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.
Whistler Pipeline LLC announced a new 36-inch lateral pipeline extending 35 miles into Martin County, enhancing its existing Midland Basin infrastructure. This expansion connects to multiple processing sites and is set to be operational in Q4 2022. The Whistler pipeline is a major 450-mile intrastate pipeline transporting natural gas from the Permian Basin to Agua Dulce, Texas. MPLX LP is a co-owner, emphasizing the collaborative efforts in midstream energy infrastructure development.
The board of directors of MPLX LP has declared a quarterly cash distribution of $0.7050 per common unit for Q4 2021, totaling $2.82 annually. This distribution is set for payment on Feb. 14, 2022, to unitholders of record as of Feb. 4, 2022. Additionally, MPLX's distributions to non-U.S. investors will be subject to the highest federal income tax withholding.
MPLX operates midstream energy infrastructure, including pipelines, terminals, and processing facilities across key U.S. supply basins.
WhiteWater Midstream, MPLX, and West Texas Gas have added Rattler Midstream as a fourth partner in their BANGL joint venture. Concurrently, Diamondback Energy entered into a long-term natural gas liquids product dedication with BANGL. The venture commenced full commercial service in Q4 2021, facilitating NGL takeaway capacity from MPLX and WTG plants in the Permian Basin to Sweeny, Texas. BANGL aims to expand its capacity up to 300,000 barrels per day, enhancing the efficiency of gas processing and fractionation in the region.
MPLX LP will host a conference call on February 2, 2022, at 9:30 a.m. EST to discuss its 2021 fourth-quarter and full-year financial results. Interested parties can listen via MPLX's website, where a replay will be available for two weeks. The necessary financial information, including the earnings release, will be accessible online prior to the call. MPLX operates midstream energy infrastructure and logistics, including pipelines, storage, and gathering systems in key U.S. supply basins.
MPLX announced a binding open season for its subsidiary, Tesoro High Plains Pipeline Company, to gauge shipper interest in expanding the Connolly Gathering System in North Dakota. This expansion aims to provide additional gathering services from new crude oil origin points, estimated to offer between 70,000 and 100,000 barrels per day based on shipper commitments. The open season runs from November 16, 2021, to December 15, 2021, with details available upon signing a Confidentiality Agreement.
MPLX reported a net income of $802 million for Q3 2021, a rise from $665 million in Q3 2020. Adjusted EBITDA was $1.4 billion, up from $1.3 billion year-over-year. The company generated $1.2 billion in cash from operating activities and declared a $1.28 cash distribution per unit, including a special distribution of $0.575. The Logistics and Storage segment performed well with operational income of $752 million, and Gathering and Processing income increased to $279 million. MPLX maintains a leverage ratio of 3.7x and robust distribution coverage of 1.61x.
The board of MPLX LP has declared a quarterly cash distribution of $1.28 per common unit for Q3 2021. This includes a base distribution of $0.7050 per unit, reflecting a 2.5% increase from Q2 2021, and a special distribution of $0.5750 per unit. The distribution will be paid on Nov. 19, 2021 to unitholders of record as of Nov. 12, 2021. The announcement highlights MPLX's commitment to returning value to its investors amidst its diversified midstream energy operations.
MPLX LP (NYSE: MPLX) announced the retirement of Pamela K.M. Beall, CFO, later this year after over 25 years with Marathon Petroleum (NYSE: MPC). John J. Quaid will succeed her on Sept. 1, 2021. Beall's tenure included pivotal roles in establishing MPC and MPLX as public entities and achieving excess cash flow goals. Quaid, with experience in various financial roles at MPC and United States Steel Corp., aims to drive continued growth and value creation.
MPLX reported a net income of $706 million for Q2 2021, up from $648 million in Q2 2020. Adjusted EBITDA was $1.374 billion, increasing from $1.227 billion year-over-year. Net cash from operating activities reached $1.365 billion. The Logistics and Storage segment generated $787 million in income, while the Gathering and Processing segment contributed $144 million. MPLX maintained a distribution level of $0.6875 per unit with a coverage ratio of 1.73x. The company repurchased $343 million of units, focusing on disciplined capital investments.
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