MPLX LP Reports Fourth-Quarter and Full-Year 2023 Financial Results
-
Fourth-quarter
net income attributable to MPLX of
$1.1 billion and adjusted EBITDA of$1.6 billion -
Full-year 2023 net income attributable to MPLX of
$3.9 billion and adjusted EBITDA of$6.3 billion -
Full-year 2023 net cash provided by operating activities of
$5.4 billion and distributable cash flow of$5.3 billion -
Returned
$3.3 billion of capital to unitholders for the full year, reflecting 10% quarterly distribution increase for second consecutive year - Advancing Permian growth strategy with acquisition of partner's interest in G&P joint venture
-
2024 capital spending outlook of
$1.1 billion
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was
During the quarter, MPLX generated
For the full year 2023, MPLX generated
"In 2023, strong operational performance and contributions from organic growth projects drove nearly 9% growth in MPLX's adjusted EBITDA and over 7% growth in distributable cash flow," said
Financial Highlights (unaudited)
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Three Months Ended
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Twelve Months Ended
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||||||
(In millions, except per unit and ratio data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net income attributable to |
$ |
1,134 |
|
$ |
816 |
|
$ |
3,928 |
|
$ |
3,944 |
Adjusted EBITDA attributable to |
|
1,623 |
|
|
1,454 |
|
|
6,269 |
|
|
5,775 |
Net cash provided by operating activities |
|
1,489 |
|
|
1,368 |
|
|
5,397 |
|
|
5,019 |
Distributable cash flow attributable to |
|
1,384 |
|
|
1,270 |
|
|
5,340 |
|
|
4,981 |
Distribution per common unit(b) |
$ |
0.850 |
|
$ |
0.775 |
|
$ |
3.250 |
|
$ |
2.960 |
Distribution coverage(c) |
|
1.6x |
|
|
1.6x |
|
|
1.6x |
|
|
1.6x |
Consolidated total debt to LTM adjusted EBITDA(d) |
|
3.3x |
|
|
3.5x |
|
|
3.3x |
|
|
3.5x |
Cash paid for common unit repurchases |
$ |
— |
|
$ |
176 |
|
$ |
— |
|
$ |
491 |
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(a) |
Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow. |
(b) |
Distributions declared by the board of directors of MPLX's general partner. |
(c) |
DCF attributable to GP and LP unitholders divided by total GP and LP distributions. |
(d) |
Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow. |
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Segment Results
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(In millions) |
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Three Months Ended
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Twelve Months Ended
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Segment adjusted EBITDA attributable to |
|
2023 |
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2022 |
|
|
2023 |
|
|
2022 |
Logistics and Storage |
$ |
1,089 |
|
$ |
979 |
|
$ |
4,228 |
|
$ |
3,818 |
Gathering and Processing |
|
534 |
|
|
475 |
|
|
2,041 |
|
|
1,957 |
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Logistics & Storage
L&S segment adjusted EBITDA for the fourth quarter of 2023 increased by
Total pipeline throughputs were 5.8 million barrels per day (bpd) in the fourth quarter, an increase of 3% versus the same quarter of 2022. The average pipeline tariff rate was
Gathering & Processing
G&P segment adjusted EBITDA for the fourth quarter of 2023 increased by
In the fourth quarter of 2023:
- Gathered volumes averaged 6.3 billion cubic feet per day (bcf/d), a 1% increase from the fourth quarter of 2022.
- Processed volumes averaged 9.4 bcf/d, a 9% increase versus the fourth quarter of 2022.
- Fractionated volumes averaged 599 thousand bpd, a 3% increase versus the fourth quarter of 2022.
In the Marcellus:
- Gathered volumes averaged 1.5 bcf/d in the fourth quarter, a 10% increase versus the fourth quarter of 2022.
- Processed volumes averaged 6.0 bcf/d in the fourth quarter, a 9% increase versus the fourth quarter of 2022.
- Fractionated volumes averaged 523 thousand bpd in the fourth quarter, a 1% increase versus the fourth quarter of 2022.
