FINDLAY,
Ohio, Aug. 1, 2023 /PRNewswire/ --
- Reported second-quarter net income attributable to MPLX of
$933 million and generated net cash
provided by operating activities of $1,437
million
- Adjusted EBITDA attributable to MPLX of $1,531 million
- Distributable cash flow of $1,315
million
- Advancing Permian strategy with announcement of seventh gas
processing plant and expansion of the BANGL Pipeline
- Returned $799 million in
capital to unitholders through distributions
MPLX LP (NYSE: MPLX) today reported second-quarter 2023 net
income attributable to MPLX of $933
million, compared with $875
million for the second quarter of 2022.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) attributable to MPLX was $1,531 million, compared with $1,457 million for the second quarter of 2022.
Logistics and Storage (L&S) segment adjusted EBITDA for the
second quarter of 2023 was $1,022
million, compared with $966
million for the second quarter of 2022. Gathering and
Processing (G&P) segment adjusted EBITDA for the second quarter
of 2023 was $509 million, compared
with $491 million for the second
quarter of 2022.
During the quarter, MPLX generated $1,437
million in net cash provided by operating activities,
$1,315 million of distributable cash
flow, and adjusted free cash flow of $1,162
million. In the first half of the year, MPLX generated
$2,664 million in net cash provided
by operating activities, $2,583
million of distributable cash flow, and adjusted free cash
flow of $2,167 million, compared to
$2,612 million, $2,447 million, and $2,199
million, respectively, in the first half of 2022. During the
quarter, MPLX returned $799 million
to unitholders and announced a second-quarter 2023 distribution of
$0.775 per common unit, resulting in
a distribution coverage ratio of 1.7x for the quarter. The leverage
ratio was 3.5x at the end of the quarter.
"MPLX's distributable cash flow grew 6% in the first half of
2023 compared to the same period in 2022," said Michael J. Hennigan, MPLX chairman, president
and chief executive officer. "Our organic growth plans and
commitment to strict capital discipline position us to continue to
reinvest in the business and return capital to unitholders. In the
second quarter, MPLX returned nearly $800
million of capital to unitholders."
Financial Highlights
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
(In millions, except
per unit and ratio data)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Net income attributable
to MPLX LP
|
$
|
933
|
|
$
|
875
|
|
$
|
1,876
|
|
$
|
1,700
|
Adjusted EBITDA
attributable to MPLX LP(a)
|
|
1,531
|
|
|
1,457
|
|
|
3,050
|
|
|
2,850
|
Net cash provided by
operating activities
|
|
1,437
|
|
|
1,487
|
|
|
2,664
|
|
|
2,612
|
Distributable cash flow
attributable to MPLX LP(a)
|
|
1,315
|
|
|
1,237
|
|
|
2,583
|
|
|
2,447
|
Distribution per common
unit(b)
|
$
|
0.775
|
|
$
|
0.705
|
|
$
|
1.550
|
|
$
|
1.410
|
Distribution coverage
ratio(c)
|
|
1.7x
|
|
|
1.7x
|
|
|
1.6x
|
|
|
1.7x
|
Consolidated total debt
to LTM adjusted EBITDA(d)
|
|
3.5x
|
|
|
3.5x
|
|
|
3.5x
|
|
|
3.5x
|
Cash paid for common
unit repurchases
|
$
|
—
|
|
$
|
35
|
|
$
|
—
|
|
$
|
135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Non-GAAP measures
calculated before distributions to preferred unitholders. See
reconciliation in the tables that follow.
|
(b)
|
Distributions declared
by the board of directors of MPLX's general
partner.
|
(c)
|
DCF attributable to GP
and LP unitholders divided by total GP and LP
distributions.
|
(d)
|
Calculated using face
value total debt and LTM adjusted EBITDA. See reconciliation
in the tables that follow.
|
Segment
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
Segment adjusted
EBITDA attributable to MPLX LP (unaudited)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Logistics and
Storage
|
$
|
1,022
|
|
$
|
966
|
|
$
|
2,048
|
|
$
|
1,870
|
Gathering and
Processing
|
|
509
|
|
|
491
|
|
|
1,002
|
|
|
980
|
|
|
|
|
|
|
|
|
|
|
|
|
Logistics & Storage
L&S segment adjusted EBITDA for the second quarter of 2023
increased by $56 million compared to
the same period in 2022. The increase was primarily driven by
higher rates and growth in total throughputs.
Total pipeline throughputs were 6.0 million barrels per day
(bpd) in the second quarter, an increase of 1% versus the same
quarter of 2022. The average tariff rate was $0.89 per barrel for the quarter, an increase of
9% versus the same quarter of 2022. Terminal throughput was 3.2
million bpd for the quarter, an increase of 3% versus the same
quarter of 2022.
Gathering & Processing
G&P segment adjusted EBITDA for the second quarter of 2023
increased by $18 million compared to
the same period in 2022 as higher volumes and throughput fees
offset lower natural gas liquids prices.
In the second quarter of 2023:
- Gathered volumes averaged 6.2 billion cubic feet per day
(bcf/d), a 9% increase from the second quarter of 2022.
- Processed volumes averaged 8.9 bcf/d, a 6% increase versus the
second quarter of 2022.
- Fractionated volumes averaged 583 thousand bpd, a 9% increase
versus the second quarter of 2022.
