Market Overview

MPLX LP Reports Third-Quarter 2019 Financial Results

Share:

FINDLAY, Ohio, Oct. 31, 2019 /PRNewswire/ --

  • Reported third quarter net income attributable to MPLX of $629 million; adjusted EBITDA attributable to MPLX of $1.2 billion, or $1.3 billion including full-quarter results of acquired business
  • Reported net cash provided by operating activities of $1.0 billion and 1.42x distribution coverage, which includes full-quarter results of acquired business
  • Targeting 2020 growth capital of approximately $2.0 billion
  • Completed acquisition of Andeavor Logistics on July 30
  • MPC announces formation of Midstream Special Committee

MPLX LP (NYSE:MPLX) today reported third quarter 2019 net income attributable to MPLX of $629 million compared with $510 million for the third quarter of 2018. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $1.2 billion compared with $937 million in the third quarter of 2018.

On July 30, MPLX closed its acquisition of Andeavor Logistics (ANDX). Third quarter adjusted EBITDA attributable to MPLX, including full-quarter results of ANDX, would have been $1.3 billion. Logistics and Storage (L&S) reported segment income from operations of $713 million and adjusted EBITDA of $849 million for the quarter, up $245 million and $302 million, respectively, versus the third quarter of last year. Gathering and Processing (G&P) reported segment income from operations of $213 million and adjusted EBITDA of $424 million for the quarter, up $9 million and $34 million, respectively, on a year-over-year basis.

"During the quarter, we progressed our slate of high-return projects, advancing MPLX's strategy of creating integrated crude oil and natural gas logistics from the Permian to Gulf Coast markets," said Gary R. Heminger, chairman and chief executive officer. "Additionally, we moved forward with high-grading our growth capex portfolio and today announced a growth capital target of approximately $2.0 billion for 2020."

During the quarter, MPLX generated $1.0 billion in net cash provided by operating activities and distributable cash flow, including a full-quarter of results from ANDX, of $1.0 billion, which provided adjusted distribution coverage of 1.42x. MPLX also announced its 27th consecutive distribution increase to $0.6775 per common unit, a $0.01 increase over the prior quarter and a 6.3 percent increase over the prior year third quarter.

 

Financial Highlights




Three Months Ended

 Sept. 30



Nine Months Ended

 Sept. 30

(In millions, except per unit and ratio data)


2019



2018



2019



2018

Net income attributable to MPLX


$

629




$

510




$

1,614




$

1,384


Adjusted net income attributable to MPLX(a)


681




N/A




2,015




N/A


Adjusted EBITDA attributable to MPLX LP (excluding
predecessor results)(b)


1,165




937




3,015




2,564


Adjusted EBITDA attributable to MPLX LP (including
predecessor results)(c)


1,273




N/A




3,785




N/A


Net cash provided by operating activities


1,036




737




2,990




2,027


Distributable cash flow attributable to MPLX LP(c)


1,027




766




3,055




2,080


Distribution per common unit(d)


$

0.6775




$

0.6375




$

2.0025




$

1.8825


Distribution coverage ratio(e)


1.42x




1.47x




1.54x




1.38x


Consolidated debt to adjusted EBITDA(f)


4.0x




3.8x




N/A




N/A






View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com