Strategic Update
MPLX is advancing its Permian growth strategy through the acquisition of the remaining 40% interest in a gathering and processing joint venture for approximately
MPLX's capital spending outlook for 2024 is
In the L&S segment, MPLX is expanding its natural gas and natural gas liquids long-haul and crude gathering pipelines supporting the Permian and Bakken basins. Specifically in the Permian, working with its partners, MPLX is progressing its natural gas strategy. Construction is progressing on the Agua
In the G&P segment, MPLX remains focused on the Permian and Marcellus basins in response to producer demand. In the
Financial Position and Liquidity
As of
Conference Call
At
About
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key
Investor Relations Contact: (419) 421-2071
Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager
Non-GAAP references
In addition to our financial information presented in accordance with
The Partnership makes a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is outstanding, changes in the fair value of the derivative are recorded as an unrealized gain or loss. When a derivative contract matures or is settled, the previously recorded unrealized gain or loss is reversed and the realized gain or loss of the contract is recorded.
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures.
DCF is a financial performance measure used by management as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders.
Adjusted FCF and adjusted free cash flow after distributions are financial performance measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for (i) net cash used in investing activities; (ii) cash contributions from MPC; (iii) cash contributions from noncontrolling interests and (iv) cash distributions to noncontrolling interests. We define adjusted free cash flow after distributions as Adjusted FCF less base distributions to common and preferred unitholders.
Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.
Forward-Looking Statements
This press release contains forward-looking statements regarding
Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other
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Condensed Consolidated Results of Operations |
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Three Months Ended
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Twelve Months Ended
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(In millions, except per unit data) |
|
2023 |
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2022 |
|
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2023 |
|
|
2022 |
Revenues and other income: |
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
1,226 |
|
$ |
1,171 |
|
$ |
4,877 |
|
$ |
5,361 |
Operating revenue - related parties |
|
1,449 |
|
|
1,330 |
|
|
5,557 |
|
|
5,180 |
Income from equity method investments |
|
162 |
|
|
141 |
|
|
600 |
|
|
476 |
Other income(a) |
|
129 |
|
|
20 |
|
|
247 |
|
|
596 |
Total revenues and other income |
|
2,966 |
|
|
2,662 |
|
|
11,281 |
|
|
11,613 |
Costs and expenses: |
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|
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|
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Operating expenses (including purchased product costs) |
|
764 |
|
|
803 |
|
|
3,081 |
|
|
3,555 |
Operating expenses - related parties |
|
393 |
|
|
389 |
|
|
1,577 |
|
|
1,467 |
Depreciation and amortization |
|
306 |
|
|
305 |
|
|
