FINDLAY, Ohio, Nov. 2, 2020 /PRNewswire/ --
- Reported net income attributable to MPLX of $665 million, including a charge of $36 million, and adjusted EBITDA attributable to
MPLX of $1.3 billion
- Generated $1.2 billion in net
cash provided by operating activities and reported distribution
coverage of 1.44x
- Maintained quarterly distribution of $0.6875 per common unit
- On-track to achieve forecasted 2020 reductions in capital
spending of over $700 million and
operating expense of approximately $200
million
- Reiterate expectation of achieving positive free cash flow,
after capital investments and distributions, for 2021
- Announces Board authorization of a unit repurchase program
for up to $1 billion of common units
held by the public
MPLX LP (NYSE: MPLX) today reported third-quarter 2020 net
income attributable to MPLX of $665
million, compared with $629
million for the third quarter of 2019. Third-quarter 2020
results include a charge of $36
million related to a reimbursement of expenses associated
with Marathon Petroleum Corporation's (NYSE: MPC) involuntary
workforce reduction plan. Adjusted earnings before interest, taxes,
depreciation, and amortization (EBITDA) attributable to MPLX was
$1.3 billion, compared with
$1.3 billion in the third quarter of
2019.
The Logistics and Storage (L&S) segment reported segment
income from operations of $677
million and adjusted EBITDA of $893
million for the quarter, down $36
million and up $44 million,
respectively, versus the third quarter of last year. The Gathering
and Processing (G&P) segment reported segment income from
operations of $222 million and
adjusted EBITDA of $442 million for
the quarter, up $9 million and
$18 million, respectively, versus the
third quarter of last year.
During the quarter, MPLX generated $1.2
billion in net cash provided by operating activities and
$1.1 billion of distributable cash
flow. Distribution coverage was 1.44x for the third quarter of
2020. MPLX also announced a third-quarter 2020 distribution of
$0.6875 per common unit, consistent
with the prior quarter.
"Our performance during the third quarter highlights the
resiliency and stability of our underlying businesses," said
Michael J. Hennigan, chairman,
president, and chief executive officer. "In addition to the
proactive steps we took earlier this year to reduce capital
spending and operating expenses, we took additional necessary steps
to reduce our cost structure. The difficult decision to reduce our
workforce was not made lightly, and we are committed to treating
employees with integrity and respect.
"We continue to believe that we can generate stable EBITDA to
support our goal of achieving positive free cash flow, after
capital investments and distributions, for 2021, allowing us the
financial flexibility to repurchase units or reduce debt. With this
in mind, we have obtained board authorization to repurchase up to
$1 billion of units."
Financial
Highlights
|
|
|
|
Three Months
Ended
Sept.
30
|
|
|
Nine Months
Ended
September
30
|
(In millions,
except per unit and ratio data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net income (loss)
attributable to MPLX(a)
|
|
$
|
665
|
|
|
|
$
|
629
|
|
|
|
$
|
(1,411)
|
|
|
|
$
|
1,614
|
|
Adjusted net income
attributable to MPLX(b)
|
|
N/A
|
|
|
681
|
|
|
|
N/A
|
|
|
2,015
|
|
Adjusted EBITDA
attributable to MPLX LP(c)
|
|
1,335
|
|
|
|
1,273
|
|
|
|
3,856
|
|
|
|
3,785
|
|
Net cash provided by
operating activities
|
|
1,222
|
|
|
|
1,036
|
|
|
|
3,336
|
|
|
|
2,990
|
|
Distributable cash
flow attributable to MPLX LP(c)
|
|
1,067
|
|
|
|
1,027
|
|
|
|
3,172
|
|
|
|
3,055
|
|
Distribution per
common unit(d)
|
|
$
|
0.6875
|
|
|
|
$
|
0.6775
|
|
|
|
$
|
2.0625
|
|
|
|
$
|
2.0025
|
|
Distribution coverage
ratio(e)
|
|
1.44x
|
|
|
1.42x
|
|
|
1.42x
|
|
|
1.54x
|
Consolidated debt to
adjusted EBITDA(f)
|
|
4.0x
|
|
|
4.0x
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The nine months ended
Sept. 30, 2020 includes impairments related to equity method
investments of approximately $1.3 billion,
goodwill impairment of approximately $1.8 billion and long-lived
asset impairments of approximately $0.3 billion, all within our
G&P operating segment.
|
(b)
|
Includes net income
attributable to predecessor for the three and nine months ended
Sept. 30, 2019. The predecessor period
represents the period prior to MPLX's acquisition of Andeavor
Logistics LP (ANDX) on July 30, 2019.
|
(c)
|
Non-GAAP measures
calculated before distributions to preferred unitholders. See
reconciliation below. Includes adjusted EBITDA
and distributable cash flow (DCF) adjustments attributable to
predecessor. For the three and nine months ended Sept. 30,
2019,
adjusted EBITDA attributable to MPLX LP excluding predecessor
results was $1,165 million and $3,015 million,
respectively.
|
(d)
|
Distributions
declared by the board of directors of MPLX's general
partner.
|
(e)
|
DCF attributable to
GP and LP unitholders (including DCF attributable to predecessor)
divided by total GP and LP distributions
declared. For the nine months ended Sept. 30, 2019, DCF
attributable to predecessor has been included with no
corresponding
distribution being declared by MPLX for the first quarter of 2019,
resulting in a distribution coverage ratio of 1.54x.
|
(f)
|
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
Sept.
30
|
|
|
Nine Months
Ended
September
30
|
Segment income
(loss) from operations (unaudited)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Logistics and
Storage
|
$
|
677
|
|
|
$
|
713
|
|
|
$
|
2,081
|
|
|
$
|
2,075
|
|
Gathering and
Processing
|
|
222
|
|
|
|
213
|
|
|
|
(2,790)
|
|
|
|
648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment adjusted
EBITDA attributable to MPLX LP (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Logistics and
Storage
|
|
893
|
|
|
|
849
|
|
|
|
2,604
|
|
|
|
2,498
|
|
Gathering and
Processing
|
$
|
442
|
|
|
$
|
424
|
|
|
$
|
1,252
|
|
|
$
|
1,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logistics & Storage
L&S segment income from operations for the third quarter of
2020 decreased by $36 million and
includes a charge of $27 million
related to a reimbursement of expenses associated with MPC's
involuntary workforce reduction plan. Segment adjusted EBITDA for
the third quarter of 2020 increased by $44
million. Both results are compared to the same period in
2019. Results for the quarter benefited from lower operating
expenses, minimum volume commitments, and the completion of the
Mt. Airy terminal and Utica butane expansion projects, and were
partially offset by lower demand due to the COVID-19 pandemic.
