MPLX LP Fourth Quarter 2023
Table of Contents: | Investor Relations | |
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; 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 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 as 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
February 28, 2024
CONSOLIDATED STATEMENTS OF INCOME
10
(In millions, except per unit data)
Revenues and other income:
1
Service revenue
2
Service revenue - related parties
3
Service revenue - product related
4
Rental income
5
Rental income - related parties
6
Product sales
7
Product sales - related parties
8
Sales-type lease revenue
Sales-type lease revenue - related parties
Income from equity method investments
11
Other income (loss)(1)
12
Other income - related parties
13
Total revenues and other income Costs and expenses:
14
Cost of revenues (excludes items below)
15
Purchased product costs
16
Rental cost of sales
17
Rental cost of sales - related parties
18
Purchases - related parties
19
Depreciation and amortization
20
Impairment expense
21
General and administrative expenses
22
Other taxes
23
24
Total costs and expenses Income from operations
25
Related party interest and other financial costs
26
Interest expense, net of amounts capitalized
27
Other financial costs, net
28
Income before income taxes
29
30
Provision for income taxes Net income
31
32
Less: Net income attributable to noncontrolling interests Net income attributable to MPLX LP
33
Less: Series A preferred unit distributions
34
Less: Series B preferred unit distributions
35 Limited partners' interest in net income attributable to MPLX LP
Year 2021
$
2,313
3,628
345
376
743
1,590
145 -
435
321
21
110
10,027
1,184
1,585
136
109
1,219
1,287
42
353
120
6,035
3,992
8
785
86
3,113
1
3,112
35
3,077
100
41
$
2,936
36 37 38 39
Per Unit Data Net income attributable to MPLX LP per limited partner unit: Common - basic Common - diluted Weighted average limited partner units outstanding: Common - basic Common - diluted | $ $ 2.86 2.86 1,027 1,027 |
(1) The third quarter of 2022 includes a $509 million gain on a lease reclassification.
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
$ 554 915 123 91 165 497 45 - 111 99 (17) 27 | $ 577 938 118 102 198 698 51 - 114 111 6 27 | $ 627 948 83 75 201 617 46 28 118 125 505 28 | $ 601 953 70 59 199 407 56 34 122 141 (9) 29 | $ 2,359 3,754 394 327 763 2,219 198 62 465 476 485 111 |
2,610 287 467 37 15 319 313 - 78 34 | 2,940 323 663 42 19 351 310 - 82 33 | 3,401 371 540 22 10 364 302 - 88 30 | 2,662 388 393 22 10 379 305 - 87 18 | 11,613 1,369 2,063 123 54 1,413 1,230 - 335 115 |
1,550 | 1,823 | 1,727 | 1,602 | 6,702 |
1,060 4 198 20 | 1,117 1 212 20 | 1,674 - 217 19 | 1,060 - 216 18 | 4,911 5 843 77 |
838 5 | 884 - | 1,438 1 | 826 2 | 3,986 8 |
833 8 | 884 9 | 1,437 9 | 824 8 | 3,978 34 |
825 21 11 | 875 21 10 | 1,428 23 10 | 816 23 10 | 3,944 88 41 |
$ 793 | $ 844 | $ 1,395 | $ 783 | $ 3,815 |
$ $ 0.78 0.78 1,015 1,015 | $ $ 0.83 0.83 1,012 1,012 | $ $ 1.36 1.36 1,010 1,011 | $ $ 0.78 0.78 1,003 1,003 | $ $ 3.75 3.75 1,010 1,010 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
$ 605 953 79 61 202 420 70 34 125 134 3 27 | $ 635 971 60 59 203 376 34 33 125 145 18 31 | $ 641 1,038 75 61 207 478 51 34 129 159 7 32 | $ 658 1,023 80 62 210 391 95 35 121 162 98 31 | $ 2,539 3,985 294 243 822 1,665 250 136 500 600 126 121 |
2,713 308 406 20 7 361 296 - 89 30 | 2,690 348 354 20 9 357 310 - 89 28 | 2,912 367 474 20 8 442 301 - 102 44 | 2,966 378 364 22 9 384 306 - 99 29 | 11,281 1,401 1,598 82 33 1,544 1,213 - 379 131 |
1,517 | 1,515 | 1,758 | 1,591 | 6,381 |
1,196 - 224 19 | 1,175 - 226 7 | 1,154 - 223 2 | 1,375 - 224 (2) | 4,900 - 897 26 |
953 1 | 942 - | 929 1 | 1,153 9 | 3,977 11 |
