MPLX LP : Q3 2023 Investor Relations Packet

October 31, 2023 at 07:16 am EDT

Third Quarter 2023
Table of Contents:		Investor Relations
Consolidated Consolidated Statements of Income	2	200 East Hardin Street
Consolidated Statements of Comprehensive Income	3	Findlay, OH 45840
Consolidated Balance Sheets	4	IR@marathonpetroleum.com
Consolidated Statements of Cash Flows	5	419/421-2071
Financial Statistics	6
L&S Selected Operating Data	7
G&P Selected Operating Data	8
Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Income from Operations and Net Income	9
Reconciliation of Adjusted EBITDA attributable to MPLX LP and Distributable Cash Flow attributable to GP and LP Unitholders from Net Income	10
Reconciliation of Adjusted EBITDA attributable to GP and LP Unitholders and Distributable Cash Flow attributable to MPLX LP from Net Cash Provided by Operating Activities	11
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions	12
Capital Expenditures	13

MPLX LP is a diversified, large-cap master limited partnership formed in 2012 by Marathon Petroleum Corporation (MPC).

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. These supporting schedules include the non-GAAP measures adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA); consolidated debt to last twelve months pro forma 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 FCF 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 FCF 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 FCF 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.

Additional information regarding Investor Relations, Financial Highlights, and News Releases can be reviewed on our website at: www.mplx.com

October 31, 2023

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

MPLX LP

			Year
	(In millions, except per unit data)		2021
	Revenues and other income:
1	Operating revenue	$	4,624
2	Operating revenue - related parties		4,951
3	Income from equity method investments		321
4	Other income(1)		131
5	Total revenues and other income		10,027
	Costs and expenses:
6	Operating expenses		2,905
7	Operating expenses - related parties		1,328
8	Depreciation and amortization		1,287
9	Impairment expense		42
10	General and administrative expenses		353
1	Other taxes		120
12	Total costs and expenses		6,035
13	Income from operations		3,992
14	Interest and other financial costs		879
15	Income before income taxes		3,113
16	Provision for income taxes		1
17	Net income		3,112
18	Less: Net income attributable to noncontrolling interests		35
19	Net income attributable to MPLX LP		3,077
20	Less: Series A preferred unit distributions		100
21	Less: Series B preferred unit distributions		41
22	Limited partners' interest in net income attributable to MPLX LP	$	2,936

	Per Unit Data
23	Net income attributable to MPLX LP per limited partner unit:
Common - basic	$	2.86
24	Common - diluted	$	2.86
25	Weighted average limited partner units outstanding:
Common - basic		1,027
26	Common - diluted		1,027

(1) The third quarter of 2022 includes a $509 million non-cash gain on a lease reclassification.

	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	2022		2022		2022		2022		2022
$	1,265	$	1,495	$	1,430	$	1,171	$	5,361
	1,236		1,301		1,313		1,330		5,180
	99		111		125		141		476
	10		33		533		20		596
	2,610		2,940		3,401		2,662		11,613
	791		1,028		933		803		3,555
	334		370		374		389		1,467
	313		310		302		305		1,230
	-		-		-		-		-
	78		82		88		87		335
	34		33		30		18		115
	1,550		1,823		1,727		1,602		6,702
	1,060		1,117		1,674		1,060		4,911
	222		233		236		234		925
	838		884		1,438		826		3,986
	5		-		1		2		8
	833		884		1,437		824		3,978
	8		9		9		8		34
	825		875		1,428		816		3,944
	21		21		23		23		88
	11		10		10		10		41
$	793	$	844	$	1,395	$	783	$	3,815

$	0.78	$	0.83	$	1.36	$	0.78	$	3.75
$	0.78	$	0.83	$	1.36	$	0.78	$	3.75
	1,015		1,012		1,010		1,003		1,010
	1,015		1,012		1,011		1,003		1,010

