FINDLAY, Ohio, May 4, 2021 /PRNewswire/ --
- Reported net income attributable to MPLX of $739 million and adjusted EBITDA attributable to
MPLX of $1.4 billion
- Generated $1.1 billion in net
cash provided by operating activities and continued progress on
reductions in capital spending and operating expenses
- Returned over $900 million in
capital to unitholders through distributions and unit
repurchases
MPLX LP (NYSE: MPLX) today reported first-quarter 2021 net
income attributable to MPLX of $739
million, compared to a net loss attributable to MPLX of
$2.7 billion for the first quarter of
2020. The results for the first quarter of 2020 include non-cash
impairment charges of $3.4 billion.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) attributable to MPLX was $1.4 billion, compared with $1.3 billion in the first quarter of 2020.
The Logistics and Storage (L&S) segment income from
operations was $723 million for the
first quarter of 2021, compared with $723
million for the first quarter of 2020. Segment adjusted
EBITDA for the first quarter of 2021 was $896 million compared with $872 million for the first quarter of 2020.
The Gathering and Processing (G&P) segment income from
operations was $251 million for
the first quarter of 2021, compared with a loss of $3.2 billion for the first quarter of 2020.
Segment adjusted EBITDA for the first quarter of 2021 was
$456 million, compared with
$422 million for the first quarter of
2020.
During the quarter, MPLX generated $1.1
billion in net cash provided by operating activities and
$1.1 billion of distributable cash
flow. Distribution coverage was 1.56x for the first quarter of
2021. MPLX also maintained its distribution level in the first
quarter of 2021 at $0.6875 per common
unit.
"This quarter our operating results enabled the return of over
$900 million to our unitholders,"
said Michael J. Hennigan, MPLX
chairman, president and chief executive officer. "Looking forward,
we are focused on the aspects of the business within our control.
We believe our commitment to lowering our cost structure, driving
business efficiencies, and disciplined capital investment on high
return projects will allow our business to continue to generate
excess cash flow and return incremental capital to
unitholders."
Financial Highlights
|
|
Three Months
Ended
March
31
|
(In millions,
except per unit and ratio data)
|
|
2021
|
|
|
2020
|
Net income (loss)
attributable to MPLX LP(a)
|
|
$
|
739
|
|
|
|
$
|
(2,724)
|
|
Adjusted EBITDA
attributable to MPLX LP(b)
|
|
1,352
|
|
|
|
1,294
|
|
Net cash provided by
operating activities
|
|
1,124
|
|
|
|
1,009
|
|
Distributable cash
flow attributable to MPLX
LP(b)
|
|
1,137
|
|
|
|
1,078
|
|
Distribution per
common unit(c)
|
|
$
|
0.6875
|
|
|
|
$
|
0.6875
|
|
Distribution coverage
ratio(d)
|
|
1.56x
|
|
|
|
1.44x
|
|
Consolidated debt to
adjusted EBITDA(e)
|
|
3.9x
|
|
|
|
4.1x
|
|
|
|
|
|
|
|
|
|
(a)
|
The three months
ended March 31, 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 the G&P operating
segment.
|
(b)
|
Non-GAAP measures
calculated before distributions to preferred unitholders. See
reconciliation below.
|
(c)
|
Distributions
declared by the board of directors of MPLX's general
partner.
|
(d)
|
DCF attributable to
GP and LP unitholders divided by total GP and LP distributions
declared.
|
(e)
|
Calculated using face
value total debt and LTM pro forma adjusted EBITDA, which is pro
forma for acquisitions. See reconciliation below.
