0001552000false00015520002024-11-052024-11-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 5, 2024
 _____________________________________________
MPLX LP
(Exact name of registrant as specified in its charter)
_____________________________________________
Delaware 001-35714 27-0005456
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification No.)

200 E. Hardin Street, Findlay, Ohio 45840
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Units Representing Limited Partnership InterestsMPLXNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐



Item 2.02Results of Operations and Financial Condition
On November 5, 2024, MPLX LP issued a press release announcing its financial results for the quarter ended September 30, 2024. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.

Item 9.01Financial Statements and Exhibits
(d) Exhibits.

 
Exhibit Number
 Description
 Press Release issued by MPLX LP on November 5, 2024
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MPLX LP
By:MPLX GP LLC, its General Partner
Date: November 5, 2024By:/s/ C. Kristopher Hagedorn
Name: C. Kristopher Hagedorn
Title: Executive Vice President and Chief Financial Officer


Exhibit 99.1
mplxearningslogoa06a.jpg
MPLX LP Reports Third-Quarter 2024 Financial Results

•Third-quarter net income attributable to MPLX of $1.0 billion and net cash provided by operating activities of $1.4 billion
•$1.7 billion of adjusted EBITDA attributable to MPLX and $1.4 billion of distributable cash flow
•$949 million of capital returned to unitholders
•Increased quarterly distribution by 12.5% to $3.83 per unit annualized
•Executing growth strategy in the Northeast with additional processing plant; expected to bring total processing and fractionation capacity to 8.1 bcf/d and
800 mbpd, respectively, in the second half of 2026

FINDLAY, Ohio, Nov. 5, 2024 - MPLX LP (NYSE: MPLX) today reported third-quarter 2024 net income attributable to MPLX of $1,037 million, compared with $918 million for the third quarter of 2023. For the first nine months of the year, net income attributable to MPLX was $3,218 million, compared with $2,794 million in the first nine months of 2023.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,714 million, compared with $1,596 million for the third quarter of 2023. Logistics and Storage (L&S) segment adjusted EBITDA for the third quarter of 2024 was $1,157 million, compared with $1,091 million for the third quarter of 2023. Gathering and Processing (G&P) segment adjusted EBITDA for the third quarter of 2024 was $557 million, compared with $505 million for the third quarter of 2023.

During the quarter, MPLX generated $1,415 million in net cash provided by operating activities, $1,446 million of distributable cash flow, and adjusted free cash flow of $876 million. MPLX announced a third-quarter 2024 distribution of $0.9565 per common unit, resulting in distribution coverage of 1.5x for the quarter.

"Through the first nine months, adjusted EBITDA grew over 7% year over year. Our new processing and fractionation project in the Northeast is expected to deliver incremental EBITDA,” said Maryann Mannen, MPLX president and chief executive officer. “The durability of our cash flows drove the decision to increase the distribution 12.5% this quarter and our growing portfolio is expected to support this level of annual distribution increases in the future.”

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Financial Highlights (unaudited)
 Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit and ratio data)2024202320242023
Net income attributable to MPLX LP$1,037 $918 $3,218 $2,794 
Adjusted EBITDA attributable to MPLX LP(a)
1,714 1,596 5,002 4,646 
Net cash provided by operating activities1,415 1,244 4,271 3,908 
Distributable cash flow attributable to MPLX LP(a)
1,446 1,373 4,220 3,956 
Distribution per common unit(b)
$0.9565 $0.8500 $2.6565 $2.4000 
Distribution coverage(c)
1.5x1.6x1.6x1.6x
Consolidated total debt to LTM adjusted EBITDA(d)
3.4x3.4x3.4x3.4x
Cash paid for common unit repurchases$76 $— $226 $— 
(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 LP unitholders divided by total LP distributions.
(d)    Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.


