FINDLAY, Ohio, May 5, 2020 /PRNewswire/ --
- Reported net loss attributable to MPLX of $2.7 billion; includes non-cash impairment
charges of $3.4 billion primarily
related to goodwill, equity method investments, and long-lived
assets
- Reported adjusted EBITDA attributable to MPLX of
$1.3 billion
- Generated $1.0 billion in net
cash provided by operating activities and reported distribution
coverage of 1.44x
- Announced business response to COVID-19 environment,
including reductions of over $700
million of capital and approximately $200 million of operating expense
- Maintained quarterly distribution of $0.6875 per common unit
MPLX LP (NYSE: MPLX) today reported a first-quarter 2020 net
loss attributable to MPLX of $2.7
billion, compared with net income of $503 million for the first quarter of 2019.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) attributable to MPLX was $1.3 billion, compared with $1.3 billion in the first quarter of 2019.
First-quarter 2020 results include non-cash impairment charges of
$3.4 billion. These charges include a
goodwill impairment associated with Marcellus gathering and
processing assets, impairments of equity method investments
primarily located in the Utica
region, and long-lived asset impairments related to assets located
in East Texas.
The Logistics and Storage (L&S) segment reported segment
income from operations of $723
million and adjusted EBITDA of $872
million for the quarter, up $36
million and $44 million,
respectively, versus the first quarter of last year. The Gathering
and Processing (G&P) segment reported a segment loss from
operations of $3.2 billion and
adjusted EBITDA of $422 million for
the quarter, down $3.4 billion and
$13 million, respectively, versus the
first quarter of last year. G&P results include the non-cash
impairment charges discussed above.
During the quarter, MPLX generated $1.0
billion in net cash provided by operating activities and
$1.1 billion of distributable cash
flow. Distribution coverage was 1.44x for the first quarter of
2020. MPLX also announced a first-quarter 2020 distribution of
$0.6875 per common unit, consistent
with the prior quarter and a 4.6% increase over the prior year's
first quarter.
"COVID-19 has created an extraordinary set of circumstances and
challenges across the country, impacting the personal and
professional lives of many, as well as the demand for hydrocarbons
that we transport through our logistics assets," said Michael J. Hennigan, president and chief
executive officer. "In this environment, we are taking proactive
steps by reducing planned 2020 capital and operating expenses to
offset the impacts from the related demand destruction, as well as
potential impacts from the current commodity price environment on
our Gathering and Processing business segment."
Spending Reductions for 2020
MPLX 2020 capital spending target reduced by over $700 million to approximately $1.0 billion.
- Growth capital spending target reduced by over $600 million to approximately $900 million. Growth capital spend is primarily
related to projects that are already underway, including the
Wink-to-Webster crude oil pipeline, the Whistler
natural gas pipeline, and the expansion of the Mt. Airy
Terminal.
- The original BANGL project scope is no longer being pursued
given the current down cycle. Instead, the company is working with
others to optimize existing pipeline capacity while continuing to
meet producers' needs for flow assurance and future growth. Also,
the associated fractionation capacity and export facility have been
deferred.
- Net maintenance capital spending target reduced by $100 million to approximately $150 million.
The company also expects to reduce forecasted annual operating
expenses by approximately $200
million, primarily through the deferral of certain expense
projects.
MPLX is maintaining its goal to achieve positive free cash flow,
after capital investments and distributions, in 2021.
Financial Highlights
|
|
Three Months
Ended
March 31
|
(In millions,
except per unit and ratio data)
|
|
2020
|
|
|
2019
|
Net (loss) income
attributable to MPLX
|
|
$
|
(2,724)
|
|
|
$
|
503
|
Adjusted net income
attributable to MPLX(a)
|
|
N/A
|
|
|
683
|
Adjusted EBITDA
attributable to MPLX LP(b)
|
|
1,294
|
|
|
1,263
|
Net cash provided by
operating activities
|
|
1,009
|
|
|
853
|
Distributable cash
flow attributable to MPLX LP(b)
|
|
1,078
|
|
|
1,021
|
Distribution per
common unit(c)
|
|
$
|
0.6875
|
|
|
$
|
0.6575
|
Distribution coverage
ratio(d)
|
|
1.44x
|
|
|
1.89x
|
Consolidated debt to
adjusted EBITDA(e)
|
|
4.1x
|
|
|
3.9x
|
|
|
|
|
|
|
|
|
(a)
|
Includes net income
attributable to predecessor for the three months ended March 31,
2019. The predecessor period represents the period prior to MPLX's
acquisition of ANDX on July 30, 2019.
|
(b)
|
Non-GAAP measures
calculated before distributions to preferred unitholders. See
reconciliation below. Includes adjusted EBITDA and DCF adjustments
attributable to predecessor. For the three months ended March 31,
2019, adjusted EBITDA attributable to MPLX LP excluding predecessor
results was $930 million.
|
(c)
|
Distributions
declared by the board of directors of MPLX's general
partner.
|
(d)
|
DCF attributable to
GP and LP unitholders (including DCF attributable to predecessor)
divided by total GP and LP distribution declared. For the three
months ended March 31, 2019, DCF attributable to predecessor has
been included with no corresponding distribution being declared by
MPLX relating to the predecessor, resulting in a distribution
coverage ratio of 1.89x.
|
(e)
|
Calculated using face
value total debt and LTM pro forma adjusted EBITDA, which is pro
forma for acquisitions. See reconciliation below. 2019 is shown as
historically presented and has not been adjusted for predecessor
impacts.
|
Segment Results (including predecessor)
|
|
|
|
|
|
(In
millions)
|
Three Months
Ended
March 31
|
Segment income
(loss) from operations (unaudited)
|
2020
|
|
2019
|
Logistics and
Storage
|
$
|
723
|
|
$
|
687
|
Gathering and
Processing
|
|
(3,209)
|
|
|
225
|
|
|
|
|
|
|
Segment adjusted
EBITDA attributable to MPLX LP (unaudited)
|
|
|
|
|
|
Logistics and
Storage
|
|
872
|
|
|
828
|
Gathering and
Processing
|
$
|
422
|
|
$
|
435
|
|
|
|
|
|
|
Logistics & Storage
L&S segment income from operations and segment adjusted
EBITDA for the first quarter of 2020 increased by $36 million and $44
million, respectively, compared to the same period in 2019.