In the Marcellus:
- Gathered volumes averaged 1.3 bcf/d in the second quarter, a 3%
increase versus the second quarter of 2022.
- Processed volumes averaged 5.7 bcf/d in the second quarter, a
5% increase versus the second quarter of 2022.
- Fractionated volumes averaged 520 thousand bpd in the second
quarter, a 10% increase versus the second quarter of 2022.
Strategic Update
In the L&S segment, MPLX is expanding its natural gas and
natural gas liquids long-haul and crude gathering pipelines
supporting the Permian and Bakken basins. Specifically in the
Permian, working with its partners, MPLX is progressing its natural
gas strategy with the expansion of the Whistler pipeline from 2.0
bcf/d to 2.5 bcf/d, and the Agua Dulce Corpus Christi (ADCC)
Pipeline lateral. MPLX is progressing its natural gas liquids
strategy with the expansion of the BANGL joint venture pipeline to
a capacity of 200 thousand bpd, with expected completion in the
first half of 2025.
In the G&P segment, MPLX remains focused on the Permian and
Marcellus basins in response to producer demand. In the
Permian's Delaware basin, MPLX is
progressing construction of its sixth natural gas processing plant,
Preakness ll, which is expected online in the first half of 2024.
MPLX is also planning to build Secretariat, its seventh processing
plant in the basin, which is expected online in the second half of
2025. These new plants will bring MPLX processing capacity in the
Delaware basin to 1.4 bcf/d. In
the Marcellus, MPLX is progressing construction of the Harmon Creek
ll processing plant, which is expected online in the first half of
2024.
Financial Position and Liquidity
As of June 30, 2023, MPLX had $755
million in cash, $2 billion
available on its bank revolving credit facility, and $1.5 billion available through its intercompany
loan agreement with Marathon Petroleum Corp. (NYSE: MPC). MPLX's
leverage ratio was 3.5x, compared to its stated target of 4.0x.
Conference Call
At 9:30 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 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 materials, will also be available online prior to
the conference call and webcast at www.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, Finance and Investor Relations
Brian Worthington, Director,
Investor Relations
Isaac Feeney, Supervisor, Investor
Relations
Media Contact: (419) 421-3577
Jamal Kheiry,
Communications Manager
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; consolidated debt to last twelve months
adjusted EBITDA, which we refer to as our leverage ratio;
distributable cash flow (DCF); distribution coverage ratio;
adjusted free cash flow (Adjusted FCF); and adjusted free cash flow
after distributions. 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) provision for income taxes;
(ii) interest and other financial costs; (iii) depreciation and
amortization; (iv) income/(loss) from equity method investments;
(v) distributions and adjustments related to equity method
investments; (vi) gain on sales-type leases; (vii) impairment
expense; (viii) noncontrolling interests; and (ix) other
adjustments, as applicable. In general, we define DCF as adjusted
EBITDA adjusted for (i) deferred revenue impacts; (ii) sales-type
lease payments, net of income; (iii) net interest and other
financial costs; (iv) net maintenance capital expenditures; (v)
equity method investment maintenance capital expenditures paid out;
and (vi) other adjustments as deemed necessary.
The Partnership 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.
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.
Adjusted FCF and adjusted free cash flow after distributions
are financial performance measures used by management in the
allocation of capital and to assess financial performance. We
believe that unitholders may use this metric to analyze our ability
to manage leverage and return capital. We define Adjusted FCF as
net cash provided by operating activities adjusted for (i) net cash
used in investing activities; (ii) cash contributions from MPC;
(iii) cash contributions from noncontrolling interests and (iv)
cash distributions to noncontrolling interests. We define adjusted
free cash flow after distributions as Adjusted FCF less base
distributions to common and preferred 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
regarding MPLX LP (MPLX). These forward-looking statements may
relate to, among other things, MPLX's expectations, estimates and
projections concerning its business and operations, financial
priorities, including with respect to positive free cash flow and
distribution coverage, strategic plans, capital return plans,
capital expenditure plans, operating cost reduction objectives, and
environmental, social and governance ("ESG") goals and targets,
including those related to greenhouse gas emissions, biodiversity,
diversity and inclusion and ESG reporting. Forward-looking and
other statements regarding our ESG goals and targets are not an