Segment Results
(In millions)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
Segment adjusted EBITDA attributable to MPLX LP (unaudited)2024202320242023
Logistics and Storage$1,157 $1,091 $3,384 $3,139 
Gathering and Processing557 505 1,618 1,507 


Logistics & Storage

L&S segment adjusted EBITDA for the third quarter of 2024 increased by $66 million compared to the same period in 2023. The increase was primarily driven by higher rates and throughputs, including growth from equity affiliates, partially offset by higher operating expenses.

Total pipeline throughputs were 6.0 million barrels per day (bpd) in the third quarter, an increase of 1% versus the same quarter of 2023. The average pipeline tariff rate was $1.01 per barrel for the quarter, an increase of 2% versus the same quarter of 2023. Terminal throughput was 3.3 million bpd for the quarter, an increase of 1% versus the same quarter of 2023.

Gathering & Processing

G&P segment adjusted EBITDA for the third quarter of 2024 increased by $52 million compared to the same period in 2023, primarily due to increased volumes, including contributions from recently acquired assets in the Utica and Permian basins.

In the third quarter of 2024:
•Gathered volumes averaged 6.7 billion cubic feet per day (bcf/d), an 8% increase from the third quarter of 2023.
•Processed volumes averaged 9.8 bcf/d, a 9% increase versus the third quarter of 2023.
•Fractionated volumes averaged 635 thousand bpd, a 4% increase versus the third quarter of 2023.

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In the Marcellus:
•Gathered volumes averaged 1.5 bcf/d in the third quarter, an 11% increase versus the third quarter of 2023.
•Processed volumes averaged 6.0 bcf/d in the third quarter, a 4% increase versus the third quarter of 2023.
•Fractionated volumes averaged 550 thousand bpd in the third quarter, a 1% increase versus the third quarter of 2023.

Strategic Update

In the L&S segment, MPLX is expanding its Permian basin value chains in natural gas and natural gas liquids long-haul pipelines, and crude gathering pipelines supporting the Permian and Bakken basins.

•The BANGL joint venture pipeline is being expanded to increase capacity to 250 thousand bpd, with expected completion in the first quarter of 2025.
•MPLX and its partners are progressing the Blackcomb and Rio Bravo pipelines, designed to transport natural gas from the Permian to domestic and export markets along the Gulf Coast. Both pipelines are expected in service in the second half of 2026.

In the G&P segment, MPLX remains focused on the Permian and Marcellus basins in response to producer demand.

•In the Permian, new plants will bring MPLX gas processing capacity in the Delaware basin to 1.4 bcf/d:
◦Preakness II, a 200 million cubic feet per day (mmcf/d) processing plant, began operations in July.
◦Secretariat, a 200 mmcf/d processing plant, is expected online in the second half of 2025.
•In the Marcellus, new plants will bring MPLX gas processing capacity in the Northeast to 8.1 bcf/d and total fractionation capacity to 800 thousand bpd:
◦Harmon Creek II, a 200 mmcf/d processing plant, was placed into operation in February.
◦Harmon Creek III, a 300 mmcf/d processing plant and 40 thousand bpd de-ethanizer, is expected online in the second half of 2026.
•In the Utica basin, we are increasing utilization of existing capacity, with gas processing volumes up 50% year to date versus the same period in 2023.

Financial Position and Liquidity

As of September 30, 2024, MPLX had $2.4 billion in cash, $2.0 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 3.4x, while the stability of cash flows supports leverage in the range of 4.0x.


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The partnership repurchased $76 million of common units held by the public in the third quarter of 2024. As of September 30, 2024, MPLX had approximately $620 million remaining available under its unit repurchase authorization.

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, Manager, 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 analyze our performance. 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); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.

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. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net 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) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable.

DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner 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

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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. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.

Adjusted FCF and Adjusted FCF after distributions are financial liquidity 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; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.

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.

The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.

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, equity 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,” “endeavor,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,”

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“progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “target,” “trends,” “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, natural gas liquids (“NGLs”) or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow 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 inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; 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 to 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; industrial incidents 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, maximum refining margin penalties or minimum inventory requirements 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” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2023, 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.