Total pipeline throughputs were 4.7 million barrels per day in
the third quarter, a decrease of 10% versus the same quarter of
2019. The average tariff rate was $0.93 per barrel for the quarter, an increase of
3% versus the same quarter of 2019. Terminal throughput was 2.7
million barrels per day for the quarter, a decrease of 18% versus
the same quarter of 2019.
Gathering & Processing
G&P segment income from operations for the third quarter of
2020 increased by $9 million and
includes a charge of $9 million
related to a reimbursement of expenses associated with MPC's
involuntary workforce reduction plan. Segment adjusted EBITDA for
the third quarter of 2020 increased by $18
million. Both results are compared to the same period in
2019. Results for the quarter were primarily driven by higher
volumes due to additional plants coming online, partially offset by
production curtailments and shut-ins. In the third quarter of
2020:
- Gathered volumes averaged 5.4 billion cubic feet per day
(bcf/d), a 14% decrease versus the third quarter of 2019.
- Processed volumes averaged 8.5 bcf/d, a 3% decrease versus the
third quarter of 2019.
- Fractionated volumes averaged 567 thousand barrels per day, a
4% increase versus the third quarter of 2019.
In the Marcellus and Utica:
- Gathered volumes in Marcellus averaged 1.3 bcf/d in the third
quarter, a 3% increase versus the third quarter of 2019, while
gathered volumes in Utica averaged
1.8 bcf/d in the third quarter, a 24% decrease versus the
third quarter of 2019.
- Processed volumes in Marcellus averaged 5.7 bcf/d in the third
quarter, an 8% increase versus the third quarter of 2019, while
processed volumes in Utica
averaged 0.5 bcf/d in the third quarter, a 39% decrease versus
the third quarter of 2019.
- Fractionated volumes in Marcellus averaged 477 thousand barrels
per day in the third quarter, a 10% increase versus the third
quarter of 2019, while fractionated volumes in Utica averaged 30 thousand barrels per day in
the third quarter, a 39% decrease versus the third quarter of
2019.
Strategic Update
MPLX remains on-track to achieve forecasted 2020 reductions to
capital spending by over $700 million
and annual operating expenses by approximately $200 million. Incremental to these reductions,
MPC implemented a workforce reduction plan to reduce cost structure
across the combined enterprise.
The board of directors of MPLX's general partner has authorized
a unit repurchase program for the repurchase of up to $1 billion of the outstanding publicly traded
common units. MPLX may utilize various methods to effect the
repurchases, which could include open market repurchases,
negotiated block transactions, tender offers, accelerated unit
repurchases, or open market solicitations for units, some of which
may be effected through Rule 10b5-1 plans. The timing and amount of
repurchases, if any, will depend upon several factors, including
market and business conditions, and repurchases may be initiated,
suspended or discontinued at any time. The repurchase authorization
has no expiration date.
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, with segments and assets
expected to come on line throughout 2021. The main segment of the
pipeline system started transporting Permian crude oil and
condensate from Midland, Texas, to
Houston in October. 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 MPC's 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.
In August, MPLX, WhiteWater Midstream, and West Texas Gas, Inc.
(WTG) announced the formation of a joint venture (JV) to provide
natural gas liquids takeaway capacity from MPLX and WTG gas
processing plants to Sweeny,
Texas. The JV utilizes existing infrastructure with limited
new construction and is a capital-efficient solution to support
producer customers.
Financial Position and Liquidity
As of Sept. 30, 2020, MPLX had
$28 million in cash, $3.4 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 4.0x at Sept. 30, 2020.
During the quarter, MPLX issued $3.0
billion aggregate principal amount of unsecured senior
notes in an underwritten public offering consisting of
$1.5 billion aggregate principal
amount of 1.750% senior notes due 2026 and $1.5 billion aggregate principal amount of 2.650%
senior notes due in 2030.
During the third quarter, MPLX used a portion of the net
proceeds from this offering to repay or redeem the $1.0 billion term loan borrowing maturing in
2021, the $1.0 billion aggregate
principal amount of its floating rate senior notes due 2021, and
the $450 million aggregate principal
amount of its 6.375% senior notes due 2024. MPLX also used a
portion of the net proceeds to redeem all of the $300 million aggregate principal amount of its
6.250% senior notes due 2022, in October
2020. The remainder of the proceeds from the notes offering
have or will be used for general partnership purposes.
MPLX remains committed to maintaining an investment-grade credit
profile.
Conference Call
At 11 a.m. EST 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 www.mplx.com. 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 www.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
Taryn Erie, Manager, Investor
Relations
Media Contact: (419) 421-3312
Jamal Kheiry, Manager,
Communications
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, including any related government policies and actions,
and the adverse impact thereof on our business, financial
condition, results of operations and cash flows, including, but not
limited to, 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 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
Marathon Petroleum Corporation's (MPC) 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 and to effect any common unit
repurchases; 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 (including any related government policies and
actions), other infectious disease outbreaks, natural hazards,
extreme weather events 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 but are not limited to: the effects of the recent outbreak
of COVID-19, including any related government policies and actions,
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 proposed sale of Speedway, the ability to successfully complete
the sale within the expected timeframe, on the expected terms, or
at all, based on numerous factors, including the failure to satisfy
any of the conditions to the consummation of the proposed
transaction (including obtaining certain governmental or regulatory
approvals on the proposed terms and schedule), the occurrence of
any event, change or other circumstance that could give rise to the
termination of the proposed transaction; MPC's ability to utilize
the proceeds as anticipated; the risk that the dissynergy costs,
costs of restructuring transactions and other costs incurred in
connection with the proposed transaction will exceed our estimates;
and our ability to capture value and realize the other expected
benefits from the associated ongoing supply relationship following
consummation of the proposed sale; the risk that the cost savings
and any other synergies from MPC's acquisition of Andeavor and the
ANDX acquisition may not be fully realized or may take longer to
realize than expected, including whether the ANDX transaction will
be accretive within the expected timeframe or at all; disruption
from the Andeavor or ANDX transactions making it more difficult to
maintain relationships with customers, employees or suppliers;
risks relating to any unforeseen liabilities of Andeavor or ANDX,
respectively; 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, 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, including the
potential conversion of MPC's Martinez Refinery to a renewable
diesel facility; the receipt of relevant third party and/or
regulatory approvals; the reliability of processing units and other
equipment; the successful realization of 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, complete announced capital
projects and to effect any share repurchases or to maintain or
increase the dividend; the effect of restructuring or
reorganization of business components, including those undertaken
in connection with the Speedway sale and workforce reduction; the
potential effects of judicial or other proceedings, including
remedial actions involving removal and reclamation obligations
under environmental regulations, 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 (including any related government policies and actions),
other infectious disease outbreaks, natural hazards, extreme
weather events or otherwise; general economic, political or
regulatory developments, including changes in governmental policies
relating to refined petroleum products, crude oil, natural gas or
NGLs, regulation or taxation and other economic and political
developments (including those caused by public health issues and
outbreaks); non-payment or non-performance by producer and other
customers; compliance with federal and state environmental,
economic, health and safety, energy and other policies, permitting
and regulations, including the cost of compliance with the
Renewable Fuel Standard, and/or enforcement actions initiated
thereunder; the 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. Any
forward-looking statements speak only as of the date of the
applicable communication and 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
Sept.
