MPLX Q1 Tops Estimates On Strong Growth Across Businesses - MPLX (NYSE:MPLX)

MPLX LP MPLX Q1 2023 revenues of $2.71 billion, beating the consensus of $2.61 billion.
Adjusted EBITDA rose 9% Y/Y to $1.52 billion, with growth across all segments - Logistics and Storage segment ($1.03 billion vs. $904 million in Q1 2022) and Gathering and Processing segment ($493 million vs. $489 million a year ago)
In Logistics and Storage segment, total pipeline throughputs rose 6% Y/Y to 5.6 million barrels per day (bpd), with average tariff rising 1% Y/Y to $0.90 per barrel. Terminal throughput rose 5% Y/Y to 3.1 million bpd in Q1.
In Gathering and Processing segment, Gathered volumes averaged 6.4 bcf/d (+21% Y/Y), Processed volumes averaged 8.6 bcf/d (+4% Y/Y), and Fractionated volumes averaged 593 thousand bpd (+13% Y/Y).
EPS of $0.91 beat the consensus of $0.83.
Distributable cash flow increased 5% Y/Y to $1.27 billion, and cash flow from operating activities rose 9% Y/Y to $1.23 billion in Q1.
MPLX returned $821 million to unitholders and declared a distribution of $0.775 per common unit for Q1 2023.
"Our business continues to grow and generate strong cash flows. We are advancing our growth projects anchored in the Marcellus, Permian and Bakken basins," said Michael J. Hennigan, MPLX chairman, president and chief executive officer. "These disciplined investments in high return projects, along with our focus on costs and portfolio optimization, are expected to grow our cash flows. This will allow us to reinvest in the business and return capital to unitholders."
Price Action: MPLX shares are trading higher by 0.342% at $35.00 on the last check Tuesday.

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