Mplx Lp Stock Price, News & Analysis

MPLX LP will host a conference call on February 2, 2022, at 9:30 a.m. EST to discuss its 2021 fourth-quarter and full-year financial results. Interested parties can listen via MPLX's website, where a replay will be available for two weeks. The necessary financial information, including the earnings release, will be accessible online prior to the call. MPLX operates midstream energy infrastructure and logistics, including pipelines, storage, and gathering systems in key U.S. supply basins.

MPLX announced a binding open season for its subsidiary, Tesoro High Plains Pipeline Company, to gauge shipper interest in expanding the Connolly Gathering System in North Dakota. This expansion aims to provide additional gathering services from new crude oil origin points, estimated to offer between 70,000 and 100,000 barrels per day based on shipper commitments. The open season runs from November 16, 2021, to December 15, 2021, with details available upon signing a Confidentiality Agreement.

MPLX reported a net income of $802 million for Q3 2021, a rise from $665 million in Q3 2020. Adjusted EBITDA was $1.4 billion, up from $1.3 billion year-over-year. The company generated $1.2 billion in cash from operating activities and declared a $1.28 cash distribution per unit, including a special distribution of $0.575. The Logistics and Storage segment performed well with operational income of $752 million, and Gathering and Processing income increased to $279 million. MPLX maintains a leverage ratio of 3.7x and robust distribution coverage of 1.61x.

The board of MPLX LP has declared a quarterly cash distribution of $1.28 per common unit for Q3 2021. This includes a base distribution of $0.7050 per unit, reflecting a 2.5% increase from Q2 2021, and a special distribution of $0.5750 per unit. The distribution will be paid on Nov. 19, 2021 to unitholders of record as of Nov. 12, 2021. The announcement highlights MPLX's commitment to returning value to its investors amidst its diversified midstream energy operations.

MPLX LP (NYSE: MPLX) announced the retirement of Pamela K.M. Beall, CFO, later this year after over 25 years with Marathon Petroleum (NYSE: MPC). John J. Quaid will succeed her on Sept. 1, 2021. Beall's tenure included pivotal roles in establishing MPC and MPLX as public entities and achieving excess cash flow goals. Quaid, with experience in various financial roles at MPC and United States Steel Corp., aims to drive continued growth and value creation.

MPLX reported a net income of $706 million for Q2 2021, up from $648 million in Q2 2020. Adjusted EBITDA was $1.374 billion, increasing from $1.227 billion year-over-year. Net cash from operating activities reached $1.365 billion. The Logistics and Storage segment generated $787 million in income, while the Gathering and Processing segment contributed $144 million. MPLX maintained a distribution level of $0.6875 per unit with a coverage ratio of 1.73x. The company repurchased $343 million of units, focusing on disciplined capital investments.

Marathon Petroleum Corp. reported a substantial second-quarter 2021 net income of $8.5 billion ($13.00 per diluted share), a significant increase from $9 million ($0.01 per diluted share) in Q2 2020. Adjusted income was $437 million ($0.67 per diluted share), up from an adjusted net loss of $868 million in the same period last year. The company closed the $21 billion Speedway sale and committed $10 billion for share repurchases. Ongoing renewable projects are progressing, with a focus on sustainability. The firm achieved $2.2 billion in adjusted EBITDA, a significant increase from $653 million in Q2 2020.

The MPLX LP board declared a quarterly cash distribution of $0.6875 per common unit for Q2 2021, equating to an annualized $2.75. This distribution is scheduled for payment on August 13, 2021, to unitholders of record by August 6, 2021. Notably, distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate. MPLX is a large-cap master limited partnership focused on midstream energy infrastructure, including crude oil and refined product pipelines, among other assets.