The increase was primarily due to increased pipeline volumes
as well as growth in the marine business.
Total pipeline throughputs were 5.1 million barrels per day in
the first quarter, an increase of 2% versus the same quarter of
2019. The average tariff rate was $0.88 per barrel for the quarter. Terminal
throughput was 3 million barrels per day for the quarter, a
decrease of 8% versus the same quarter of 2019.
Gathering & Processing
G&P segment income from operations and segment adjusted
EBITDA for the first quarter of 2020 decreased by $3.4 billion and $13
million, respectively, compared to the same period in 2019.
Year-over-year results were impacted by non-cash impairment charges
primarily related to goodwill, equity method investments, and
long-lived assets during the quarter. In the first quarter of
2020:
- Gathered volumes averaged 5.8 billion cubic feet per day, a 3%
decrease versus the first quarter of 2019.
- Processed volumes averaged 8.8 billion cubic feet per day, a 3%
increase versus the first quarter of 2019.
- Fractionated volumes averaged 553 thousand barrels per day, an
8% increase versus the first quarter of 2019.
In the Marcellus and Utica:
- Gathered volumes averaged 3.2 billion cubic feet per day
(bcf/d) in the first quarter, a 5% decrease versus the first
quarter of 2019.
- Processed volumes averaged 6.2 bcf/d in the first quarter, a 3%
increase versus the first quarter of 2019, driven by volumes
ramping at the Sherwood 12 and 13 processing plants, which were
placed in service in the fourth quarter of 2019.
- Fractionated volumes averaged 490 thousand barrels per day in
the first quarter, a 6% increase versus the first quarter of 2019.
The increase was primarily driven by higher volumes from an
expansion at the Sherwood complex.
Strategic Update
In the L&S segment, MPLX continues to advance its strategy
of creating integrated crude oil and natural gas logistics systems
from the Permian to the U.S. Gulf Coast. The Wink-to-Webster crude oil pipeline, in which MPLX has
an equity interest, remains on schedule to be completed in the
first half of 2021. The 36-inch diameter pipeline, of which 100% of
the contractible capacity is committed with minimum volume
commitments, will originate in the Permian Basin and have
destination points in the Houston
market, including Marathon Petroleum Corporation's (NYSE: MPC)
Galveston Bay refinery.
Also in the Permian, the Whistler Pipeline is being designed to
transport approximately 2 bcf/d of natural gas from Waha,
Texas, to the Agua Dulce market in south Texas, ultimately reaching MPC's Galveston Bay
refinery. MPLX has an equity interest in Whistler, which is
expected to be placed in service in the second half of 2021.
Whistler is more than 90% committed with minimum volume
commitments.
Financial Position and Liquidity
As of March 31, 2020, MPLX had $57
million in cash, $2.8 billion
available through its bank revolving credit facility expiring in
July 2024 and $1.5 billion available through its intercompany
loan agreement with MPC. The company's leverage ratio was 4.1 times
at March 31, 2020. MPLX remains committed to maintaining an
investment-grade credit profile.
Conference Call
At 11 a.m. ET today, MPLX will
hold a conference call and webcast to discuss the reported results
and provide an update on operations. Interested parties may listen
by visiting MPLX's website at http://www.mplx.com and
clicking on the "2020 First-Quarter Financial Results" link in the
"Financial Results" section. A replay of the webcast will be
available on MPLX's website for two weeks. Financial information,
including this earnings release and other investor-related
material, will also be available online prior to the conference
call and webcast at http://ir.mplx.com.
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 and pipelines as well
as natural gas and NGL processing and fractionation facilities in
key U.S. supply basins. More information is available at
www.MPLX.com
Investor Relations Contact: (419)
421-2071
Kristina Kazarian,
Vice President, Investor Relations
Evan Barbosa, Manager, Investor
Relations
Jim Mallamaci, Manager, Investor
Relations
Media Contacts:
Hamish
Banks, Vice President, Communications (419) 421-2521
Jamal Kheiry, Manager, Communications (419) 421-3312
Non-GAAP references
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
press release and supporting schedules include the non-GAAP
measures adjusted EBITDA and consolidated debt to last twelve
months pro forma adjusted EBITDA, which we refer to as our leverage
ratio, distributable cash flow (DCF) and distribution coverage
ratio. The amount of adjusted EBITDA and DCF generated is
considered by the board of directors of our general partner in
approving the Partnership's cash distribution. Adjusted EBITDA and
DCF should not be considered separately from or as a substitute for
net income, income from operations, or cash flow as reflected in
our financial statements. The GAAP measures most directly
comparable to adjusted EBITDA and DCF are net income and net cash
provided by operating activities. We define Adjusted EBITDA as net
income adjusted for (i) depreciation and amortization; (ii)
provision for income taxes; (iii) amortization of deferred
financing costs; (iv) non-cash equity-based compensation; (v) net
interest and other financial costs; (vi) income from equity method
investments; (vii) distributions and adjustments related to equity
method investments; (viii) unrealized derivative gains and losses;
(ix) acquisition costs; (x) noncontrolling interest and (xi) other
adjustments as deemed necessary. In general, we define DCF as
adjusted EBITDA adjusted for (i) deferred revenue impacts; (ii) net
interest and other financial costs; (iii) maintenance capital
expenditures; (iv) equity method investment capital expenditures
paid out; and (v) other non-cash items.