					Preliminary		Preliminary
	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
$	1,199	$	1,163	$	1,289	$	3,651
	1,350		1,333		1,425		4,108
	134		145		159		438
	30		49		39		118
	2,713		2,690		2,912		8,315
	734		722		861		2,317
	368		366		450		1,184
	296		310		301		907
	-		-		-		-
	89		89		102		280
	30		28		44		102
	1,517		1,515		1,758		4,790
	1,196		1,175		1,154		3,525
	243		233		225		701
	953		942		929		2,824
	1		-		1		2
	952		942		928		2,822
	9		9		10		28
	943		933		918		2,794
	23		23		25		71
	5		-		-		5
$	915	$	910	$	893	$	2,718

$	0.91	$	0.91	$	0.89	$	2.70
$	0.91	$	0.91	$	0.89	$	2.70
	1,001		1,001		1,001		1,001
	1,001		1,001		1,001		1,001

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

MPLX LP

			Year
	(In millions)		2021
1	Net income	$	3,112
	Other comprehensive (loss) income, net of tax:
	Remeasurement of pension and other postretirement benefits related to equity
2	method investments, net of tax		(2)
3	Comprehensive income		3,110
	Less comprehensive income attributable to:
4	Noncontrolling interests		35
5	Comprehensive income attributable to MPLX LP	$	3,075

	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	2022		2022		2022		2022		2022
$	833	$	884	$	1,437	$	824	$	3,978
	9		-		-		-		9
	842		884		1,437		824		3,987
	8		9		9		8		34
$	834	$	875	$	1,428	$	816	$	3,953

					Preliminary		Preliminary
	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
$	952	$	942	$	928	$	2,822
	4		-

	956		942
	9		9		10		28
$	947	$	933

CONSOLIDATED BALANCE SHEETS

MPLX LP

											Preliminary
	(In millions, except ratio data)		December 31, 2021		December 31, 2022		March 31, 2023		June 30, 2023	September 30, 2023
	Assets
1	Cash and cash equivalents	$	13	$	238	$	393	$	755	$	960
2	Receivables, net		654		737		714		717
3	Current assets - related parties		644		729		701		654
4	Inventories		142		148		141		146
5	Other current assets		54		53		63		49
6	Total current assets		1,507		1,905		2,012		2,321
7	Equity method investments		3,981		4,095		4,144		4,124
8	Property, plant and equipment, net		20,042		18,848		18,758		18,692
9	Intangibles, net		831		705		673		641
10	Goodwill		7,657		7,645		7,645		7,645
11	Right of use assets, net		268		283		274		281
12	Noncurrent assets - related parties		1,161		1,225		1,212		1,199
13	Other noncurrent assets		60		959		954		970
14	Total assets		35,507		35,665		35,672		35,873		36,120
	Liabilities
15	Accounts payable		172		224		139		128
16	Accrued liabilities		363		269		266		241
17	Current liabilities - related parties		1,780		343		327		336
18	Accrued property, plant and equipment		97		128		158		149
19	Long-term debt due within one year		499		988		1		1
20	Accrued interest payable		202		237		192		247
21	Operating lease liabilities		59		46		45		49
22	Other current liabilities		176		166		184		165
23	Total current liabilities		3,348		2,401		1,312		1,316
24	Long-term deferred revenue		383		219		233		268
25	Long-term liabilities - related parties		302		338		338		341
26	Long-term debt		18,072		18,808		20,393		20,405
27	Deferred income taxes		10		13		13		13
28	Long-term operating lease liabilities		205		230		221		228
29	Other long-term liabilities		170		142		114		113
30	Total liabilities		22,490		22,151		22,624		22,684
31	Series A preferred units		965		968		968		968		970
	Equity
32	Common unitholders - public		8,579		8,413		8,459		8,508
33	Common unitholder - MPC		2,638		3,293		3,388		3,480
34	Series B preferred units		611		611		-		-
35	Accumulated other comprehensive loss		(17)		(8)		(4)		(4)
36	Total MPLX LP partners' capital		11,811		12,309		11,843		11,984
37	Noncontrolling interests		241		237		237		237
38	Total equity		12,052		12,546		12,080		12,221		12,346
39	Total liabilities, preferred units and equity	$	35,507	$	35,665	$	35,672	$	35,873

40	Consolidated total debt to LTM adjusted EBITDA(1)		3.7x		3.5x		3.5x		3.5x		3.4x

(1) Calculated using face value total debt and the last twelve months adjusted EBITDA.

