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.
The board of MPLX LP has declared a quarterly cash distribution of $0.775 per common unit for Q3 2022, a 10% increase from the previous quarter. This translates to $3.10 annualized. The distribution is set to be paid on Nov. 22, 2022, to unitholders on record as of Nov. 15, 2022. MPLX, a diversified master limited partnership, specializes in midstream energy operations and logistics. Investors should note that distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.
WhiteWater Midstream and Cheniere Energy have initiated construction of the ADCC Pipeline, a new joint venture pipeline extending 43 miles to Cheniere's Corpus Christi facility. The pipeline is designed to transport 1.7 Bcf/d of natural gas, with potential expansion to 2.5 Bcf/d, expected to be operational by 2024, pending regulatory approvals. The Whistler Pipeline, part of this consortium including MPLX, facilitates natural gas transport from the Permian Basin to export markets in South Texas.
MPLX LP (NYSE: MPLX) will host a conference call on November 1, 2022, at 9:30 a.m. ET to discuss its third-quarter financial results for 2022. Interested parties can access the call via MPLX's website, where a replay will be available for two weeks. The company operates a diversified portfolio in the midstream energy sector, managing infrastructure such as pipelines, marine terminals, and processing facilities.
MPLX LP (NYSE: MPLX) has released its 2021 Schedule K-3 investor tax packages, now accessible on its website. This is particularly relevant for foreign unitholders and those needing specific tax information. MPLX will not mail K-3 packages but encourages investors to review the material online, especially if it pertains to their tax filings. For additional information or electronic copies, investors can contact MPLX directly. The company operates extensive midstream energy infrastructure across the U.S.
MPLX LP (NYSE: MPLX) announced the redemption of all outstanding senior notes, totaling $500 million for both the 3.500% notes due Dec. 1, 2022, and the 3.375% notes due March 15, 2023. The 2022 notes are slated for redemption on or about Aug. 25, 2022, while the 2023 notes will be redeemed on or about Sept. 15, 2022. Redemption prices will be at par or make-whole payment plus accrued interest. This announcement is strictly informational and does not constitute an offer to buy or sell the notes. MPLX operates midstream energy infrastructure, including pipelines and terminals.
MPLX LP (NYSE: MPLX) has priced $1 billion in senior notes with a 4.950% interest rate due in 2032, offered at 99.433% of par value. The proceeds will be utilized to retire existing 3.500% senior notes due December 2022 and 3.375% senior notes due March 2023, and for general partnership purposes. The closing is expected on August 11, 2022, subject to customary conditions. Barclays Capital, Mizuho Securities, and Wells Fargo Securities are the underwriters for this offering.
MPLX reported a strong second-quarter 2022 with net income of $875 million, up from $706 million in Q2 2021. Adjusted EBITDA increased to $1.457 billion, compared to $1.374 billion last year. The company generated $1.487 billion in net cash from operating activities and returned over $750 million to unitholders through distributions and unit repurchases. MPLX announced an additional $1 billion unit repurchase authorization and extended transportation service agreements with MPC for 10 years.
The board of MPLX LP has declared a quarterly cash distribution of $0.7050 per common unit for Q2 2022, totaling $2.82 annually. This distribution will be paid on Aug. 12, 2022, to common unitholders of record by Aug. 5, 2022. It is important to note that 100% of MPLX's distributions to foreign investors will be attributed to effectively connected income, leading to federal income tax withholding at the highest applicable rate. MPLX is a large-cap master limited partnership focused on midstream energy infrastructure and logistics.
MPLX LP will host a conference call on August 2, 2022, at 9:30 a.m. EDT to discuss its second-quarter financial results for 2022. Interested investors can listen to the call on the company's website, where a replay will be available for two weeks following the event. Financials, including the earnings release and investor materials, will be accessible online before the call. MPLX operates midstream energy infrastructure with assets including pipelines, storage facilities, and processing plants.
WhiteWater, EnLink Midstream (NYSE: ENLC), Devon Energy (NYSE: DVN), and MPLX LP (NYSE: MPLX) have finalized the investment decision for the Matterhorn Express Pipeline, set to transport 2.5 billion cubic feet of natural gas per day across 490 miles from Texas to Houston. This project aims to enhance gas transportation from the Permian Basin and is expected to be operational by Q3 2024, subject to regulatory approvals. The partnership emphasizes increasing production capacity while minimizing flared volumes in West Texas.
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