The Partnership makes a distinction between realized or
unrealized gains and losses on derivatives. During the period when
a derivative contract is outstanding, we record changes in the fair
value of the derivative as an unrealized gain or loss. When a
derivative contract matures or is settled, we reverse the
previously recorded unrealized gain or loss and record the realized
gain or loss of the contract.
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.
Distribution coverage ratio is a financial performance
measure used by management to reflect the relationship between the
partnership's financial operating performance and cash distribution
capability. We define the distribution coverage ratio as the ratio
of DCF attributable to GP and LP unitholders to total GP and LP
distributions declared.
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 within
the meaning of federal securities laws regarding MPLX LP (MPLX).
These forward-looking statements relate to, among other things,
MPLX's expectations, estimates and projections concerning the
business and operations, financial priorities and strategic plans
of MPLX. These statements are accompanied by cautionary language
identifying important factors, though not necessarily all such
factors, that could cause future outcomes to differ materially from
those set forth in the forward-looking statements. You can identify
forward-looking statements by words such as "anticipate,"
"believe," "commitment," "could," "design," "estimate," "expect,"
"forecast," "goal," "guidance," "imply," "intend," "may,"
"objective," "opportunity," "outlook," "plan," "policy,"
"position," "potential," "predict," "priority," "project,"
"proposition," "prospective," "pursue," "seek," "should,"
"strategy," "target," "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 company's control and are difficult to
predict. Factors that could cause MPLX's actual results to differ
materially from those implied in the forward-looking statements
include but are not limited to: the effects of the recent outbreak
of COVID-19 and the adverse impact thereof on our business,
financial condition, results of operations and cash flows,
including our growth, operating costs, labor availability,
logistical capabilities, customer demand for our services and
industry demand generally, cash position, taxes, the price of our
securities and trading markets with respect thereto, our ability to
access capital markets, and the global economy and financial
markets generally; the ability to reduce capital and operating
expenses; the risk of further impairments; the risk that
anticipated opportunities and any other synergies from or
anticipated benefits of the Andeavor Logistics LP (ANDX)
acquisition may not be fully realized or may take longer to realize
than expected, including whether the transaction will be accretive
within the expected timeframe or at all; disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or suppliers; risks relating to any unforeseen
liabilities of ANDX; the amount and timing of future distributions;
negative capital market conditions, including an increase of the
current yield on common units; the ability to achieve strategic and
financial objectives, including positive free cash flow in 2021,
and with respect to distribution coverage, future distribution
levels, proposed projects and completed transactions; the success
of MPC's portfolio optimization, including the ability to complete
any divestitures on commercially reasonable terms and/or within the
expected timeframe, and the effects of any such divestitures on the
business, financial condition, results of operations and cash
flows; adverse changes in laws including with respect to tax and
regulatory matters; the adequacy of capital resources and
liquidity, including, but not limited to, availability of
sufficient cash flow to pay distributions and access to debt on
commercially reasonable terms, and the ability to successfully
execute business plans, growth strategies and self-funding models;
the timing and extent of changes in commodity prices and demand for
crude oil, refined products, feedstocks or other hydrocarbon-based
products; continued/further volatility in and/or degradation of
market and industry conditions as a result of the COVID-19
pandemic, other infectious disease outbreaks or otherwise;
non-payment or non-performance by our producer and other customers;
changes to the expected construction costs and timing of projects
and planned investments, and the ability to obtain regulatory and
other approvals with respect thereto; completion of midstream
infrastructure 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; modifications to
financial policies, capital budgets, and earnings and
distributions; the ability to manage disruptions in credit markets
or changes to credit ratings; compliance with federal and state
environmental, economic, health and safety, energy and other
policies and regulations and/or enforcement actions initiated
thereunder; adverse results in litigation; other risk factors
inherent to MPLX's industry; risks related to MPC; 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,
2019, and in Forms 10-Q and other filings, filed with
Securities and Exchange Commission (SEC).
