Mplx Lp Stock Price, News & Analysis

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.

MPLX LP (NYSE: MPLX), a master limited partnership sponsored by Marathon Petroleum Corp. (NYSE: MPC), will host a conference call on August 4, 2021, at 9:30 a.m. EDT to discuss its 2021 second-quarter financial results. Interested parties can access the call via MPLX's website. A replay of the conference will be available for two weeks post-event. MPLX operates midstream energy infrastructure and logistics assets, including a network of pipelines and storage facilities across the U.S.

MPLX reported a net income of $739 million for Q1 2021, a significant recovery from a $2.7 billion loss in Q1 2020, attributed to previous non-cash impairment charges. The adjusted EBITDA was $1.4 billion, up from $1.3 billion year-over-year. The Logistics and Storage segment maintained stable income at $723 million, while the Gathering and Processing segment rebounded to $251 million from a loss of $3.2 billion a year earlier. MPLX generated $1.1 billion in net cash from operations and returned over $900 million to unitholders through distributions and unit repurchases.

The board of MPLX LP declared a quarterly cash distribution of $0.6875 per common unit for Q1 2021, equating to $2.75 annually. This distribution is set for payment on May 14, 2021, to unitholders of record by May 7, 2021. The release also informs that distributions to foreign investors will be subject to federal income tax withholding at the highest effective rate, as stipulated under Treasury Regulation Section 1.1446-4(b). MPLX is a master limited partnership involved in midstream energy infrastructure and distribution services.