- Reported adjusted EBITDA of
$64.6 million; distributable cash flow of $52.5 million
- Declared distribution of $0.47
per common unit, a 6.8 percent increase over second-quarter 2015
and a 31.5 percent increase over third-quarter 2014
- MarkWest merger transaction
expected to close this year
FINDLAY, Ohio, Oct. 29, 2015 - MPLX LP (NYSE:
MPLX) today reported third-quarter 2015 net income attributable to
MPLX of $41.5 million, or $0.41 per common limited partner unit,
compared with $29.1 million, or $0.37 per common limited partner
unit, for the third quarter of 2014. Third-quarter 2015 adjusted
earnings before interest, taxes, depreciation and amortization
(EBITDA) attributable to MPLX were $64.6 million and distributable
cash flow attributable to MPLX was $52.5 million.
As announced on Oct. 20, the board of directors of
MPLX's general partner declared a distribution of $0.47 per common
unit. This represents an increase of $0.03 per unit, or 6.8
percent, over the second-quarter 2015 distribution and an increase
of $0.1125 per unit, or 31.5 percent, over the third-quarter 2014
distribution. Since the partnership's initial public offering in
October 2012, the MPLX board has authorized distribution increases
for 11 consecutive quarters, representing a compound annual growth
rate of 23.6 percent over the minimum quarterly distribution
established at the partnership's formation.
"Our strong earnings in the third quarter
supported a distribution representing a 31.5 percent increase over
the third quarter of last year," said MPLX Chairman and CEO Gary R.
Heminger. "We continue to execute our strategy of accelerating the
growth of the partnership and providing our unitholders an
attractive distribution growth profile over an extended period of
time."
"We also look forward to finalizing the
combination with MarkWest Energy Partners, L.P., which we expect to
complete later this year," Heminger added, noting that the
transaction will combine MarkWest's (NYSE: MWE) robust organic
growth opportunities with the large and growing $1.6 billion
inventory of master limited partnership (MLP) qualifying EBITDA
owned by MPLX's sponsor, Marathon Petroleum Corporation (NYSE:
MPC).
"This growth will also be supported by MPLX's and
MPC's strong financial position, creating a large-cap, diversified
MLP," Heminger said. "The strategic combination of our two
partnerships will benefit all unitholders and will also bring
additional value to the producer customers." Heminger also
reiterated the partnership's commitment to maintaining an
investment grade credit profile after the combination.
Heminger noted that at the time MPLX announced the
combination with MarkWest, the partnership provided distribution
growth guidance through 2019. "We remain committed to the growth
profile provided in that guidance," Heminger said. "Given the
significant change in MLP valuations and the resultant higher yield
environment the sector has experienced recently, we now expect
dropdown transactions or some form of sponsor support as early as
2016."
Consistent with the previous guidance of a 25
percent compound annual distribution growth rate for the combined
entity through 2017, Heminger said MPLX expects distribution growth
of 25 percent in 2016.
"We are enthusiastic about MPLX's future,"
Heminger concluded. "We intend to use our substantial resources to
grow the partnership by acquiring assets from MPC or third parties,
developing organic projects, and potential strategic combinations.
The value opportunity for unitholders is compelling, especially
with a strong sponsor that is committed to our success. We will
continue to take a disciplined approach to ensuring the value
proposition remains attractive for the long term."
Discussion of Results
Revenues increased $10.6 million for the third
quarter of 2015 compared to the third quarter of 2014 due to both
higher average tariff rates and transported volumes. MPC and
related parties accounted for 91 percent of MPLX's revenue for the
third quarter of 2015, including revenues attributable to volumes
shipped by MPC under joint tariffs with third parties. Net income
attributable to MPLX for the third quarter rose by $12.4 million
over the same period in 2014 due to the acquisition of additional
interests in MPLX Pipe Line Holdings LP and increased revenue in
the quarter, offset by $4.3 million of transaction costs associated
with the proposed combination with MarkWest.