30
|
|
|
Nine Months
Ended
September
30
|
(In millions,
except per unit data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
$
|
912
|
|
|
$
|
928
|
|
|
$
|
2,631
|
|
|
$
|
2,818
|
|
Operating revenue -
related parties
|
|
1,187
|
|
|
|
1,224
|
|
|
|
3,506
|
|
|
|
3,562
|
|
Income (loss) from
equity method investments
|
|
83
|
|
|
|
95
|
|
|
|
(1,012)
|
|
|
|
255
|
|
Other
income
|
|
65
|
|
|
|
33
|
|
|
|
195
|
|
|
|
90
|
|
Total revenues and
other income
|
|
2,247
|
|
|
|
2,280
|
|
|
|
5,320
|
|
|
|
6,725
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
508
|
|
|
|
573
|
|
|
|
1,481
|
|
|
|
1,691
|
|
Operating expenses -
related parties
|
|
329
|
|
|
|
348
|
|
|
|
972
|
|
|
|
1,018
|
|
Depreciation and
amortization
|
|
346
|
|
|
|
302
|
|
|
|
992
|
|
|
|
916
|
|
Impairment
expense
|
|
—
|
|
|
|
—
|
|
|
|
2,165
|
|
|
|
—
|
|
General and
administrative expenses
|
|
96
|
|
|
|
102
|
|
|
|
289
|
|
|
|
293
|
|
Restructuring
expenses
|
|
36
|
|
|
|
—
|
|
|
|
36
|
|
|
|
—
|
|
Other
taxes
|
|
33
|
|
|
|
29
|
|
|
|
94
|
|
|
|
84
|
|
Total costs and
expenses
|
|
1,348
|
|
|
|
1,354
|
|
|
|
6,029
|
|
|
|
4,002
|
|
Income (loss) from
operations
|
|
899
|
|
|
|
926
|
|
|
|
(709)
|
|
|
|
2,723
|
|
Interest and other
financial costs
|
|
224
|
|
|
|
233
|
|
|
|
677
|
|
|
|
686
|
|
Income (loss)
before income taxes
|
|
675
|
|
|
|
693
|
|
|
|
(1,386)
|
|
|
|
2,037
|
|
(Benefit) provision
for income taxes
|
|
1
|
|
|
|
4
|
|
|
|
1
|
|
|
|
2
|
|
Net income
(loss)
|
|
674
|
|
|
|
689
|
|
|
|
(1,387)
|
|
|
|
2,035
|
|
Less: Net income
attributable to noncontrolling interests
|
|
9
|
|
|
|
8
|
|
|
|
24
|
|
|
|
20
|
|
Less: Net income
attributable to Predecessor
|
|
—
|
|
|
|
52
|
|
|
|
—
|
|
|
|
401
|
|
Net income (loss)
attributable to MPLX LP
|
|
665
|
|
|
|
629
|
|
|
|
(1,411)
|
|
|
|
1,614
|
|
Less: Series A
preferred unit distributions
|
|
20
|
|
|
|
20
|
|
|
|
61
|
|
|
|
61
|
|
Less: Series B
preferred unit distributions
|
|
10
|
|
|
|
7
|
|
|
|
31
|
|
|
|
7
|
|
Limited partners'
interest in net income (loss)
attributable to MPLX LP
|
$
|
635
|
|
|
$
|
602
|
|
|
$
|
(1,503)
|
|
|
$
|
1,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Unit
Data
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MPLX LP per
limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
Common -
basic
|
$
|
0.61
|
|
|
$
|
0.61
|
|
|
$
|
(1.43)
|
|
|
$
|
1.78
|
|
Common -
diluted
|
$
|
0.61
|
|
|
$
|
0.61
|
|
|
$
|
(1.43)
|
|
|
$
|
1.78
|
|
Weighted average
limited partner units
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Common units –
basic
|
|
1,046
|
|
|
|
974
|
|
|
|
1,054
|
|
|
|
855
|
|
Common units –
diluted
|
|
1,047
|
|
|
|
975
|
|
|
|
1,054
|
|
|
|
855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Financial
Statistics (unaudited)
|
|
Three Months
Ended
Sept.
30
|
|
|
Nine Months
Ended
September
30
|
(In millions,
except ratio data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Common unit
distributions declared by MPLX
|
|
|
|
|
|
|
|
|
|
|
|
Common units (LP) -
public(a)
|
$
|
270
|
|
|
$
|
266
|
|
|
$
|
810
|
|
|
$
|
718
|
|
Common units -
MPC(a)
|
|
445
|
|
|
|
438
|
|
|
|
1,348
|
|
|
|
1,201
|
|
Total GP and LP
distribution declared
|
|
715
|
|
|
|
704
|
|
|
|
2,158
|
|
|
|
1,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred unit
distributions(b)
|
|
|
|
|
|
|
|
|
|
|
|
Series A preferred
unit distributions(c)
|
|
20
|
|
|
|
20
|
|
|
|
61
|
|
|
|
61
|
|
Series B preferred
unit distributions(d)
|
|
10
|
|
|
|
10
|
|
|
|
31
|
|
|
|
31
|
|
Total preferred
unit distributions
|
|
30
|
|
|
|
30
|
|
|
|
92
|
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to MPLX LP(e)(f)
|
|
1,335
|
|
|
|
1,273
|
|
|
|
3,856
|
|
|
|
3,785
|
|
DCF attributable to
GP and LP unitholders(e)(f)
|
$
|
1,032
|
|
|
$
|
997
|
|
$
|
3,075
|
|
|
$
|
2,963
|
|
Distribution coverage
ratio(g)
|
|
1.44x
|
|
|
1.42x
|
|
|
1.42x
|
|
|
1.54x
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow
Data
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow
provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
1,222
|
|
|
$
|
1,036
|
|
|
$
|
3,336
|
|
|
$
|
2,990
|
|
Investing
activities
|
|
(283)
|
|
|
|
(750)
|
|
|
|
(1,060)
|
|
|
|
(2,189)
|
|
Financing
activities
|
$
|
(978)
|
|
|
$
|
(277)
|
|
|
$
|
(2,263)
|
|
|
$
|
(845)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The distribution on
common units for the three and nine months ended Sept. 30, 2019
includes 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 Feb. 15th and Aug. 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 Feb. 15 and Aug. 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 and nine months ended Sept. 30, 2019, adjusted EBITDA
attributable to MPLX LP excluding predecessor results was
$1,165 million and $3,015 million respectively.