1,213 |
|
|
1,230 |
General and administrative expenses |
|
99 |
|
|
87 |
|
|
379 |
|
|
335 |
Other taxes |
|
29 |
|
|
18 |
|
|
131 |
|
|
115 |
Total costs and expenses |
|
1,591 |
|
|
1,602 |
|
|
6,381 |
|
|
6,702 |
Income from operations |
|
1,375 |
|
|
1,060 |
|
|
4,900 |
|
|
4,911 |
Interest and other financial costs |
|
222 |
|
|
234 |
|
|
923 |
|
|
925 |
Income before income taxes |
|
1,153 |
|
|
826 |
|
|
3,977 |
|
|
3,986 |
Provision for income taxes |
|
9 |
|
|
2 |
|
|
11 |
|
|
8 |
Net income |
|
1,144 |
|
|
824 |
|
|
3,966 |
|
|
3,978 |
Less: Net income attributable to noncontrolling interests |
|
10 |
|
|
8 |
|
|
38 |
|
|
34 |
Net income attributable to |
|
1,134 |
|
|
816 |
|
|
3,928 |
|
|
3,944 |
Less: Series A preferred unitholders interest in net income |
|
23 |
|
|
23 |
|
|
94 |
|
|
88 |
Less: Series B preferred unitholders interest in net income |
|
— |
|
|
10 |
|
|
5 |
|
|
41 |
Limited partners' interest in net income attributable to |
$ |
1,111 |
|
$ |
783 |
|
$ |
3,829 |
|
$ |
3,815 |
|
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Per Unit Data |
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Net income attributable to |
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Common – basic |
$ |
1.10 |
|
$ |
0.78 |
|
$ |
3.80 |
|
$ |
3.75 |
Common – diluted |
$ |
1.10 |
|
$ |
0.78 |
|
$ |
3.80 |
|
$ |
3.75 |
Weighted average limited partner units outstanding: |
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Common units – basic |
|
1,002 |
|
|
1,003 |
|
|
1,001 |
|
|
1,010 |
Common units – diluted |
|
1,003 |
|
|
1,003 |
|
|
1,002 |
|
|
1,010 |
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(a) |
The three and twelve months ended |
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Select Financial Statistics (unaudited) |
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Three Months Ended
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Twelve Months Ended
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(In millions, except ratio data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Common unit distributions declared by |
|
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|
|
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|
|
Common units (LP) – public |
$ |
303 |
|
$ |
274 |
|
$ |
1,152 |
|
$ |
1,063 |
Common units – MPC |
|
550 |
|
|
502 |
|
|
2,104 |
|
|
1,917 |
Total GP and LP distribution declared |
|
853 |
|
|
776 |
|
|
3,256 |
|
|
2,980 |
|
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|
|
|
|
|
|
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|
|
Preferred unit distributions (a) |
|
|
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|
|
|
|
|
|
Series A preferred unit distributions |
|
23 |
|
|
23 |
|
|
94 |
|
|
88 |
Series B preferred unit distributions |
|
— |
|
|
10 |
|
|
5 |
|
|
41 |
Total preferred unit distributions |
|
23 |
|
|
33 |
|
|
99 |
|
|
129 |
|
|
|
|
|
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|
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Other Financial Data |
|
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Adjusted EBITDA attributable to |
|
1,623 |
|
|
1,454 |
|
|
6,269 |
|
|
5,775 |
DCF attributable to GP and LP unitholders(b) |
$ |
1,361 |
|
$ |
1,237 |
|
$ |
5,241 |
|
$ |
4,852 |
Distribution coverage(c) |
|
1.6x |
|
|
1.6x |
|
|
1.6x |
|
|
1.6x |
|
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Cash Flow Data |
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Net cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
