including, but not limited to, growth, operating costs, labor availability, logistical capabilities, customer demand for products and industry demand generally, margins, inventory value, cash position, taxes, the price of securities and trading markets with respect thereto, the ability to access capital markets, and the global economy and financial markets generally; the effects of the recent outbreak of COVID-19, and the current economic environment generally, on working capital, cash flows and liquidity, which can be significantly affected by decreases in commodity prices; the ability to reduce capital and operating expenses; with respect to the planned Speedway sale, the ability to successfully complete the sale within the expected timeframe or at all, based on numerous factors, including our ability to satisfy customary conditions, including obtaining regulatory approvals on the proposed terms and schedule, and any conditions imposed in connection with the consummation of the transaction, our ability to utilize the proceeds as anticipated, and our ability to capture value from the associated ongoing supply relationship and realize the other expected benefits; the risk that the cost savings and any other synergies from the Andeavor transaction may not be fully realized or may take longer to realize than expected; disruption from the Andeavor transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks relating to any unforeseen liabilities of Andeavor; risks related to the acquisition of ANDX by MPLX, including the risk that anticipated opportunities and any other synergies from or anticipated benefits of the transaction may not be fully realized or may take longer to realize than expected, including whether the transaction will be accretive within the expected timeframe or at all, or disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the risk of further impairments; the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, and the effects of any such divestitures on the business, financial condition, results of operations and cash flows; future levels of revenues, refining and marketing margins, operating costs, retail gasoline and distillate margins, merchandise margins, income from operations, net income and earnings per share; the regional, national and worldwide availability and pricing of refined products, crude oil, natural gas, NGLs and other feedstocks; consumer demand for refined products; the ability to manage disruptions in credit markets or changes to credit ratings; future levels of capital, environmental and maintenance expenditures; general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; the reliability of processing units and other equipment; business strategies, growth opportunities and expected investment; share repurchase authorizations, including the timing and amounts of such repurchases; the adequacy of capital resources and liquidity, including availability, timing and amounts of free cash flow necessary to execute business plans and to effect any share repurchases or to maintain or increase the dividend; the effect of restructuring or reorganization of business components; the potential effects of judicial or other proceedings on the business, financial condition, results of operations and cash flows; continued or further volatility in and/or degradation of general economic, market, industry or business conditions as a result of the COVID-19 pandemic, other infectious disease outbreaks or otherwise; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable Fuel Standard, and/or enforcement actions initiated thereunder; the anticipated effects of actions of third parties such as competitors, activist investors or federal, foreign, state or local regulatory authorities or plaintiffs in litigation; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading "Risk Factors" in MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2019, and in Forms 10-Q and other filings, filed with the SEC.