952 9 | 942 9 | 928 10 | 1,144 10 | 3,966 38 |
943 23 5 | 933 23 - | 918 25 - | 1,134 23 - | 3,928 94 5 |
$ 915 | $ 910 | $ 893 | $ 1,111 | $ 3,829 |
$ $ 0.91 0.91 1,001 1,001 | $ $ 0.91 0.91 1,001 1,001 | $ $ 0.89 0.89 1,001 1,001 | $ $ 1.10 1.10 1,002 1,003 | $ $ 3.80 3.80 1,001 1,002 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
1 Net income
(In millions)
Other comprehensive (loss) income, net of tax:
Remeasurement of pension and other postretirement benefits related to equity
2 3 4
method investments, net of tax Comprehensive income
Less comprehensive income attributable to:
Noncontrolling interests
5 Comprehensive income attributable to MPLX LP
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
$ 833 9 | $ 884 - | $ 1,437 - | $ 824 - | $ 3,978 9 |
842 8 | 884 9 | 1,437 9 | 824 8 | 3,987 34 |
$ 834 | $ 875 | $ 1,428 | $ 816 | $ 3,953 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
$ 952 4 | $ 942 - | $ 928 - | $ 1,144 - | $ 3,966 4 |
956 9 | 942 9 | 928 10 | 1,144 10 | 3,970 38 |
$ 947 | $ 933 | $ 918 | $ 1,134 | $ 3,932 |
CONSOLIDATED BALANCE SHEETS
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
1
2
3
4
5
6
7
8
9
(In millions, except ratio data) | December 31, 2021 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 |
Assets Cash and cash equivalents Receivables, net Current assets - related parties Inventories Other current assets Total current assets Equity method investments Property, plant and equipment, net Intangibles, net Goodwill Right of use assets, net Noncurrent assets - related parties Other noncurrent assets Total assets Liabilities Accounts payable Accrued liabilities Current liabilities - related parties Accrued property, plant and equipment Long-term debt due within one year Accrued interest payable Operating lease liabilities Other current liabilities Total current liabilities Long-term deferred revenue Long-term liabilities - related parties Long-term debt Deferred income taxes Long-term operating lease liabilities Other long-term liabilities Total liabilities Series A preferred units Equity Common unitholders - public Common unitholder - MPC Series B preferred units Accumulated other comprehensive loss Total MPLX LP partners' capital Noncontrolling interests Total equity Total liabilities, preferred units and equity | $ 13 654 644 142 54 | $ 238 737 729 148 53 | $ 393 714 701 141 63 | $ 755 717 654 146 49 | $ 960 833 759 154 30 | $ 1,048 823 748 159 30 |
1,507 3,981 20,042 831 7,657 268 1,161 60 | 1,905 4,095 18,848 705 7,645 283 1,225 959 | 2,012 4,144 18,758 673 7,645 274 1,212 954 | 2,321 4,124 18,692 641 7,645 281 1,199 970 | 2,736 4,099 18,620 609 7,645 271 1,174 966 | 2,808 3,743 19,264 654 7,645 264 1,161 990 | |
35,507 172 363 1,780 97 499 202 59 176 | 35,665 224 269 343 128 988 237 46 166 | 35,672 139 266 327 158 1 192 45 184 | 35,873 128 241 336 149 1 247 49 165 | 36,120 132 332 387 140 1 187 48 172 | 36,529 153 300 360 216 1,135 242 45 173 | |
3,348 383 302 18,072 10 205 170 | 2,401 219 338 18,808 13 230 142 | 1,312 233 338 20,393 13 221 114 | 1,316 268 341 20,405 13 228 113 | 1,399 295 343 20,417 12 219 119 | 2,624 347 325 19,296 16 211 126 | |
22,490 965 8,579 2,638 611 (17) | 22,151 968 8,413 3,293 611 (8) | 22,624 968 8,459 3,388 - (4) | 22,684 968 8,508 3,480 - (4) | 22,804 970 8,533 3,581 - (4) | 22,945 895 8,700 3,758 - (4) | |
11,811 241 | 12,309 237 | 11,843 237 | 11,984 237 | 12,110 236 | 12,454 235 | |
12,052 | 12,546 | 12,080 | 12,221 | 12,346 | 12,689 | |
$ 35,507 | $ 35,665 | $ 35,672 | $ 35,873 | $ 36,120 | $ 36,529 |
40
Consolidated total debt to LTM adjusted EBITDA(1) | 3.7x | 3.5x | 3.5x | 3.5x | 3.4x | 3.3x |
(1) Calculated using face value total debt and the last twelve months adjusted EBITDA.