$ |
1,489 |
|
$ |
1,368 |
|
$ |
5,397 |
|
$ |
5,019 |
Investing activities |
|
(525) |
|
|
(280) |
|
|
(1,252) |
|
|
(956) |
Financing activities |
$ |
(876) |
|
$ |
(971) |
|
$ |
(3,335) |
|
$ |
(3,838) |
|
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(a) |
Includes MPLX distributions declared on the Series A and Series B preferred units as well as distributions earned on the Series B preferred units. Series A preferred unitholders receive the greater of |
(b) |
Non-GAAP measure. See reconciliation below. |
(c) |
DCF attributable to GP and LP unitholders divided by total GP and LP distribution declared. |
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Financial Data (unaudited) |
|
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(In millions, except ratio data) |
|
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Cash and cash equivalents |
$ |
1,048 |
|
$ |
238 |
Total assets |
|
36,529 |
|
|
35,665 |
Total debt(a) |
|
20,431 |
|
|
19,796 |
Redeemable preferred units |
|
895 |
|
|
968 |
Total equity |
$ |
12,689 |
|
$ |
12,546 |
Consolidated debt to LTM adjusted EBITDA(b) |
|
3.3x |
|
|
3.5x |
|
|
|
|
|
|
Partnership units outstanding: |
|
|
|
|
|
MPC-held common units |
|
647 |
|
|
647 |
Public common units |
|
356 |
|
|
354 |
|
|
|
|
|
|
|
|
(a) |
There were no borrowings on the loan agreement with MPC as of |
(b) |
Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was |
|
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Operating Statistics |
|
Three Months Ended
|
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Twelve Months Ended
|
||||||||||
|
2023 |
|
|
2022 |
|
% |
|
|
2023 |
|
|
2022 |
|
% |
|
Logistics and Storage |
|
|
|
|
|
|
|
|
|
|
|
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Pipeline throughput (mbpd) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil pipelines |
|
3,701 |
|
|
3,543 |
|
4 % |
|
|
3,772 |
|
|
3,549 |
|
6 % |
Product pipelines |
|
2,078 |
|
|
2,068 |
|
0 % |
|
|
2,040 |
|
|
2,111 |
|
(3) % |
Total pipelines |
|
5,779 |
|
|
5,611 |
|
3 % |
|
|
5,812 |
|
|
5,660 |
|
3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tariff rates ($ per barrel) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil pipelines |
$ |
0.98 |
|
$ |
0.93 |
|
5 % |
|
$ |
0.96 |
|
$ |
0.91 |
|
5 % |
Product pipelines |
|
0.96 |
|
|
0.83 |
|
16 % |
|
|
0.90 |
|
|
0.81 |
|
11 % |
Total pipelines |
$ |
0.97 |
|
$ |
0.89 |
|
9 % |
|
$ |
0.94 |
|
$ |
0.87 |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal throughput (mbpd) |
|
3,023 |
|
|
3,018 |
|
— % |
|
|
3,130 |
|
|
3,022 |
|
4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barges at period-end |
|
305 |
|
|
296 |
|
3 % |
|
|
305 |
|
|
296 |
|
3 % |
Towboats at period-end |
|
29 |
|
|
23 |
|
26 % |
|
|
29 |
|
|
23 |
|
26 % |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
Gathering and |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||||||
|
2023 |
|
|
2022 |
|
% |
|
|
2023 |
|
|
2022 |
|
% |
|
Gathering throughput (MMcf/d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus Operations |
|
1,495 |
|
|
1,359 |
|
10 % |
|
|
1,389 |
|
|
1,321 |
|
5 % |
Utica Operations(b) |
|
— |
|
|
— |
|
— % |
|
|
— |
|
|
— |
|
— % |
Southwest Operations |
|
1,442 |
|
|
1,398 |
|
3 % |
|
|
1,369 |
|
|
1,374 |
|
— % |
Bakken Operations |
|
182 |
|
|
167 |
|
9 % |
|
|
165 |
|
|
152 |
|
9 % |
Rockies Operations |
|
505 |
|
|
435 |
|
16 % |
|
|
474 |
|
|
427 |
|
11 % |
