About MPLX LP 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 an ...

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MPLX LP (MPLX) reported first-quarter earnings of 98 cents per unit, which missed the Zacks Consensus Estimate of 99 cents. The bottom line, however, increased from the year-ago quarter’s figure of 91 cents.Total quarterly revenues of $2.85 billion missed the Zacks Consensus Estimate of $2.93 million. However, the top line increased from the prior-year quarter’s level of $2.71 billion.The underperformance can be attributed to decreased total pipeline throughputs and higher operating expenses.Segmental Highl ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2024 and 2023 show net income of **$1,015 million** and diluted EPS of **$0.98** Consolidated Statements of Income (Unaudited) | (In millions, except per unit data) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total revenues and other income | $2,846 | $2,713 | | Income from operations | $1,251 | $1,196 | | Net income | $1,015 | $952 | | Net income attributable to MPLX LP | $1,005 | $943 | | Common - diluted EPS | $0.98 | $0.91 | Consolidated Balance Sheets (Unaudited) | (In millions) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $2,139 | $2,808 | | Total assets | $36,461 | $36,529 | | Total current liabilities | $2,960 | $2,624 | | Long-term debt | $18,805 | $19,296 | | Total liabilities | $22,814 | $22,945 | | Total equity | $13,086 | $12,689 | Consolidated Statements of Cash Flows (Unaudited) | (In millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,291 | $1,227 | | Net cash used in investing activities | $(996) | $(220) | | Net cash used in financing activities | $(958) | $(852) | | Net change in cash | $(663) | $155 | [Notes to Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Notes detail the **Utica Midstream Acquisition**, **$75 million** in unit repurchases, and a **$170 million** potential Dakota Access Pipeline obligation - On March 22, 2024, MPLX used **$625 million** cash to acquire additional ownership in existing joint ventures and gathering assets in the Utica basin, increasing its interest in Ohio Gathering Company L.L.C. (OGC) and Ohio Condensate Company L.L.C. (OCC)[35](index=35&type=chunk) - During Q1 2024, the company repurchased approximately **1.9 million** common units for **$75 million** As of March 31, 2024, **$771 million** remained under the **$1 billion** repurchase authorization[53](index=53&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - Declared a Q1 2024 cash distribution of **$0.850** per common unit, an increase from $0.775 in Q1 2023 Total declared distributions for Q1 2024 were **$874 million**[59](index=59&type=chunk)[60](index=60&type=chunk) - MPLX has a maximum potential undiscounted payment obligation of approximately **$170 million** under a Contingent Equity Contribution Agreement related to the Bakken Pipeline system (Dakota Access) if a permanent shutdown occurs[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 results, highlighting **7.6%** Adjusted EBITDA growth to **$1.6 billion** and **7.9%** DCF rise to **$1.4 billion** - Returned **$951 million** of capital to unitholders in Q1 2024 through distributions and unit repurchases[122](index=122&type=chunk) - Progressed growth strategy with the Utica Midstream Acquisition and entered a definitive agreement to combine the Whistler and Rio Bravo Pipeline projects in a new joint venture[122](index=122&type=chunk) Key Financial Metrics (Non-GAAP) | (In millions) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Variance | | :--- | :--- | :--- | :--- | | Adjusted EBITDA attributable to MPLX LP | $1,635 | $1,519 | $116 | | DCF attributable to MPLX LP | $1,370 | $1,268 | $102 | [L&S Segment Results](index=31&type=section&id=L%26S%20Segment%20Results) L&S segment reported **7.0%** Adjusted EBITDA increase to **$1,098 million**, driven by higher pipeline tariff rates and other income L&S Segment Financial Highlights | (In millions) | Q1 2024 | Q1 2023 | Variance | | :--- | :--- | :--- | :--- | | Total segment revenues and other income | $1,556 | $1,460 | $96 | | Segment Adjusted EBITDA | $1,098 | $1,026 | $72 | L&S Operating Data | | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Pipeline throughput (mbpd)** | | | | Crude oil pipelines | 3,462 | 3,642 | | Product pipelines | 1,831 | 1,988 | | **Total pipelines** | **5,293** | **5,630** | | **Terminal throughput (mbpd)** | 2,930 | 3,091 | [G&P Segment Results](index=33&type=section&id=G%26P%20Segment%20Results) G&P segment's Adjusted EBITDA increased **8.9%** to **$537 million** due to higher volumes and fees, partially offset by lower NGL prices G&P Segment