indication that these statements are material to investors or
required to be disclosed in our filings with the Securities
Exchange Commission (SEC). In addition, historical, current, and
forward-looking ESG-related statements may be based on standards
for measuring progress that are still developing, internal controls
and processes that continue to evolve, and assumptions that are
subject to change in the future. You can identify forward-looking
statements by words such as "anticipate," "believe," "commitment,"
"could," "design," "estimate," "expect," "forecast," "goal,"
"guidance," "intend," "may," "objective," "opportunity," "outlook,"
"plan," "policy," "position," "potential," "predict," "priority,"
"project," "prospective," "pursue," "seek," "should," "strategy,"
"target," "will," "would" or other similar expressions that convey
the uncertainty of future events or outcomes. MPLX cautions that
these statements are based on management's current knowledge and
expectations and are subject to certain risks and uncertainties,
many of which are outside of the control of MPLX, that could cause
actual results and events to differ materially from the statements
made herein. 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: political or regulatory
developments, including changes in governmental policies relating
to refined petroleum products, crude oil, natural gas, NGLs or
renewables, or taxation; volatility in and degradation of general
economic, market, industry or business conditions due to inflation,
rising interest rates, the military conflict between Russia and Ukraine, future resurgences of the COVID-19
pandemic or otherwise; the adequacy of capital resources and
liquidity, including the availability of sufficient free cash flow
from operations to pay distributions and to fund future unit
repurchases; the ability to access debt markets on commercially
reasonable terms or at all; the timing and extent of changes in
commodity prices and demand for crude oil, refined products,
feedstocks or other hydrocarbon-based products or renewables;
changes to the expected construction costs and in service dates of
planned and ongoing projects and investments, including pipeline
projects and new processing units, and the ability to obtain
regulatory and other approvals with respect thereto; the
availability of desirable strategic alternatives to optimize
portfolio assets and the ability to obtain regulatory and other
approvals with respect thereto; our ability to successfully
implement our sustainable energy strategy and principles, and
achieve our ESG goals and targets within the expected timeframes if
at all; changes in government incentives for emission-reduction
products and technologies; the outcome of research and development
efforts to create future technologies necessary to achieve our ESG
plans and goals; our ability to scale projects and technologies on
a commercially competitive basis; changes in regional and global
economic growth rates and consumer preferences, including consumer
support for emission-reduction products and technology; accidents
or other unscheduled shutdowns affecting our machinery, pipelines,
processing, fractionation and treating facilities or equipment,
means of transportation, or those of our suppliers or customers;
the suspension, reduction or termination of MPC's obligations under
MPLX's commercial agreements; the imposition of windfall profit
taxes or maximum refining margin penalties on companies operating
in the energy industry in California or other jurisdictions; other risk
factors inherent to MPLX's industry; the impact of adverse market
conditions or other similar risks to those identified herein
affecting MPC; and the factors set forth under the heading "Risk
Factors" in MPLX's and MPC's Annual Reports on Form 10-K for the
year ended Dec. 31, 2022, and in
other filings with the SEC.
Any forward-looking statement speaks only as of the date of
the applicable communication and we undertake no obligation to
update any forward-looking statement except to the extent required
by applicable law.
Copies of MPLX's Annual Report on Form 10-K, Quarterly
Reports on Form 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 Annual
Report on Form 10-K, Quarterly Reports on Form 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 Consolidated Results of Operations
(unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions, except per unit
data)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Revenues and other income:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
$
|
1,163
|
|
$
|
1,495
|
|
$
|
2,362
|
|
$
|
2,760
|
Operating revenue -
related parties
|
|
1,333
|
|
|
1,301
|
|
|
2,683
|
|
|
2,537
|
Income from equity
method investments
|
|
145
|
|
|
111
|
|
|
279
|
|
|
210
|
Other
income
|
|
49
|
|
|
33
|
|
|
79
|
|
|
43
|
Total revenues and
other income
|
|
2,690
|
|
|
2,940
|
|
|
5,403
|
|
|
5,550
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(including purchased product costs)