CONSOLIDATED STATEMENTS OF CASH FLOWS (YTD)
(In millions)
Dec. 31 2021
1
Operating activities: Net income
Adjustments to reconcile net income to net cash provided by operating activities:
2
Amortization of deferred financing costs
3
4
5
Depreciation and amortization Impairment expense Deferred income taxes
6
7
Gain on sales-type leases and equity method investments (Gain) loss on disposal of assets
10
8
9
Income from equity method investments Distributions from unconsolidated affiliates Change in fair value of derivatives Changes in:
11
12
Receivables Inventories
13
14
Accounts payable and accrued liabilities Assets/liabilities - related parties
15
16
Right of use assets/operating lease liabilities Deferred revenue
17
All other, net
18
Net cash provided by operating activities
Investing activities:
19
20
21
Additions to property, plant and equipment Acquisitions, net of cash acquired Disposal of assets
22
Investments in unconsolidated affiliates
23
Distributions from unconsolidated affiliates - return of capital
24
Net cash used in investing activities
Financing activities:
25
26
27
28
29
Long-term debt - borrowings Long-term debt - repayments Related party debt - borrowings Related party debt - repayments Debt issuance costs
30
Unit repurchases
31
32
33
34
35
36
Redemption of Series B preferred units Distributions to noncontrolling interests Distributions to Series A preferred unitholders Distributions to Series B preferred unitholders Distributions to unitholders and general partner Contributions from MPC
37
All other, net
38
Net cash used in financing activities
39
Net change in cash and cash equivalents and restricted cash
40
41
Cash and cash equivalents and restricted cash at beginning of period Cash and cash equivalents and restricted cash at end of period
$
3,112
70
1,287
42
(2) -
(13)
(321)
508
45
(199)
(24)
193
101
(2)
88
26
4,911
(529)
-
126
(151)
36
(518)
4,175
(5,821)
8,493
(7,043)
-
(630)
-
(39)
(100)
(41)
(3,432)
45
(2)
(4,395)
(2)
15
$
13
Mar. 31 2022 | Jun. 30 2022 | Sep. 30 2022 | Dec. 31 2022 |
$ 833 18 313 - 4 - 18 (99) 120 (9) (87) (7) 73 (112) (1) 16 45 | $ 1,717 36 623 - 4 - 16 (210) 258 (16) (131) (15) 253 - - 41 36 | $ 3,154 55 925 - 4 (509) 23 (335) 405 (62) (219) (7) 49 52 1 64 51 | $ 3,978 73 1,230 - 3 (509) 34 (476) 578 (47) 14 (5) (33) 40 (3) 108 34 |
1,125 (169) - 3 (110) - | 2,612 (294) (28) 67 (156) - | 3,651 (535) (28) 74 (198) 11 | 5,019 (806) (28) 84 (217) 11 |
(276) 2,385 (1,201) 1,849 (2,976) (16) (100) - (9) (21) (21) (716) 10 (4) | (411) 2,385 (1,201) 2,824 (4,274) (16) (135) - (19) (42) (21) (1,430) 17 (4) | (676) 3,379 (2,202) 2,824 (4,274) (29) (315) - (29) (63) (41) (2,144) 30 (3) | (956) 3,379 (2,202) 2,989 (4,439) (29) (491) - (38) (85) (41) (2,921) 44 (4) |
(820) 29 13 | (1,916) 285 13 | (2,867) 108 13 | (3,838) 225 13 |
$ 42 | $ 298 | $ 121 | $ 238 |
Mar. 31 2023 | Jun. 30 2023 | Sep. 30 2023 | Dec. 31 2023 |
$ 952 17 296 - - - - (134) 140 (5) 38 (2) (130) 44 (1) 3 9 | $ 1,894 29 606 - (1) - (13) (279) 331 (18) 54 (7) (95) 123 2 35 3 | $ 2,822 42 907 - (1) - (15) (438) 526 (3) (31) (15) (56) 89 4 65 12 | $ 3,966 55 1,213 - 3 (92) (14) (600) 736 - 14 (19) (40) 84 - 107 (16) |
1,227 (169) - - (51) - | 2,664 (432) - 18 (77) - | 3,908 (662) - 25 (90) - | 5,397 (937) (246) 26 (98) 3 |