|
(g)
|
DCF attributable to
GP and LP unitholders (including DCF attributable to predecessor)
divided by total GP and LP distribution
declared. For the nine months ended Sept. 30, 2019, DCF
attributable to predecessor has been included with no
corresponding
distribution being declared by MPLX for the first quarter of 2019,
resulting in a distribution coverage ratio of 1.54x.
|
|
|
|
|
|
|
Select Balance
Sheet Data (unaudited)
|
|
|
|
|
|
(In millions,
except ratio data)
|
|
September
30,
2020
|
|
|
December 31,
2019
|
Cash and cash
equivalents
|
$
|
28
|
|
|
$
|
15
|
|
Total
assets
|
|
36,662
|
|
|
|
40,430
|
|
Total long-term
debt(a)
|
|
20,349
|
|
|
|
20,307
|
|
Redeemable preferred
units
|
|
968
|
|
|
|
968
|
|
Total
equity
|
$
|
13,095
|
|
|
$
|
16,613
|
|
Consolidated total
debt to adjusted EBITDA(b)
|
|
4.0x
|
|
|
4.1x
|
|
|
|
|
|
|
Partnership units
outstanding:
|
|
|
|
|
|
MPC-held common
units
|
|
647
|
|
|
|
666
|
|
Public common
units
|
|
393
|
|
|
|
392
|
|
|
|
|
|
|
|
(a)
|
Outstanding
intercompany borrowings were zero as of Sept. 30, 2020 and $594
million as of Dec. 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 $408 million and $406 million of unamortized
discount and debt issuance costs as of Sept. 30, 2020 and Dec.
31,
2019, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statistics (unaudited)(a)
|
|
Three Months
Ended
Sept.
30
|
|
|
Nine Months
Ended
September
30
|
|
2020
|
|
|
2019
|
|
%
Change
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Logistics and
Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline throughput
(mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
|
3,077
|
|
|
|
3,367
|
|
|
(9)
|
%
|
|
|
3,007
|
|
|
|
3,240
|
|
|
(7)
|
%
|
Product
pipelines
|
|
1,613
|
|
|
|
1,859
|
|
|
(13)
|
%
|
|
|
1,701
|
|
|
|
1,875
|
|
|
(9)
|
%
|
Total
pipelines
|
|
4,690
|
|
|
|
5,226
|
|
|
(10)
|
%
|
|
|
4,708
|
|
|
|
5,115
|
|
|
(8)
|
%
|
Average tariff rates
($ per barrel)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
$
|
0.96
|
|
|
$
|
0.97
|
|
|
(1)
|
%
|
|
$
|
0.96
|
|
|
$
|
0.94
|
|
|
2
|
%
|
Product
pipelines
|
|
0.85
|
|
|
|
0.77
|
|
|
10
|
%
|
|
|
0.82
|
|
|
|
0.73
|
|
|
12
|
%
|
Total
pipelines
|
$
|
0.93
|
|
|
$
|
0.90
|
|
|
3
|
%
|
|
|
0.91
|
|
|
|
0.86
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal throughput
(mbpd)
|
|
2,701
|
|
|
|
3,292
|
|
|
(18)
|
%
|
|
|
2,696
|
|
|
|
3,267
|
|
|
(17)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barges at
period-end
|
|
301
|
|
|
|
264
|
|
|
14
|
%
|
|
|
301
|
|
|
|
264
|
|
|
14
|
%
|
Towboats at
period-end
|
|
23
|
|
|
|
23
|
|
|
—
|
%
|
|
|
23
|
|
|
|
23
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Statistics for the
three and nine months ended Sept. 30, 2019 are inclusive of
predecessor operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and
Processing Operating
Statistics (unaudited) -
Consolidated(a)
|
|
Three Months
Ended
Sept.
30
|
|
|
Nine Months
Ended
Sept.