We have based our forward-looking statements on our current expectations, estimates and projections about our business and industry. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. We undertake no obligation to update any forward-looking statements except to the extent required by applicable law. Copies of MPLX's Form 10-K, Forms 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 Form 10-K, Forms 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 Results of Operations (unaudited) | Three Months Ended | Six Months Ended | |||||||||||||
(In millions, except per unit data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Revenues and other income: | |||||||||||||||
Operating revenue | $ | 803 | $ | 927 | $ | 1,719 | $ | 1,890 | |||||||
Operating revenue - related parties | 1,124 | 1,169 | 2,319 | 2,338 | |||||||||||
Income (loss) from equity method investments | 89 | 83 | (1,095) | 160 | |||||||||||
Other income | 65 | 31 | 130 | 57 | |||||||||||
Total revenues and other income | 2,081 | 2,210 | 3,073 | 4,445 | |||||||||||
Costs and expenses: | |||||||||||||||
Operating expenses | 435 | 548 | 973 | 1,118 | |||||||||||
Operating expenses - related parties | 321 | 349 | 643 | 670 | |||||||||||
Depreciation and amortization | 321 | 313 | 646 | 614 | |||||||||||
Impairment expense | — | — | 2,165 | — | |||||||||||
General and administrative expenses | 96 | 90 | 193 | 191 | |||||||||||
Other taxes | 30 | 25 | 61 | 55 | |||||||||||
Total costs and expenses | 1,203 | 1,325 | 4,681 | 2,648 | |||||||||||
Income (loss) from operations | 878 | 885 | (1,608) | 1,797 | |||||||||||
Interest and other financial costs | 223 | 229 | 453 | 453 | |||||||||||
Income (loss) before income taxes | 655 | 656 | (2,061) | 1,344 | |||||||||||
(Benefit) provision for income taxes | — | (1) | — | (2) | |||||||||||
Net income (loss) | 655 | 657 | (2,061) | 1,346 | |||||||||||
Less: Net income attributable to noncontrolling interests | 7 | 6 | 15 | 12 | |||||||||||
Less: Net income attributable to Predecessor | — | 169 | — | 349 | |||||||||||
Net income (loss) attributable to MPLX LP | 648 | 482 | (2,076) | 985 | |||||||||||
Less: Series A preferred unit distributions | 21 | 21 | 41 | 41 | |||||||||||
Less: Series B preferred unit distributions | 10 | — | 21 | — | |||||||||||
Limited partners' interest in net income (loss) attributable to MPLX LP | $ | 617 | $ | 461 | $ | (2,138) | $ | 944 | |||||||
Per Unit Data | |||||||||||||||
Net income (loss) attributable to MPLX LP per | |||||||||||||||
Common - basic | $ | 0.58 | $ | 0.56 | $ | (2.02) | $ | 1.16 | |||||||
Common - diluted | $ | 0.58 | $ | 0.55 | $ | (2.02) | $ | 1.16 | |||||||
Weighted average limited partner units outstanding: | |||||||||||||||
Common units – basic | 1,059 | 794 | 1,059 | 794 | |||||||||||
Common units – diluted | 1,059 | 795 | 1,059 | 795 | |||||||||||
Select Financial Statistics (unaudited) | Three Months Ended | Six Months Ended | |||||||||||||
(In millions, except ratio data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Common unit distributions declared by MPLX | |||||||||||||||
Common units (LP) - public(a) | $ | 270 | $ | 261 | $ | 540 | $ | 452 | |||||||
Common units - MPC(a) | 445 | 431 | 903 | 763 | |||||||||||
Total GP and LP distribution declared | 715 | 692 | 1,443 | 1,215 | |||||||||||
Preferred unit distributions(b) | |||||||||||||||