Financial Position and
Liquidity
As of Sept. 30, the partnership has full
availability under its $1 billion bank revolving credit facility,
as well as $90.4 million of cash and cash equivalents. On Oct. 27,
MPLX amended its revolving credit facility to accommodate the needs
of the partnership following the merger with MarkWest. The
amendment will extend the term to five years from the date of the
consummation of the merger and increases borrowing capacity on the
facility to $2 billion. The amendment is conditioned upon and will
become effective only upon the consummation of the merger. The
partnership's current liquidity and ready access to the capital
markets should provide the partnership with sufficient flexibility
to meet its short-term and long-term funding requirements,
including expanding its growing base of distributable cash flow
through strategic organic growth and acquisitions.
Conference Call
At 2 p.m. EDT today, MPLX will hold a webcast and
conference call to discuss the reported results and provide an
update on operations. Interested parties may listen to the
conference call on MPLX's website at http://www.mplx.com by
clicking on the "2015 Third-Quarter Financial Results" link in the
"News & Headlines" section. Replays of the conference call will
be available on MPLX's website through Wednesday, Nov. 11.
Investor-related materials will also be available online prior to
the webcast and conference call at http://ir.mplx.com.
###
About MPLX LP
MPLX is a fee-based, growth-oriented master
limited partnership formed in 2012 by Marathon Petroleum
Corporation to own, operate, develop and acquire pipelines and
other midstream assets related to the transportation and storage of
crude oil, refined products and other hydrocarbon-based products.
Headquartered in Findlay, Ohio, MPLX's assets consist of a 99.5
percent equity interest in a network of common carrier crude oil
and products pipeline assets located in the Midwest and Gulf Coast
regions of the United States and a 100 percent interest in a butane
storage cavern located in West Virginia. with approximately 1
million barrels of natural gas liquids storage capacity.
Investor Relations
Contacts:
Geri Ewing (419) 421-2071
Teresa Homan (419) 421-2965
Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
In addition to our financial
information presented in accordance with U.S. generally accepted
accounting principles (GAAP), management utilizes additional
non-GAAP measures to facilitate comparisons of past performance and
future periods. This news release and supporting schedules include
the non-GAAP measures adjusted EBITDA and distributable cash flow.
We believe certain investors use adjusted EBITDA to evaluate MPLX's
financial performance between periods and to compare MPLX's
performance to certain competitors. We believe certain investors
use distributable cash flow to determine the amount of cash
generated from the partnership's operations and available for
distribution to its unitholders. These additional financial
measures are reconciled from the most directly comparable measures
as reported in accordance with GAAP and should be viewed in
addition to, and not in lieu of, our consolidated financial
statements and footnotes.
This press release contains
forward-looking statements within the meaning of federal securities
laws regarding MPLX LP ("MPLX") and Marathon Petroleum Corporation
("MPC"). These forward-looking statements relate to, among other
things, expectations, estimates and projections concerning the
business and operations of MPLX and MPC. You can identify
forward-looking statements by words such as "anticipate,"
"believe," "estimate," "objective," "expect," "forecast,"
"guidance," "imply," "plan," "project," "potential," "could,"
"may," "should," "would," "will" or other similar expressions that
convey the uncertainty of future events or outcomes. Such
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and other factors, some of
which are beyond the companies' control and are difficult to
predict. In addition to other factors described herein that could
cause MPLX's results to differ materially from those implied in
these forward-looking statements, negative capital market
conditions, including a persistence or increase of the current
yield on common units, which is higher than historical yields,
could adversely affect MPLX's ability to meet its distribution
growth guidance, particularly with respect to the later years of
such guidance. Factors that could cause MPLX's actual results to
differ materially from those implied in the forward-looking
statements include: the ability to complete the proposed merger of
MPLX and MarkWest Energy Partners, L.P. ("MWE") on anticipated
terms and timetable; the ability to obtain approval of the
transaction by the unitholders of MWE and satisfy other conditions
to the closing of the transaction contemplated by the merger
agreement; risk that the synergies from the MPLX/MWE transaction