Total gathering throughput |
|
3,624 |
|
|
3,359 |
|
8 % |
|
|
3,397 |
|
|
3,274 |
|
4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed (MMcf/d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus Operations |
|
4,392 |
|
|
4,076 |
|
8 % |
|
|
4,179 |
|
|
4,035 |
|
4 % |
Utica Operations(b) |
|
— |
|
|
— |
|
— % |
|
|
— |
|
|
— |
|
— % |
Southwest Operations |
|
1,537 |
|
|
1,456 |
|
6 % |
|
|
1,466 |
|
|
1,448 |
|
1 % |
Southern Appalachian Operations |
|
207 |
|
|
209 |
|
(1) % |
|
|
216 |
|
|
217 |
|
— % |
Bakken Operations |
|
182 |
|
|
167 |
|
9 % |
|
|
163 |
|
|
146 |
|
12 % |
Rockies Operations |
|
515 |
|
|
446 |
|
15 % |
|
|
483 |
|
|
438 |
|
10 % |
Total natural gas processed |
|
6,833 |
|
|
6,354 |
|
8 % |
|
|
6,507 |
|
|
6,284 |
|
4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs fractionated (mbpd) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus Operations |
|
523 |
|
|
518 |
|
1 % |
|
|
530 |
|
|
488 |
|
9 % |
Utica Operations(b) |
|
— |
|
|
— |
|
— % |
|
|
— |
|
|
— |
|
— % |
Southern Appalachian Operations |
|
12 |
|
|
11 |
|
9 % |
|
|
11 |
|
|
11 |
|
— % |
Bakken Operations |
|
22 |
|
|
22 |
|
— % |
|
|
20 |
|
|
21 |
|
(5) % |
Rockies Operations |
|
3 |
|
|
3 |
|
— % |
|
|
3 |
|
|
4 |
|
(25) % |
Total C2 + NGLs fractionated |
|
560 |
|
|
554 |
|
1 % |
|
|
564 |
|
|
524 |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes operating data for entities that have been consolidated into the MPLX financial statements. |
(b) |
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||||||
|
2023 |
|
|
2022 |
|
% |
|
|
2023 |
|
|
2022 |
|
% |
|
Gathering throughput (MMcf/d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus Operations |
|
1,495 |
|
|
1,359 |
|
10 % |
|
|
1,389 |
|
|
1,321 |
|
5 % |
Utica Operations |
|
2,196 |
|
|
2,389 |
|
(8) % |
|
|
2,338 |
|
|
2,134 |
|
10 % |
Southwest Operations |
|
1,762 |
|
|
1,700 |
|
4 % |
|
|
1,772 |
|
|
1,629 |
|
9 % |
Bakken Operations |
|
182 |
|
|
167 |
|
9 % |
|
|
165 |
|
|
152 |
|
9 % |
Rockies Operations |
|
617 |
|
|
564 |
|
9 % |
|
|
593 |
|
|
558 |
|
6 % |
Total gathering throughput |
|
6,252 |
|
|
6,179 |
|
1 % |
|
|
6,257 |
|
|
5,794 |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed (MMcf/d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus Operations |
|
6,041 |
|
|
5,549 |
|
9 % |
|
|
5,773 |
|
|
5,515 |
|
5 % |
Utica Operations |
|
653 |
|
|
514 |
|
27 % |
|
|
564 |
|
|
495 |
|
14 % |
Southwest Operations |
|
1,777 |
|
|
1,703 |
|
4 % |
|
|
1,772 |
|
|
1,637 |
|
8 % |
Southern Appalachian Operations |
|
207 |
|
|
209 |
|
(1) % |
|
|
216 |
|
|
217 |
|
— % |
Bakken Operations |
|
182 |
|
|
167 |
|
9 % |
|
|
163 |
|
|
146 |
|
12 % |
Rockies Operations |
|
515 |
|
|
446 |
|
15 % |
|
|
483 |
|
|
438 |
|
10 % |
Total natural gas processed |
|
9,375 |
|
|
8,588 |
|
9 % |
|
|
8,971 |
|
|
8,448 |
|
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs fractionated (mbpd) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus Operations |
|
523 |
|
|
518 |
|
1 % |
|
|
530 |
|
|
488 |
|
9 % |
Utica Operations |
|
39 |
|
|
29 |
|
34 % |
|
|
33 |
|
|
28 |
|
18 % |
Southern Appalachian Operations |
|
12 |
|
|
11 |
|
9 % |
|
|
11 |
|
|
11 |
|
— % |
Bakken Operations |
|
22 |
|
|
22 |
|
— % |
|
|
20 |
|
|
21 |
|
(5) % |
Rockies Operations |
|
3 |
|
|
3 |
|
— % |
|
|
3 |
|
|
4 |
|
(25) % |
Total C2 + NGLs fractionated |
|
599 |
|
|
583 |
|
3 % |
|
|
597 |
|
|
552 |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Segment Adjusted EBITDA to |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