Series A preferred unit distributions(c) | 21 | 21 | 41 | 41 | |||||||||||
Series B preferred unit distributions(d) | 10 | 21 | 21 | 21 | |||||||||||
Total preferred unit distributions | 31 | 42 | 62 | 62 | |||||||||||
Other Financial Data | |||||||||||||||
Adjusted EBITDA attributable to MPLX LP(e)(f) | 1,227 | 1,249 | 2,521 | 2,512 | |||||||||||
DCF attributable to GP and LP unitholders(e)(f) | $ | 996 | $ | 975 | $ | 2,043 | $ | 1,966 | |||||||
Distribution coverage ratio(g) | 1.39x | 1.41x | 1.42x | 1.62x | |||||||||||
Cash Flow Data | |||||||||||||||
Net cash flow provided by (used in): | |||||||||||||||
Operating activities | $ | 1,105 | $ | 1,101 | $ | 2,114 | $ | 1,954 | |||||||
Investing activities | (415) | (739) | (777) | (1,439) | |||||||||||
Financing activities | $ | (680) | $ | (452) | $ | (1,285) | $ | (568) | |||||||
(a) | The distribution on common units for the three and six months ended June 30, 2019 includes the impact of the issuance of approximately 102 million units issued to public unitholders and approximately 161 million units issued to MPC in connection with MPLX's acquisition of ANDX on July 30, 2019. |
(b) | Includes MPLX distributions declared on the Series A and Series B preferred units as well as distributions earned on the Series B preferred assuming a distribution is declared by the Board of Directors (distributions on Series B preferred units are declared and payable semi-annually on February 15th and August 15th or the first business day thereafter). Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders. |
(c) | Series A preferred units are considered redeemable securities due to the existence of redemption provisions upon a deemed liquidation event which is outside our control. These units rank senior to all common units with respect to distributions and rights upon liquidation and effective May 13, 2018, on an as-converted basis, preferred unit holders receive the greater of |
(d) | Series B preferred unitholders are entitled to receive a fixed distribution of |
(e) | Non-GAAP measure. See reconciliation below. |
(f) | Includes predecessor EBITDA and DCF that is attributable to the period prior to the acquisition date of July 30, 2019. For the three and six months ended June 30, 2019, adjusted EBITDA attributable to MPLX LP excluding predecessor results was |
(g) | DCF attributable to GP and LP unitholders (including DCF attributable to predecessor) divided by total GP and LP distribution declared. For the six months ended June 30, 2019, DCF attributable to predecessor has been included with no corresponding distribution being declared by MPLX for the first quarter of 2019, resulting in a distribution coverage ratio of 1.62x. |
Select Balance Sheet Data (unaudited) | |||||||
(In millions, except ratio data) | June 30, | December 31, | |||||
Cash and cash equivalents | $ | 67 | $ | 15 | |||
Total assets | 37,022 | 40,430 | |||||
Total long-term debt(a) | 20,559 | 20,307 | |||||
Redeemable preferred units | 968 | 968 | |||||
Total equity | $ | 13,262 | $ | 16,613 | |||
Consolidated total debt to adjusted EBITDA(b) | 4.1x | 4.1x | |||||
Partnership units outstanding: | |||||||
MPC-held common units | 666 | 666 | |||||
Public common units | 393 | 392 | |||||
(a) | Outstanding intercompany borrowings were zero as of June 30, 2020 and |
(b) | Calculated using face value total debt and LTM pro forma adjusted EBITDA, which is and December 31, 2019, respectively. |
Operating Statistics | Three Months Ended | Six Months Ended | |||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Logistics and Storage | |||||||||||||||||||||
Pipeline throughput (mbpd) | |||||||||||||||||||||