|
|
722
|
|
|
1,028
|
|
|
1,456
|
|
|
1,819
|
Operating expenses -
related parties
|
|
366
|
|
|
370
|
|
|
734
|
|
|
704
|
Depreciation and
amortization
|
|
310
|
|
|
310
|
|
|
606
|
|
|
623
|
General and
administrative expenses
|
|
89
|
|
|
82
|
|
|
178
|
|
|
160
|
Other taxes
|
|
28
|
|
|
33
|
|
|
58
|
|
|
67
|
Total costs and
expenses
|
|
1,515
|
|
|
1,823
|
|
|
3,032
|
|
|
3,373
|
Income from operations
|
|
1,175
|
|
|
1,117
|
|
|
2,371
|
|
|
2,177
|
Interest and other
financial costs
|
|
233
|
|
|
233
|
|
|
476
|
|
|
455
|
Income before income taxes
|
|
942
|
|
|
884
|
|
|
1,895
|
|
|
1,722
|
Provision for income
taxes
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5
|
Net income
|
|
942
|
|
|
884
|
|
|
1,894
|
|
|
1,717
|
Less: Net income
attributable to noncontrolling interests
|
|
9
|
|
|
9
|
|
|
18
|
|
|
17
|
Net income attributable to MPLX
LP
|
|
933
|
|
|
875
|
|
|
1,876
|
|
|
1,700
|
Less: Series A
preferred unitholders interest in net income
|
|
23
|
|
|
21
|
|
|
46
|
|
|
42
|
Less: Series B
preferred unitholders interest in net income
|
|
—
|
|
|
10
|
|
|
5
|
|
|
21
|
Limited partners' interest in net income attributable
to MPLX LP
|
$
|
910
|
|
$
|
844
|
|
$
|
1,825
|
|
$
|
1,637
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Unit Data
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to MPLX LP per limited
partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
Common –
basic
|
$
|
0.91
|
|
$
|
0.83
|
|
$
|
1.81
|
|
$
|
1.61
|
Common –
diluted
|
$
|
0.91
|
|
$
|
0.83
|
|
$
|
1.81
|
|
$
|
1.61
|
Weighted average limited partner units
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Common units –
basic
|
|
1,001
|
|
|
1,012
|
|
|
1,001
|
|
|
1,013
|
Common units –
diluted
|
|
1,001
|
|
|
1,012
|
|
|
1,001
|
|
|
1,014
|
|
|
Select Financial Statistics
(unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions, except ratio
data)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Common unit distributions declared by MPLX
LP
|
|
|
|
|
|
|
|
|
|
|
|
Common units (LP) –
public
|
$
|
274
|
|
$
|
257
|
|
$
|
548
|
|
$
|
514
|
Common units –
MPC
|
|
502
|
|
|
457
|
|
|
1,004
|
|
|
913
|
Total GP and LP distribution
declared
|
|
776
|
|
|
714
|
|
|
1,552
|
|
|
1,427
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred unit
distributions(a)
|
|
|
|
|
|
|
|
|
|
|
|
Series A preferred
unit distributions
|
|
23
|
|
|
21
|
|
|
46
|
|
|
42
|
Series B preferred
unit distributions
|
|
—
|
|
|
10
|
|
|
5
|
|
|
21
|
Total preferred unit
distributions
|
|
23
|
|
|
31
|
|
|
51
|
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to MPLX LP(b)
|
|
1,531
|
|
|
1,457
|
|
|
3,050
|
|
|
2,850
|
DCF attributable to GP
and LP unitholders(b)
|
$
|
1,292
|
|
$
|
1,206
|
|
$
|
2,532
|
|
$
|
2,384
|
Distribution coverage
ratio(c)
|
|
1.7x
|
|
|
1.7x
|
|
|
1.6x
|
|
|
1.7x
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Data
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow provided
by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
1,437
|
|
$
|
1,487
|
|
$
|
2,664
|
|
$
|
2,612
|
Investing
activities
|
|
(271)
|
|
|
(135)
|
|
|
(491)
|
|
|
(411)
|
Financing
activities
|
$
|
(804)
|
|
$
|
(1,096)
|
|
$
|
(1,656)
|
|
$
|
(1,916)
|
|
|
|
|
|
(a)
|
Includes MPLX
distributions declared on the Series A and Series B preferred units
as well as distributions earned on the Series B preferred units.
Series A preferred unitholders receive the greater of $0.528125 per
unit or the amount of per unit distributions paid to holders of
MPLX LP common units. Series B preferred unitholders received a
fixed distribution of $68.75 per unit, per annum, payable
semi-annually in arrears. The Series B preferred units were
redeemed effective February 15, 2023. Cash distributions
declared/to be paid to holders of the Series A and Series B
preferred units are not available to common unitholders.
|
(b)
|
Non-GAAP measure. See
reconciliation below.
|
(c)
|
DCF attributable to GP
and LP unitholders divided by total GP and LP distribution
declared.
|
|
Financial Data (unaudited)
|
|
|
|
|
|
(In millions, except ratio
data)
|
|
June 30,
2023
|
|
|
December 31,
2022
|
Cash and cash
equivalents
|
$
|
755
|
|
$
|
238
|
Total assets
|
|
35,873
|
|
|
35,665
|
Total
debt(a)
|
|
20,406
|
|
|
19,796
|
Redeemable preferred
units
|
|
968
|
|
|
968
|
Total equity
|
$
|
12,221
|
|
$
|
12,546
|
Consolidated debt to
LTM adjusted EBITDA(b)
|
|
3.5x
|
|
|
3.5x
|
|
|
|
|
|
|
Partnership units outstanding:
|
|
|
|
|
|
MPC-held common
units
|
|
647
|
|
|
647
|
Public common
units
|
|
354
|
|
|
354
|
|
|
|
(a)
|
There were no
borrowings on the loan agreement with MPC as of June 30,
2023 or December 31, 2022. Presented net of unamortized debt
issuance costs, unamortized discount/premium and includes long-term
debt due within one year.
|
(b)
|
Calculated using face
value total debt and LTM adjusted EBITDA. Face value total
debt was $20,707 million and $20,108 million as of June 30,
2023, and December 31, 2022, respectively.