30
|
|
2020
|
|
|
2019
|
|
%
Change
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,312
|
|
|
|
1,271
|
|
|
3
|
%
|
|
|
1,372
|
|
|
|
1,273
|
|
|
8
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Subtotal
|
|
1,312
|
|
|
|
1,271
|
|
|
3
|
%
|
|
|
1,372
|
|
|
|
1,273
|
|
|
8
|
%
|
Southwest
Operations
|
|
1,413
|
|
|
|
1,653
|
|
|
(15)
|
%
|
|
|
1,445
|
|
|
|
1,618
|
|
|
(11)
|
%
|
Bakken
Operations
|
|
130
|
|
|
|
149
|
|
|
(13)
|
%
|
|
|
137
|
|
|
|
149
|
|
|
(8)
|
%
|
Rockies
Operations
|
|
481
|
|
|
|
627
|
|
|
(23)
|
%
|
|
|
523
|
|
|
|
639
|
|
|
(18)
|
%
|
Total gathering
throughput
|
|
3,336
|
|
|
|
3,700
|
|
|
(10)
|
%
|
|
|
3,477
|
|
|
|
3,679
|
|
|
(5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
4,222
|
|
|
|
4,264
|
|
|
(1)
|
%
|
|
|
4,177
|
|
|
|
4,211
|
|
|
(1)
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Subtotal
|
|
4,222
|
|
|
|
4,264
|
|
|
(1)
|
%
|
|
|
4,177
|
|
|
|
4,211
|
|
|
(1)
|
%
|
Southwest
Operations
|
|
1,377
|
|
|
|
1,667
|
|
|
(17)
|
%
|
|
|
1,479
|
|
|
|
1,608
|
|
|
(8)
|
%
|
Southern Appalachian
Operations
|
|
227
|
|
|
|
254
|
|
|
(11)
|
%
|
|
|
231
|
|
|
|
244
|
|
|
(5)
|
%
|
Bakken
Operations
|
|
129
|
|
|
|
149
|
|
|
(13)
|
%
|
|
|
137
|
|
|
|
149
|
|
|
(8)
|
%
|
Rockies
Operations
|
|
481
|
|
|
|
568
|
|
|
(15)
|
%
|
|
|
512
|
|
|
|
575
|
|
|
(11)
|
%
|
Total natural gas
processed
|
|
6,436
|
|
|
|
6,902
|
|
|
(7)
|
%
|
|
|
6,536
|
|
|
|
6,787
|
|
|
(4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
477
|
|
|
|
433
|
|
|
10
|
%
|
|
|
466
|
|
|
|
431
|
|
|
8
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Subtotal
|
|
477
|
|
|
|
433
|
|
|
10
|
%
|
|
|
466
|
|
|
|
431
|
|
|
8
|
%
|
Southwest
Operations
|
|
21
|
|
|
|
19
|
|
|
11
|
%
|
|
|
16
|
|
|
|
13
|
|
|
23
|
%
|
Southern Appalachian
Operations
|
|
11
|
|
|
|
13
|
|
|
(15)
|
%
|
|
|
12
|
|
|
|
12
|
|
|
—
|
%
|
Bakken
Operations
|
|
25
|
|
|
|
29
|
|
|
(14)
|
%
|
|
|
25
|
|
|
|
22
|
|
|
14
|
%
|
Rockies
Operations
|
|
3
|
|
|
|
4
|
|
|
(25)
|
%
|
|
|
4
|
|
|
|
4
|
|
|
—
|
%
|
Total C2 + NGLs
fractionated
|
|
537
|
|
|
|
498
|
|
|
8
|
%
|
|
|
523
|
|
|
|
482
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes operating
data for entities that have been consolidated into the MPLX
financial statements. Statistics for the three and nine
months ended Sept. 30, 2019 are 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
Sept.
30
|
|
|
Nine Months
Ended
Sept.
30
|
|
2020
|
|
|
2019
|
|
%
Change
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,312
|
|
|
|
1,271
|
|
|
3
|
%
|
|
|
1,372
|
|
|
|
1,273
|
|
|
8
|
%
|
Utica
Operations
|
|
1,816
|
|
|
|
2,381
|
|
|
(24)
|
%
|
|
|
1,840
|
|
|
|
2,186
|
|
|
(16)
|
%
|
Subtotal
|
|
3,128
|
|
|
|
3,652
|
|
|
(14)
|
%
|
|
|
3,212
|
|
|
|
3,459
|
|
|
(7)
|
%
|
Southwest
Operations
|
|
1,479
|
|
|
|
1,653
|
|
|
(11)
|
%
|
|
|
1,491
|
|
|
|
1,618
|
|
|
(8)
|
%
|
Bakken
Operations
|
|
130
|
|
|
|
149
|
|
|
(13)
|
%
|
|
|
137
|
|
|
|
149
|
|
|
(8)
|
%
|
Rockies
Operations
|
|
659
|
|
|
|
827
|
|
|
(20)
|
%
|
|
|
706
|
|
|
|
835
|
|
|
(15)
|
%
|
Total gathering
throughput
|
|
5,396
|
|
|
|
6,281
|
|
|
(14)
|
%
|
|
|
5,546
|
|
|
|
6,061
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
5,706
|
|
|
|
5,300
|
|
|
8
|
%
|
|
|
5,582
|
|
|
|
5,218
|
|
|
7
|
%
|
Utica
Operations
|
|
530
|
|
|
|
866
|
|
|
(39)
|
%
|
|
|
587
|
|
|
|
835
|
|
|
(30)
|
%
|
Subtotal
|
|
6,236
|
|
|
|
6,166
|
|
|
1
|
%
|
|
|
6,169
|
|
|
|
6,053
|
|
|
2
|
%
|
Southwest
Operations
|
|
1,439
|
|
|
|
1,667
|
|
|
(14)
|
%
|
|
|
1,543
|
|
|
|
1,608
|
|
|
(4)
|
%
|
Southern Appalachian
Operations
|
|
227
|
|
|
|
254
|
|
|
(11)
|
%
|
|
|
231
|
|
|
|
244
|
|
|
(5)
|
%
|
Bakken
Operations
|
|
129
|
|
|
|
149
|
|
|
(13)
|
%
|
|
|
137
|
|
|
|
149
|
|
|
(8)
|
%
|
Rockies
Operations
|
|
481
|
|
|
|
568
|
|
|
(15)
|
%
|
|
|
512
|
|
|
|
575
|
|
|
(11)
|
%
|
Total natural gas
processed
|
|
8,512
|
|
|
|
8,804
|
|
|
(3)
|
%
|
|
|
8,592
|
|
|
|
8,629
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
477
|
|
|
|
433
|
|
|
10
|
%
|
|
|
466
|
|
|
|
431
|
|
|
8
|
%
|
Utica
Operations
|
|
30
|
|
|
|
49
|
|
|
(39)
|
%
|
|
|
32
|
|
|
|
45
|
|
|
(29)
|
%
|
Subtotal
|
|
507
|
|
|
|
482
|
|
|
5
|
%
|
|
|
498
|
|
|
|
476
|
|
|
5
|
%
|
Southwest
Operations
|
|
21
|
|
|
|
19
|
|
|
11
|
%
|
|
|
16
|
|
|
|
13
|
|
|
23
|
%
|
Southern Appalachian
Operations
|
|
11
|
|
|
|
13
|
|
|
(15)
|
%
|
|
|
12
|
|
|
|
12
|
|
|
—
|
%
|
Bakken
Operations
|
|
25
|
|
|
|
29
|
|
|
(14)
|
%
|
|
|
25
|
|
|
|
22
|
|
|
14
|
%
|
Rockies
Operations
|
|
3
|
|
|
|
4
|
|
|
(25)
|
%
|
|
|
4
|
|
|
|
4
|
|
|
—
|
%
|
Total C2 + NGLs
fractionated
|
|
567
|
|
|
|
547
|
|
|
4
|
%
|
|
|
555
|
|
|
|
527
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Statistics for the
three and nine months ended Sept. 30, 2019 are inclusive of
predecessor operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Segment Adjusted EBITDA to
Net Income (unaudited)
|
|
Three Months
Ended
Sept.