may not be fully realized or may take longer to realize than
expected; disruption from the MPLX/MWE transaction making it more
difficult to maintain relationships with customers, employees or
suppliers; risks relating to any unforeseen liabilities of MWE or
MPLX, as applicable; the adequacy of MPLX's and MWE's respective
capital resources and liquidity, including, but not limited to,
availability of sufficient cash flow to pay distributions, and the
ability to successfully execute their business plans and implement
their growth strategies; the timing and extent of changes in
commodity prices and demand for crude oil, refined products,
feedstocks or other hydrocarbon-based products; volatility in
and/or degradation of market and industry conditions; completion of
pipeline capacity by competitors; disruptions due to equipment
interruption or failure, including electrical shortages and power
grid failures; the suspension, reduction or termination of MPC's
obligations under MPLX's commercial agreements; each company's
ability to successfully implement its growth plan, whether through
organic growth or acquisitions; modifications to earnings and
distribution growth objectives; federal and state environmental,
economic, health and safety, energy and other policies and
regulations; changes to MPLX's capital budget; other risk factors
inherent to MPLX or MWE's industry; and the factors set forth under
the heading "Risk Factors" in MPLX's Annual Report on Form 10-K for
the year ended Dec. 31, 2014, filed with the Securities and
Exchange Commission (SEC); and the factors set forth under the
heading "Risk Factors" in MWE's Annual Report on Form 10-K for the
year ended Dec. 31, 2014, and Quarterly Report on Form 10-Q for the
quarter ended June 30, 2015, filed with the SEC. These risks, as
well as other risks associated with MPLX, MWE and the proposed
transaction are also more fully discussed in the preliminary joint
proxy statement and prospectus included in the registration
statement on Form S-4 filed with the SEC by MPLX on August 18,
2015, as amended. Factors that could cause MPC's actual results to
differ materially from those implied in the forward-looking
statements include: risks described above relating to the MPLX/MWE
proposed merger; changes to the expected construction costs and
timing of pipeline projects; volatility in and/or degradation of
market and industry conditions; the availability and pricing of
crude oil and other feedstocks; slower growth in domestic and
Canadian crude supply; an easing or lifting of the U.S. crude oil
export ban; completion of pipeline capacity to areas outside the
U.S. Midwest; consumer demand for refined products; transportation
logistics; the reliability of processing units and other equipment;
MPC's ability to successfully implement growth opportunities;
modifications to MPLX earnings and distribution growth objectives;
federal and state environmental, economic, health and safety,
energy and other policies and regulations; MPC's ability to
successfully integrate the acquired Hess retail operations and
achieve the strategic and other expected objectives relating to the
acquisition; changes to MPC's capital budget; other risk factors
inherent to MPC's industry; and the factors set forth under the
heading "Risk Factors" in MPC's Annual Report on Form 10-K for the
year ended Dec. 31, 2014, filed with SEC. In addition, the
forward-looking statements included herein could be affected by
general domestic and international economic and political
conditions. Unpredictable or unknown factors not discussed here, in
MPLX's Form 10-K, in MPC's Form 10-K, or in MWE's Form 10-K could
also have material adverse effects on forward-looking statements.
Copies of MPLX's Form 10-K are available on the SEC website, MPLX's
website at http://ir.mplx.com or by contacting MPLX's Investor
Relations office. Copies of MPC's Form 10-K are available on the
SEC website, MPC's website at http://ir.marathonpetroleum.com or by
contacting MPC's Investor Relations office. Copies of MWE's Form
10-K are available on the SEC website, MWE's website at
http://investor.markwest.com or by contacting MWE's Investor
Relations office.
Additional
Information
This communication may be deemed to be
solicitation material in respect of the proposed transaction. In
connection with the proposed transaction, a registration statement
on Form S-4, as amended, has been filed with the SEC and includes a
preliminary proxy statement of MWE. MPLX and MWE may file
additional amendments to these filings before they become
effective. INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ
THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED
WITH THE SEC, INCLUDING THE PRELIMINARY PROXY STATEMENT/PROSPECTUS
AND, WHEN AVAILABLE, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS THAT
WILL BE PART OF THE REGISTRATION STATEMENT BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The final
proxy statement/prospectus will be mailed to unitholders of MWE.