|
|
Operating Statistics
(unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
|
2022
|
|
%
Change
|
|
|
2023
|
|
|
2022
|
|
%
Change
|
Logistics and Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline throughput (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
|
3,834
|
|
|
3,674
|
|
4 %
|
|
|
3,739
|
|
|
3,527
|
|
6 %
|
Product
pipelines
|
|
2,118
|
|
|
2,247
|
|
(6) %
|
|
|
2,053
|
|
|
2,103
|
|
(2) %
|
Total
pipelines
|
|
5,952
|
|
|
5,921
|
|
1 %
|
|
|
5,792
|
|
|
5,630
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tariff rates ($ per barrel)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
$
|
0.93
|
|
$
|
0.86
|
|
8 %
|
|
$
|
0.93
|
|
$
|
0.89
|
|
4 %
|
Product
pipelines
|
|
0.81
|
|
|
0.77
|
|
5 %
|
|
|
0.83
|
|
|
0.80
|
|
4 %
|
Total
pipelines
|
$
|
0.89
|
|
$
|
0.82
|
|
9 %
|
|
$
|
0.89
|
|
$
|
0.85
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal throughput
(mbpd)
|
|
3,180
|
|
|
3,101
|
|
3 %
|
|
|
3,136
|
|
|
3,021
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barges at
period-end
|
|
307
|
|
|
296
|
|
4 %
|
|
|
307
|
|
|
296
|
|
4 %
|
Towboats at
period-end
|
|
27
|
|
|
23
|
|
17 %
|
|
|
27
|
|
|
23
|
|
17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and Processing Operating Statistics
(unaudited) - Consolidated(a)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
|
2022
|
|
% Change
|
|
|
2023
|
|
|
2022
|
|
% Change
|
Gathering throughput (MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,321
|
|
|
1,287
|
|
3 %
|
|
|
1,342
|
|
|
1,300
|
|
3 %
|
Utica
Operations(b)
|
|
—
|
|
|
—
|
|
— %
|
|
|
—
|
|
|
—
|
|
— %
|
Southwest
Operations
|
|
1,354
|
|
|
1,429
|
|
(5) %
|
|
|
1,367
|
|
|
1,369
|
|
— %
|
Bakken
Operations
|
|
160
|
|
|
148
|
|
8 %
|
|
|
158
|
|
|
147
|
|
7 %
|
Rockies
Operations
|
|
457
|
|
|
425
|
|
8 %
|
|
|
450
|
|
|
410
|
|
10 %
|
Total gathering
throughput
|
|
3,292
|
|
|
3,289
|
|
— %
|
|
|
3,317
|
|
|
3,226
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed (MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
4,091
|
|
|
3,987
|
|
3 %
|
|
|
4,068
|
|
|
4,001
|
|
2 %
|
Utica
Operations(b)
|
|
—
|
|
|
—
|
|
— %
|
|
|
—
|
|
|
—
|
|
— %
|
Southwest
Operations
|
|
1,517
|
|
|
1,449
|
|
5 %
|
|
|
1,460
|
|
|
1,416
|
|
3 %
|
Southern Appalachian
Operations
|
|
219
|
|
|
231
|
|
(5) %
|
|
|
225
|
|
|
228
|
|
(1) %
|
Bakken
Operations
|
|
159
|
|
|
142
|
|
12 %
|
|
|
156
|
|
|
143
|
|
9 %
|
Rockies
Operations
|
|
470
|
|
|
440
|
|
7 %
|
|
|
462
|
|
|
423
|
|
9 %
|
Total natural gas
processed
|
|
6,456
|
|
|
6,249
|
|
3 %
|
|
|
6,371
|
|
|
6,211
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs fractionated (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
520
|
|
|
471
|
|
10 %
|
|
|
526
|
|
|
469
|
|
12 %
|
Utica
Operations(b)
|
|
—
|
|
|
—
|
|
— %
|
|
|
—
|
|
|
—
|
|
— %
|
Southwest
Operations
|
|
—
|
|
|
—
|
|
— %
|
|
|
—
|
|
|
—
|
|
— %
|
Southern Appalachian
Operations
|
|
11
|
|
|
12
|
|
(8) %
|
|
|
11
|
|
|
11
|
|
— %
|
Bakken
Operations
|
|
18
|
|
|
20
|
|
(10) %
|
|
|
18
|
|
|
20
|
|
(10) %
|
Rockies
Operations
|
|
4
|
|
|
3
|
|
33 %
|
|
|
3
|
|
|
4
|
|
(25) %
|
Total C2 + NGLs
fractionated
|
|
553
|
|
|
506
|
|
9 %
|
|
|
558
|
|
|
504
|
|
11 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes operating data
for entities that have been consolidated into the MPLX
financial statements.
|
(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 Processing Operating Statistics
(unaudited) - Operated(a)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
|
2022
|
|
% Change
|
|
|
2023
|
|
|
2022
|
|
% Change
|
Gathering throughput (MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,321
|
|
|
1,287
|
|
3 %
|
|
|
1,342
|
|
|
1,300
|
|
3 %
|
Utica
Operations
|
|
2,326
|
|
|
1,943
|
|
20 %
|
|
|
2,393
|
|
|
1,879
|
|
27 %
|
Southwest
Operations
|
|
1,768
|
|
|
1,694
|
|
4 %
|
|
|
1,792
|
|
|
1,586
|
|
13 %
|
Bakken
Operations
|
|
160
|
|
|
148
|
|
8 %
|
|
|
158
|
|
|
147
|
|
7 %
|
Rockies
Operations
|
|
584
|
|
|
554
|
|
5 %
|
|
|
574
|
|
|
540
|
|
6 %
|
Total gathering
throughput
|
|
6,159
|
|
|
5,626
|
|
9 %
|
|
|
6,259
|
|
|
5,452
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed (MMcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
5,691
|
|
|
5,445
|
|
5 %
|
|
|
5,623
|
|
|
5,487
|
|
2 %
|
Utica
Operations
|
|
547
|
|
|
522
|
|
5 %
|
|
|
521
|
|
|
473
|
|
10 %
|
Southwest
Operations
|
|
1,848
|
|
|
1,638
|
|
13 %
|
|
|
1,784
|
|
|