30
|
|
|
Nine Months
Ended
Sept.
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
L&S segment
adjusted EBITDA attributable to
MPLX LP (including predecessor results)
|
$
|
893
|
|
|
$
|
849
|
|
|
$
|
2,604
|
|
|
$
|
2,498
|
|
G&P segment
adjusted EBITDA attributable to
MPLX LP (including predecessor results)
|
|
442
|
|
|
|
424
|
|
|
|
1,252
|
|
|
|
1,287
|
|
Adjusted EBITDA
attributable to MPLX LP
(including predecessor results)
|
|
1,335
|
|
|
|
1,273
|
|
|
|
3,856
|
|
|
|
3,785
|
|
Depreciation and
amortization
|
|
(346)
|
|
|
|
(302)
|
|
|
|
(992)
|
|
|
|
(916)
|
|
Provision for income
taxes
|
|
(1)
|
|
|
|
(4)
|
|
|
|
(1)
|
|
|
|
(2)
|
|
Amortization of
deferred financing costs
|
|
(15)
|
|
|
|
(10)
|
|
|
|
(44)
|
|
|
|
(29)
|
|
Gain on
extinguishment of debt
|
|
14
|
|
|
|
—
|
|
|
|
14
|
|
|
|
—
|
|
Non-cash equity-based
compensation
|
|
(4)
|
|
|
|
(5)
|
|
|
|
(12)
|
|
|
|
(17)
|
|
Impairment
expense
|
|
—
|
|
|
|
—
|
|
|
|
(2,165)
|
|
|
|
—
|
|
Restructuring
expenses
|
|
(36)
|
|
|
|
—
|
|
|
|
(36)
|
|
|
|
—
|
|
Net interest and
other financial costs
|
|
(223)
|
|
|
|
(223)
|
|
|
|
(647)
|
|
|
|
(657)
|
|
Income (loss) from
equity method investments(a)
|
|
83
|
|
|
|
95
|
|
|
|
(1,012)
|
|
|
|
255
|
|
Distributions/adjustments related to equity
method
investments
|
|
(130)
|
|
|
|
(145)
|
|
|
|
(369)
|
|
|
|
(399)
|
|
Unrealized derivative
(losses) gains(b)
|
|
(10)
|
|
|
|
11
|
|
|
|
(1)
|
|
|
|
7
|
|
Acquisition
costs
|
|
—
|
|
|
|
(9)
|
|
|
|
—
|
|
|
|
(14)
|
|
Other
|
|
(3)
|
|
|
|
(1)
|
|
|
|
(5)
|
|
|
|
(1)
|
|
Adjusted EBITDA
attributable to noncontrolling
interests
|
|
10
|
|
|
|
9
|
|
|
|
27
|
|
|
|
23
|
|
Net income
(loss)
|
$
|
674
|
|
|
$
|
689
|
|
|
$
|
(1,387)
|
|
|
$
|
2,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes
impairment charges of $1,264 million for the nine months ended
Sept. 30, 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
Sept.
30
|
|
Nine Months
Ended
Sept.
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
L&S segment
income from operations
|
$
|
677
|
|
|
$
|
713
|
|
|
$
|
2,081
|
|
|
$
|
2,075
|
|
Depreciation and
amortization
|
|
164
|
|
|
|
113
|
|
|
|
440
|
|
|
|
373
|
|
Restructuring
expenses
|
|
27
|
|
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
Income from equity
method investments
|
|
(36)
|
|
|
|
(60)
|
|
|
|
(126)
|
|
|
|
(159)
|
|
Distributions/adjustments related to equity method
investments
|
|
55
|
|
|
|
70
|
|
|
|
169
|
|
|
|
184
|
|
Acquisition
costs
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
|
14
|
|
Non-cash equity-based
compensation
|
|
3
|
|
|
|
3
|
|
|
|
8
|
|
|
|
10
|
|
Other
|
|
3
|
|
|
|
1
|
|
|
|
5
|
|
|
|
1
|
|
L&S segment
adjusted EBITDA attributable to
MPLX LP (including predecessor results)
|
|
893
|
|
|
|
849
|
|
|
|
2,604
|
|
|
|
2,498
|
|
L&S predecessor
segment adjusted EBITDA
attributable to MPLX LP
|
|
—
|
|
|
|
(83)
|
|
|
|
—
|
|
|
|
(603)
|
|
L&S segment
adjusted EBITDA attributable to
MPLX LP
|
$
|
893
|
|
|
$
|
766
|
|
|
$
|
2,604
|
|
|
$
|
1,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G&P
Reconciliation of Segment Income from
Operations to Segment Adjusted EBITDA
(unaudited)
|
Three Months
Ended
Sept.
30
|
|
Nine Months
Ended
Sept.
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
G&P segment
income (loss) from operations
|
$
|
222
|
|
|
$
|
213
|
|
|
$
|
(2,790)
|
|
|
$
|
648
|
|
Depreciation and
amortization
|
|
182
|
|
|
|
189
|
|
|
|
552
|
|
|
|
543
|
|
Impairment
expense
|
|
—
|
|
|
|
—
|
|
|
|
2,165
|
|
|
|
—
|
|
Restructuring
expenses
|
|
9
|
|
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
(Income) loss from
equity method investments
|
|
(47)
|
|
|
|
(35)
|
|
|
|
1,138
|
|
|
|
(96)
|
|
Distributions/adjustments related to equity method
investments
|
|
75
|
|
|
|
75
|
|
|
|
200
|
|
|
|
215
|
|
Unrealized derivative
losses (gains)(a)
|
|
10
|
|
|
|
(11)
|
|
|
|
1
|
|
|
|
(7)
|
|
Non-cash equity-based
compensation
|
|
1
|
|
|
|
2
|
|
|
|
4
|
|
|
|
7
|
|
Adjusted EBITDA
attributable to noncontrolling interest
|
|
(10)
|
|
|
|
(9)
|
|
|
|
(27)
|
|
|
|
(23)
|
|
G&P segment
adjusted EBITDA attributable to
MPLX LP (including predecessor results)
|
|
442
|
|
|
|
424
|
|
|
|
1,252
|
|
|
|
1,287
|
|
G&P predecessor
segment adjusted EBITDA
attributable to MPLX LP
|
|
—
|
|
|
|
(25)
|
|
|
|
—
|
|
|
|
(167)
|
|
G&P segment
adjusted EBITDA attributable to
MPLX LP
|
$
|
442
|
|
|
$
|
399
|
|
|
$
|
1,252
|
|
|
$
|
1,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Sept.