Crude oil pipelines | 2,733 | 3,242 | (16) | % | 2,971 | 3,174 | (6) | % | |||||||||||||
Product pipelines | 1,586 | 1,867 | (15) | % | 1,746 | 1,882 | (7) | % | |||||||||||||
Total pipelines | 4,319 | 5,109 | (15) | % | 4,717 | 5,056 | (7) | % | |||||||||||||
Average tariff rates ($ per barrel) | |||||||||||||||||||||
Crude oil pipelines | $ | 0.99 | $ | 0.88 | 13 | % | $ | 0.96 | $ | 0.92 | 4 | % | |||||||||
Product pipelines | 0.84 | 0.75 | 12 | % | 0.81 | 0.72 | 13 | % | |||||||||||||
Total pipelines | $ | 0.94 | $ | 0.83 | 13 | % | 0.90 | 0.84 | 7 | % | |||||||||||
Terminal throughput (mbpd) | 2,420 | 3,287 | (26) | % | 2,693 | 3,253 | (17) | % | |||||||||||||
Barges at period-end | 305 | 261 | 17 | % | 305 | 261 | 17 | % | |||||||||||||
Towboats at period-end | 23 | 23 | — | % | 23 | 23 | — | % | |||||||||||||
(a) | Statistics for the three and six months ended June 30, 2019 are inclusive of predecessor operations. |
Gathering and | Three Months Ended | Six Months Ended | |||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Gathering throughput (mmcf/d) | |||||||||||||||||||||
Marcellus Operations | 1,385 | 1,266 | 9 | % | 1,402 | 1,274 | 10 | % | |||||||||||||
Utica Operations(b) | — | — | — | % | — | — | — | % | |||||||||||||
Subtotal | 1,385 | 1,266 | 9 | % | 1,402 | 1,274 | 10 | % | |||||||||||||
Southwest Operations | 1,365 | 1,617 | (16) | % | 1,461 | 1,600 | (9) | % | |||||||||||||
Bakken Operations | 126 | 147 | (14) | % | 141 | 150 | (6) | % | |||||||||||||
Rockies Operations | 495 | 649 | (24) | % | 544 | 644 | (16) | % | |||||||||||||
Total gathering throughput | 3,371 | 3,679 | (8) | % | 3,548 | 3,668 | (3) | % | |||||||||||||
Natural gas processed (mmcf/d) | |||||||||||||||||||||
Marcellus Operations | 4,112 | 4,216 | (2) | % | 4,155 | 4,185 | (1) | % | |||||||||||||
Utica Operations(b) | — | — | — | % | — | — | — | % | |||||||||||||
Subtotal | 4,112 | 4,216 | (2) | % | 4,155 | 4,185 | (1) | % | |||||||||||||
Southwest Operations | 1,412 | 1,558 | (9) | % | 1,530 | 1,578 | (3) | % | |||||||||||||
Southern Appalachian Operations | 223 | 243 | (8) | % | 233 | 239 | (3) | % | |||||||||||||
Bakken Operations | 126 | 147 | (14) | % | 141 | 150 | (6) | % | |||||||||||||
Rockies Operations | 516 | 585 | (12) | % | 528 | 578 | (9) | % | |||||||||||||
Total natural gas processed | 6,389 | 6,749 | (5) | % | 6,587 | 6,730 | (2) | % | |||||||||||||
C2 + NGLs fractionated (mbpd) | |||||||||||||||||||||
Marcellus Operations | 464 | 440 | 5 | % | 460 | 430 | 7 | % | |||||||||||||
Utica Operations(b) | — | — | — | % | — | — | — | % | |||||||||||||
Subtotal | 464 | 440 | 5 | % | 460 | 430 | 7 | % | |||||||||||||
Southwest Operations | 13 | 3 | 333 | % | 14 | 10 | 40 | % | |||||||||||||
Southern Appalachian Operations | 12 | 12 | — | % | 12 | 12 | — | % | |||||||||||||
Bakken Operations | 19 | 21 | (10) | % | 25 | 18 | 39 | % | |||||||||||||
Rockies Operations | 4 | 3 | 33 | % | 4 | 4 | — | % | |||||||||||||
Total C2 + NGLs fractionated | 512 | 479 | 7 | % | 515 | 474 | 9 | % | |||||||||||||
(a) | Includes operating data for entities that have been consolidated into the MPLX financial statements. Statistics for the three and six months ended June 30, 2019 are inclusive of predecessor operations. |
(b) | The Utica region relates to operations for partnership-operated equity method investments and thus does not have any operating statistics from a consolidated perspective. See table below for details on Utica. |
Gathering and | Three Months Ended | Six Months Ended | |||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||
Gathering throughput (mmcf/d) | |||||||||||||||||||||
Marcellus Operations | 1,385 | 1,266 | 9 | % | 1,402 | 1,274 | 10 | % | |||||||||||||