Financial Highlights | (In millions) | Q1 2024 | Q1 2023 | Variance | | :--- | :--- | :--- | :--- | | Total segment revenues and other income | $1,290 | $1,253 | $37 | | Segment Adjusted EBITDA | $537 | $493 | $44 | G&P Operating Data (MPLX LP Consolidated) | | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Gathering Throughput (MMcf/d)** | 3,839 | 3,342 | | **Natural Gas Processed (MMcf/d)** | 6,993 | 6,284 | | **C2 + NGLs Fractionated (mbpd)** | 588 | 565 | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) MPLX maintains **$3.9 billion** in total liquidity, with a **$1.1 billion** capital plan for 2024, returning capital via distributions and unit repurchases Total Liquidity as of March 31, 2024 | (In millions) | Amount | | :--- | :--- | | Available Capacity (Credit Facilities) | $3,500 | | Cash and cash equivalents | $385 | | **Total liquidity** | **$3,885** | - The initial capital investment plan for 2024 is **$1.1 billion**, consisting of **$950 million** for growth and **$150 million** for maintenance[189](index=189&type=chunk) - Declared a Q1 2024 distribution of **$0.850** per common unit, totaling **$864 million**, payable on May 13, 2024[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines market risks from commodity prices and interest rates, with a **100-basis-point** rate decrease increasing fixed-rate debt fair value by **$1.5 billion** - The company is exposed to market risks from commodity prices and interest rates but held no hedging derivative instruments as of March 31, 2024[201](index=201&type=chunk) Interest Rate Risk Sensitivity Analysis | Debt Type | Fair Value (Mar 31, 2024) | Change in Fair Value (100 bps decrease) | | :--- | :--- | :--- | | Fixed-rate | $19,206 million | $1,507 million | [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting - Based on an evaluation, the CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2024[209](index=209&type=chunk) - There were no changes in internal control over financial reporting during Q1 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[210](index=210&type=chunk) [PART II – OTHER INFORMATION](index=41&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, but management does not expect a material adverse effect on its financial position or results - The company is involved in various legal actions but does not expect them to have a material adverse effect on its consolidated financial position, results of operations, or cash flows[212](index=212&type=chunk) - There have been no material changes to the legal matters previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[214](index=214&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) MPLX repurchased **1,872,917** common units for approximately **$75 million** in Q1 2024, with **$771 million** remaining under the repurchase authorization Common Unit Repurchases for Q1 2024 | Period | Total Common Units Purchased | Average Price Paid per Common Unit | | :--- | :--- | :--- | | Jan 2024 | — | $— | | Feb 2024 | 609,120 | $39.40 | | Mar 2024 | 1,263,797 | $40.36 | | **Total** | **1,872,917** | **$40.04** | - As of March 31, 2024, **$771 million** remained available for repurchase under the publicly announced program[217](index=217&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q1 2024 - During the quarter ended March 31, 2024, no director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[219](index=219&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The filing includes CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2), a Form of 2024 MPLX Phantom Unit Award Agreement (Exhibit 10.1), and Inline XBRL data files[221](index=221&type=chunk)

[Q1 2024 Financial Results](index=1&type=section&id=MPLX%20LP%20Reports%20First-Quarter%202024%20Financial%20Results) MPLX reported strong Q1 2024 financial performance with increased net income, adjusted EBITDA, and distributable cash flow, while maintaining healthy leverage and returning capital to unitholders [Financial Highlights](index=1&type=section&id=Financial%20Highlights) MPLX achieved strong Q1 2024 financial results, marked by increased net income, adjusted EBITDA, and distributable cash flow, alongside robust capital returns Q1 2024 Key Financial Metrics | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income Attributable to MPLX | $1,005 million | $943 million | | Adjusted EBITDA Attributable to MPLX | $1,635 million | $1,519 million | | Net Cash from Operating Activities | $1,291 million | $1,227 million | | Distributable Cash Flow (DCF) | $1,370 million | $1,268 million | | Distribution per Common Unit | $0.850 | $0.775 | | Distribution Coverage | 1.6x | 1.6x | | Leverage Ratio (Debt to LTM Adj. EBITDA) | 