30
|
|
|
Nine Months
Ended
Sept.
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net income
(loss)
|
$
|
674
|
|
|
$
|
689
|
|
|
$
|
(1,387)
|
|
|
$
|
2,035
|
|
Provision for income
taxes
|
|
1
|
|
|
|
4
|
|
|
|
1
|
|
|
|
2
|
|
Amortization of
deferred financing costs
|
|
15
|
|
|
|
10
|
|
|
|
44
|
|
|
|
29
|
|
Gain on
extinguishment of debt
|
|
(14)
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
—
|
|
Net interest and
other financial costs
|
|
223
|
|
|
|
223
|
|
|
|
647
|
|
|
|
657
|
|
Income (loss) from
operations
|
|
899
|
|
|
|
926
|
|
|
|
(709)
|
|
|
|
2,723
|
|
Depreciation and
amortization
|
|
346
|
|
|
|
302
|
|
|
|
992
|
|
|
|
916
|
|
Non-cash equity-based
compensation
|
|
4
|
|
|
|
5
|
|
|
|
12
|
|
|
|
17
|
|
Impairment
expense
|
|
—
|
|
|
|
—
|
|
|
|
2,165
|
|
|
|
—
|
|
Restructuring
expenses
|
|
36
|
|
|
|
—
|
|
|
|
36
|
|
|
|
—
|
|
(Income) loss from
equity method investments
|
|
(83)
|
|
|
|
(95)
|
|
|
|
1,012
|
|
|
|
(255)
|
|
Distributions/adjustments related to equity
method
investments
|
|
130
|
|
|
|
145
|
|
|
|
369
|
|
|
|
399
|
|
Unrealized derivative
losses (gains)(a)
|
|
10
|
|
|
|
(11)
|
|
|
|
1
|
|
|
|
(7)
|
|
Acquisition
costs
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
|
14
|
|
Other
|
|
3
|
|
|
|
1
|
|
|
|
5
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
1,345
|
|
|
|
1,282
|
|
|
|
3,883
|
|
|
|
3,808
|
|
Adjusted EBITDA
attributable to noncontrolling
interests
|
|
(10)
|
|
|
|
(9)
|
|
|
|
(27)
|
|
|
|
(23)
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
(108)
|
|
|
|
—
|
|
|
|
(770)
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,335
|
|
|
|
1,165
|
|
|
|
3,856
|
|
|
|
3,015
|
|
Deferred revenue
impacts
|
|
29
|
|
|
|
36
|
|
|
|
92
|
|
|
|
67
|
|
Net interest and
other financial costs
|
|
(223)
|
|
|
|
(223)
|
|
|
|
(647)
|
|
|
|
(657)
|
|
Maintenance capital
expenditures
|
|
(41)
|
|
|
|
(75)
|
|
|
|
(108)
|
|
|
|
(174)
|
|
Maintenance capital
expenditures reimbursements
|
|
11
|
|
|
|
18
|
|
|
|
31
|
|
|
|
34
|
|
Equity method
investment capital expenditures
paid out
|
|
(5)
|
|
|
|
(8)
|
|
|
|
(16)
|
|
|
|
(16)
|
|
Restructuring
expenses
|
|
(36)
|
|
|
|
—
|
|
|
|
(36)
|
|
|
|
—
|
|
Other
|
|
(3)
|
|
|
|
6
|
|
|
|
—
|
|
|
|
16
|
|
Portion of DCF
adjustments attributable to
predecessor(b)
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
|
|
159
|
|
DCF attributable
to MPLX LP
|
|
1,067
|
|
|
|
946
|
|
|
|
3,172
|
|
|
|
2,444
|
|
Preferred unit
distributions(c)
|
|
(35)
|
|
|
|
(30)
|
|
|
|
(97)
|
|
|
|
(92)
|
|
DCF attributable
to GP and LP unitholders
(excluding predecessor results)
|
|
1,032
|
|
|
|
916
|
|
|
|
3,075
|
|
|
|
2,352
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
108
|
|
|
|
—
|
|
|
|
770
|
|
Portion of DCF
adjustments attributable to
predecessor(b)
|
|
—
|
|
|
|
(27)
|
|
|
|
—
|
|
|
|
(159)
|
|
DCF attributable
to GP and LP unitholders
(including predecessor results)
|
$
|
1,032
|
|
|
$
|
997
|
|
|
$
|
3,075
|
|
|
$
|
2,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 preferred units, Series B
preferred units and TexNew Mex 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
preferred units, Series
B preferred units and TexNew Mex units are not available to common
unitholders.
|
|
|
|
Reconciliation of
Net Income to LTM Pro forma adjusted EBITDA
(unaudited)
|
|
Three Months
Ended
September
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
LTM Net (loss)
income
|
$
|
(1,960)
|
|
|
$
|
2,126
|
|
LTM Net income to
adjusted EBITDA adjustments
|
|
7,135
|
|
|
|
1,908
|
|
LTM Adjusted
EBITDA attributable to MPLX LP
|
|
5,175
|
|
|
|
4,034
|
|
LTM Pro
forma/Predecessor adjustments for acquisitions
|
|
—
|
|
|
|
1,001
|
|
LTM Pro forma
adjusted EBITDA
|
|
5,175
|
|
|
|
5,035
|
|
Consolidated
debt
|
$
|
20,757
|
|
|
$
|
20,245
|
|
Consolidated debt
to adjusted EBITDA(a)
|
|
4.0x
|
|
|
4.0x
|
|
|
|
|
|
|
(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
Sept.
30
|
|
|
Nine Months
Ended
Sept.