Factors that could cause MPC's actual results to differ
materially from those implied in the forward-looking statements
include: the effects of the recent outbreak of COVID-19 and the
adverse impact thereof on the business, financial condition,
results of operations and cash flows, including, but not limited
to, growth, operating costs, labor availability, logistical
capabilities, customer demand for products and industry demand
generally, margins, inventory value, cash position, taxes, the
price of securities and trading markets with respect thereto, the
ability to access capital markets, and the global economy and
financial markets generally; the effects of the recent outbreak of
COVID-19, and the current economic environment generally, on
working capital, cash flows and liquidity, which can be
significantly affected by decreases in commodity prices; the
ability to reduce capital and operating expenses; with respect to
the planned Speedway separation, the ability to successfully
complete the separation within the expected timeframe or at all,
based on numerous factors including the macroeconomic environment,
credit markets and equity markets, the ability to satisfy customary
conditions, including obtaining regulatory approvals, and the
ability to achieve the strategic and other objectives discussed
herein; with respect to the Midstream review, the ability to
achieve the strategic and other objectives related thereto; the
risk that the cost savings and any other synergies from the
Andeavor transaction may not be fully realized or may take longer
to realize than expected; disruption from the Andeavor transaction
making it more difficult to maintain relationships with customers,
employees or suppliers; risks relating to any unforeseen
liabilities of Andeavor; risks related to the acquisition of ANDX
by MPLX, including the risk that anticipated opportunities and any
other synergies from or anticipated benefits of the transaction may
not be fully realized or may take longer to realize than expected,
including whether the transaction will be accretive within the
expected timeframe or at all, or disruption from the transaction
making it more difficult to maintain relationships with customers,
employees or suppliers; the risk of further impairments; the
ability to complete any divestitures on commercially reasonable
terms and/or within the expected timeframe, and the effects of any
such divestitures on the business, financial condition, results of
operations and cash flows; future levels of revenues, refining and
marketing margins, operating costs, retail gasoline and distillate
margins, merchandise margins, income from operations, net income
and earnings per share; the regional, national and worldwide
availability and pricing of refined products, crude oil, natural
gas, NGLs and other feedstocks; consumer demand for refined
products; the ability to manage disruptions in credit markets or
changes to credit ratings; future levels of capital, environmental
and maintenance expenditures; general and administrative and other
expenses; the success or timing of completion of ongoing or
anticipated capital or maintenance projects; the reliability of
processing units and other equipment; business strategies, growth
opportunities and expected investment; share repurchase
authorizations, including the timing and amounts of such
repurchases; the adequacy of capital resources and liquidity,
including availability, timing and amounts of free cash flow
necessary to execute business plans and to effect any share
repurchases or to maintain or increase the dividend; the effect of
restructuring or reorganization of business components; the
potential effects of judicial or other proceedings on the business,
financial condition, results of operations and cash flows;
continued or further volatility in and/or degradation of general
economic, market, industry or business conditions as a result of
the COVID-19 pandemic, other infectious disease outbreaks or
otherwise; compliance with federal and state environmental,
economic, health and safety, energy and other policies and
regulations, including the cost of compliance with the Renewable
Fuel Standard, and/or enforcement actions initiated thereunder; the
anticipated effects of actions of third parties such as
competitors, activist investors or federal, foreign, state or local
regulatory authorities or plaintiffs in litigation; the impact of
adverse market conditions or other similar risks to those
identified herein affecting MPLX; 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, 2019, and in
Forms 10-Q and other filings, filed with the SEC.
We have based our forward-looking statements on our current
expectations, estimates and projections about our business and
industry. We caution that these statements are not guarantees of
future performance and you should not rely unduly on them, as they
involve risks, uncertainties, and assumptions that we cannot
predict. In addition, we have based many of these forward-looking
statements on assumptions about future events that may prove to be
inaccurate. While our management considers these assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. Accordingly, our actual results
may differ materially from the future performance that we have
expressed or forecast in our forward-looking statements. We
undertake no obligation to update any forward-looking statements
except to the extent required by applicable law. Copies of MPLX's
Form 10-K, Forms 10-Q and other SEC filings are available on the
SEC's website, MPLX's website at http://ir.mplx.com or by
contacting MPLX's Investor Relations office. Copies of MPC's Form
10-K, Forms 10-Q and other SEC filings are available on the SEC's
website, MPC's website at
https://www.marathonpetroleum.com/Investors/ or by contacting MPC's
Investor Relations office.
Condensed Results
of Operations (unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
(In millions,
except per unit data)
|
2020
|
|
2019
|
Revenues and other
income:
|
|
|
|
|
|
Operating
revenue
|
$
|
916
|
|
$
|
963
|
Operating revenue -
related parties
|
|
1,195
|
|
|
1,169
|
(Loss) income from
equity method investments
|
|
(1,184)
|
|
|
77
|
Other
income
|
|
65
|
|
|
26
|
Total revenues and
other income
|
|
992
|
|
|
2,235
|
Costs and
expenses:
|
|
|
|
|
|
Operating
expenses
|
|
538
|
|
|
570
|
Operating expenses -
related parties
|
|
322
|
|
|
321
|
Depreciation and
