Welcome to our dedicated page for MPLX LP news (Ticker: MPLX), a resource for investors and traders seeking the latest updates and insights on MPLX LP stock.
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.
MPLX LP (NYSE: MPLX) has announced the pricing of its $1.65 billion senior notes offering at an interest rate of 5.50%, maturing in 2034. The notes were offered at 98.778% of their par value. The company plans to use the net proceeds to repay, redeem, or retire existing debts, including $1,149 million and $1 million of 4.875% senior notes maturing in December 2024, and $500 million of 4.000% senior notes maturing in February 2025. The offering is expected to close on May 20, 2024, subject to customary conditions. Mizuho Securities USA , RBC Capital Markets, and TD Securities are joint book-running managers for this offering.
MPLX LP (NYSE: MPLX) announced a leadership transition effective August 1, 2024. Maryann T. Mannen, currently President of Marathon Petroleum (NYSE: MPC), will become President and CEO, succeeding Michael J. Hennigan. Hennigan will transition to Executive Chairman of the Board of Directors. Christopher A. Helms will continue as the Board's independent Lead Director. Under Hennigan's leadership, MPLX returned approximately $15 billion to unitholders and expanded significantly in the Marcellus, Utica, and Permian basins. Mannen aims to advance MPLX's growth strategy and disciplined capital allocation.
MPLX LP reported strong first-quarter 2024 financial results with a net income of $1.0 billion and adjusted EBITDA of $1.6 billion. The company returned $951 million to unitholders and announced a distribution of $0.85 per common unit. MPLX advanced its growth strategy in the Marcellus and Permian basins, acquiring interests in joint ventures and a gathering system. The company remains focused on expanding its natural gas and natural gas liquids pipelines, with several projects underway. MPLX's financial position is solid with $385 million in cash and available credit facilities.
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