Utica Operations | 1,903 | 2,066 | (8) | % | 1,852 | 2,087 | (11) | % | |||||||||||||
Subtotal | 3,288 | 3,332 | (1) | % | 3,254 | 3,361 | (3) | % | |||||||||||||
Southwest Operations | 1,393 | 1,617 | (14) | % | 1,497 | 1,600 | (6) | % | |||||||||||||
Bakken Operations | 126 | 147 | (14) | % | 141 | 150 | (6) | % | |||||||||||||
Rockies Operations | 683 | 852 | (20) | % | 729 | 839 | (13) | % | |||||||||||||
Total gathering throughput | 5,490 | 5,948 | (8) | % | 5,621 | 5,950 | (6) | % | |||||||||||||
Natural gas processed (mmcf/d) | |||||||||||||||||||||
Marcellus Operations | 5,516 | 5,202 | 6 | % | 5,519 | 5,175 | 7 | % | |||||||||||||
Utica Operations | 585 | 823 | (29) | % | 616 | 820 | (25) | % | |||||||||||||
Subtotal | 6,101 | 6,025 | 1 | % | 6,135 | 5,995 | 2 | % | |||||||||||||
Southwest Operations | 1,510 | 1,558 | (3) | % | 1,595 | 1,578 | 1 | % | |||||||||||||
Southern Appalachian Operations | 223 | 243 | (8) | % | 233 | 239 | (3) | % | |||||||||||||
Bakken Operations | 126 | 147 | (14) | % | 141 | 150 | (6) | % | |||||||||||||
Rockies Operations | 516 | 585 | (12) | % | 528 | 578 | (9) | % | |||||||||||||
Total natural gas processed | 8,476 | 8,558 | (1) | % | 8,632 | 8,540 | 1 | % | |||||||||||||
C2 + NGLs fractionated (mbpd) | |||||||||||||||||||||
Marcellus Operations | 464 | 440 | 5 | % | 460 | 430 | 7 | % | |||||||||||||
Utica Operations | 31 | 40 | (23) | % | 33 | 43 | (23) | % | |||||||||||||
Subtotal | 495 | 480 | 3 | % | 493 | 473 | 4 | % | |||||||||||||
Southwest Operations | 13 | 3 | 333 | % | 14 | 10 | 40 | % | |||||||||||||
Southern Appalachian Operations | 12 | 12 | — | % | 12 | 12 | — | % | |||||||||||||
Bakken Operations | 19 | 21 | (10) | % | 25 | 18 | 39 | % | |||||||||||||
Rockies Operations | 4 | 3 | 33 | % | 4 | 4 | — | % | |||||||||||||
Total C2 + NGLs fractionated | 543 | 519 | 5 | % | 548 | 517 | 6 | % | |||||||||||||
(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. Statistics for the three and six months ended June 30, 2019 are inclusive of predecessor operations. |
Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited) | Three Months Ended | Six Months Ended | |||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
L&S segment adjusted EBITDA attributable to MPLX LP (including predecessor results) | $ | 839 | $ | 821 | $ | 1,711 | $ | 1,649 | |||||||
G&P segment adjusted EBITDA attributable to MPLX LP (including predecessor results) | 388 | 428 | 810 | 863 | |||||||||||
Adjusted EBITDA attributable to MPLX LP (including predecessor results) | 1,227 | 1,249 | 2,521 | 2,512 | |||||||||||
Depreciation and amortization | (321) | (313) | (646) | (614) | |||||||||||
Benefit (provision) for income taxes | — | 1 | — | 2 | |||||||||||
Amortization of deferred financing costs | (15) | (12) | (29) | (19) | |||||||||||
Non-cash equity-based compensation | (3) | (5) | (8) | (12) | |||||||||||
Impairment expense | — | — | (2,165) | — | |||||||||||
Net interest and other financial costs | (208) | (217) | (424) | (434) | |||||||||||
Income (loss) from equity method investments(a) | 89 | 83 | (1,095) | 160 | |||||||||||
Distributions/adjustments related to equity method investments | (115) | (132) | (239) | (254) | |||||||||||
Unrealized derivative (losses) gains(b) | (6) | — | 9 | (4) | |||||||||||
Acquisition costs | — | (4) | — | (5) | |||||||||||
Other | (1) | — | (2) | — | |||||||||||
Adjusted EBITDA attributable to noncontrolling interests | 8 | 7 | 17 | 14 | |||||||||||
Net income (loss) | $ | 655 | $ | 657 | $ | (2,061) | $ | 1,346 | |||||||
(a) | Includes impairment charges of |
(b) | MPLX makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded. |