Investors and security holders will be able to obtain the documents
free of charge at the SEC's website, www.sec.gov, from MPLX LP at
its website, http://ir.mplx.com, or 200 E. Hardin Street, Findlay,
Ohio 45840, Attention: Corporate Secretary, or from MWE at its
website, http://investor.markwest.com, or 1515 Arapahoe Street,
Tower 1, Suite 1600, Denver, CO 80202, Attention: Corporate
Secretary.
Participants in
Solicitation
MPLX and MWE and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies in respect of the proposed merger.
Information concerning MPLX participants is set forth in MPLX's
Form 10-K for the year ended December 31, 2014, as filed with the
SEC on February 27, 2015, and MPLX's current report on Form 8-K, as
filed with the SEC on March 9, 2015. Information concerning MWE's
participants is set forth in the proxy statement, dated April 23,
2015, for MWE's 2015 Annual Meeting of Common Unitholders as filed
with the SEC on Schedule 14A and MWE's current reports on Form 8-K,
as filed with the SEC on May 5, 2015, May 19, 2015 and June 8,
2015. Additional information regarding the interests of
participants of MPLX and MWE in the solicitation of proxies in
respect of the proposed merger are included in the registration
statement and proxy statement/prospectus and other relevant
materials filed with the SEC. These documents may be obtained free
of charge from MPLX or MWE using the contact information
above.
Non-Solicitation
This communication shall not constitute an offer
to sell or the solicitation of an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
Results of Operations
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30 |
|
|
Nine Months
Ended
September 30 |
(In millions, except per unit data) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Revenues and other income: |
|
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenues |
$ |
18.2 |
|
|
$ |
16.6 |
|
|
$ |
50.2 |
|
|
$ |
52.2 |
|
Sales to related parties |
|
122.7 |
|
|
|
114.1 |
|
|
|
360.7 |
|
|
|
336.0 |
|
Loss on sale of assets |
|
- |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
- |
|
Other income |
|
1.4 |
|
|
|
1.5 |
|
|
|
4.2 |
|
|
|
4.1 |
|
Other income - related parties |
|
6.3 |
|
|
|
5.8 |
|
|
|
18.8 |
|
|
|
16.9 |
|
Total revenues and other income |
|
148.6 |
|
|
|
138.0 |
|
|
|
433.7 |
|
|
|
409.2 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (excludes items below) |
|
41.9 |
|
|
|
40.6 |
|
|
|
101.4 |
|
|
|
102.9 |
|
Purchases from related parties |
|
26.5 |
|
|
|
23.7 |
|
|
|
75.1 |
|
|
|
71.4 |
|
Depreciation |
|
12.7 |
|
|
|
12.5 |
|
|
|
38.1 |
|
|
|
37.5 |
|
General and administrative expenses |
|
21.1 |
|
|
|
15.3 |
|
|
|
57.7 |
|
|
|
47.1 |
|
Other taxes |
|
(0.7 |
) |
|
|
1.7 |
|
|
|
5.5 |
|
|
|
5.5 |
|
Total costs and expenses |
|
101.5 |
|
|
|
93.8 |
|
|
|
277.8 |
|
|
|
264.4 |
|
Income from operations |
|
47.1 |
|
|
|
44.2 |
|
|
|
155.9 |
|
|
|
144.8 |
|
Net interest and other financial costs |
|
5.2 |
|
|
|
1.1 |
|
|
|
16.7 |
|
|
|
3.0 |
|
Income before income taxes |
|
41.9 |
|
|
|
43.1 |
|
|
|