L&S segment adjusted EBITDA attributable to |
$ |
1,089 |
|
$ |
979 |
|
$ |
4,228 |
|
$ |
3,818 |
G&P segment adjusted EBITDA attributable to |
|
534 |
|
|
475 |
|
|
2,041 |
|
|
1,957 |
Adjusted EBITDA attributable to |
|
1,623 |
|
|
1,454 |
|
|
6,269 |
|
|
5,775 |
Depreciation and amortization |
|
(306) |
|
|
(305) |
|
|
(1,213) |
|
|
(1,230) |
Interest and other financial costs |
|
(222) |
|
|
(234) |
|
|
(923) |
|
|
(925) |
Income from equity method investments |
|
162 |
|
|
141 |
|
|
600 |
|
|
476 |
Distributions/adjustments related to equity method investments |
|
(223) |
|
|
(202) |
|
|
(774) |
|
|
(652) |
Gain on sales-type leases and equity method investments |
|
92 |
|
|
— |
|
|
92 |
|
|
509 |
Adjusted EBITDA attributable to noncontrolling interests |
|
11 |
|
|
9 |
|
|
42 |
|
|
38 |
Garyville incident response recoveries (costs) |
|
47 |
|
|
— |
|
|
(16) |
|
|
— |
Other(a) |
|
(40) |
|
|
(39) |
|
|
(111) |
|
|
(13) |
Net income |
$ |
1,144 |
|
$ |
824 |
|
$ |
3,966 |
|
$ |
3,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items. |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Segment Adjusted EBITDA to |
Three Months Ended
|
|
Twelve Months Ended
|
||||||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
L&S |
|
|
|
|
|
|
|
|
|
|
|
L&S segment adjusted EBITDA |
$ |
1,089 |
|
$ |
979 |
|
|
4,228 |
|
|
3,818 |
Depreciation and amortization |
|
(131) |
|
|
(128) |
|
|
(530) |
|
|
(515) |
Income from equity method investments |
|
97 |
|
|
84 |
|
|
345 |
|
|
267 |
Distributions/adjustments related to equity method investments |
|
(123) |
|
|
(117) |
|
|
(401) |
|
|
(329) |
Garyville incident response recoveries (costs) |
|
47 |
|
|
— |
|
|
(16) |
|
|
— |
Other |
|
(12) |
|
|
(6) |
|
|
(39) |
|
|
(25) |
|
|
|
|
|
|
|
|
|
|
|
|
G&P |
|
|
|
|
|
|
|
|
|
|
|
G&P segment adjusted EBITDA |
|
534 |
|
|
475 |
|
|
2,041 |
|
|
1,957 |
Depreciation and amortization |
|
(175) |
|
|
(177) |
|
|
(683) |
|
|
(715) |
Income from equity method investments |
|
65 |
|
|
57 |
|
|
255 |
|
|
209 |
Distributions/adjustments related to equity method investments |
|
(100) |
|
|
(85) |
|
|
(373) |
|
|
(323) |
Gain on sales-type leases and equity method investments |
|
92 |
|
|
— |
|
|
92 |
|
|
509 |
Adjusted EBITDA attributable to noncontrolling interests |
|
11 |
|
|
9 |
|
|
42 |
|
|
38 |
Other |
|
(19) |
|
|
(31) |
|
|
(61) |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
$ |
1,375 |
|
$ |
1,060 |
|
$ |
4,900 |
|
$ |
4,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconciliation of Adjusted EBITDA Attributable to |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net income(a) |
$ |
1,144 |
|
$ |
824 |
|
$ |
3,966 |
|
$ |
3,978 |
Provision for income taxes |
|
9 |
|
|
2 |
|
|
11 |
|
|
8 |
Interest and other financial costs |
|
222 |
|
|
234 |
|
|
923 |
|
|
925 |
Income from operations |
|
1,375 |
|
|
1,060 |
|
|
4,900 |
|
|
4,911 |
Depreciation and amortization |
|
306 |
|
|
305 |
|
|
1,213 |
|
|
1,230 |
Income from equity method investments |
|
(162) |
|
|
(141) |
|
|
(600) |
|
|
(476) |
Distributions/adjustments related to equity method investments |
|
223 |
|
|
202 |
|
|
774 |
|
|
652 |
Gain on sales-type leases and equity method investments |
|
(92) |
|
|
— |
|
|
(92) |
|
|
(509) |
Garyville incident response (recoveries) costs |
|
(47) |
|
|
— |
|
|
16 |
|
|
— |
Other |
|
31 |
|
|
37 |
|
|
100 |
|
|
5 |
Adjusted EBITDA |
|
1,634 |
|
|
1,463 |
|
|