3.2x | 3.5x | - Returned **$951 million** of capital to unitholders in Q1 2024, which includes distributions and **$75 million** in common unit repurchases[5](index=5&type=chunk)[18](index=18&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Results) Both Logistics & Storage and Gathering & Processing segments demonstrated strong Q1 2024 adjusted EBITDA growth driven by strategic factors [Logistics & Storage (L&S)](index=2&type=section&id=Logistics%20%26%20Storage) L&S segment adjusted EBITDA increased to **$1,098 million** in Q1 2024, driven by higher tariff rates and equity affiliate contributions despite lower throughputs L&S Segment Adjusted EBITDA (Q1 YoY) | Period | Adjusted EBITDA | | :--- | :--- | | Q1 2024 | $1,098 million | | Q1 2023 | $1,026 million | - The increase in L&S adjusted EBITDA was primarily driven by higher rates and growth from equity affiliates[9](index=9&type=chunk) - Changes in refinery volume had a limited financial impact due to contract structures[9](index=9&type=chunk) L&S Operational Data (Q1 YoY) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Pipeline Throughput (million bpd) | 5.3 | 5.6 | (6)% | | Average Pipeline Tariff ($/barrel) | $1.02 | $0.90 | +13% | | Terminal Throughput (million bpd) | 2.9 | 3.1 | (5)% | [Gathering & Processing (G&P)](index=2&type=section&id=Gathering%20%26%20Processing) G&P segment adjusted EBITDA grew to **$537 million** in Q1 2024, primarily due to increased processed and fractionated volumes and a non-cash gain G&P Segment Adjusted EBITDA (Q1 YoY) | Period | Adjusted EBITDA | | :--- | :--- | | Q1 2024 | $537 million | | Q1 2023 | $493 million | - The G&P EBITDA increase was primarily due to higher volumes and a **$20 million** non-cash gain from the acquisition of the remaining interest in a Utica joint venture, partially offset by higher operating expenses[11](index=11&type=chunk) G&P Operational Volumes (Q1 YoY) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Gathered Volumes (bcf/d) | 6.2 | 6.4 | (2)% | | Processed Volumes (bcf/d) | 9.4 | 8.6 | +9% | | Fractionated Volumes (thousand bpd) | 632 | 593 | +7% | [Strategic Update](index=3&type=section&id=Strategic%20Update) MPLX is advancing its growth strategy through key acquisitions, strategic joint ventures, and significant pipeline and processing plant expansions in core basins - Acquired additional ownership in Utica joint ventures and a dry gas gathering system for **$625 million**, closing the transaction in March 2024[13](index=13&type=chunk) - Entered a definitive agreement to combine the Whistler Pipeline and Rio Bravo Pipeline project in a new joint venture to expand its Permian natural gas value chain[14](index=14&type=chunk) - Progressing on L&S projects including the Agua Dulce Corpus Christi (ADCC) Pipeline lateral (in-service Q3 2024) and the BANGL NGL pipeline expansion (completion H1 2025)[15](index=15&type=chunk) - Advanced G&P projects: the Harmon Creek II plant in the Marcellus was placed in service, the Preakness II plant in the Delaware Basin is nearing startup, and construction began on the Secretariat plant, expected online in H2 2025[16](index=16&type=chunk) [Financial Position and Liquidity](index=3&type=section&id=Financial%20Position%20and%20Liquidity) MPLX maintains a strong liquidity position with **$3.5 billion** available, a healthy **3.2x** leverage ratio, and continued unit repurchases Liquidity Position as of March 31, 2024 | Item | Amount | | :--- | :--- | | Cash | $385 million | | Bank Revolving Credit Facility | $2.0 billion | | Intercompany Loan Agreement (with MPC) | $1.5 billion | | Leverage Ratio | 3.2x | - Repurchased **$75 million** of common units in Q1 2024[18](index=18&type=chunk) - Approximately **$771 million** remains available under the current unit repurchase authorization[18](index=18&type=chunk) [Financial Tables and Reconciliations](index=7&type=section&id=Financial%20Tables%20and%20Reconciliations) This section provides detailed financial statements, operating statistics, capital expenditure breakdowns, and non-GAAP reconciliations for comprehensive analysis [Condensed Consolidated Results of Operations](index=7&type=section&id=Condensed%20Consolidated%20Results%20of%20Operations%20%28unaudited%29) MPLX reported increased total revenues and net income attributable to MPLX LP in Q1 2024, with diluted net income per common unit rising to **$0.98** Q1 2024 Income Statement Highlights (YoY) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues and Other Income | $2,846 million | $2,713 million | | Income from Operations | $1,251 million | $1,196 million | | Net Income Attributable to MPLX LP | $1,005 million | $943 million | | Diluted