(220) 1,589 (1,000) - - (15) - (600) (10) (23) (21) (777) 8 (3) | (491) 1,589 (1,001) - - (15) - (600) (19) (46) (21) (1,553) 13 (3) | (727) 1,589 (1,001) - - (15) - (600) (30) (69) (21) (2,329) 20 (3) | (1,252) 1,589 (1,001) - - (15) - (600) (41) (94) (21) (3,181) 31 (2) |
(852) 155 238 | (1,656) 517 238 | (2,459) 722 238 | (3,335) 810 238 |
$ 393 | $ 755 | $ 960 | $ 1,048 |
FINANCIAL STATISTICS
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(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 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
$ 257 456 | $ 257 457 | $ 275 502 | $ 274 502 | $ 1,063 1,917 |
713 21 11 | 714 21 10 | 777 23 10 | 776 23 10 | 2,980 88 41 |
$ $ $ 32 1.7x 0.705 1,393 1,178 | $ $ $ 31 1.7x 0.705 1,457 1,206 | $ $ $ 33 1.6x 0.775 1,471 1,231 | $ $ $ 33 1.6x 0.775 1,454 1,237 | $ $ $ 129 1.6x 2.960 5,775 4,852 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
$ 274 502 | $ 274 502 | $ 301 550 | $ 303 550 | $ 1,152 2,104 |
776 23 5 | 776 23 - | 851 25 - | 853 23 - | 3,256 94 5 |
$ $ $ 28 1.6x 0.775 1,519 1,240 | $ $ $ 23 1.7x 0.775 1,531 1,292 | $ $ $ 25 1.6x 0.850 1,596 1,348 | $ $ $ 23 1.6x 0.850 1,623 1,361 | $ $ $ 99 1.6x 3.250 6,269 5,241 |
(1) 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").
(2) 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 $68.75 per unit, per annum, payable semi-annually on February 15 and August 15 or the first business day thereafter. Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders. The Series B preferred units were redeemed effective February 15, 2023.
(3) DCF attributable to GP and LP unitholders divided by total GP and LP distribution declared. The year ended December 31, 2021 includes the impact of the Supplemental Distribution Amount.
L&S Selected Operating Data
1 2 3 4 5 6
8 9
Logistics and Storage | Year 2021 |
Pipeline throughput (mbpd): Crude oil pipelines Product pipelines Total pipelines Average tariff rates ($/bbl): Crude oil pipelines Product pipelines Total pipelines Terminal throughput (mbpd) Marine Assets (number in operation) Barges at period-end Towboats at period-end | 3,380 2,073 |
$ $ 5,453 0.95 0.78 0.89 2,886 297 23 |
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
3,380 1,956 | 3,674 2,247 | 3,596 2,169 | 3,543 2,068 | 3,549 2,111 |
$ $ 5,336 0.93 0.82 0.89 2,941 296 23 | $ $ 5,921 0.86 0.77 0.82 3,101 296 23 | $ $ 5,765 0.93 0.80 0.88 3,026 296 23 | $ $ 5,611 0.93 0.83 0.89 3,018 296 23 | $ $ 5,660 0.91 0.81 0.87 3,022 296 23 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
3,642 1,988 | 3,834 2,118 | 3,911 1,975 | 3,701 2,078 | 3,772 2,040 |
$ $ 5,630 0.93 0.85 0.90 3,091 298 23 | $ $ 5,952 0.93 0.81 0.89 3,180 307 27 | $ $ 5,886 0.99 0.99 0.99 3,228 305 27 | $ $ 5,779 0.98 0.96 0.97 3,023 305 29 | $ $ 5,812 0.96 0.90 0.94 3,130 305 29 |
G&P Selected Operating Data
10
11
12
13
14
15
16
17
18
19
20
1
2
3
4
5
6
7
8
9
Gathering and Processing (Consolidated entities plus Partnership-Operated Equity Method Investments) | Year 2021 |