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Condensed Consolidated Results of Operations (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except per unit data)2024202320242023
Revenues and other income:
Operating revenue$1,325 $1,289 $3,795 $3,651 
Operating revenue - related parties1,451 1,425 4,269 4,108 
Income from equity method investments149 159 631 438 
Other income47 39 175 118 
Total revenues and other income2,972 2,912 8,870 8,315 
Costs and expenses:
Operating expenses (including purchased product costs)829 861 2,368 2,317 
Operating expenses - related parties407 450 1,176 1,184 
Depreciation and amortization322 301 959 907 
General and administrative expenses107 102 323 280 
Other taxes32 44 99 102 
Total costs and expenses1,697 1,758 4,925 4,790 
Income from operations1,275 1,154 3,945 3,525 
Net interest and other financial costs226 225 692 701 
Income before income taxes1,049 929 3,253 2,824 
Provision for income taxes2 1 5 2 
Net income1,047 928 3,248 2,822 
Less: Net income attributable to noncontrolling interests10 10 30 28 
Net income attributable to MPLX LP1,037 918 3,218 2,794 
Less: Series A preferred unitholders interest in net income6 25 21 71 
Less: Series B preferred unitholders interest in net income— — — 5 
Limited partners’ interest in net income attributable to MPLX LP$1,031 $893 $3,197 $2,718 
Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common – basic$1.01 $0.89 $3.14 $2.70 
Common – diluted$1.01 $0.89 $3.14 $2.70 
Weighted average limited partner units outstanding:
Common units – basic1,020 1,001 1,016 1,001 
Common units – diluted1,020 1,001 1,016 1,001 


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Select Financial Statistics (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions, except ratio data)2024202320242023
Common unit distributions declared by MPLX LP
Common units (LP) – public$355 $301 $986 $849 
Common units – MPC619 550 1,720 1,554 
Total GP and LP distribution declared974 851 2,706 2,403 
Preferred unit distributions(a)
Series A preferred unit distributions
6 25 21 71 
Series B preferred unit distributions— — — 5 
Total preferred unit distributions6 25 21 76 
Other Financial Data
Adjusted EBITDA attributable to MPLX LP(b)
1,714 1,596 5,002 4,646 
DCF attributable to LP unitholders(b)
$1,440 $1,348 $4,199 $3,880 
Distribution coverage(c)
1.5x1.6x1.6x1.6x
Cash Flow Data
Net cash flow provided by (used in):
Operating activities$1,415 $1,244 $4,271 $3,908 
Investing activities(536)(236)(1,646)(727)
Financing activities$(954)$(803)$(1,247)$(2,459)
(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 LP unitholders divided by total LP distribution declared.

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Financial Data (unaudited)
(In millions, except ratio data)September 30,
2024		December 31, 2023
Cash and cash equivalents$2,426 $1,048 
Total assets38,515 36,529 
Total debt(a)
22,086 20,431 
Redeemable preferred units203 895 
Total equity$13,779 $12,689 
Consolidated debt to LTM adjusted EBITDA(b)
3.4x3.3x
Partnership units outstanding:
MPC-held common units647 647 
Public common units372 356 
(a)    There were no borrowings on the loan agreement with MPC as of September 30, 2024, or December 31, 2023. 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 $22,356 million as of September 30, 2024, and $20,706 million as of December 31, 2023.


Operating Statistics (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
20242023% Change20242023% Change
Logistics and Storage
Pipeline throughput (mbpd)
Crude oil pipelines3,895 3,911 0 %3,769 3,796 (1)%
Product pipelines2,056 1,975 4 %1,987 2,027 (2)%
Total pipelines5,951 5,886 1 %5,756 5,823 (1)%
Average tariff rates ($ per barrel)
Crude oil pipelines$1.01 $0.99 2 %$1.01 $0.95 6 %
Product pipelines1.01 0.99 2 %0.99 0.88 13 %
Total pipelines$1.01 $0.99 2 %$1.00 $0.93 8 %
Terminal throughput (mbpd)3,268 3,228 1 %3,132 3,167 (1)%
Barges at period-end311 305 2 %311 305 2 %
Towboats at period-end28 27 4 %28 27 4 %