Net Income per Common Unit | $0.98 | $0.91 | [Select Financial Statistics](index=8&type=section&id=Select%20Financial%20Statistics%20%28unaudited%29) Q1 2024 saw increased distributions and net cash from operating activities, though net cash used in investing activities rose significantly due to acquisitions Q1 2024 Financial & Cash Flow Data (YoY) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total GP and LP Distribution Declared | $864 million | $776 million | | Net Cash from Operating Activities | $1,291 million | $1,227 million | | Net Cash used in Investing Activities | ($996) million | ($220) million | | Net Cash used in Financing Activities | ($958) million | ($852) million | [Financial Data (Balance Sheet)](index=9&type=section&id=Financial%20Data%20%28unaudited%29) MPLX's balance sheet as of March 31, 2024, shows stable total assets and debt, with a slightly improved consolidated debt to LTM adjusted EBITDA ratio of **3.2x** Balance Sheet Highlights | Metric | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $385 million | $1,048 million | | Total assets | $36,461 million | $36,529 million | | Total debt | $20,444 million | $20,431 million | | Total equity | $13,086 million | $12,689 million | | Consolidated debt to LTM adjusted EBITDA | 3.2x | 3.3x | [Operating Statistics](index=9&type=section&id=Operating%20Statistics%20%28unaudited%29) Q1 2024 operating statistics show L&S throughput declines offset by higher tariffs, while G&P volumes experienced strong growth in processed and fractionated volumes L&S Operating Statistics (Q1 YoY) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Pipeline Throughput (mbpd) | 5,293 | 5,630 | (6)% | | Average Tariff Rate ($/barrel) | $1.02 | $0.90 | 13% | | Terminal Throughput (mbpd) | 2,930 | 3,091 | (5)% | G&P Operated Operating Statistics (Q1 YoY) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Gathering Throughput (MMcf/d) | 6,226 | 6,359 | (2)% | | Total Natural Gas Processed (MMcf/d) | 9,371 | 8,605 | 9% | | Total C2+ NGLs Fractionated (mbpd) | 632 | 593 | 7% | [Capital Expenditures](index=16&type=section&id=Capital%20Expenditures%20%28unaudited%29) Q1 2024 growth capital expenditures significantly increased to **$259 million**, excluding **$622 million** for acquisitions, while maintenance capital decreased Capital Expenditures (Q1 YoY) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Growth Capital Expenditures | $259 million | $154 million | | Total Maintenance Capital Expenditures | $35 million | $44 million | | **Total Growth and Maintenance** | **$294 million** | **$198 million** | - Total growth capital expenditures for Q1 2024 exclude **$622 million** related to acquisitions, net of cash acquired[55](index=55&type=chunk) [Non-GAAP Reconciliations](index=12&type=section&id=Non-GAAP%20Reconciliations) This section provides comprehensive reconciliations for key non-GAAP financial measures, including Adjusted EBITDA, DCF, leverage ratio, and Adjusted Free Cash Flow - Provides a reconciliation of Segment Adjusted EBITDA to Net Income and Income from Operations[43](index=43&type=chunk)[44](index=44&type=chunk) - Reconciles Adjusted EBITDA and DCF from both Net Income and Net Cash Provided by Operating Activities[45](index=45&type=chunk)[51](index=51&type=chunk) - Includes a detailed calculation of the Last Twelve Months (LTM) Adjusted EBITDA used for the leverage ratio[48](index=48&type=chunk)

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The latest trading session saw MPLX LP (MPLX) ending at $41.95, denoting a +0.17% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily gain of 1.02%. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 2.03%.Prior to today's trading, shares of the company had gained 0.77% over the past month. This has lagged the Oils-Energy sector's gain of 3.82% and outpaced the S&P 500's loss of 3.15% in that time.The investment community will be paying close atte ...

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MPLX LP (MPLX) closed at $40.21 in the latest trading session, marking a +0.55% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.22%. Meanwhile, the Dow gained 0.06%, and the Nasdaq, a tech-heavy index, lost 0.52%.The company's shares have seen a decrease of 1.26% over the last month, not keeping up with the Oils-Energy sector's gain of 3.38% and outstripping the S&P 500's loss of 1.66%.Market participants will be closely following the financial results of MPLX ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Let's take a look at what these Wall Street heavyweights have to say about MPLX LP (MPLX) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.MPLX LP currently has an average b ...