Gathering throughput (mmcf/d) Marcellus Operations Utica Operations Southwest Operations Bakken Operations Rockies Operations Total gathering throughput Natural gas processed (mmcf/d) Marcellus Operations Utica Operations Southwest Operations Southern Appalachian Operations Bakken Operations Rockies Operations Total natural gas processed C2 + NGLs fractionated (mbpd) Marcellus Operations Utica Operations Southwest Operations Southern Appalachian Operations Bakken Operations Rockies Operations Total C2 + NGLs fractionated | 1,336 1,690 1,494 150 588 |
5,258 5,639 482 1,471 231 149 429 | |
8,401 484 26 2 12 23 4 | |
551 |
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Gathering and Processing (Consolidated entities) | Year 2021 |
Gathering throughput (mmcf/d) Marcellus Operations Utica Operations Southwest Operations Bakken Operations Rockies Operations Total gathering throughput Natural gas processed (mmcf/d) Marcellus Operations Utica Operations Southwest Operations Southern Appalachian Operations Bakken Operations Rockies Operations Total natural gas processed C2 + NGLs fractionated (mbpd) Marcellus Operations Utica Operations Southwest Operations Southern Appalachian Operations Bakken Operations Rockies Operations Total C2 + NGLs fractionated | 1,336 - 1,346 150 439 |
3,271 4,150 - 1,328 231 149 429 | |
6,287 484 - 2 12 23 4 | |
525 |
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
1,314 1,813 1,476 147 526 | 1,287 1,943 1,694 148 554 | 1,325 2,381 1,642 147 588 | 1,359 2,389 1,700 167 564 | 1,321 2,134 1,629 152 558 |
5,276 5,529 423 1,541 224 143 407 | 5,626 5,445 522 1,638 231 142 440 | 6,083 5,535 518 1,666 205 130 462 | 6,179 5,549 514 1,703 209 167 446 | 5,794 5,515 495 1,637 217 146 438 |
8,267 468 23 - 10 21 4 | 8,418 471 30 - 12 20 3 | 8,516 496 30 - 12 21 3 | 8,588 518 29 - 11 22 3 | 8,448 488 28 - 11 21 4 |
526 | 536 | 562 | 583 | 552 |
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
1,314 - 1,307 147 394 | 1,287 - 1,429 148 425 | 1,325 - 1,362 147 452 | 1,359 - 1,398 167 435 | 1,321 - 1,374 152 427 |
3,162 4,015 - 1,384 224 143 407 | 3,289 3,987 - 1,449 231 142 440 | 3,286 4,060 - 1,502 205 130 462 | 3,359 4,076 - 1,456 209 167 446 | 3,274 4,035 - 1,448 217 146 438 |
6,173 468 - - 10 21 4 | 6,249 471 - - 12 20 3 | 6,359 496 - - 12 21 3 | 6,354 518 - - 11 22 3 | 6,284 488 - - 11 21 4 |
503 | 506 | 532 | 554 | 524 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
1,363 2,460 1,816 156 564 | 1,321 2,326 1,768 160 584 | 1,376 2,375 1,742 160 604 | 1,495 2,196 1,762 182 617 | 1,389 2,338 1,772 165 593 |
6,359 5,553 494 1,720 230 154 454 | 6,159 5,691 547 1,848 219 159 470 | 6,257 5,803 557 1,744 207 159 491 | 6,252 6,041 653 1,777 207 182 515 | 6,257 5,773 564 1,772 216 163 483 |
8,605 533 28 - 10 19 3 | 8,934 520 30 - 11 18 4 | 8,961 546 34 - 10 20 3 | 9,375 523 39 - 12 22 3 | 8,971 530 33 - 11 20 3 |
593 | 583 | 613 | 599 | 597 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
1,363 - 1,381 156 442 | 1,321 - 1,354 160 457 | 1,376 - 1,302 160 490 | 1,495 - 1,442 182 505 | 1,389 - 1,369 165 474 |
3,342 4,045 - 1,401 230 154 454 | 3,292 4,091 - 1,517 219 159 470 | 3,328 4,187 - 1,405 207 159 491 | 3,624 4,392 - 1,537 207 182 515 | 3,397 4,179 - 1,466 216 163 483 |
6,284 533 - - 10 19 3 | 6,456 520 - - 11 18 4 | 6,449 546 - - 10 20 3 | 6,833 523 - - 12 22 3 | 6,507 530 - - 11 20 3 |
565 | 553 | 579 | 560 | 564 |
Reconciliation of Segment Adjusted EBITDA attributable to MPLX LP to Income from Operations and Net Income
10
11
12
13
14
