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MPLX LP (NYSE: MPLX) is a diversified, large-cap master limited partnership based in the United States. The company owns and operates midstream energy infrastructure and logistics assets, focusing on two core segments: Logistics & Storage (L&S) and Gathering & Processing (G&P). MPLX's extensive network includes 13,000 miles of pipelines, storage caverns with a combined capacity of 4.7 million barrels, and an inland marine fleet of 23 boats and 286 barges.
The L&S segment involves the transportation, storage, distribution, and marketing of crude oil, refined petroleum products, and other hydrocarbon-based products like asphalt. This segment also manages MPLX's pipeline assets, many of which were acquired through significant transactions, such as the acquisition of Andeavor Logistics in 2019.
The G&P segment focuses on the gathering, processing, and transportation of natural gas and natural gas liquids (NGL). This segment includes assets from MarkWest, a leading gathering and processing company acquired by MPLX in 2015. MPLX has positioned itself as a key player in critical U.S. supply basins, particularly the Appalachian and Permian regions.
Recent financial reports demonstrate MPLX's robust performance and strategic growth. In the third quarter of 2023, the company reported a net income of $918 million. Despite a year-over-year decrease mainly due to a non-cash gain in the previous year, adjusted EBITDA showed a positive trend, reaching $1,596 million. MPLX's financial health is further underscored by its ability to generate significant free cash flow, returning $799 million to unitholders and announcing a third-quarter distribution of $0.85 per common unit.
Strategic expansions are key to MPLX's growth. The company is enhancing its natural gas and NGL pipelines, supporting the Permian and Bakken basins. The completion of the Whistler Pipeline's expansion and ongoing projects like the ADCC Pipeline lateral and BANGL joint venture pipeline illustrate MPLX's commitment to meeting increasing demand.
MPLX's financial stability is highlighted by its leverage ratio of 3.4x and a strong liquidity position with $960 million in cash as of September 30, 2023. The company continues to maintain solid investor relations, regularly updating stakeholders through conferences and webcasts.
For the latest financial information and updates, visit MPLX's official website at www.mplx.com.
The board of directors of MPLX LP has declared a quarterly cash distribution of $0.6875 per common unit for Q3 2020, amounting to $2.75 annually. The payment date is set for November 13, 2020, with the record date on November 6, 2020. Furthermore, the release details that 100% of MPLX’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate. MPLX operates midstream energy infrastructure, including crude oil pipelines and processing facilities.
MPLX LP announced an extension of the binding open season for the SLC Core Pipeline System expansion until Nov. 6, 2020, at 12 p.m. CST. This extension is in response to shipper feedback and includes modest revisions to the transportation service agreement. The proposed expansion aims to increase pipeline capacity by approximately 11,000 barrels per day, bringing total capacity to around 56,000 bpd. Service is expected to commence in the first quarter of 2022.
MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on November 2, 2020, at 11 a.m. EST to discuss its 2020 third-quarter financial results, which will be released that day. The call aims to update stakeholders on company operations. Interested parties can listen via MPLX's website. The company operates midstream energy infrastructure including pipelines, terminals, and processing facilities across key U.S. supply basins.
Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX) announced the redemption of senior notes totaling $650 million and $300 million due in December 2020 and October 2022, respectively. The MPC notes will be redeemed at par on November 15, 2020, while MPLX's notes will be redeemed at par on October 15, 2020. The regular interest payment for MPLX will be made to holders of record by October 1, 2020. This release serves only as an informational notice and is not a buy or sell solicitation.
MPLX LP (NYSE: MPLX) announced the launch of a binding open season on Sept. 21, 2020, to gauge shipper interest in firm capacity on the SLC Core Pipeline System, which transports crude oil from Fort Laramie Station, Wyoming, to Wahsatch Station, Utah. The open season will end at noon CDT on Oct. 23, 2020. This proposed capacity expansion aims to increase the pipeline's capacity by approximately 11,000 barrels per day, bringing the total to about 56,000 bpd, with service expected to commence in Q1 2022.
MPLX LP (NYSE: MPLX) has priced $3 billion in unsecured senior notes. This includes $1.5 billion of 1.75% senior notes due in 2026 and $1.5 billion of 2.65% senior notes due in 2030. The notes were offered at 99.785% and 99.913% of par, respectively. Proceeds will be used to repay existing debts, including a $1 billion term loan maturing in 2021 and various senior notes due in 2021, 2022, and 2024. The offering is expected to close on August 18, 2020. RBC Capital Markets, J.P. Morgan, and MUFG are the joint book-running managers for the offering.
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.
Marathon Petroleum Corp. reported a second-quarter income of $9 million, or $0.01 per diluted share, significantly down from $1.1 billion in the same quarter last year. The results included a $1.5 billion lower of cost or market inventory benefit. An adjusted net loss was $868 million, reflecting challenges due to COVID-19. The company announced a $21 billion agreement to sell Speedway, with expected after-tax proceeds of $16.5 billion to enhance the balance sheet and return capital to shareholders. Additionally, Gallup and Martinez refineries are indefinitely idled.
The board of MPLX LP has declared a quarterly cash distribution of $0.6875 per common unit for Q2 2020, totaling $2.75 annually. This amount is unchanged from Q1 2020 but reflects a 3% increase compared to Q2 2019. The distribution will be paid on August 14, 2020, to unitholders on record by August 7, 2020. Notably, distributions to foreign investors will be subject to federal income tax withholding at the highest applicable rate. MPLX operates a diversified midstream energy infrastructure, including pipelines and storage facilities.
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