CONSOLIDATED STATEMENTS OF CASH FLOWS (YTD)

MPLX LP

			Dec. 31
	(In millions)		2021
	Operating activities:
1	Net income	$	3,112
	Adjustments to reconcile net income to net cash provided by operating activities:
2	Amortization of deferred financing costs		70
3	Depreciation and amortization		1,287
4	Impairment expense		42
5	Deferred income taxes		(2)
6	Gain on sales-type leases		-
7	(Gain) loss on disposal of assets		(13)
8	Income from equity method investments		(321)
9	Distributions from unconsolidated affiliates		508
10	Change in fair value of derivatives		45
	Changes in:
11	Receivables		(199)
12	Inventories		(24)
13	Accounts payable and accrued liabilities		193
14	Assets/liabilities - related parties		101
15	Right of use assets/operating lease liabilities		(2)
16	Deferred revenue		88
17	All other, net		26
18	Net cash provided by operating activities		4,911
	Investing activities:
19	Additions to property, plant and equipment		(529)
20	Acquisitions, net of cash acquired		-
21	Disposal of assets		126
22	Investments in unconsolidated affiliates		(151)
23	Distributions from unconsolidated affiliates - return of capital		36
24	All other, net		-
25	Net cash used in investing activities		(518)
	Financing activities:
26	Long-term debt - borrowings		4,175
27	Long-term debt - repayments		(5,821)
28	Related party debt - borrowings		8,493
29	Related party debt - repayments		(7,043)
30	Debt issuance costs		-
31	Unit repurchases		(630)
32	Redemption of Series B preferred units		-
33	Distributions to noncontrolling interests		(39)
34	Distributions to Series A preferred unitholders		(100)
35	Distributions to Series B preferred unitholders		(41)
36	Distributions to unitholders and general partner		(3,432)
37	Contributions from MPC		45
38	All other, net		(2)
39	Net cash used in financing activities		(4,395)
40	Net change in cash and cash equivalents and restricted cash		(2)
41	Cash and cash equivalents and restricted cash at beginning of period		15
42	Cash and cash equivalents and restricted cash at end of period	$	13

	Mar. 31		Jun. 30		Sep. 30		Dec. 31
	2022		2022		2022		2022
$	833	$	1,717	$	3,154	$	3,978
	18		36		55		73
	313		623		925		1,230
	-		-		-		-
	4		4		4		3
	-		-		(509)		(509)
	18		16		23		34
	(99)		(210)		(335)		(476)
	120		258		405		578
	(9)		(16)		(62)		(47)
	(87)		(131)		(219)		14
	(7)		(15)		(7)		(5)
	73		253		49		(33)
	(112)		-		52		40
	(1)		-		1		(3)
	16		41		64		108
	45		36		51		34
	1,125		2,612		3,651		5,019
	(169)		(294)		(535)		(806)
	-		(28)		(28)		(28)
	3		67		74		84
	(110)		(156)		(198)		(217)
	-		-		11		11
	-		-		-		-
	(276)		(411)		(676)		(956)
	2,385		2,385		3,379		3,379
	(1,201)		(1,201)		(2,202)		(2,202)
	1,849		2,824		2,824		2,989
	(2,976)		(4,274)		(4,274)		(4,439)
	(16)		(16)		(29)		(29)
	(100)		(135)		(315)		(491)
	-		-		-		-
	(9)		(19)		(29)		(38)
	(21)		(42)		(63)		(85)
	(21)		(21)		(41)		(41)
	(716)		(1,430)		(2,144)		(2,921)
	10		17		30		44
	(4)		(4)		(3)		(4)
	(820)		(1,916)		(2,867)		(3,838)
	29		285		108		225
	13		13		13		13
$	42	$	298	$	121	$	238

					Preliminary
	Mar. 31		Jun. 30		Sep. 30
	2023		2023		2023
$	952	$	1,894	$	2,822
	17		29

	296		606		907
	-		-		-
	-		(1)
	-		-
	-		(13)
	(134)		(279)		(438)
	140		331
	(5)		(18)
	38		54