139.2 |
|
|
|
141.8 |
|
Provision for income taxes |
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
0.1 |
|
Net income |
|
41.8 |
|
|
|
43.1 |
|
|
|
139.1 |
|
|
|
141.7 |
|
Less: Net income attributable to MPC-retained interest |
|
0.3 |
|
|
|
14.0 |
|
|
|
0.8 |
|
|
|
49.6 |
|
Net income attributable to MPLX LP |
|
41.5 |
|
|
|
29.1 |
|
|
|
138.3 |
|
|
|
92.1 |
|
Less: General partner's interest in net income
attributable to MPLX LP |
|
8.6 |
|
|
|
1.5 |
|
|
|
19.4 |
|
|
|
3.7 |
|
Limited partners' interest in net income
attributable to MPLX LP |
$ |
32.9 |
|
|
$ |
27.6 |
|
|
$ |
118.9 |
|
|
$ |
88.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Unit Data |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to MPLX LP per limited
partner unit: |
|
|
|
|
|
|
|
|
|
|
|
Common
- basic |
$ |
0.41 |
|
|
$ |
0.37 |
|
|
$ |
1.42 |
|
|
$ |
1.16 |
|
Common
- diluted |
|
0.41 |
|
|
|
0.37 |
|
|
|
1.42 |
|
|
|
1.16 |
|
Subordinated - basic and diluted |
|
- |
|
|
|
0.37 |
|
|
|
1.36 |
|
|
|
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average limited partner units
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Common
units - basic |
|
80.4 |
|
|
|
37.1 |
|
|
|
55.9 |
|
|
|
37.0 |
|
Common
units - diluted |
|
80.4 |
|
|
|
37.1 |
|
|
|
55.9 |
|
|
|
37.1 |
|
Subordinated units - basic and diluted |
|
- |
|
|
|
37.0 |
|
|
|
24.5 |
|
|
|
37.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Information
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30 |
|
|
Nine Months
Ended
September 30 |
(In millions, except per unit and ratio
data) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly distribution declared per unit |
$ |
0.4700 |
|
|
$ |
0.3575 |
|
|
$ |
1.3200 |
|
|
$ |
1.0275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume deficiency credits attributable to MPLX
LP(a) |
$ |
9.6 |
|
|
$ |
7.9 |
|
|
$ |
28.7 |
|
|
$ |
25.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA attributable to MPLX LP(b) |
$ |
64.6 |
|
|
$ |
40.2 |
|
|
$ |
199.5 |
|
|
$ |
123.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to MPLX
LP |
$ |
52.5 |
|
|
$ |
32.9 |
|
|
$ |
170.9 |
|
|
$ |
106.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution declared: |
|
|
|
|
|
|
|
|
|
|
|
Limited partner units - public |
$ |
11.0 |
|
|
$ |
7.2 |
|
|
$ |
30.9 |
|
|
$ |
20.5 |
|
Limited partner units - MPC |
|
26.7 |
|
|
|
19.2 |
|
|
|
75.1 |
|
|
|
55.5 |
|
General partner units - MPC |
|
1.0 |
|
|
|
0.5 |
|
|
|
2.5 |
|
|
|
1.5 |
|
Incentive distribution rights - MPC |
|
7.8 |
|
|
|
1.0 |
|
|
|
16.5 |
|
|
|
1.9 |
|
Total distribution declared |
$ |
46.5 |
|
|
$ |
27.9 |
|
|
$ |
125.0 |
|
|
$ |
79.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio |
|
1.13x |
|
|
1.18x |
|
|
1.37x |
|
|
1.34x |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Current period revenue
related to volume deficiency credits generated in prior periods
that are included in adjusted EBITDA but not distributable
cash flow.
(b) In the third quarter of 2015, we revised
adjusted EBITDA to exclude acquisition costs on a prospective
basis.
