Welcome to our dedicated page for Mplx Lp news (Ticker: MPLX), a resource for investors and traders seeking the latest updates and insights on Mplx Lp stock.
MPLX LP (NYSE: MPLX) is a diversified, large-cap master limited partnership focused on midstream energy infrastructure and logistics, and its news flow reflects this operational scope. Company announcements commonly cover quarterly and annual financial results, distribution declarations, tax reporting information, strategic transactions, and updates on major pipeline and processing projects.
Investors following MPLX news can expect regular earnings releases that discuss segment performance in Crude Oil and Products Logistics and Natural Gas and NGL Services, including metrics such as adjusted EBITDA, distributable cash flow, and operating statistics for pipelines, terminals, gathering systems, processing plants, and fractionation facilities. These releases often highlight capital allocation decisions, including cash distributions to common unitholders and unit repurchase activity.
MPLX also issues news on strategic growth initiatives and portfolio changes. Recent communications have described the acquisition of Northwind Midstream to expand sour gas gathering, treating, and processing in the Delaware basin, the announced divestiture of Rockies gathering and processing assets to Harvest Midstream, and participation in long-haul natural gas pipelines such as the Eiger Express project from the Permian basin to the Katy area in Texas. Additional updates address expansions of processing capacity, fractionation projects, and export infrastructure along the Gulf Coast.
Governance and corporate developments appear in MPLX’s news as well, including changes to the board of directors of its general partner and leadership roles. The partnership also announces investor-focused items such as the availability of Schedule K-3 tax packages and the scheduling of conference calls and webcasts for financial results. For readers tracking MPLX, the news stream provides insight into the partnership’s midstream asset base, capital projects, financial policies, and governance actions over time.
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MPLX LP (NYSE: MPLX) has priced $3 billion in unsecured senior notes. This includes $1.5 billion of 1.75% senior notes due in 2026 and $1.5 billion of 2.65% senior notes due in 2030. The notes were offered at 99.785% and 99.913% of par, respectively. Proceeds will be used to repay existing debts, including a $1 billion term loan maturing in 2021 and various senior notes due in 2021, 2022, and 2024. The offering is expected to close on August 18, 2020. RBC Capital Markets, J.P. Morgan, and MUFG are the joint book-running managers for the offering.
MPLX reported a second-quarter 2020 net income of $648 million, up from $482 million in Q2 2019. Adjusted EBITDA remained stable at $1.2 billion. The company generated $1.1 billion in net cash from operations, with a distribution coverage ratio of 1.39x. MPLX aims to cut capital spending by over $700 million and operating expenses by $200 million in 2020. Despite challenges from the pandemic, the Logistics and Storage segment saw income growth, while the Gathering and Processing segment faced declines. MPLX aims for positive free cash flow in 2021.
Marathon Petroleum Corp. reported a second-quarter income of $9 million, or $0.01 per diluted share, significantly down from $1.1 billion in the same quarter last year. The results included a $1.5 billion lower of cost or market inventory benefit. An adjusted net loss was $868 million, reflecting challenges due to COVID-19. The company announced a $21 billion agreement to sell Speedway, with expected after-tax proceeds of $16.5 billion to enhance the balance sheet and return capital to shareholders. Additionally, Gallup and Martinez refineries are indefinitely idled.
The board of MPLX LP has declared a quarterly cash distribution of $0.6875 per common unit for Q2 2020, totaling $2.75 annually. This amount is unchanged from Q1 2020 but reflects a 3% increase compared to Q2 2019. The distribution will be paid on August 14, 2020, to unitholders on record by August 7, 2020. Notably, distributions to foreign investors will be subject to federal income tax withholding at the highest applicable rate. MPLX operates a diversified midstream energy infrastructure, including pipelines and storage facilities.