MPLX LP Reports Strong Q1 2024 Financial Results

MPLX LP (NYSE: MPLX) has reported its first-quarter 2024 financial results, with notable changes in various metrics compared to the same period in 2023.

The first-quarter net income attributable to MPLX was $1,005 million, marking an increase from $943 million in the first quarter of 2023. Adjusted EBITDA attributable to MPLX also saw an increase, reaching $1,635 million compared to $1,519 million in the first quarter of 2023.

The logistics and storage (L&S) segment adjusted EBITDA for the first quarter of 2024 was $1,098 million, up from $1,026 million in the first quarter of 2023. Additionally, the gathering and processing (G&P) segment adjusted EBITDA for the first quarter of 2024 increased to $537 million from $493 million in the first quarter of 2023.

In terms of financial position and liquidity, MPLX had $385 million in cash as of March 31, 2024, and $2.0 billion available on its bank revolving credit facility, along with $1.5 billion available through its intercompany loan agreement with Marathon Petroleum Corp. The leverage ratio was reported at 3.2x, showing stability in cash flows to support leverage in the range of 4.0x.

MPLX also returned $951 million of capital to unitholders during the quarter and announced a first-quarter 2024 distribution of $0.85 per common unit, resulting in distribution coverage of 1.6x for the quarter.

On the operational front, MPLX reported that total pipeline throughputs were 5.3 million barrels per day (bpd) in the first quarter, a decrease of 6% versus the same quarter of 2023. Terminal throughput was 2.9 million bpd for the quarter, a decrease of 5% versus the same quarter of 2023.

In the gathering and processing segment, MPLX gathered volumes averaged 6.2 billion cubic feet per day (bcf/d), a 2% decrease from the first quarter of 2023. Processed volumes averaged 9.4 bcf/d, a 9% increase versus the first quarter of 2023.

MPLX's growth strategy is apparent in its strategic updates, including the acquisition of additional ownership interest in existing joint ventures and a dry gas gathering system for $625 million and the expansion of its Permian natural gas value chain.

The company continues to focus on its growth strategy anchored in the Marcellus and Permian basins, with processing plants in these regions advancing, such as the Harmon Creek II and Preakness II plants.

Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $41.98. Check out the company's full 8-K submission here.

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