1,589
|
|
12 %
|
Southern Appalachian
Operations
|
|
219
|
|
|
231
|
|
(5) %
|
|
|
225
|
|
|
228
|
|
(1) %
|
Bakken
Operations
|
|
159
|
|
|
142
|
|
12 %
|
|
|
156
|
|
|
143
|
|
9 %
|
Rockies
Operations
|
|
470
|
|
|
440
|
|
7 %
|
|
|
462
|
|
|
423
|
|
9 %
|
Total natural gas
processed
|
|
8,934
|
|
|
8,418
|
|
6 %
|
|
|
8,771
|
|
|
8,343
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs fractionated (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
520
|
|
|
471
|
|
10 %
|
|
|
526
|
|
|
469
|
|
12 %
|
Utica
Operations
|
|
30
|
|
|
30
|
|
— %
|
|
|
30
|
|
|
27
|
|
11 %
|
Southwest
Operations
|
|
—
|
|
|
—
|
|
— %
|
|
|
—
|
|
|
—
|
|
— %
|
Southern Appalachian
Operations
|
|
11
|
|
|
12
|
|
(8) %
|
|
|
11
|
|
|
11
|
|
— %
|
Bakken
Operations
|
|
18
|
|
|
20
|
|
(10) %
|
|
|
18
|
|
|
20
|
|
(10) %
|
Rockies
Operations
|
|
4
|
|
|
3
|
|
33 %
|
|
|
3
|
|
|
4
|
|
(25) %
|
Total C2 + NGLs
fractionated
|
|
583
|
|
|
536
|
|
9 %
|
|
|
588
|
|
|
531
|
|
11 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Segment Adjusted EBITDA to Net
Income (unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
L&S segment
adjusted EBITDA attributable to MPLX LP
|
$
|
1,022
|
|
$
|
966
|
|
$
|
2,048
|
|
$
|
1,870
|
G&P segment
adjusted EBITDA attributable to MPLX LP
|
|
509
|
|
|
491
|
|
|
1,002
|
|
|
980
|
Adjusted EBITDA attributable to MPLX
LP
|
|
1,531
|
|
|
1,457
|
|
|
3,050
|
|
|
2,850
|
Depreciation and
amortization
|
|
(310)
|
|
|
(310)
|
|
|
(606)
|
|
|
(623)
|
Interest and other
financial costs
|
|
(233)
|
|
|
(233)
|
|
|
(476)
|
|
|
(455)
|
Income from equity
method investments
|
|
145
|
|
|
111
|
|
|
279
|
|
|
210
|
Distributions/adjustments related to equity method
investments
|
|
(190)
|
|
|
(152)
|
|
|
(343)
|
|
|
(284)
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
10
|
|
|
10
|
|
|
20
|
|
|
19
|
Other(a)
|
|
(11)
|
|
|
1
|
|
|
(30)
|
|
|
—
|
Net income
|
$
|
942
|
|
$
|
884
|
|
$
|
1,894
|
|
$
|
1,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes unrealized
derivative gain/ (loss), non-cash equity-based compensation,
provision for income taxes, and other miscellaneous
items.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Segment Adjusted EBITDA to Income
from Operations (unaudited)
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
L&S
|
|
|
|
|
|
|
|
|
|
|
|
L&S segment adjusted EBITDA
|
$
|
1,022
|
|
$
|
966
|
|
|
2,048
|
|
|
1,870
|
Depreciation and
amortization
|
|
(140)
|
|
|
(129)
|
|
|
(269)
|
|
|
(259)
|
Income from equity
method investments
|
|
82
|
|
|
59
|
|
|
153
|
|
|
111
|
Distributions/adjustments related to equity method
investments
|
|
(89)
|
|
|
(79)
|
|
|
(165)
|
|
|
(137)
|
Other
|
|
(9)
|
|
|
(6)
|
|
|
(17)
|
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
G&P
|
|
|
|
|
|
|
|
|
|
|
|
G&P segment adjusted EBITDA
|
|
509
|
|
|
491
|
|
|
1,002
|
|
|
980
|
Depreciation and
amortization
|
|
(170)
|
|
|
(181)
|
|
|
(337)
|
|
|
(364)
|
Income from equity
method investments
|
|
63
|
|
|
52
|
|
|
126
|
|
|
99
|
Distributions/adjustments related to equity method
investments
|
|
(101)
|
|
|
(73)
|
|
|
(178)
|
|
|
(147)
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
10
|
|
|
10
|
|
|
20
|
|
|
16
|
Other
|
|
(2)
|
|
|
7
|
|
|
(12)
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
$
|
1,175
|
|
$
|
1,117
|
|
$
|
2,371
|
|
$
|
2,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA Attributable to
MPLX LP and DCF Attributable to GP and LP Unitholders from Net
Income (unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Net income
|
$
|
942
|
|
$
|
884
|
|
$
|
1,894
|
|
$
|
1,717
|
Provision for income
taxes
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5
|
Interest and other
financial costs
|
|
233
|
|
|
233
|
|
|
476
|
|
|
455
|
Income from operations
|
|
1,175
|
|
|
1,117
|
|
|
2,371
|
|
|
2,177
|
Depreciation and
amortization
|
|
310
|
|
|
310
|
|
|
606
|
|
|
623
|
Income from equity
method investments
|
|
(145)
|
|
|
(111)
|
|
|
(279)
|
|
|
(210)
|
Distributions/adjustments related to equity method
investments
|
|
190
|
|
|
152
|
|
|
343
|
|
|
284
|
Other
|
|
11
|
|
|
(1)
|
|
|
29
|
|
|
(5)
|
Adjusted EBITDA
|
|
1,541
|
|
|
1,467
|
|
|
3,070
|
|
|
2,869
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
(10)
|
|
|
(20)
|
|
|
(19)
|
Adjusted EBITDA attributable to MPLX
LP
|
|
1,531
|
|
|
1,457
|
|
|
3,050
|
|
|
2,850
|
Deferred revenue
impacts
|
|
28
|
|
|
24
|
|
|
40
|
|
|
48
|