L&S Reconciliation of Segment Income from Operations to Segment Adjusted EBITDA (unaudited) | Three Months Ended | Six Months Ended | |||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
L&S segment income from operations | $ | 681 | $ | 675 | $ | 1,404 | $ | 1,362 | |||||||
Depreciation and amortization | 138 | 134 | 276 | 260 | |||||||||||
Income from equity method investments | (40) | (54) | (90) | (99) | |||||||||||
Distributions/adjustments related to equity method investments | 57 | 60 | 114 | 114 | |||||||||||
Acquisition costs | — | 4 | — | 5 | |||||||||||
Non-cash equity-based compensation | 2 | 2 | 5 | 7 | |||||||||||
Other | 1 | — | 2 | — | |||||||||||
L&S segment adjusted EBITDA attributable to MPLX LP (including predecessor results) | 839 | 821 | 1,711 | 1,649 | |||||||||||
L&S predecessor segment adjusted EBITDA attributable to MPLX LP | — | (251) | — | (520) | |||||||||||
L&S segment adjusted EBITDA attributable to MPLX LP | $ | 839 | $ | 570 | $ | 1,711 | $ | 1,129 | |||||||
G&P Reconciliation of Segment Income from Operations to Segment Adjusted EBITDA (unaudited) | Three Months Ended | Six Months Ended | |||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
G&P segment income (loss) from operations | $ | 197 | $ | 210 | $ | (3,012) | $ | 435 | |||||||
Depreciation and amortization | 183 | 179 | 370 | 354 | |||||||||||
Impairment expense | — | — | 2,165 | — | |||||||||||
(Income) loss from equity method investments | (49) | (29) | 1,185 | (61) | |||||||||||
Distributions/adjustments related to equity method investments | 58 | 72 | 125 | 140 | |||||||||||
Unrealized derivative losses (gains)(a) | 6 | — | (9) | 4 | |||||||||||
Non-cash equity-based compensation | 1 | 3 | 3 | 5 | |||||||||||
Adjusted EBITDA attributable to noncontrolling interest | (8) | (7) | (17) | (14) | |||||||||||
G&P segment adjusted EBITDA attributable to MPLX LP (including predecessor results) | 388 | 428 | 810 | 863 | |||||||||||
G&P predecessor segment adjusted EBITDA attributable to MPLX LP | — | (78) | — | (142) | |||||||||||
G&P segment adjusted EBITDA attributable to MPLX LP | $ | 388 | $ | 350 | $ | 810 | $ | 721 | |||||||
(a) | MPLX makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded. |
Reconciliation of Adjusted EBITDA Attributable
| Three Months Ended | Six Months Ended | |||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net income (loss) | $ | 655 | $ | 657 | $ | (2,061) | $ | 1,346 | |||||||
(Benefit) provision for income taxes | — | (1) | — | (2) | |||||||||||
Amortization of deferred financing costs | 15 | 12 | 29 | 19 | |||||||||||
Net interest and other financial costs | 208 | 217 | 424 | 434 | |||||||||||
Income (loss) from operations | 878 | 885 | (1,608) | 1,797 | |||||||||||
Depreciation and amortization | 321 | 313 | 646 | 614 | |||||||||||
Non-cash equity-based compensation | 3 | 5 | 8 | 12 | |||||||||||
Impairment expense | — | — | 2,165 | — | |||||||||||
(Income) loss from equity method investments | (89) | (83) | 1,095 | (160) | |||||||||||
Distributions/adjustments related to equity method investments | 115 | 132 | 239 | 254 | |||||||||||
Unrealized derivative losses (gains)(a) | 6 | — | (9) | 4 | |||||||||||
Acquisition costs | — | 4 | — | 5 | |||||||||||
Other | 1 | — | 2 | — | |||||||||||
Adjusted EBITDA | 1,235 | 1,256 | 2,538 | 2,526 | |||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (8) | (7) | (17) | (14) | |||||||||||
Adjusted EBITDA attributable to predecessor(b) | — | (329) | — | (662) | |||||||||||
Adjusted EBITDA attributable to MPLX LP | 1,227 | 920 | 2,521 | 1,850 | |||||||||||
Deferred revenue impacts | 40 | 22 | 63 | 31 | |||||||||||