6,311 |
|
|
5,813 |
Adjusted EBITDA attributable to noncontrolling interests |
|
(11) |
|
|
(9) |
|
|
(42) |
|
|
(38) |
Adjusted EBITDA attributable to |
|
1,623 |
|
|
1,454 |
|
|
6,269 |
|
|
5,775 |
Deferred revenue impacts |
|
32 |
|
|
71 |
|
|
97 |
|
|
158 |
Sales-type lease payments, net of income |
|
3 |
|
|
5 |
|
|
12 |
|
|
18 |
Net interest and other financial costs(b) |
|
(209) |
|
|
(216) |
|
|
(859) |
|
|
(851) |
Maintenance capital expenditures, net of reimbursements |
|
(57) |
|
|
(51) |
|
|
(150) |
|
|
(144) |
Equity method investment maintenance capital expenditures paid out |
|
(4) |
|
|
(3) |
|
|
(15) |
|
|
(13) |
Other |
|
(4) |
|
|
10 |
|
|
(14) |
|
|
38 |
DCF attributable to |
|
1,384 |
|
|
1,270 |
|
|
5,340 |
|
|
4,981 |
Preferred unit distributions(c) |
|
(23) |
|
|
(33) |
|
|
(99) |
|
|
(129) |
DCF attributable to GP and LP unitholders |
$ |
1,361 |
|
$ |
1,237 |
|
$ |
5,241 |
|
$ |
4,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The three and twelve months ended |
(b) |
Excludes gain/loss on extinguishment of debt and amortization of deferred financing costs. |
(c) |
Includes MPLX distributions declared on the Series A preferred units and Series B preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective |
|
|
|
|||
Reconciliation of Net Income to Last Twelve Month (LTM) adjusted |
|
Last Twelve Months |
|||
|
|
||||
(In millions) |
|
2023 |
|
|
2022 |
LTM Net income |
$ |
3,966 |
|
$ |
3,978 |
Provision for income taxes |
|
11 |
|
|
8 |
Interest and other financial costs |
|
923 |
|
|
925 |
LTM income from operations |
|
4,900 |
|
|
4,911 |
Depreciation and amortization |
|
1,213 |
|
|
1,230 |
Income from equity method investments |
|
(600) |
|
|
(476) |
Distributions/adjustments related to equity method investments |
|
774 |
|
|
652 |
Gain on sales-type leases and equity method investments |
|
(92) |
|
|
(509) |
Garyville incident response costs |
|
16 |
|
|
— |
Other |
|
100 |
|
|
5 |
LTM Adjusted EBITDA |
|
6,311 |
|
|
5,813 |
Adjusted EBITDA attributable to noncontrolling interests |
|
(42) |
|
|
(38) |
LTM Adjusted EBITDA attributable to |
|
6,269 |
|
|
5,775 |
Consolidated total debt(a) |
$ |
20,706 |
|
$ |
20,108 |
Consolidated total debt to LTM adjusted EBITDA |
|
3.3x |
|
|
3.5x |
|
|
|
|
|
|
|
|
(a) |
Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings under the loan agreement with MPC. |
|
|
|
|
|
|
|
|
|
|||
Reconciliation of Adjusted EBITDA Attributable to |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net cash provided by operating activities |
$ |
1,489 |
|
$ |
1,368 |
|
$ |
5,397 |
|
$ |
5,019 |
Changes in working capital items |
|
(90) |
|
|
(181) |
|
|
(146) |
|
|
(121) |
All other, net |
|
28 |
|
|
17 |
|
|
16 |
|
|
(34) |
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
9 |
|
|
1 |
Net interest and other financial costs(a) |
|
209 |
|
|
216 |
|
|
859 |
|
|
851 |
Other adjustments related to equity method investments |
|
13 |
|
|
29 |
|
|
38 |
|
|
74 |
Garyville incident response (recoveries) costs |
|
(47) |
|
|
— |
|
|
16 |
|
|
— |
Other |
|
32 |
|
|
14 |
|
|
122 |
|
|
23 |
Adjusted EBITDA |
|
1,634 |
|
|
1,463 |
|
|
6,311 |
|
|
5,813 |
Adjusted EBITDA attributable to noncontrolling interests |
|
(11) |
|
|
(9) |
|
|
(42) |
|
|
(38) |
Adjusted EBITDA attributable to |
|
1,623 |
|
|
1,454 |
|
|
6,269 |
|
|
5,775 |
Deferred revenue impacts |
|
32 |
|
|
71 |
|
|
97 |
|
|
158 |
Sales-type lease payments, net of income |
|
3 |
|
|
5 |
|
|
12 |
|
|
18 |