Sales-type lease
payments, net of income
|
|
2
|
|
|
5
|
|
|
6
|
|
|
10
|
Net interest and other
financial costs(a)
|
|
(221)
|
|
|
(215)
|
|
|
(438)
|
|
|
(419)
|
Maintenance capital
expenditures, net of reimbursements
|
|
(21)
|
|
|
(39)
|
|
|
(65)
|
|
|
(53)
|
Equity method
investment maintenance capital expenditures paid out
|
|
(2)
|
|
|
(3)
|
|
|
(7)
|
|
|
(6)
|
Other
|
|
(2)
|
|
|
8
|
|
|
(3)
|
|
|
17
|
DCF attributable to MPLX LP
|
|
1,315
|
|
|
1,237
|
|
|
2,583
|
|
|
2,447
|
Preferred unit
distributions(b)
|
|
(23)
|
|
|
(31)
|
|
|
(51)
|
|
|
(63)
|
DCF attributable to GP and LP
unitholders
|
$
|
1,292
|
|
$
|
1,206
|
|
$
|
2,532
|
|
$
|
2,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Excludes gain/loss on
extinguishment of debt and amortization of deferred financing
costs.
|
(b)
|
Includes MPLX
distributions declared on the Series A preferred units 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). The Series B preferred units were redeemed
effective February 15, 2023. Cash distributions declared/to be paid
to holders of the Series A preferred units and Series B preferred
units are not available to common unitholders.
|
|
|
|
|
|
|
Reconciliation of Net Income to Last Twelve Month
(LTM) adjusted EBITDA (unaudited)
|
|
Last Twelve Months
|
|
June 30,
|
|
|
December 31,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2022
|
LTM Net income
|
$
|
4,155
|
|
$
|
3,366
|
|
$
|
3,978
|
Provision for income
taxes
|
|
4
|
|
|
5
|
|
|
8
|
Interest and other
financial costs
|
|
946
|
|
|
893
|
|
|
925
|
LTM income from operations
|
|
5,105
|
|
|
4,264
|
|
|
4,911
|
Depreciation and
amortization
|
|
1,213
|
|
|
1,263
|
|
|
1,230
|
Income from equity
method investments
|
|
(545)
|
|
|
(395)
|
|
|
(476)
|
Distributions/adjustments related to equity method
investments
|
|
711
|
|
|
579
|
|
|
652
|
Gain on sales-type
leases
|
|
(509)
|
|
|
—
|
|
|
(509)
|
Other
|
|
39
|
|
|
11
|
|
|
5
|
LTM Adjusted EBITDA
|
|
6,014
|
|
|
5,722
|
|
|
5,813
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(39)
|
|
|
(38)
|
|
|
(38)
|
LTM Adjusted EBITDA attributable to MPLX
LP
|
|
5,975
|
|
|
5,684
|
|
|
5,775
|
Consolidated total
debt(a)
|
$
|
20,707
|
|
$
|
20,108
|
|
$
|
20,108
|
Consolidated total debt to LTM adjusted
EBITDA
|
|
3.5x
|
|
|
3.5x
|
|
|
3.5x
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Consolidated total debt
excludes unamortized debt issuance costs and unamortized
discount/premium. Consolidated total debt includes long-term debt
due within one year and outstanding borrowings under the loan
agreement with MPC.
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA Attributable to
MPLX LP and DCF Attributable to GP and LP Unitholders from Net Cash
Provided by Operating Activities (unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Net cash provided by operating
activities
|
$
|
1,437
|
|
$
|
1,487
|
|
$
|
2,664
|
|
$
|
2,612
|
Changes in working
capital items
|
|
(160)
|
|
|
(266)
|
|
|
(112)
|
|
|
(148)
|
All other,
net
|
|
6
|
|
|
9
|
|
|
(3)
|
|
|
(36)
|
Loss on extinguishment
of debt
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
Net interest and other
financial costs(a)
|
|
221
|
|
|
215
|
|
|
438
|
|
|
419
|
Other adjustments
related to equity method investments
|
|
(1)
|
|
|
14
|
|
|
12
|
|
|
26
|
Other
|
|
38
|
|
|
8
|
|
|
62
|
|
|
(4)
|
Adjusted EBITDA
|
|
1,541
|
|
|
1,467
|
|
|
3,070
|
|
|
2,869
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
(10)
|
|
|
(20)
|
|
|
(19)
|
Adjusted EBITDA attributable to MPLX
LP
|
|
1,531
|
|
|
1,457
|
|
|
3,050
|
|
|
2,850
|
Deferred revenue
impacts
|
|
28
|
|
|
24
|
|
|
40
|
|
|
48
|
Sales-type lease
payments, net of income
|
|
2
|
|
|
5
|
|
|
6
|
|
|
10
|
Net interest and other
financial costs(a)
|
|
(221)
|
|
|
(215)
|
|
|
(438)
|
|
|
(419)
|
Maintenance capital
expenditures, net of reimbursements
|
|
(21)
|
|
|
(39)
|
|
|
(65)
|
|
|
(53)
|
Equity method
investment maintenance capital expenditures paid out
|
|
(2)
|
|
|
(3)
|
|
|
(7)
|
|
|
(6)
|
Other
|
|
(2)
|
|
|
8
|
|
|
(3)
|
|
|
17
|
DCF attributable to MPLX LP
|
|
1,315
|
|
|
1,237
|
|
|
2,583
|
|
|
2,447
|
Preferred unit
distributions(b)
|
|
(23)
|
|
|
(31)
|
|
|
(51)
|
|
|
(63)
|
DCF attributable to GP and LP
unitholders
|
$
|
1,292
|
|
$
|
1,206
|
|
$
|
2,532
|
|
$
|
2,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Excludes gain/loss on
extinguishment of debt and amortization of deferred financing
costs.