Net interest and other financial costs | (208) | (217) | (424) | (434) | |||||||||||
Maintenance capital expenditures | (33) | (62) | (67) | (99) | |||||||||||
Maintenance capital expenditures reimbursements | 6 | 9 | 20 | 16 | |||||||||||
Equity method investment capital expenditures paid out | (4) | (4) | (11) | (8) | |||||||||||
Other | (1) | 10 | 3 | 10 | |||||||||||
Portion of DCF adjustments attributable to predecessor(b) | — | 63 | — | 132 | |||||||||||
DCF attributable to MPLX LP | 1,027 | 741 | 2,105 | 1,498 | |||||||||||
Preferred unit distributions(c) | (31) | (32) | (62) | (62) | |||||||||||
DCF attributable to GP and LP unitholders (excluding predecessor results) | 996 | 709 | 2,043 | 1,436 | |||||||||||
Adjusted EBITDA attributable to predecessor(b) | — | 329 | — | 662 | |||||||||||
Portion of DCF adjustments attributable to predecessor(b) | — | (63) | — | (132) | |||||||||||
DCF attributable to GP and LP unitholders (including predecessor results) | $ | 996 | $ | 975 | $ | 2,043 | $ | 1,966 | |||||||
(a) | MPLX makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded. |
(b) | The adjusted EBITDA and DCF adjustments related to predecessor are excluded from adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders prior to the acquisition date. |
(c) | Includes MPLX distributions declared on the Series A 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) assuming a distribution is declared by the Board of Directors. Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders. |
Reconciliation of Net Income to LTM Pro forma adjusted EBITDA (unaudited) | Three Months Ended | ||||||
(In millions) | 2020 | 2019 | |||||
LTM Net (loss) income | $ | (1,945) | $ | 1,952 | |||
LTM Net income to adjusted EBITDA adjustments | 6,950 | 1,746 | |||||
LTM Adjusted EBITDA attributable to MPLX LP | 5,005 | 3,698 | |||||
LTM Pro forma/Predecessor adjustments for acquisitions | 108 | 2 | |||||
LTM Pro forma adjusted EBITDA | 5,113 | 3,700 | |||||
Consolidated debt | $ | 20,938 | $ | 14,517 | |||
Consolidated debt to adjusted EBITDA(a) | 4.1x | 3.9x | |||||
(a) | 2019 is shown as historically presented and has not been adjusted for predecessor impacts. |
Reconciliation of Adjusted EBITDA Attributable to | Three Months Ended | Six Months Ended | |||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net cash provided by operating activities | $ | 1,105 | $ | 1,101 | $ | 2,114 | $ | 1,954 | |||||||
Changes in working capital items | (100) | (84) | 12 | 112 | |||||||||||
All other, net | 4 | 8 | (26) | (7) | |||||||||||
Non-cash equity-based compensation | 3 | 5 | 8 | 12 | |||||||||||
Net (loss) gain on disposal of assets | (1) | 3 | (1) | 2 | |||||||||||
Current income taxes | 1 | (1) | 1 | — | |||||||||||
Net interest and other financial costs | 208 | 217 | 424 | 434 | |||||||||||
Asset retirement expenditures | — | 1 | — | 1 | |||||||||||
Unrealized derivative losses (gains)(a) | 6 | — | (9) | 4 | |||||||||||
Acquisition costs | — | 4 | — | 5 | |||||||||||
Other adjustments related to equity method investments | 8 | 2 | 13 | 9 | |||||||||||
Other | 1 | — | 2 | — | |||||||||||
Adjusted EBITDA | 1,235 | 1,256 | 2,538 | 2,526 | |||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (8) | (7) | (17) | (14) | |||||||||||
Adjusted EBITDA attributable to predecessor(b) | — | (329) | — | (662) | |||||||||||
Adjusted EBITDA attributable to MPLX LP | 1,227 | 920 | 2,521 | 1,850 | |||||||||||
Deferred revenue impacts | 40 | 22 | 63 | 31 | |||||||||||
Net interest and other financial costs | (208) | (217) | (424) | (434) | |||||||||||
Maintenance capital expenditures | (33) | (62) | (67) | (99) | |||||||||||