amortization
|
|
325
|
|
|
301
|
Impairment
expense
|
|
2,165
|
|
|
—
|
General and
administrative expenses
|
|
97
|
|
|
101
|
Other
taxes
|
|
31
|
|
|
30
|
Total costs and
expenses
|
|
3,478
|
|
|
1,323
|
(Loss) income from
operations
|
|
(2,486)
|
|
|
912
|
Interest and other
financial costs
|
|
230
|
|
|
224
|
(Loss) income
before income taxes
|
|
(2,716)
|
|
|
688
|
(Benefit) provision
for income taxes
|
|
—
|
|
|
(1)
|
Net (loss)
income
|
|
(2,716)
|
|
|
689
|
Less: Net income
attributable to noncontrolling interests
|
|
8
|
|
|
6
|
Less: Net income
attributable to Predecessor
|
|
—
|
|
|
180
|
Net (loss) income
attributable to MPLX LP
|
|
(2,724)
|
|
|
503
|
Less: Series A
preferred unit distributions
|
|
20
|
|
|
20
|
Less: Series B
preferred unit distributions
|
|
11
|
|
|
—
|
Limited partners'
interest in net (loss) income attributable to MPLX
LP
|
$
|
(2,755)
|
|
$
|
483
|
|
|
|
|
|
|
Per Unit
Data
|
|
|
|
|
|
Net (loss) income
attributable to MPLX LP per limited partner unit:
|
|
|
|
|
|
Common -
basic
|
$
|
(2.60)
|
|
$
|
0.61
|
Common -
diluted
|
$
|
(2.60)
|
|
$
|
0.61
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
Common units –
basic
|
|
1,058
|
|
|
794
|
Common units –
diluted
|
|
1,058
|
|
|
795
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Financial
Statistics (unaudited)
|
|
Three Months
Ended
March 31
|
(In millions,
except ratio data)
|
2020
|
|
2019
|
Common unit
distributions declared by MPLX
|
|
|
|
|
|
Common units (LP) -
public(a)
|
$
|
270
|
|
$
|
191
|
Common units -
MPC(a)
|
|
458
|
|
|
332
|
Total GP and LP
distribution declared
|
|
728
|
|
|
523
|
|
|
|
|
|
|
Preferred unit
distributions(b)
|
|
|
|
|
|
Series A preferred
unit distributions(c)
|
|
20
|
|
|
20
|
Series B preferred
unit distributions(d)
|
|
11
|
|
|
—
|
Total preferred
unit distributions
|
|
31
|
|
|
20
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
Adjusted EBITDA
attributable to MPLX LP(e)(f)
|
|
1,294
|
|
|
1,263
|
DCF attributable to
GP and LP unitholders(e)(f)
|
$
|
1,047
|
|
$
|
991
|
Distribution coverage
ratio(g)
|
|
1.44x
|
|
|
1.89x
|
|
|
|
|
|
|
Cash Flow
Data
|
|
|
|
|
|
Net cash flow
provided by (used in):
|
|
|
|
|
|
Operating
activities
|
$
|
1,009
|
|
$
|
853
|
Investing
activities
|
|
(362)
|
|
|
(700)
|
Financing
activities
|
$
|
(605)
|
|
$
|
(116)
|
|
|
|
|
|
|
|
|
(a)
|
The distribution on
common units for the three months ended March 31, 2019 excludes the
impact of the issuance of approximately 102 million units issued to
public unitholders and approximately 161 million units issued to
MPC in connection with MPLX's acquisition of ANDX on July 30,
2019.
|
(b)
|
Includes MPLX
distributions declared on the Series A and Series B preferred units
as well as distributions earned on the Series B preferred assuming
a distribution is declared by the Board of Directors (distributions
on Series B preferred units are declared and payable semi-annually
on February 15th and August 15th or the first business day
thereafter). Cash distributions declared/to be paid to holders of
the Series A and Series B preferred units are not available to
common unitholders.
|
(c)
|
Series A preferred
units are considered redeemable securities due to the existence of
redemption provisions upon a deemed liquidation event which is
outside our control. These units rank senior to all common units
with respect to distributions and rights upon liquidation and
effective May 13, 2018, on an as-converted basis, preferred unit
holders receive the greater of $0.528125 per unit or the amount of
per unit distributions paid to holders of MPLX LP common
units.
|
(d)
|
Series B preferred
unitholders are entitled to receive a fixed distribution of $68.75
per unit, per annum, payable semi-annually in arrears on February
15 and August 15 or the first business day thereafter.
|
(e)
|
Non-GAAP measure. See
reconciliation below.
|
(f)
|
Includes predecessor
EBITDA and DCF that is attributable to the period prior to the
acquisition date of July 30, 2019. For the three months ended March
31, 2019, adjusted EBITDA attributable to MPLX LP excluding
predecessor results was $930 million.
|
(g)
|
DCF attributable to
GP and LP unitholders (including DCF attributable to predecessor)
divided by total GP and LP distribution declared. For the three
months and year ended March 31, 2019, DCF attributable to
predecessor has been included with no corresponding distribution
being declared by MPLX, resulting in a distribution coverage ratio
of 1.89x.
|
Select Balance
Sheet Data (unaudited)
|
|
|
|
|
|
(In millions,
except ratio data)
|
|
March 31,
2020
|
|
|
December 31,
2019
|
Cash and cash
equivalents
|
$
|
57
|
|
$
|
15
|
Total
assets
|
|
37,006
|
|
|
40,430
|
Total long-term
debt(a)
|
|
20,471
|
|
|
20,307
|
Redeemable preferred
units
|
|
968
|
|
|
968
|
Total
equity
|
$
|
13,356
|
|
$
|
16,613
|
Consolidated total
debt to adjusted EBITDA(b)
|
|
4.1x
|
|
|
4.1x
|
|
|
|
|
|
|
Partnership units
outstanding:
|
|
|
|
|
|
MPC-held common
units
|
|
666
|
|
|
666
|
Public common
units
|
|
393
|
|
|
392
|
|
|
|
|
|
|
|
|
(a)
|
Outstanding
intercompany borrowings were zero as of March 31, 2020 and
$594 million as of December 31, 2019. Includes current portion
of long-term debt.
|
(b)
|
Calculated using face
value total debt and LTM pro forma adjusted EBITDA, which is pro
forma for acquisitions. Face value total debt includes
approximately $393 million and $406 million of unamortized discount
and debt issuance costs as of March 31, 2020 and
December 31, 2019, respectively.
|
Operating
Statistics (unaudited)(a)
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
|
2020
|
|
2019
|
|
%
Change
|
Logistics and
Storage
|
|
|
|
|
|
|
|
Pipeline throughput
(mbpd)
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
|
3,210
|
|
|
3,105
|
|
3
|
%
|
Product
pipelines
|
|
1,905
|
|
|
1,897
|
|
0
|
%
|
Total
pipelines
|
|
5,115
|
|
|
5,002
|
|
2
|
%
|
Average tariff rates
($ per barrel)
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
$
|
0.93
|
|
$
|
0.96
|
|
(3)
|
%
|
Product
pipelines
|
|
0.79
|
|
|
0.68
|
|
16
|
%
|
Total
pipelines
|
$
|
0.88
|
|
$
|
0.85
|
|
4
|
%
|
|
|
|
|
|
|
|
|
Terminal throughput
(mbpd)
|
|
2,966
|
|
|
3,220
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
Barges at
period-end
|
|
305
|
|
|
256
|
|
19
|
%
|
Towboats at
period-end
|
|
23
|
|
|
23
|
|
—
|
%
|
|
|
(a)
|
Three months ended
March 31, 2019 is inclusive of predecessor operations.