|
(b)
|
Includes MPLX
distributions declared on the Series A preferred units 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). The Series B preferred units were redeemed
effective February 15, 2023. Cash distributions declared/to be paid
to holders of the Series A preferred units and Series B preferred
units are not available to common unitholders.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Cash Provided by Operating
Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow
after Distributions (unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Net cash provided by operating
activities(a)
|
$
|
1,437
|
|
$
|
1,487
|
|
$
|
2,664
|
|
$
|
2,612
|
Adjustments to
reconcile net cash provided by operating activities to adjusted
free cash flow
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(271)
|
|
|
(135)
|
|
|
(491)
|
|
|
(411)
|
Contributions from
MPC
|
|
5
|
|
|
7
|
|
|
13
|
|
|
17
|
Distributions to
noncontrolling interests
|
|
(9)
|
|
|
(10)
|
|
|
(19)
|
|
|
(19)
|
Adjusted free cash flow
|
|
1,162
|
|
|
1,349
|
|
|
2,167
|
|
|
2,199
|
Distributions paid to
common and preferred unitholders
|
|
(799)
|
|
|
(735)
|
|
|
(1,620)
|
|
|
(1,493)
|
Adjusted free cash flow after
distributions
|
$
|
363
|
|
$
|
614
|
|
$
|
547
|
|
$
|
706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The three months ended
June 30, 2023 and June 30, 2022 include working capital draws of
$160 million and $266 million, respectively. The six months ended
June 30, 2023 and June 30, 2022 include working capital draws of
$112 million and $148 million, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
(unaudited)
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
(In millions)
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
Capital Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Growth capital
expenditures
|
$
|
227
|
|
$
|
130
|
|
$
|
366
|
|
$
|
278
|
Growth capital
reimbursements(a)
|
|
(47)
|
|
|
(21)
|
|
|
(80)
|
|
|
(32)
|
Investments in
unconsolidated affiliates
|
|
26
|
|
|
46
|
|
|
77
|
|
|
156
|
Capitalized
interest
|
|
(3)
|
|
|
(3)
|
|
|
(6)
|
|
|
(5)
|
Total growth capital
expenditures(b)
|
|
203
|
|
|
152
|
|
|
357
|
|
|
397
|
Maintenance capital
expenditures
|
|
26
|
|
|
46
|
|
|
78
|
|
|
70
|
Maintenance capital
reimbursements
|
|
(5)
|
|
|
(7)
|
|
|
(13)
|
|
|
(17)
|
Capitalized
interest
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
Total maintenance capital
expenditures
|
|
20
|
|
|
39
|
|
|
64
|
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
Total growth and maintenance capital
expenditures
|
|
223
|
|
|
191
|
|
|
421
|
|
|
450
|
Investments in
unconsolidated affiliates(c)
|
|
(26)
|
|
|
(46)
|
|
|
(77)
|
|
|
(156)
|
Growth and maintenance
capital reimbursements(a)(d)
|
|
52
|
|
|
28
|
|
|
93
|
|
|
49
|
Decrease/(increase) in
capital accruals
|
|
10
|
|
|
(51)
|
|
|
(12)
|
|
|
(54)
|
Capitalized
interest
|
|
4
|
|
|
3
|
|
|
7
|
|
|
5
|
Additions to property, plant and
equipment(b)
|
$
|
263
|
|
$
|
125
|
|
$
|
432
|
|
$
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Growth capital
reimbursements include reimbursements from customers and our
Sponsor. Prior periods have been updated to reflect these
reimbursements to conform to the current period
presentation.
|
(b)
|
Total growth capital
expenditures exclude $28 million of acquisitions for the three and
six months ended June 30, 2022.
|
(c)
|
Investments in
unconsolidated affiliates and additions to property, plant and
equipment, net are shown as separate lines within investing
activities in the Consolidated Statements of Cash Flows.
|
(d)
|
Growth capital
reimbursements are included in changes in deferred revenue within
operating activities in the Consolidated Statements of Cash Flows.
Maintenance capital reimbursements are included in the
Contributions from MPC line within financing activities in the
Consolidated Statements of Cash Flows.
|
View original
content:https://www.prnewswire.com/news-releases/mplx-lp-reports-second-quarter-2023-financial-results-301890141.html
SOURCE MPLX LP