	(2)		(7)
	(130)		(95)
	44		123
	(1)		2
	3		35
	9		3
	1,227		2,664		3,908
	(169)		(432)		(662)
	-		-
	-		18
	(51)		(77)		(90)
	-		-		-
	-		-
	(220)		(491)		(727)
	1,589		1,589

	(1,000)		(1,001)
	-		-
	-		-
	(15)		(15)
	-		-		-
	(600)		(600)		(600)
	(10)		(19)		(30)
	(23)		(46)
	(21)		(21)
	(777)		(1,553)
	8		13		20
	(3)		(3)
	(852)		(1,656)		(2,459)
	155		517
	238		238
$	393	$	755

FINANCIAL STATISTICS

MPLX LP

			Year
	(In millions, except ratio and per unit data)		2021
	Common unit distributions:
1	Common units (LP) - public	$	1,257
2	Common unitholder - MPC		2,175
3	Total GP and LP distribution declared(1)		3,432
	Preferred unit distributions:(2)
4	Series A preferred unit distributions(1)		100
5	Series B preferred unit distributions		41
6	Total preferred unit distributions	$	141
7	Distribution coverage ratio(3)		1.4x
8	Cash distributions declared per limited partner common unit(1)	$	3.360
9	Adjusted EBITDA attributable to MPLX LP		5,560
10	DCF attributable to GP and LP unitholders	$	4,644

	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	2022		2022		2022		2022		2022
$	257	$	257	$	275	$	274	$	1,063
	456		457		502		502		1,917
	713		714		777		776		2,980
	21		21		23		23		88
	11		10		10		10		41
$	32	$	31	$	33	$	33	$	129
	1.7x		1.7x		1.6x		1.6x		1.6x
$	0.705	$	0.705	$	0.775	$	0.775	$	2.960
	1,393		1,457		1,471		1,454		5,775
$	1,178	$	1,206	$	1,231	$	1,237	$	4,852

					Preliminary		Preliminary
	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
$	274	$	274	$	301	$	849
	502		502		550		1,554
	776		776		851		2,403
	23		23		25		71
	5		-		-		5
$	28	$	23	$	25	$	76
	1.6x		1.7x		1.6x		1.6x
$	0.775	$	0.775	$	0.850	$	2.400
	1,519		1,531		1,596		4,646
$	1,240	$	1,292	$	1,348	$	3,880

The year ended December 31, 2021 includes the supplemental distribution amount of $0.5750 per unit, or a total of $585 million to GP and LP unitholders and $18 million to Series A preferred unitholders (the "Supplemental Distribution Amount").
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 are entitled to receive a fixed distribution of $68.75 per unit, per annum, payable semi-annually on February 15 and August 15 or the first business day thereafter. Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders. The Series B preferred units were redeemed effective February 15, 2023.
DCF attributable to GP and LP unitholders divided by total GP and LP distribution declared. The year ended December 31, 2021 includes the impact of the Supplemental Distribution Amount.

	Logistics and Storage
			Year
			2021
	Pipeline throughput (mbpd):
1	Crude oil pipelines		3,380
2	Product pipelines		2,073
3	Total pipelines		5,453
	Average tariff rates ($/bbl):
4	Crude oil pipelines	$	0.95
5	Product pipelines		0.78
6	Total pipelines	$	0.89
7	Terminal throughput (mbpd)		2,886
	Marine Assets (number in operation)
8	Barges at period-end		297
9	Towboats at period-end		23

L&S Selected Operating Data

MPLX LP

	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	2022		2022		2022		2022		2022
	3,380		3,674		3,596		3,543		3,549
	1,956		2,247		2,169		2,068		2,111
	5,336		5,921		5,765		5,611		5,660
$	0.93	$	0.86	$	0.93	$	0.93	$	0.91
	0.82		0.77		0.80		0.83		0.81
$	0.89	$	0.82	$	0.88	$	0.89	$	0.87
	2,941		3,101		3,026		3,018		3,022
	296		296		296		296		296
	23		23		23		23		23