Maintenance capital expenditures reimbursements | 6 | 9 | 20 | 16 | |||||||||||
Equity method investment capital expenditures paid out | (4) | (4) | (11) | (8) | |||||||||||
Other | (1) | 10 | 3 | 10 | |||||||||||
Portion of DCF adjustments attributable to predecessor(b) | — | 63 | — | 132 | |||||||||||
DCF attributable to MPLX LP | 1,027 | 741 | 2,105 | 1,498 | |||||||||||
Preferred unit distributions(c) | (31) | (32) | (62) | (62) | |||||||||||
DCF attributable to GP and LP unitholders (excluding predecessor results) | 996 | 709 | 2,043 | 1,436 | |||||||||||
Adjusted EBITDA attributable to predecessor(b) | — | 329 | — | 662 | |||||||||||
Portion of DCF adjustments attributable to predecessor(b) | — | (63) | — | (132) | |||||||||||
DCF attributable to GP and LP unitholders (including predecessor results) | $ | 996 | $ | 975 | $ | 2,043 | $ | 1,966 | |||||||
(a) | MPLX makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded. |
(b) | The adjusted EBITDA and DCF adjustments related to predecessor are excluded from adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders prior to the acquisition date. |
(c) | Includes MPLX distributions declared on the Series A 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) assuming a distribution is declared by the Board of Directors. Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders. |
Capital Expenditures (unaudited) | Three Months Ended | Six Months Ended | |||||||||||||
(In millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Capital Expenditures: | |||||||||||||||
Maintenance | $ | 33 | $ | 62 | $ | 67 | $ | 99 | |||||||
Maintenance reimbursements | (6) | (9) | (20) | (16) | |||||||||||
Growth | 185 | 494 | 469 | 961 | |||||||||||
Growth reimbursements | — | (7) | — | (12) | |||||||||||
Total capital expenditures | 212 | 540 | 516 | 1,032 | |||||||||||
Less: Increase (decrease) in capital accruals | (111) | (6) | (172) | (77) | |||||||||||
Asset retirement expenditures | — | 1 | — | 1 | |||||||||||
Additions to property, plant and equipment, net(a) | 323 | 545 | 688 | 1,108 | |||||||||||
Investments in unconsolidated affiliates | 131 | 188 | 222 | 323 | |||||||||||
Acquisitions | — | (5) | — | (6) | |||||||||||
Total capital expenditures and acquisitions | 454 | 728 | 910 | 1,425 | |||||||||||
Less: Maintenance capital expenditures (including reimbursements) | 27 | 53 | 47 | 83 | |||||||||||
Acquisitions | — | (5) | — | (6) | |||||||||||
Total growth capital expenditures(b) | $ | 427 | $ | 680 | $ | 863 | $ | 1,348 | |||||||
(a) | This amount is represented in the Consolidated Statements of Cash Flows as Additions to property, plant and equipment after excluding growth and maintenance reimbursements. Reimbursements are shown as Contributions from MPC within the Financing activities section of the Consolidated Statements of Cash Flows. |
(b) | Amount excludes contributions from noncontrolling interests of |
2020 adjusted growth capital expenditures | Three Months Ended | Six Months Ended | |||||
(In millions) | |||||||
Total growth capital expenditures | $ | 427 | $ | 863 | |||
Decrease in capital accruals | (111) | (172) | |||||
Capitalized interest | (9) | (21) | |||||
Return of Capital | (41) | (110) | |||||
Contributions from noncontrolling interests | — | — | |||||
Total adjusted growth capital expenditures | $ | 266 | $ | 560 | |||
View original content:http://www.prnewswire.com/news-releases/mplx-lp-reports-second-quarter-2020-financial-results-301104565.html
SOURCE MPLX LP
FAQ
What were MPLX's net income results for Q2 2020?
How did MPLX's adjusted EBITDA perform in Q2 2020?
What is MPLX's distribution coverage ratio for Q2 2020?
What is MPLX's outlook for free cash flow in 2021?