Reconciliation of Adjusted EBITDA
attributable to MPLX LP and Distributable Cash Flow attributable to
MPLX LP to Net Income (unaudited) |
|
|
|
|
|
|
|
Three Months Ended
September 30 |
|
|
Nine Months
Ended
September 30 |
(In millions) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Net Income |
$ |
41.8 |
|
|
$ |
43.1 |
|
|
$ |
139.1 |
|
|
$ |
141.7 |
|
Less: Net income attributable to MPC-retained interest |
|
0.3 |
|
|
|
14.0 |
|
|
|
0.8 |
|
|
|
49.6 |
|
Net income attributable to MPLX LP |
|
41.5 |
|
|
|
29.1 |
|
|
|
138.3 |
|
|
|
92.1 |
|
Plus: Net income attributable to MPC-retained interest |
|
0.3 |
|
|
|
14.0 |
|
|
|
0.8 |
|
|
|
49.6 |
|
Depreciation |
|
12.7 |
|
|
|
12.5 |
|
|
|
38.1 |
|
|
|
37.5 |
|
Provision for income taxes |
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
0.1 |
|
Non-cash equity-based compensation |
|
0.8 |
|
|
|
0.5 |
|
|
|
2.2 |
|
|
|
1.4 |
|
Net interest and other financial costs |
|
5.2 |
|
|
|
1.1 |
|
|
|
16.7 |
|
|
|
3.0 |
|
Acquisition costs |
|
4.3 |
|
|
|
- |
|
|
|
4.3 |
|
|
|
- |
|
Adjusted EBITDA |
|
64.9 |
|
|
|
57.2 |
|
|
|
200.5 |
|
|
|
183.7 |
|
Less:
Adjusted EBITDA attributable to MPC-retained
interest |
|
0.3 |
|
|
|
17.0 |
|
|
|
1.0 |
|
|
|
59.8 |
|
Adjusted EBITDA attributable to MPLX LP(a) |
|
64.6 |
|
|
|
40.2 |
|
|
|
199.5 |
|
|
|
123.9 |
|
Plus:
Current period deferred revenue for committed
volume deficiencies(b) |
|
10.7 |
|
|
|
7.8 |
|
|
|
32.5 |
|
|
|
22.4 |
|
Less:
Net interest and other financial costs |
|
5.2 |
|
|
|
1.4 |
|
|
|
16.7 |
|
|
|
3.5 |
|
Income taxes paid |
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
Maintenance capital expenditures paid |
|
7.9 |
|
|
|
5.8 |
|
|
|
15.6 |
|
|
|
10.9 |
|
Volume deficiency credits(c) |
|
9.6 |
|
|
|
7.9 |
|
|
|
28.7 |
|
|
|
25.5 |
|
Distributable cash flow attributable to MPLX
LP |
$ |
52.5 |
|
|
$ |
32.9 |
|
|
$ |
170.9 |
|
|
$ |
106.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA
attributable to MPLX LP and Distributable Cash Flow attributable to
MPLX LP to Net Cash Provided by Operating Activities
(unaudited) |
|
|
|
|
Nine Months
Ended
September 30 |
(In millions) |
|
2015 |
|
|
2014 |
Net cash provided by operating activities |
$ |
184.9 |
|
|
$ |
190.3 |
|
Less:
Changes in working capital items |
|
6.4 |
|
|
|
12.1 |
|
All other, net |
|
1.8 |
|
|
|
- |
|
Plus:
Non-cash equity-based compensation |
|
2.2 |
|
|
|
1.4 |
|
Net loss on disposal of assets |
|
(0.2 |
) |
|
|
- |
|
Net interest and other financial costs |
|
16.7 |
|
|
|
3.0 |
|
Current income taxes expense |
|
0.1 |
|
|
|
0.1 |
|
Asset retirement expenditures |
|
0.7 |
|
|
|
1.0 |
|
Acquisition costs |
|
4.3 |
|
|
|
- |
|
Adjusted EBITDA |
|
200.5 |
|
|
|
183.7 |
|
Less:
Adjusted EBITDA attributable to MPC-retained interest |
|
1.0 |
|
|
|
59.8 |
|
Adjusted EBITDA attributable to MPLX LP(a) |
|
199.5 |
|
|
|
123.9 |
|
Plus:
Current period deferred revenue for committed volume
deficiencies(b) |
|
32.5 |
|
|
|
22.4 |
|
Less:
Net interest and other financial costs |
|
16.7 |
|
|
|
3.5 |
|
Income taxes paid |
|
0.1 |
|
|
|
- |
|
Maintenance capital expenditures paid |
|
15.6 |
|
|
|
10.9 |
|
Volume deficiency credits(c) |
|
28.7 |
|
|
|
25.5 |
|
Distributable cash flow attributable to MPLX
LP |
$ |
170.9 |
|
|
$ |
106.4 |
|
|
|
|
|
|
|
(a) In the third quarter of
2015, we revised adjusted EBITDA to exclude acquisition costs on a
prospective basis.