					Preliminary		Preliminary
	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
	3,642		3,834		3,911		3,796
	1,988		2,118		1,975		2,027
	5,630		5,952		5,886		5,823
$	0.93	$	0.93	$	0.99	$	0.95
	0.85		0.81		0.99		0.88
$	0.90	$	0.89	$	0.99	$	0.93
	3,091		3,180		3,228		3,167
	298		307		305		305
	23		27		27		27

	Gathering and Processing (Consolidated entities plus Partnership-Operated
	Equity Method Investments)	Year
		2021
	Gathering throughput (mmcf/d)
1	Marcellus Operations	1,336
2	Utica Operations	1,690
3	Southwest Operations	1,494
4	Bakken Operations	150
5	Rockies Operations	588
6	Total gathering throughput	5,258
	Natural gas processed (mmcf/d)
7	Marcellus Operations	5,639
8	Utica Operations	482
9	Southwest Operations	1,471
10	Southern Appalachian Operations	231
11	Bakken Operations	149
12	Rockies Operations	429
13	Total natural gas processed	8,401
	C2 + NGLs fractionated (mbpd)
14	Marcellus Operations	484
15	Utica Operations	26
16	Southwest Operations	2
17	Southern Appalachian Operations	12
18	Bakken Operations	23
19	Rockies Operations	4
20	Total C2 + NGLs fractionated	551

	Gathering and Processing (Consolidated entities)	Year
		2021
	Gathering throughput (mmcf/d)
21	Marcellus Operations	1,336
22	Utica Operations	-
23	Southwest Operations	1,346
24	Bakken Operations	150
25	Rockies Operations	439
26	Total gathering throughput	3,271
	Natural gas processed (mmcf/d)
27	Marcellus Operations	4,150
28	Utica Operations	-
29	Southwest Operations	1,328
30	Southern Appalachian Operations	231
31	Bakken Operations	149
32	Rockies Operations	429
33	Total natural gas processed	6,287
	C2 + NGLs fractionated (mbpd)
34	Marcellus Operations	484
35	Utica Operations	-
36	Southwest Operations	2
37	Southern Appalachian Operations	12
38	Bakken Operations	23
39	Rockies Operations	4
40	Total C2 + NGLs fractionated	525

G&P Selected Operating Data

MPLX LP

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2022	2022	2022	2022	2022
1,314	1,287	1,325	1,359	1,321
1,813	1,943	2,381	2,389	2,134
1,476	1,694	1,642	1,700	1,629
147	148	147	167	152
526	554	588	564	558
5,276	5,626	6,083	6,179	5,794
5,529	5,445	5,535	5,549	5,515
423	522	518	514	495
1,541	1,638	1,666	1,703	1,637
224	231	205	209	217
143	142	130	167	146
407	440	462	446	438
8,267	8,418	8,516	8,588	8,448
468	471	496	518	488
23	30	30	29	28
-	-	-	-	-
10	12	12	11	11
21	20	21	22	21
4	3	3	3	4
526	536	562	583	552

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
2022	2022	2022	2022	2022
1,314	1,287	1,325	1,359	1,321
-	-	-	-	-
1,307	1,429	1,362	1,398	1,374
147	148	147	167	152
394	425	452	435	427
3,162	3,289	3,286	3,359	3,274
4,015	3,987	4,060	4,076	4,035
-	-	-	-	-
1,384	1,449	1,502	1,456	1,448
224	231	205	209	217
143	142	130	167	146
407	440	462	446	438
6,173	6,249	6,359	6,354	6,284
468	471	496	518	488
-	-	-	-	-
-	-	-	-	-
10	12	12	11	11
21	20	21	22	21
4	3	3	3	4
503	506	532	554	524

		Preliminary	Preliminary
1st Qtr	2nd Qtr	3rd Qtr	Year
2023	2023	2023	2023
1,363	1,321	1,376	1,353
2,460	2,326	2,375	2,387
1,816	1,768	1,742	1,775
156	160	160	159
564	584	604	584
6,359	6,159	6,257	6,258
5,553	5,691	5,803	5,683
494	547	557	533
1,720	1,848	1,744	1,771
230	219	207	219
154	159	159	157
454	470	491	472
8,605	8,934	8,961	8,835
533	520	546	533
28	30	34	31
-	-	-	-
10	11	10	10
19	18	20	19
3	4	3	3
593	583	613	596