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Gathering and Processing Operating Statistics (unaudited) - Consolidated(a)
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
20242023% Change20242023% Change
Gathering throughput (MMcf/d)
Marcellus Operations1,527 1,376 11 %1,515 1,353 12 %
Utica Operations354 — — %239 — — %
Southwest Operations1,813 1,302 39 %1,668 1,345 24 %
Bakken Operations181 160 13 %183 159 15 %
Rockies Operations542 490 11 %563 463 22 %
Total gathering throughput4,417 3,328 33 %4,168 3,320 26 %
Natural gas processed (MMcf/d)
Marcellus Operations4,393 4,187 5 %4,360 4,107 6 %
Utica Operations(b)
— — — %— — — %
Southwest Operations1,977 1,405 41 %1,786 1,442 24 %
Southern Appalachia Operations215 207 4 %218 219 — %
Bakken Operations179 159 13 %182 157 16 %
Rockies Operations597 491 22 %622 472 32 %
Total natural gas processed7,361 6,449 14 %7,168 6,397 12 %
C2 + NGLs fractionated (mbpd)
Marcellus Operations550 546 1 %558 533 5 %
Utica Operations(b)
— — — %— — — %
Southern Appalachia Operations12 10 20 %12 10 20 %
Bakken Operations20 20 — %20 19 5 %
Rockies Operations5 3 67 %5 3 67 %
Total C2 + NGLs fractionated587 579 1 %595 565 5 %
(a)    Includes operating data for entities that have been consolidated into the MPLX financial statements.
(b)    The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.


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Gathering and Processing Operating Statistics (unaudited) - Operated(a)
Three Months Ended 
September 30,		Nine Months Ended 
September 30,
20242023% Change20242023% Change
Gathering throughput (MMcf/d)
Marcellus Operations1,527 1,376 11 %1,515 1,353 12 %
Utica Operations2,616 2,375 10 %2,522 2,387 6 %
Southwest Operations1,813 1,742 4 %1,668 1,775 (6)%
Bakken Operations181 160 13 %183 159 15 %
Rockies Operations600 604 (1)%639 584 9 %
Total gathering throughput6,737 6,257 8 %6,527 6,258 4 %
Natural gas processed (MMcf/d)
Marcellus Operations6,013 5,803 4 %5,963 5,683 5 %
Utica Operations794 557 43 %801 533 50 %
Southwest Operations1,977 1,744 13 %1,786 1,771 1 %
Southern Appalachia Operations215 207 4 %218 219 — %
Bakken Operations179 159 13 %182 157 16 %
Rockies Operations597 491 22 %622 472 32 %
Total natural gas processed9,775 8,961 9 %9,572 8,835 8 %
C2 + NGLs fractionated (mbpd)
Marcellus Operations550 546 1 %558 533 5 %
Utica Operations48 34 41 %49 31 58 %
Southern Appalachia Operations12 10 20 %12 10 20 %
Bakken Operations20 20 — %20 19 5 %
Rockies Operations5 3 67 %5 3 67 %
Total C2 + NGLs fractionated635 613 4 %644 596 8 %
(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.



11

Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
L&S segment adjusted EBITDA attributable to MPLX LP$1,157 $1,091 $3,384 $3,139 
G&P segment adjusted EBITDA attributable to MPLX LP557 505 1,618 1,507 
Adjusted EBITDA attributable to MPLX LP1,714 1,596 5,002 4,646 
Depreciation and amortization(322)(301)(959)(907)
Net interest and other financial costs(226)(225)(692)(701)
Income from equity method investments149 159 631 438 
Distributions/adjustments related to equity method investments(253)(208)(671)(551)
Adjusted EBITDA attributable to noncontrolling interests11 11 33 31 
Garyville incident response costs— (63)— (63)
Other(a)
(26)(41)(96)(71)
Net income$1,047 $928 $3,248 $2,822 
(a)     Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.


Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
L&S
L&S segment adjusted EBITDA$1,157 $1,091 3,384 3,139 
Depreciation and amortization(132)(130)(393)(399)
Income from equity method investments80 95 429 248 
Distributions/adjustments related to equity method investments(150)(113)(382)(278)
Garyville incident response costs— (63)— (63)
Other(12)(10)(40)(27)
G&P
G&P segment adjusted EBITDA557 505 1,618 1,507 
Depreciation and amortization(190)(171)(566)(508)
Income from equity method investments69 64 202 190 
Distributions/adjustments related to equity method investments(103)(95)(289)(273)
Adjusted EBITDA attributable to noncontrolling interests11 11 33 31 
Other(12)(30)(51)(42)
Income from operations$1,275 $1,154 $3,945 $3,525 


12

    
Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Income (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Net income$1,047 $928 $3,248 $2,822 
Provision for income taxes2 1 5 2 
Net interest and other financial costs226 225 692 701 
Income from operations1,275 1,154 3,945 3,525 
Depreciation and amortization322 301 959 907 
Income from equity method investments(149)(159)(631)(438)
Distributions/adjustments related to equity method investments253 208 671 551 
Garyville incident response (recoveries) costs— 63 — 63 
Other24 40 91 69 
Adjusted EBITDA1,725 1,607 5,035 4,677 
Adjusted EBITDA attributable to noncontrolling interests(11)(11)(33)(31)
Adjusted EBITDA attributable to MPLX LP1,714 1,596 5,002 4,646 
Deferred revenue impacts(15)25 6 65 
Sales-type lease payments, net of income7 3 20 9 
Adjusted net interest and other financial costs(a)
(212)(212)(651)(650)
Maintenance capital expenditures, net of reimbursements(40)(28)(120)(93)
Equity method investment maintenance capital expenditures paid out(4)(4)(11)(11)
Other(4)(7)(26)(10)
DCF attributable to MPLX LP1,446 1,373 4,220 3,956 
Preferred unit distributions(b)
(6)(25)(21)(76)
DCF attributable to LP unitholders$1,440 $1,348 $4,199 $3,880 
(a)    Represents Net interest and other financial costs, excluding 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.




13

Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)Last Twelve Months
September 30,December 31,
(In millions)202420232023
LTM Net income$4,392 $3,646 $3,966 
Provision for income taxes14 4 11 
Net interest and other financial costs914 935 923 
LTM income from operations5,320 4,585 4,900 
Depreciation and amortization1,265 1,212 1,213 
Income from equity method investments(793)(579)(600)
Distributions/adjustments related to equity method investments894 753 774 
Gain on sales-type leases and equity method investments(92)— (92)
Garyville incident response (recoveries) costs(47)63 16 
Other122 106 100 
LTM Adjusted EBITDA6,669 6,140 6,311 
Adjusted EBITDA attributable to noncontrolling interests(44)(40)(42)
LTM Adjusted EBITDA attributable to MPLX LP6,625 6,100 6,269 
Consolidated total debt(a)
$22,356 $20,707 $20,706 
Consolidated total debt to LTM adjusted EBITDA(b)
3.4x3.4x3.3x
(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, if any, under the loan agreement with MPC.
(b)    Also referred to as our leverage ratio.