Net interest and other financial costs(a) |
|
(209) |
|
|
(216) |
|
|
(859) |
|
|
(851) |
Maintenance capital expenditures, net of reimbursements |
|
(57) |
|
|
(51) |
|
|
(150) |
|
|
(144) |
Equity method investment maintenance capital expenditures paid out |
|
(4) |
|
|
(3) |
|
|
(15) |
|
|
(13) |
Other |
|
(4) |
|
|
10 |
|
|
(14) |
|
|
38 |
DCF attributable to |
|
1,384 |
|
|
1,270 |
|
|
5,340 |
|
|
4,981 |
Preferred unit distributions (b) |
|
(23) |
|
|
(33) |
|
|
(99) |
|
|
(129) |
DCF attributable to GP and LP unitholders |
$ |
1,361 |
|
$ |
1,237 |
|
$ |
5,241 |
|
$ |
4,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Excludes gain/loss on extinguishment of debt and amortization of deferred financing costs. |
(b) |
Includes MPLX distributions declared on the Series A preferred units and Series B preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Cash Provided by Operating |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net cash provided by operating activities(a) |
$ |
1,489 |
|
$ |
1,368 |
|
$ |
5,397 |
|
$ |
5,019 |
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(525) |
|
|
(280) |
|
|
(1,252) |
|
|
(956) |
Contributions from MPC |
|
11 |
|
|
14 |
|
|
31 |
|
|
44 |
Distributions to noncontrolling interests |
|
(11) |
|
|
(9) |
|
|
(41) |
|
|
(38) |
Adjusted free cash flow |
|
964 |
|
|
1,093 |
|
|
4,135 |
|
|
4,069 |
Distributions paid to common and preferred unitholders |
|
(877) |
|
|
(799) |
|
|
(3,296) |
|
|
(3,047) |
Adjusted free cash flow after distributions |
$ |
87 |
|
$ |
294 |
|
$ |
839 |
|
$ |
1,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures (unaudited) |
|
Three Months Ended
|
|
|
Twelve Months Ended
|
||||||
(In millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|
|
Growth capital expenditures |
$ |
283 |
|
$ |
214 |
|
$ |
838 |
|
$ |
665 |
Growth capital reimbursements |
|
(46) |
|
|
(81) |
|
|
(165) |
|
|
(151) |
Investments in unconsolidated affiliates |
|
8 |
|
|
19 |
|
|
98 |
|
|
217 |
Return of capital |
|
(3) |
|
|
— |
|
|
(3) |
|
|
(11) |
Capitalized interest |
|
(4) |
|
|
(2) |
|
|
(14) |
|
|
(8) |
Total growth capital expenditures(a) |
|
238 |
|
|
150 |
|
|
754 |
|
|
712 |
Maintenance capital expenditures |
|
68 |
|
|
65 |
|
|
181 |
|
|
188 |
Maintenance capital reimbursements |
|
(11) |
|
|
(14) |
|
|
(31) |
|
|
(44) |
Capitalized interest |
|
— |
|
|
— |
|
|
(1) |
|
|
(1) |
Total maintenance capital expenditures |
|
57 |
|
|
51 |
|
|
149 |
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
Total growth and maintenance capital expenditures |
|
295 |
|
|
201 |
|
|
903 |
|
|
855 |
Investments in unconsolidated affiliates(b) |
|
(8) |
|
|
(19) |
|
|
(98) |
|
|
(217) |
Return of capital(b) |
|
3 |
|
|
— |
|
|
3 |
|
|
11 |
Growth and maintenance capital reimbursements(c) |
|
57 |
|
|
95 |
|
|
196 |
|
|
195 |
Increase in capital accruals |
|
(76) |
|
|
(8) |
|
|
(82) |
|
|
(47) |
Capitalized interest |
|
4 |
|
|
2 |
|
|
15 |
|
|
9 |
Additions to property, plant and equipment(a) |
$ |
275 |
|
$ |
271 |
|
$ |
937 |
|
$ |
806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Total growth capital expenditures exclude |
(b) |
Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. |
(c) |
Growth capital reimbursements are included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows. |
View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-fourth-quarter-and-full-year-2023-financial-results-302047752.html
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