1st Qtr	2nd Qtr	3rd Qtr	Year
2023	2023	2023	2023
1,363	1,321	1,376	1,353
-	-	-	-
1,381	1,354	1,302	1,345
156	160	160	159
442	457	490	463
3,342	3,292	3,328	3,320
4,045	4,091	4,187	4,107
-	-	-	-
1,401	1,517	1,405	1,442
230	219	207	219
154	159	159	157
454	470	491	472
6,284	6,456	6,449	6,397
533	520	546	533
-	-	-	-
-	-	-	-
10	11	10	10
19	18	20	19
3	4	3	3
565	553	579	565

Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Income from Operations and Net Income

MPLX LP

			Year
	(In millions)		2021
	Logistics and Storage
1	L&S segment adjusted EBITDA	$	3,681
2	Depreciation and amortization		(546)
3	Income from equity method investments		153
4	Distributions/ adjustments related to equity method investments		(262)
5	Garyville Incident response costs		-
6	Other		(14)
	Gathering and Processing
7	G&P segment adjusted EBITDA		1,879
8	Depreciation and amortization		(741)
9	Income from equity method investments		168
10	Distributions/ adjustments related to equity method investments		(275)
11	Gain on sales-type leases(1)		-
12	Impairment expense		(42)
13	Adjusted EBITDA attributable to noncontrolling interests		39
14	Other		(48)

15	Income from operations	$	3,992

	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	2022		2022		2022		2022		2022
$	904	$	966	$	969	$	979	$	3,818
	(130)		(129)		(128)		(128)		(515)
	52		59		72		84		267
	(58)		(79)		(75)		(117)		(329)
	-		-		-		-		-
	(5)		(6)		(8)		(6)		(25)
	489		491		502		475		1,957
	(183)		(181)		(174)		(177)		(715)
	47		52		53		57		209
	(74)		(73)		(91)		(85)		(323)
	-		-		509		-		509
	-		-		-		-		-
	9		10		10		9		38
	9		7		35		(31)		20

$	1,060	$	1,117	$	1,674	$	1,060	$	4,911

					Preliminary		Preliminary
	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
$	1,026	$	1,022	$	1,091	$	3,139
	(129)		(140)		(130)		(399)
	71		82		95		248
	(76)		(89)		(113)		(278)
	-		-		(63)		(63)
	(8)		(9)		(10)		(27)
	493		509		505		1,507
	(167)		(170)		(171)		(508)
	63		63		64		190
	(77)		(101)		(95)		(273)
	-		-		-		-
	-		-		-		-
	10		10		11		31
	(10)		(2)		(30)		(42)

$	1,196	$	1,175	$	1,154	$	3,525

			Year
	(In millions)		2021
16	L&S segment adjusted EBITDA attributable to MPLX LP	$	3,681
17	G&P segment adjusted EBITDA attributable to MPLX LP		1,879
18	Adjusted EBITDA attributable to MPLX LP		5,560
19	Depreciation and amortization		(1,287)
20	Interest and other financial costs		(879)
21	Income from equity method investments		321
22	Distributions/ adjustments related to equity method investments		(537)
23	Gain on sales-type leases(1)		-
24	Impairment expense		(42)
25	Adjusted EBITDA attributable to noncontrolling interests		39
26	Garyville Incident response costs		-
27	Other(2)		(63)
28	Net income	$	3,112

	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	2022		2022		2022		2022		2022
$	904	$	966	$	969	$	979	$	3,818
	489		491		502		475		1,957
	1,393		1,457		1,471		1,454		5,775
	(313)		(310)		(302)		(305)		(1,230)
	(222)		(233)		(236)		(234)		(925)
	99		111		125		141		476
	(132)		(152)		(166)		(202)		(652)
	-		-		509		-		509
	-		-		-		-		-
	9		10		10		9		38
	-		-		-		-		-
	(1)		1		26		(39)		(13)
$	833	$	884	$	1,437	$	824	$	3,978