(b) Deficiency payments included in distributable
cash flow that are not included in net income or adjusted
EBITDA.
(c) Current period revenue related to volume
deficiency credits generated in prior periods that are included in
adjusted EBITDA but not distributable cash flow.
Select Operating Data
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30 |
|
|
Nine Months
Ended
September 30 |
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Pipeline throughput (thousands of barrels per
day): |
|
|
|
|
|
|
|
|
|
|
|
Crude oil pipelines |
|
1,135 |
|
|
|
1,048 |
|
|
|
1,091 |
|
|
|
1,034 |
|
Product pipelines |
|
896 |
|
|
|
839 |
|
|
|
907 |
|
|
|
843 |
|
Total |
|
2,031 |
|
|
|
1,887 |
|
|
|
1,998 |
|
|
|
1,877 |
|
Average tariff rates ($ per barrel): |
|
|
|
|
|
|
|
|
|
|
|
Crude oil pipelines |
$ |
0.66 |
|
|
$ |
0.64 |
|
|
$ |
0.66 |
|
|
$ |
0.65 |
|
Product pipelines |
|
0.65 |
|
|
|
0.63 |
|
|
|
0.64 |
|
|
|
0.61 |
|
Total pipelines |
|
0.66 |
|
|
|
0.64 |
|
|
|
0.65 |
|
|
|
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Financial Data (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30 |
|
|
Nine Months
Ended
September 30 |
(In millions) |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
Capital Expenditures(a): |
|
|
|
|
|
|
|
|
|
|
|
Maintenance |
$ |
9.7 |
|
|
$ |
9.0 |
|
|
$ |
17.2 |
|
|
$ |
17.4 |
|
Expansion |
|
53.0 |
|
|
|
30.4 |
|
|
|
122.1 |
|
|
|
36.6 |
|
Total capital expenditures |
|
62.7 |
|
|
|
39.4 |
|
|
|
139.3 |
|
|
|
54.0 |
|
Less: Increase (decrease) in capital accruals |
|
4.7 |
|
|
|
5.4 |
|
|
|
17.5 |
|
|
|
5.9 |
|
Asset retirement expenditures |
|
0.4 |
|
|
|
0.1 |
|
|
|
0.7 |
|
|
|
1.0 |
|
Additions to property, plant and
equipment |
$ |
57.6 |
|
|
$ |
33.9 |
|
|
$ |
121.1 |
|
|
$ |
47.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes acquisitions of
additional interests in MPLX Pipe Line Holdings LP.
Select Balance Sheet Data
(unaudited) |
|
|
|
|
|
(In millions, except ratio data) |
|
Sept. 30
2015 |
|
|
June 30
2015 |
Cash
and cash equivalents |
$ |
90.4 |
|
|
$ |
130.4 |
|
Total
assets |
|
1,391.1 |
|
|
|
1,382.6 |
|
Long
term debt(a) |
|
753.3 |
|
|
|
753.4 |
|
Total
equity |
|
493.1 |
|
|
|
492.4 |
|
Consolidated total debt to consolidated EBITDA (covenant
basis) |
|
3.1x |
|
|
3.1x |
|
|
|
|
|
|
Partnership units outstanding: |
|
|
|
|
|
General partner units |
|
1.6 |
|
|
|
1.6 |
|
MPC-held limited partner units |
|
57.0 |
|
|
|
57.0 |
|
Public limited partner units |
|
23.4 |
|
|
|
23.4 |
|
(a) Includes amounts due within
one year.
MPLX 3Q 2015 Results
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: MPLX LP via Globenewswire
HUG#1962361
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