15
1
2
3
4
5
6
8
9
(In millions) | Year 2021 |
Logistics and Storage L&S segment adjusted EBITDA Depreciation and amortization Income from equity method investments Distributions/ adjustments related to equity method investments Garyville Incident response (costs) recoveries Other Gathering and Processing G&P segment adjusted EBITDA Depreciation and amortization Income from equity method investments Distributions/ adjustments related to equity method investments Gain on sales-type leases and equity method investments(1) Impairment expense Adjusted EBITDA attributable to noncontrolling interests Other Income from operations | $ 3,681 (546) 153 (262) - (14) 1,879 (741) 168 (275) - (42) 39 (48) |
$ 3,992 |
16
17
18
19
20
21
22
23
24
25
26
27
28
(In millions) | Year 2021 |
L&S segment adjusted EBITDA attributable to MPLX LP G&P segment adjusted EBITDA attributable to MPLX LP Adjusted EBITDA attributable to MPLX LP Depreciation and amortization Interest and other financial costs Income from equity method investments Distributions/ adjustments related to equity method investments Gain on sales-type leases and equity method investments(1) Impairment expense Adjusted EBITDA attributable to noncontrolling interests Garyville Incident response (costs) recoveries Other(2) Net income | $ 3,681 1,879 |
5,560 (1,287) (879) 321 (537) - (42) 39 - (63) | |
$ 3,112 |
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 | 1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
$ 904 (130) 52 (58) - (5) 489 (183) 47 (74) - - 9 9 | $ 966 (129) 59 (79) - (6) 491 (181) 52 (73) - - 10 7 | $ 969 (128) 72 (75) - (8) 502 (174) 53 (91) 509 - 10 35 | $ 979 (128) 84 (117) - (6) 475 (177) 57 (85) - - 9 (31) | $ 3,818 (515) 267 (329) - (25) 1,957 (715) 209 (323) 509 - 38 20 | $ 1,026 (129) 71 (76) - (8) 493 (167) 63 (77) - - 10 (10) | $ 1,022 (140) 82 (89) - (9) 509 (170) 63 (101) - - 10 (2) | $ 1,091 (130) 95 (113) (63) (10) 505 (171) 64 (95) - - 11 (30) | $ 1,089 (131) 97 (123) 47 (12) 534 (175) 65 (100) 92 - 11 (19) | $ 4,228 (530) 345 (401) (16) (39) 2,041 (683) 255 (373) 92 - 42 (61) |
$ 1,060 | $ 1,117 | $ 1,674 | $ 1,060 | $ 4,911 | $ 1,196 | $ 1,175 | $ 1,154 | $ 1,375 | $ 4,900 |
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
$ 904 489 | $ 966 491 | $ 969 502 | $ 979 475 | $ 3,818 1,957 |
1,393 (313) (222) 99 (132) - - 9 - (1) | 1,457 (310) (233) 111 (152) - - 10 - 1 | 1,471 (302) (236) 125 (166) 509 - 10 - 26 | 1,454 (305) (234) 141 (202) - - 9 - (39) | 5,775 (1,230) (925) 476 (652) 509 - 38 - (13) |
$ 833 | $ 884 | $ 1,437 | $ 824 | $ 3,978 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
$ 1,026 493 | $ 1,022 509 | $ 1,091 505 | $ 1,089 534 | $ 4,228 2,041 |
1,519 (296) (243) 134 (153) - - 10 - (19) | 1,531 (310) (233) 145 (190) - - 10 - (11) | 1,596 (301) (225) 159 (208) - - 11 (63) (41) | 1,623 (306) (222) 162 (223) 92 - 11 47 (40) | 6,269 (1,213) (923) 600 (774) 92 - 42 (16) (111) |
$ 952 | $ 942 | $ 928 | $ 1,144 | $ 3,966 |
(1) The fourth quarter of 2023 includes a $92 million gain associated with the remeasurement of its existing equity investment in a Permian basin joint venture, arising from the acquisition of the remaining interest. The third quarter of 2022 includes a $509 million gain on a lease reclassification.
