MPLX Q1 Earnings Beat on Higher Throughputs, Revenues Increase Y/Y

Core Insights - MPLX LP reported first-quarter 2025 earnings of $1.10 per unit, exceeding the Zacks Consensus Estimate of $1.06, and improved from $0.98 in the same quarter last year [1] - Total quarterly revenues reached $3.12 billion, falling short of the Zacks Consensus Estimate of $3.21 billion, but increased from $2.85 billion year-over-year [1] Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA rose to $1.1 billion from $1.06 billion a year ago, driven by increased rates and higher pipeline throughputs, which averaged 5.93 million barrels per day (mbpd), a 12% increase from 5.29 mbpd in the prior year [3] - Adjusted EBITDA from the Natural Gas and NGL Services segment increased to $660 million from $576 million, supported by higher volumes from the Utica and Permian Basins and a non-recurring benefit of $37 million from a customer agreement [4] Operational Metrics - Gathering throughput volumes averaged 6.5 billion cubic feet per day (Bcf/d), reflecting a 5% increase year-over-year, while natural gas processed volumes totaled 9.8 Bcf/d, indicating a 4% improvement [5] - Total costs and expenses rose to $1.76 billion from $1.6 billion, primarily due to higher operating expenses and increased depreciation and amortization [6] Cash Flow and Financial Position - Distributable cash flow for the quarter was $1.49 billion, providing 1.5X distribution coverage, up from $1.37 billion in the previous year [7] - Adjusted free cash flow increased to $641 million from $294 million year-over-year [7] - As of March 31, 2025, the partnership held $2.5 billion in cash and cash equivalents, with total debt at $22.4 billion [8]