14

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Cash Provided by Operating Activities (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Net cash provided by operating activities$1,415 $1,244 $4,271 $3,908 
Changes in working capital items40 47 (55)(76)
All other, net(3)— (13)8 
Loss on extinguishment of debt— — — 9 
Adjusted net interest and other financial costs(a)
212 212 651 650 
Other adjustments related to equity method investments34 13 75 25 
Garyville incident response costs— 63 — 63 
Other27 28 106 90 
Adjusted EBITDA1,725 1,607 5,035 4,677 
Adjusted EBITDA attributable to noncontrolling interests(11)(11)(33)(31)
Adjusted EBITDA attributable to MPLX LP1,714 1,596 5,002 4,646 
Deferred revenue impacts(15)25 6 65 
Sales-type lease payments, net of income7 3 20 9 
Adjusted net interest and other financial costs(a)
(212)(212)(651)(650)
Maintenance capital expenditures, net of reimbursements(40)(28)(120)(93)
Equity method investment maintenance capital expenditures paid out(4)(4)(11)(11)
Other(4)(7)(26)(10)
DCF attributable to MPLX LP1,446 1,373 4,220 3,956 
Preferred unit distributions(b)
(6)(25)(21)(76)
DCF attributable to LP unitholders$1,440 $1,348 $4,199 $3,880 
(a)    Represents net interest and other financial costs, excluding 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.


15

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Net cash provided by operating activities(a)
$1,415 $1,244 $4,271 $3,908 
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities(b)
(536)(236)(1,646)(727)
Contributions from MPC8 7 26 20 
Distributions to noncontrolling interests(11)(11)(33)(30)
Adjusted free cash flow876 1,004 2,618 3,171 
Distributions paid to common and preferred unitholders(873)(799)(2,623)(2,419)
Adjusted free cash flow after distributions$3 $205 $(5)$752 
(a)    The three months ended September 30, 2024 and September 30, 2023 include working capital builds of $40 million and $47 million, respectively. The nine months ended September 30, 2024 and September 30, 2023 include working capital draws of $55 million and $76 million, respectively.
(b)    The three and nine months ended September 30, 2024 include $210 million and $18 million related to the acquisition of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC, respectively. The nine months ended September 30, 2024 include $622 million, net of cash acquired, related to the purchase of additional ownership interest in existing joint ventures and gathering assets in the Utica, a contribution of $92 million to fund our share of a debt repayment by a joint venture and a $134 million cash distribution received in connection with the strategic transaction combining the Whistler and Rio Bravo natural gas assets (the "Whistler Joint Venture Transaction").


16

Capital Expenditures (unaudited)Three Months Ended 
September 30,		Nine Months Ended 
September 30,
(In millions)2024202320242023
Capital Expenditures:
Growth capital expenditures$248 $189 $569 $555 
Growth capital reimbursements(14)(39)(64)(119)
Investments in unconsolidated affiliates(a)
32 13 186 90 
Return of capital(4)— (4)— 
Capitalized interest(4)(4)(12)(10)
Total growth capital expenditures(b)
258 159 675 516 
Maintenance capital expenditures53 35 151 113 
Maintenance capital reimbursements(13)(7)(31)(20)
Capitalized interest(1)— (2)(1)
Total maintenance capital expenditures39 28 118 92 
Total growth and maintenance capital expenditures297 187 793 608 
Investments in unconsolidated affiliates(a)
(32)(13)(186)(90)
Return of capital4 — 4 — 
Growth and maintenance capital reimbursements(c)
27 46 95 139 
(Increase)/Decrease in capital accruals(21)6 28 (6)
Capitalized interest5 4 14 11 
Additions to property, plant and equipment$280 $230 $748 $662 
(a)    Investments in unconsolidated affiliates for the three and nine months ended September 30, 2024 exclude $210 million and $18 million related to the acquisition of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC, respectively. 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.
(b)    Total growth capital expenditures for the nine months ended September 30, 2024 exclude $622 million of acquisitions, net of cash acquired, and a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction.
(c)    Growth capital reimbursements are generally 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.

17
v3.24.3
Document and Entity Information
Nov. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 05, 2024
Entity Registrant Name MPLX LP
Entity Incorporation, State or Country Code DE
Entity File Number 001-35714
Entity Tax Identification Number 27-0005456
Entity Address, Address Line One 200 E. Hardin Street
Entity Address, City or Town Findlay
Entity Address, State or Province OH
Entity Address, Postal Zip Code 45840
City Area Code 419
Local Phone Number 422-2121
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Units Representing Limited Partnership Interests
Trading Symbol MPLX
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001552000
Amendment Flag false
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