	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
$	1,026	$	1,022	$	1,091	$	3,139
	493		509		505		1,507
	1,519		1,531		1,596		4,646
	(296)		(310)		(301)		(907)
	(243)		(233)		(225)		(701)
	134		145		159		438
	(153)		(190)		(208)		(551)
	-		-		-		-
	-		-		-		-
	10		10		11		31
	-		-		(63)		(63)
	(19)		(11)		(41)		(71)
$	952	$	942	$	928	$	2,822

The third quarter of 2022 includes a $509 million non-cash gain on a lease reclassification.
Includes unrealized derivative gain/(loss), non-cashequity-based compensation, provision for income taxes, and other miscellaneous items.

Reconciliation of Adjusted EBITDA attributable to MPLX LP and

Distributable Cash Flow attributable to GP and LP Unitholders from Net Income

MPLX LP

			Year		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year
	(In millions)		2021		2022		2022		2022		2022		2022
1	Net income	$	3,112	$	833	$	884	$	1,437	$	824	$	3,978
2	Provision for income taxes		1		5		-		1		2		8
3	Interest and other financial costs		879		222		233		236		234		925
4	Income from operations		3,992		1,060		1,117		1,674		1,060		4,911
5	Depreciation and amortization		1,287		313		310		302		305		1,230
6	Income from equity investments		(321)		(99)		(111)		(125)		(141)		(476)
7	Distributions/ adjustments related to equity method investments		537		132		152		166		202		652
8	Gain on sales-type leases		-		-		-		(509)		-		(509)
9	Impairment expense		42		-		-		-		-		-
10	Garyville Incident response costs		-		-		-		-		-		-
11	Other		62		(4)		(1)		(27)		37		5
12	Adjusted EBITDA		5,599		1,402		1,467		1,481		1,463		5,813
13	Adjusted EBITDA attributable to noncontrolling interests		(39)		(9)		(10)		(10)		(9)		(38)
14	Adjusted EBITDA attributable to MPLX LP		5,560		1,393		1,457		1,471		1,454		5,775
15	Deferred revenue impacts		88		24		24		39		71		158
16	Sales-type lease payments, net of income(1)		71		5		5		3		5		18
17	Net interest and other financial costs(2)		(819)		(204)		(215)		(216)		(216)		(851)
18	Maintenance capital expenditures, net of reimbursements		(88)		(14)		(39)		(40)		(51)		(144)
19	Equity method investment maintenance capital expenditures paid out		(7)		(3)		(3)		(4)		(3)		(13)
20	Other		(20)		9		8		11		10		38
21	DCF attributable to MPLX LP		4,785		1,210		1,237		1,264		1,270		4,981
22	Preferred unit distributions(3)		(141)		(32)		(31)		(33)		(33)		(129)
23	DCF attributable to GP and LP unitholders	$	4,644	$	1,178	$	1,206	$	1,231	$	1,237	$	4,852

					Preliminary		Preliminary
	1st Qtr		2nd Qtr		3rd Qtr		Year
	2023		2023		2023		2023
$	952	$	942	$	928	$	2,822
	1		-		1		2
	243		233		225		701
	1,196		1,175		1,154		3,525
	296		310		301		907
	(134)		(145)		(159)		(438)
	153		190		208		551
	-		-		-		-
	-		-		-		-
	-		-		63		63
	18		11		40		69
	1,529		1,541		1,607		4,677
	(10)		(10)		(11)		(31)
	1,519		1,531		1,596		4,646
	12		28		25		65
	4		2		3		9
	(217)		(221)		(212)		(650)
	(44)		(21)		(28)		(93)
	(5)		(2)		(4)		(11)
	(1)		(2)		(7)		(10)
	1,268		1,315		1,373		3,956
	(28)		(23)		(25)		(76)
$	1,240	$	1,292	$	1,348	$	3,880

The year ended December 31, 2021 includes a one time impact from Refining Logistics harmonization project of $54 million.
Excludes gain/ loss on extinguishment of debt and amortization of deferred financing costs.
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). 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. The Series B preferred units were redeemed effective February 15, 2023. The distributions to Series A preferred unitholders for the year ended December 31, 2021 include the Supplemental Distribution Amount of $0.575 per unit, or a total of $18 million in addition to the base distributions.