|
Gathering and
Processing Operating Statistics (unaudited) -
Consolidated(a)
|
|
Three Months
Ended
March 31
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,420
|
|
|
1,282
|
|
11
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
—
|
|
—
|
%
|
Southwest
Operations
|
|
1,557
|
|
|
1,581
|
|
(2)
|
%
|
Bakken
Operations
|
|
156
|
|
|
152
|
|
3
|
%
|
Rockies
Operations
|
|
592
|
|
|
642
|
|
(8)
|
%
|
Total gathering
throughput
|
|
3,725
|
|
|
3,657
|
|
2
|
%
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
4,198
|
|
|
4,152
|
|
1
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
—
|
|
—
|
%
|
Southwest
Operations
|
|
1,648
|
|
|
1,599
|
|
3
|
%
|
Southern Appalachian
Operations
|
|
243
|
|
|
235
|
|
3
|
%
|
Bakken
Operations
|
|
156
|
|
|
152
|
|
3
|
%
|
Rockies
Operations
|
|
539
|
|
|
570
|
|
(5)
|
%
|
Total natural gas
processed
|
|
6,784
|
|
|
6,708
|
|
1
|
%
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
456
|
|
|
420
|
|
9
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
—
|
|
—
|
%
|
Southwest
Operations
|
|
15
|
|
|
17
|
|
(12)
|
%
|
Southern Appalachian
Operations
|
|
12
|
|
|
13
|
|
(8)
|
%
|
Bakken
Operations
|
|
31
|
|
|
16
|
|
94
|
%
|
Rockies
Operations
|
|
5
|
|
|
4
|
|
25
|
%
|
Total C2 + NGLs
fractionated
|
|
519
|
|
|
470
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes operating
data for entities that have been consolidated into the MPLX
financial statements. Three months ended March 31, 2019 is
inclusive of predecessor operations.
|
(b)
|
The Utica region
relates to operations for partnership-operated equity method
investments and thus does not have any operating statistics from a
consolidated perspective. See table below for details on
Utica.
|
Gathering and
Processing Operating Statistics (unaudited) -
Operated(a)
|
|
Three Months
Ended
March 31
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,420
|
|
|
1,282
|
|
11
|
%
|
Utica
Operations
|
|
1,800
|
|
|
2,109
|
|
(15)
|
%
|
Subtotal
|
|
3,220
|
|
|
3,391
|
|
(5)
|
%
|
Southwest
Operations
|
|
1,601
|
|
|
1,581
|
|
1
|
%
|
Bakken
Operations
|
|
156
|
|
|
152
|
|
3
|
%
|
Rockies
Operations
|
|
775
|
|
|
827
|
|
(6)
|
%
|
Total gathering
throughput
|
|
5,752
|
|
|
5,951
|
|
(3)
|
%
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
5,522
|
|
|
5,148
|
|
7
|
%
|
Utica
Operations
|
|
648
|
|
|
817
|
|
(21)
|
%
|
Subtotal
|
|
6,170
|
|
|
5,965
|
|
3
|
%
|
Southwest
Operations
|
|
1,679
|
|
|
1,599
|
|
5
|
%
|
Southern Appalachian
Operations
|
|
243
|
|
|
235
|
|
3
|
%
|
Bakken
Operations
|
|
156
|
|
|
152
|
|
3
|
%
|
Rockies
Operations
|
|
539
|
|
|
570
|
|
(5)
|
%
|
Total natural gas
processed
|
|
8,787
|
|
|
8,521
|
|
3
|
%
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
456
|
|
|
420
|
|
9
|
%
|
Utica
Operations
|
|
34
|
|
|
44
|
|
(23)
|
%
|
Subtotal
|
|
490
|
|
|
464
|
|
6
|
%
|
Southwest
Operations
|
|
15
|
|
|
17
|
|
(12)
|
%
|
Southern Appalachian
Operations
|
|
12
|
|
|
13
|
|
(8)
|
%
|
Bakken
Operations
|
|
31
|
|
|
16
|
|
94
|
%
|
Rockies
Operations
|
|
5
|
|
|
4
|
|
25
|
%
|
Total C2 + NGLs
fractionated
|
|
553
|
|
|
514
|
|
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. Three months ended
March 31, 2019 is inclusive of predecessor operations.
|
Reconciliation of
Segment Adjusted EBITDA to Net Income (unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
L&S segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
$
|
872
|
|
$
|
828
|
G&P segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
|
422
|
|
|
435
|
Adjusted EBITDA
attributable to MPLX LP (including predecessor
results)
|
|
1,294
|
|
|
1,263
|
Depreciation and
amortization
|
|
(325)
|
|
|
(301)
|
Benefit (provision)
for income taxes
|
|
—
|
|
|
1
|
Amortization of
deferred financing costs
|
|
(14)
|
|
|
(7)
|
Loss on
extinguishment of debt
|
|
—
|
|
|
—
|
Non-cash equity-based
compensation
|
|
(5)
|
|
|
(7)
|
Impairment
expense
|
|
(2,165)
|
|
|
—
|
Net interest and
other financial costs
|
|
(216)
|
|
|
(217)
|
(Loss) income from
equity method investments(a)
|
|
(1,184)
|
|
|
77
|
Distributions/adjustments related to equity method
investments
|
|
(124)
|
|
|
(122)
|
Unrealized derivative
(losses) gains(b)
|
|
15
|
|
|
(4)
|
Acquisition
costs
|
|
—
|
|
|
(1)
|
Other
|
|
(1)
|
|
|
—
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
9
|
|
|
7
|
Net (loss)
income
|
$
|
(2,716)
|
|
$
|
689
|
|
|
|
|
|
|
|
|
(a)
|
Includes impairment
charges of $1,264 million for the three months ended March 31,
2020.