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net cash provided
by operating activities
|
$
|
1,222
|
|
|
$
|
1,036
|
|
|
$
|
3,336
|
|
|
$
|
2,990
|
|
Changes in working
capital items
|
|
(166)
|
|
|
|
22
|
|
|
|
(154)
|
|
|
|
134
|
|
All other,
net
|
|
20
|
|
|
|
(16)
|
|
|
|
(6)
|
|
|
|
(23)
|
|
Non-cash equity-based
compensation
|
|
4
|
|
|
|
5
|
|
|
|
12
|
|
|
|
17
|
|
Net gain (loss) on
disposal of assets
|
|
—
|
|
|
|
1
|
|
|
|
(1)
|
|
|
|
3
|
|
Restructuring
expenses
|
|
36
|
|
|
|
—
|
|
|
|
36
|
|
|
|
—
|
|
Current income
taxes
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
|
1
|
|
Gain on
extinguishment of debt
|
|
(14)
|
|
|
|
—
|
|
|
|
(14)
|
|
|
|
—
|
|
Net interest and
other financial costs
|
|
223
|
|
|
|
223
|
|
|
|
647
|
|
|
|
657
|
|
Asset retirement
expenditures
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
Unrealized derivative
losses (gains)(a)
|
|
10
|
|
|
|
(11)
|
|
|
|
1
|
|
|
|
(7)
|
|
Acquisition
costs
|
|
—
|
|
|
|
9
|
|
|
|
—
|
|
|
|
14
|
|
Other adjustments
related to equity method investments
|
|
6
|
|
|
|
11
|
|
|
|
19
|
|
|
|
20
|
|
Other
|
|
3
|
|
|
|
1
|
|
|
|
5
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
1,345
|
|
|
|
1,282
|
|
|
|
3,883
|
|
|
|
3,808
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
|
(9)
|
|
|
|
(27)
|
|
|
|
(23)
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
(108)
|
|
|
|
—
|
|
|
|
(770)
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,335
|
|
|
|
1,165
|
|
|
|
3,856
|
|
|
|
3,015
|
|
Deferred revenue
impacts
|
|
29
|
|
|
|
36
|
|
|
|
92
|
|
|
|
67
|
|
Net interest and
other financial costs
|
|
(223)
|
|
|
|
(223)
|
|
|
|
(647)
|
|
|
|
(657)
|
|
Maintenance capital
expenditures
|
|
(41)
|
|
|
|
(75)
|
|
|
|
(108)
|
|
|
|
(174)
|
|
Maintenance capital
expenditures reimbursements
|
|
11
|
|
|
|
18
|
|
|
|
31
|
|
|
|
34
|
|
Equity method
investment capital expenditures paid out
|
|
(5)
|
|
|
|
(8)
|
|
|
|
(16)
|
|
|
|
(16)
|
|
Restructuring
expenses
|
|
(36)
|
|
|
|
—
|
|
|
|
(36)
|
|
|
|
—
|
|
Other
|
|
(3)
|
|
|
|
6
|
|
|
|
—
|
|
|
|
16
|
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
|
|
159
|
|
DCF attributable
to MPLX LP
|
|
1,067
|
|
|
|
946
|
|
|
|
3,172
|
|
|
|
2,444
|
|
Preferred unit
distributions(c)
|
|
(35)
|
|
|
|
(30)
|
|
|
|
(97)
|
|
|
|
(92)
|
|
DCF attributable
to GP and LP unitholders
(excluding predecessor results)
|
|
1,032
|
|
|
|
916
|
|
|
|
3,075
|
|
|
|
2,352
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
108
|
|
|
|
—
|
|
|
|
770
|
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
|
(27)
|
|
|
|
—
|
|
|
|
(159)
|
|
DCF attributable
to GP and LP unitholders
(including predecessor results)
|
$
|
1,032
|
|
|
$
|
997
|
|
|
$
|
3,075
|
|
|
$
|
2,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 preferred units, Series B
preferred units and TexNew Mex 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 preferred units, Series B preferred
units and TexNew Mex
units are not available to common unitholders.
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures (unaudited)
|
|
Three Months
Ended
Sept.
30
|
|
|
Nine Months
Ended
Sept.
30
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Capital
Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
|
$
|
41
|
|
|
$
|
75
|
|
|
$
|
108
|
|
|
$
|
174
|
|
Maintenance
reimbursements
|
|
(11)
|
|
|
|
(18)
|
|
|
|
(31)
|
|
|
|
(34)
|
|
Growth
|
|
208
|
|
|
|
518
|
|
|
|
677
|
|
|
|
1,479
|
|
Growth
reimbursements
|
|
(2)
|
|
|
|
(5)
|
|
|
|
(2)
|
|
|
|
(17)
|
|
Total capital
expenditures
|
|
236
|
|
|
|
570
|
|
|
|
752
|
|
|
|
1,602
|
|
Less: Increase
(decrease) in capital accruals
|
|
(25)
|
|
|
|
10
|
|
|
|
(197)
|
|
|
|
(67)
|
|
Asset retirement
expenditures
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
Additions to
property, plant and equipment, net(a)
|
|
261
|
|
|
|
560
|
|
|
|
949
|
|
|
|
1,668
|
|
Investments in
unconsolidated affiliates
|
|
22
|
|
|
|
171
|
|
|
|
244
|
|
|
|
494
|
|
Acquisitions
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6)
|
|
Total capital
expenditures and acquisitions
|
|
283
|
|
|
|
731
|
|
|
|
1,193
|
|
|
|
2,156
|
|
Less: Maintenance
capital expenditures (including
reimbursements)
|
|
30
|
|
|
|
57
|
|
|
|
77
|
|
|
|
140
|
|
Acquisitions
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6)
|
|
Total growth
capital expenditures(b)
|
$
|
253
|
|
|
$
|
674
|
|
|
$
|
1,116
|
|
|
$
|
2,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $94 million for the
nine months ended Sept. 30, 2019, as reflected in the
Financing section of our Consolidated Statements of Cash Flows.
Also excludes a $69 million return of capital from our Wink to
Webster
Pipeline joint venture in the first quarter of 2020, a $41 million
return of capital from our Whistler Pipeline joint venture in the
second quarter
of 2020, and a $2 million return of capital from our Rio Pipeline
joint venture in the third quarter of 2020. These are reflected in
the Investing
section of our Consolidated Statements of Cash Flows for the nine
months ended Sept. 30, 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
September
30, 2020
|
|
|
Nine Months
Ended
September
30, 2020
|
(In
millions)
|
|
|
|
Total growth
capital expenditures
|
$
|
253
|
|
|
$
|
1,116
|
|
Decrease in capital
accruals
|
|
(25)
|
|
|
|
(197)
|
|
Capitalized
interest
|
|
(8)
|
|
|
|
(29)
|
|
Return of
Capital
|
|
(2)
|
|
|
|
(112)
|
|
Total adjusted
growth capital expenditures
|
$
|
218
|
|
|
$
|
778
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mplx-lp-reports-third-quarter-2020-financial-results-301164735.html
SOURCE MPLX LP