(2) Includes unrealized derivative gain/(loss), equity-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
(In millions)
2021
1
Net income
$
3,112
2
Provision for income taxes
1
3
Interest and other financial costs
879
4
Income from operations
3,992
5
Depreciation and amortization
1,287
6
Income from equity investments
(321)
7
Distributions/ adjustments related to equity method investments
8
Gain on sales-type leases and equity method investments(1)
537 -
Impairment expense
10
Garyville Incident response costs (recoveries)
42 -
11
Other
62
12
Adjusted EBITDA
5,599
13
Adjusted EBITDA attributable to noncontrolling interests
(39)
14
Adjusted EBITDA attributable to MPLX LP
5,560
15
Deferred revenue impacts
88
16
Sales-type lease payments, net of income(2)
71
17
Net interest and other financial costs(3)
(819)
18
Maintenance capital expenditures, net of reimbursements
(88)
19
Equity method investment maintenance capital expenditures paid out
(7)
20
Other
(20)
21
DCF attributable to MPLX LP
4,785
22
Preferred unit distributions(4)
(141)
23 DCF attributable to GP and LP unitholders
$
4,644
1st Qtr 2022 | 2nd Qtr 2022 | 3rd Qtr 2022 | 4th Qtr 2022 | Year 2022 |
$ 833 5 222 | $ 884 - 233 | $ 1,437 1 236 | $ 824 2 234 | $ 3,978 8 925 |
1,060 313 (99) 132 - - - (4) | 1,117 310 (111) 152 - - - (1) | 1,674 302 (125) 166 (509) - - (27) | 1,060 305 (141) 202 - - - 37 | 4,911 1,230 (476) 652 (509) - - 5 |
1,402 (9) | 1,467 (10) | 1,481 (10) | 1,463 (9) | 5,813 (38) |
1,393 24 5 (204) (14) (3) 9 | 1,457 24 5 (215) (39) (3) 8 | 1,471 39 3 (216) (40) (4) 11 | 1,454 71 5 (216) (51) (3) 10 | 5,775 158 18 (851) (144) (13) 38 |
1,210 (32) | 1,237 (31) | 1,264 (33) | 1,270 (33) | 4,981 (129) |
$ 1,178 | $ 1,206 | $ 1,231 | $ 1,237 | $ 4,852 |
1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | 4th Qtr 2023 | Year 2023 |
$ 952 1 243 | $ 942 - 233 | $ 928 1 225 | $ 1,144 9 222 | $ 3,966 11 923 |
1,196 296 (134) 153 - - - 18 | 1,175 310 (145) 190 - - - 11 | 1,154 301 (159) 208 - - 63 40 | 1,375 306 (162) 223 (92) - (47) 31 | 4,900 1,213 (600) 774 (92) - 16 100 |
1,529 (10) | 1,541 (10) | 1,607 (11) | 1,634 (11) | 6,311 (42) |
1,519 12 4 (217) (44) (5) (1) | 1,531 28 2 (221) (21) (2) (2) | 1,596 25 3 (212) (28) (4) (7) | 1,623 32 3 (209) (57) (4) (4) | 6,269 97 12 (859) (150) (15) (14) |
1,268 (28) | 1,315 (23) | 1,373 (25) | 1,384 (23) | 5,340 (99) |
$ 1,240 | $ 1,292 | $ 1,348 | $ 1,361 | $ 5,241 |
(1) The fourth quarter of 2023 includes a $92 million gain associated with the remeasurement of its existing equity investment in a Permian basin joint venture, arising from the acquisition of the remaining interest. The third quarter of 2022 includes a $509 million gain on a lease reclassification.
(2) The year ended December 31, 2021 includes a one time impact from Refining Logistics harmonization project of $54 million.
(3) Excludes gain/ loss on extinguishment of debt and amortization of deferred financing costs.
(4) 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.
10
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MPLX LP published this content on 27 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2024 11:20:06 UTC.