|
(b)
|
MPLX 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.
|
L&S
Reconciliation of Segment Income from Operations to Segment
Adjusted EBITDA (unaudited)
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
L&S segment
income from operations
|
$
|
723
|
|
$
|
687
|
Depreciation and
amortization
|
|
138
|
|
|
126
|
Income from equity
method investments
|
|
(50)
|
|
|
(45)
|
Distributions/adjustments related to equity method
investments
|
|
57
|
|
|
54
|
Acquisition
costs
|
|
—
|
|
|
1
|
Non-cash equity-based
compensation
|
|
3
|
|
|
5
|
Other
|
|
1
|
|
|
—
|
L&S segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
|
872
|
|
|
828
|
L&S predecessor
segment adjusted EBITDA attributable to MPLX LP
|
|
—
|
|
|
(269)
|
L&S segment
adjusted EBITDA attributable to MPLX LP
|
$
|
872
|
|
$
|
559
|
|
|
|
|
|
|
|
|
|
|
|
|
G&P
Reconciliation of Segment Income from Operations to Segment
Adjusted EBITDA (unaudited)
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
G&P segment
(loss) income from operations
|
$
|
(3,209)
|
|
$
|
225
|
Depreciation and
amortization
|
|
187
|
|
|
175
|
Impairment
expense
|
|
2,165
|
|
|
—
|
Loss (income) from
equity method investments
|
|
1,234
|
|
|
(32)
|
Distributions/adjustments related to equity method
investments
|
|
67
|
|
|
68
|
Unrealized derivative
(gains) losses(a)
|
|
(15)
|
|
|
4
|
Non-cash equity-based
compensation
|
|
2
|
|
|
2
|
Adjusted EBITDA
attributable to noncontrolling interest
|
|
(9)
|
|
|
(7)
|
G&P segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
|
422
|
|
|
435
|
G&P predecessor
segment adjusted EBITDA attributable to MPLX LP
|
|
—
|
|
|
(64)
|
G&P segment
adjusted EBITDA attributable to MPLX LP
|
$
|
422
|
|
$
|
371
|
|
|
|
|
|
|
|
|
(a)
|
MPLX 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.
|
Reconciliation of
Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to GP
and LP Unitholders from Net Income (Loss)
(unaudited)
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
Net (loss)
income
|
$
|
(2,716)
|
|
$
|
689
|
(Benefit) provision
for income taxes
|
|
—
|
|
|
(1)
|
Amortization of
deferred financing costs
|
|
14
|
|
|
7
|
Net interest and
other financial costs
|
|
216
|
|
|
217
|
(Loss) income from
operations
|
|
(2,486)
|
|
|
912
|
Depreciation and
amortization
|
|
325
|
|
|
301
|
Non-cash equity-based
compensation
|
|
5
|
|
|
7
|
Impairment
expense
|
|
2,165
|
|
|
—
|
Loss (Income) from
equity method investments
|
|
1,184
|
|
|
(77)
|
Distributions/adjustments related to equity method
investments
|
|
124
|
|
|
122
|
Unrealized derivative
(gains) losses(a)
|
|
(15)
|
|
|
4
|
Acquisition
costs
|
|
—
|
|
|
1
|
Other
|
|
1
|
|
|
—
|
Adjusted
EBITDA
|
|
1,303
|
|
|
1,270
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(9)
|
|
|
(7)
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
(333)
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,294
|
|
|
930
|
Deferred revenue
impacts
|
|
23
|
|
|
9
|
Net interest and
other financial costs
|
|
(216)
|
|
|
(217)
|
Maintenance capital
expenditures
|
|
(34)
|
|
|
(37)
|
Maintenance capital
expenditures reimbursements
|
|
14
|
|
|
7
|
Equity method
investment capital expenditures paid out
|
|
(7)
|
|
|
(4)
|
Other
|
|
4
|
|
|
—
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
69
|
DCF attributable
to MPLX LP
|
|
1,078
|
|
|
757
|
Preferred unit
distributions(c)
|
|
(31)
|
|
|
(30)
|
DCF attributable
to GP and LP unitholders (excluding predecessor
results)
|
|
1,047
|
|
|
727
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
333
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
(69)
|
DCF attributable
to GP and LP unitholders (including predecessor
results)
|
$
|
1,047
|
|
$
|
991
|
|
|
|
|
|
|
|
|
(a)
|
MPLX 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.
|
(b)
|
The adjusted EBITDA
and DCF adjustments related to predecessor are excluded from
adjusted EBITDA attributable to MPLX LP and DCF attributable to GP
and LP unitholders prior to the acquisition date.
|
(c)
|
Includes MPLX
distributions declared on the Series A 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) assuming a distribution is declared by the
Board of Directors. Cash distributions declared/to be paid to
holders of the Series A and Series B preferred units are not
available to common unitholders.
