Mplx Lp Stock Price, News & Analysis

Marathon Petroleum Corporation (MPC) announced that Donald C. Templin, CFO and executive vice president, will retire in January 2021. Templin has been instrumental in MPC's growth since joining in 2011 and played a key role during the transition to the current CEO, Michael J. Hennigan. A search for a new CFO is ongoing. Templin has also served on the board of MPLX LP, MPC's master limited partnership. His retirement comes as the company operates the largest refining system in the U.S., with a marketing system including Marathon-branded retail locations.

MPLX LP and WhiteWater Midstream have announced the completion of a significant expansion of the Agua Blanca pipeline system, increasing its capacity to over 3 billion cubic feet per day (Bcf/d). This expansion, starting testing this month, enhances transportation services for gas produced in Texas and New Mexico. It connects nearly 20 gas processing sites in the Delaware Basin and aims to deliver more reliable services to regional producers. The project marks a major development in midstream energy infrastructure and is set to be fully operational in early 2021.

MPLX reported a net income of $665 million for Q3 2020, up from $629 million in Q3 2019, following a $36 million charge related to workforce reduction costs. The adjusted EBITDA remained stable at $1.3 billion. MPLX generated $1.2 billion in operating cash flow and announced a quarterly distribution of $0.6875 per unit, maintaining a coverage ratio of 1.44x. The board authorized a unit repurchase program of up to $1 billion. Estimated capital spending cuts exceed $700 million for 2020, aiming for positive free cash flow in 2021.

The board of directors of MPLX LP has declared a quarterly cash distribution of $0.6875 per common unit for Q3 2020, amounting to $2.75 annually. The payment date is set for November 13, 2020, with the record date on November 6, 2020. Furthermore, the release details that 100% of MPLX’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate. MPLX operates midstream energy infrastructure, including crude oil pipelines and processing facilities.

MPLX LP announced an extension of the binding open season for the SLC Core Pipeline System expansion until Nov. 6, 2020, at 12 p.m. CST. This extension is in response to shipper feedback and includes modest revisions to the transportation service agreement. The proposed expansion aims to increase pipeline capacity by approximately 11,000 barrels per day, bringing total capacity to around 56,000 bpd. Service is expected to commence in the first quarter of 2022.

MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on November 2, 2020, at 11 a.m. EST to discuss its 2020 third-quarter financial results, which will be released that day. The call aims to update stakeholders on company operations. Interested parties can listen via MPLX's website. The company operates midstream energy infrastructure including pipelines, terminals, and processing facilities across key U.S. supply basins.

Marathon Petroleum Corporation (MPC) and MPLX LP (MPLX) announced the redemption of senior notes totaling $650 million and $300 million due in December 2020 and October 2022, respectively. The MPC notes will be redeemed at par on November 15, 2020, while MPLX's notes will be redeemed at par on October 15, 2020. The regular interest payment for MPLX will be made to holders of record by October 1, 2020. This release serves only as an informational notice and is not a buy or sell solicitation.

MPLX LP (NYSE: MPLX) announced the launch of a binding open season on Sept. 21, 2020, to gauge shipper interest in firm capacity on the SLC Core Pipeline System, which transports crude oil from Fort Laramie Station, Wyoming, to Wahsatch Station, Utah. The open season will end at noon CDT on Oct. 23, 2020. This proposed capacity expansion aims to increase the pipeline's capacity by approximately 11,000 barrels per day, bringing the total to about 56,000 bpd, with service expected to commence in Q1 2022.