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MPLX LP published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 11:15:46 UTC.

Real-time Estimate Cboe BZX Other stock markets 02:49:35 2024-05-13 pm EDT			5-day change	1st Jan Change
41.28 ^USD	-0.55%		+0.10%	+12.50%

May. 02	Truist Adjusts MPLX's Price Target to $48 From $43, Forecasts Moderate Growth Ahead; Keeps Buy Rating	MT
Apr. 30	Transcript : MPLX LP, Q1 2024 Earnings Call, Apr 30, 2024

Truist Adjusts MPLX's Price Target to $48 From $43, Forecasts Moderate Growth Ahead; Keeps Buy Rating	May. 02	MT
Transcript : MPLX LP, Q1 2024 Earnings Call, Apr 30, 2024	Apr. 30
MPLX Q1 Net Income, Revenue Rise	Apr. 30	MT
Earnings Flash (MPLX) MPLX LP Reports Q1 Revenue $2.85B, vs. Street Est of $2.9B	Apr. 30	MT
MPLX LP Reports Earnings Results for the First Quarter Ended March 31, 2024	Apr. 30	CI
North American Morning Briefing : More Earnings -2-	Apr. 30	DJ
MPLX Keeps Quarterly Distribution at $0.85 a Unit, Payable May 13 to Unit Holders of Record May 3	Apr. 23	MT
MPLX LP Announces Quarterly Distribution for the First Quarter of 2024, Payable on May 13, 2024	Apr. 23	CI
Permian natgas hits 15-month low as negative prices linger	Apr. 16	RE
UBS Adjusts MPLX Price Target to $49 From $46, Maintains Buy Rating	Apr. 12	MT
Barclays Raises Price Target on MPLX to $43 From $40, Maintains Overweight Rating	Apr. 05	MT
Enbridge, Partners To Build Pipelines Connecting Permian Basin Natural Gas Supply To LNG, US Gulf Coast Demand	Mar. 26	MT
Enbridge Enters Joint Venture to Connect Permian Basin to LNG Demand in the Gulf	Mar. 26	DJ
Enbridge to form natural gas supply venture	Mar. 26	RE
Summit Midstream Partners Sells Utica Position for $625 Million -- Shares Rise	Mar. 22	MT
UBS Adjusts MPLX Price Target to $46 From $44, Maintains Buy Rating	Mar. 01	MT
Tranche Update on MPLX LP's Equity Buyback Plan announced on August 2, 2022.	Feb. 22	CI
RBC Lifts Price Target on MPLX to $46 From $45, Keeps Outperform Rating	Jan. 31	MT
Raymond James Adjusts MPLX Price Target to $45 From $44, Maintains Outperform Rating	Jan. 31	MT
Transcript : MPLX LP, Q4 2023 Earnings Call, Jan 30, 2024	Jan. 30
MPLX LP's Q4 Earnings, Revenue Climb	Jan. 30	MT
Earnings Flash (MPLX) MPLX LP Posts Q4 Revenue $2.97B, vs. Street Est of $2.85B	Jan. 30	MT
MPLX reports higher fourth quarter 2023 earnings	Jan. 30	RE
MPLX LP Reports Earnings Results for the Full Year Ended December 31, 2023	Jan. 30	CI
MPLX LP Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	Jan. 30	CI

	1st Jan change	Capi.
MPLX LP	+12.50%	42.43B
ENBRIDGE INC.	+8.34%	80.41B
ENTERPRISE PRODUCTS PARTNERS L.P.	+9.13%	62.54B
WILLIAMS COMPANIES	+14.36%	48.31B
ONEOK, INC..	+15.25%	46.73B
KINDER MORGAN, INC.	+8.79%	42.35B
TC ENERGY CORPORATION	+1.80%	40.08B
TARGA RESOURCES CORP.	+30.44%	25.1B
CHENIERE ENERGY PARTNERS, L.P.	-5.60%	23.04B
PEMBINA PIPELINE CORPORATION	+10.30%	21.36B

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