|
Reconciliation of
Net Income to LTM Pro forma adjusted EBITDA
(unaudited)
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
LTM Net (loss)
income
|
$
|
(1,943)
|
|
$
|
1,920
|
LTM Net income to
adjusted EBITDA adjustments
|
|
6,641
|
|
|
1,725
|
LTM Adjusted
EBITDA attributable to MPLX LP
|
|
4,698
|
|
|
3,645
|
LTM Pro
forma/Predecessor adjustments for acquisitions
|
|
437
|
|
|
4
|
LTM Pro forma
adjusted EBITDA
|
|
5,135
|
|
|
3,649
|
Consolidated
debt
|
$
|
20,864
|
|
$
|
14,283
|
Consolidated debt
to adjusted EBITDA(a)
|
|
4.1x
|
|
|
3.9x
|
|
|
|
|
|
|
|
|
(a)
|
2019 is shown as
historically presented and has not been adjusted for predecessor
impacts.
|
Reconciliation of
Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to GP
and LP Unitholders from Net Cash Provided by Operating Activities
(unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
Net cash provided
by operating activities
|
$
|
1,009
|
|
$
|
853
|
Changes in working
capital items
|
|
112
|
|
|
196
|
All other,
net
|
|
(30)
|
|
|
(15)
|
Non-cash equity-based
compensation
|
|
5
|
|
|
7
|
Net gain (loss) on
disposal of assets
|
|
—
|
|
|
(1)
|
Current income
taxes
|
|
—
|
|
|
1
|
Net interest and
other financial costs
|
|
216
|
|
|
217
|
Unrealized derivative
(gains) losses(a)
|
|
(15)
|
|
|
4
|
Acquisition
costs
|
|
—
|
|
|
1
|
Other adjustments
related to equity method investments
|
|
5
|
|
|
7
|
Other
|
|
1
|
|
|
—
|
Adjusted
EBITDA
|
|
1,303
|
|
|
1,270
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(9)
|
|
|
(7)
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
(333)
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,294
|
|
|
930
|
Deferred revenue
impacts
|
|
23
|
|
|
9
|
Net interest and
other financial costs
|
|
(216)
|
|
|
(217)
|
Maintenance capital
expenditures
|
|
(34)
|
|
|
(37)
|
Maintenance capital
expenditures reimbursements
|
|
14
|
|
|
7
|
Equity method
investment capital expenditures paid out
|
|
(7)
|
|
|
(4)
|
Other
|
|
4
|
|
|
—
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
69
|
DCF attributable
to MPLX LP
|
|
1,078
|
|
|
757
|
Preferred unit
distributions(c)
|
|
(31)
|
|
|
(30)
|
DCF attributable
to GP and LP unitholders (excluding predecessor
results)
|
|
1,047
|
|
|
727
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
333
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
(69)
|
DCF attributable
to GP and LP unitholders (including predecessor
results)
|
$
|
1,047
|
|
$
|
991
|
|
|
|
|
|
|
|
|
(a)
|
MPLX 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.
|
(b)
|
The adjusted EBITDA
and DCF adjustments related to predecessor are excluded from
adjusted EBITDA attributable to MPLX LP and DCF attributable to GP
and LP unitholders prior to the acquisition date.
|
(c)
|
Includes MPLX
distributions declared on the Series A 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) assuming a distribution is declared by the
Board of Directors. Cash distributions declared/to be paid to
holders of the Series A and Series B preferred units are not
available to common unitholders.
|
Capital
Expenditures (unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31
|
(In
millions)
|
|
2020
|
|
|
2019
|
Capital
Expenditures:
|
|
|
|
|
|
Maintenance
|
$
|
34
|
|
$
|
37
|
Maintenance
reimbursements
|
|
(14)
|
|
|
(7)
|
Growth
|
|
284
|
|
|
467
|
Growth
reimbursements
|
|
—
|
|
|
(5)
|
Total capital
expenditures
|
|
304
|
|
|
492
|
Less: Increase
(decrease) in capital accruals
|
|
(61)
|
|
|
(71)
|
Additions to
property, plant and equipment, net(a)
|
|
365
|
|
|
563
|
Investments in
unconsolidated affiliates
|
|
91
|
|
|
135
|
Acquisitions
|
|
—
|
|
|
(1)
|
Total capital
expenditures and acquisitions
|
|
456
|
|
$
|
697
|
Less: Maintenance
capital expenditures (including reimbursements)
|
|
20
|
|
|
30
|
Acquisitions
|
|
—
|
|
|
(1)
|
Total growth
capital expenditures(b)
|
$
|
436
|
|
$
|
668
|
|
|
|
|
|
|
|
|
(a)
|
This amount is
represented in the Consolidated Statements of Cash Flows as
Additions to property, plant and equipment after excluding growth
and maintenance reimbursements. Reimbursements are shown as
Contributions from MPC within the Financing activities section of
the Consolidated Statements of Cash Flows.
|
(b)
|
Amount excludes
contributions from noncontrolling interests of zero and $94 million
for the three months ended March 31, 2020 and 2019, respectively,
as reflected in the financing section of our statement of cash
flows. Also excludes a $69 million return of capital from our Wink
to Webster joint venture which is reflected in the investing
section of our statement of cash flows for the three months ended
March 31, 2020. The table below shows our 2020 adjusted growth
capital expenditures which excludes the impact of changes in
capital accruals and capitalized interest and also factors in any
contributions from noncontrolling interests.
|
2020 adjusted
growth capital expenditures
|
|
Three Months
Ended
March 31, 2020
|
(In
millions)
|
|
Total growth
capital expenditures
|
$
|
436
|
Decrease in capital
accruals
|
|
(61)
|
Capitalized
interest
|
|
(12)
|
Return of
Capital
|
|
(69)
|
Contributions from
noncontrolling interests
|
|
—
|
Total adjusted
growth capital expenditures
|
$
|
294
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mplx-lp-reports-first-quarter-2020-financial-results-301052814.html
SOURCE MPLX LP