|
Segment Results
|
|
|
|
|
|
(In
millions)
|
|
Three Months
Ended
March
31
|
Segment income
(loss) from operations (unaudited)
|
2021
|
|
2020
|
Logistics and
Storage
|
$
|
723
|
|
|
$
|
723
|
|
Gathering and
Processing
|
|
251
|
|
|
|
(3,209)
|
|
|
|
|
|
|
|
Segment adjusted
EBITDA attributable to MPLX LP (unaudited)
|
|
|
|
|
|
Logistics and
Storage
|
|
896
|
|
|
|
872
|
|
Gathering and
Processing
|
$
|
456
|
|
|
$
|
422
|
|
|
|
|
|
|
|
Logistics & Storage
L&S segment income from operations for the first quarter of
2021 was in line with the same period in 2020, while segment
adjusted EBITDA for the first quarter of 2021 increased by
$24 million compared to the same
period in 2020. Results for the quarter benefited from lower
operating expenses, partially offset by decreases in marine
transportation fees.
Total pipeline throughputs were 5.1 million barrels per day
(bpd) in the first quarter, consistent with the same quarter of
2020. The average tariff rate was $0.90 per barrel for the quarter, an increase of
2% versus the same quarter of 2020. Terminal throughput was 2.6
million bpd for the quarter, a decrease of 12% versus the same
quarter of 2020.
Gathering & Processing
G&P segment income from operations for the first quarter of
2021 increased by $31 million
compared to the first quarter of 2020, excluding the impact of
$3.4 billion of non-cash impairment
charges in first-quarter 2020 results. Segment adjusted EBITDA for
the first quarter of 2021 increased by $34
million compared to the same period in 2020. Results for the
quarter benefited from higher natural gas liquids prices and lower
operating expenses. These benefits were partially offset by lower
gathered and processed volumes.
In the first quarter of 2021:
- Gathered volumes averaged 5.1 billion cubic feet per day
(bcf/d), a 12% decrease versus the first quarter of 2020.
- Processed volumes averaged 8.4 bcf/d, a 5% decrease versus the
first quarter of 2020.
- Fractionated volumes averaged 559 thousand bpd, a 1% increase
versus the first quarter of 2020.
In the Marcellus:
- Gathered volumes averaged 1.3 bcf/d in the first quarter, a 9%
decrease versus the first quarter of 2020.
- Processed volumes averaged 5.7 bcf/d in the first quarter, a 3%
increase versus the first quarter of 2020.
- Fractionated volumes averaged 489 thousand bpd in the first
quarter, a 7% increase versus the first quarter of 2020.
Strategic Update
MPLX remains focused on executing the strategic priorities of
strict capital discipline, lowering the cost structure, and
portfolio optimization. The company is evaluating opportunities to
expand its logistics support for renewable fuels to meet the needs
of today and participate in an energy-diverse future.
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 three major pipeline projects in this region
remain on track to begin service throughout 2021.
The Wink to Webster crude oil pipeline, in which MPLX has
an equity interest, continues to progress, with segments and assets
expected to come online throughout 2021. The 36-inch diameter
pipeline, of which 100% of the contractible capacity is committed
with minimum volume commitments (MVCs), will originate in the
Permian Basin and have destination points in the Houston market, including Marathon Petroleum
Corporation's (MPC's) Galveston Bay refinery.
Also in the Permian, the Whistler Pipeline is designed to
transport approximately 2 bcf/d of natural gas 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 third quarter of 2021.
Whistler is more than 90% committed with MVCs.
MPLX, WhiteWater Midstream (WWM), and West Texas Gas, Inc. (WTG)
through a joint venture (JV) continue to progress a solution for
natural gas liquids takeaway capacity from MPLX and WTG gas
processing plants to Sweeny,
Texas, with long-haul service anticipated in the fourth
quarter of 2021. The JV utilizes existing infrastructure with
limited new construction and is expected to have an initial
transport capacity of 125,000 bpd with the potential to expand up
to 350,000 bpd.
Financial Position and Liquidity
As of March 31, 2021, MPLX had
$24 million in cash, $2.7 billion available through its $3.5 billion 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 3.9x at March 31, 2021.
On Jan.15, 2021, MPLX redeemed all of its $750 million outstanding aggregate principal
amount of 5.250% senior notes due Jan.
15, 2025.
The company repurchased $155
million of common units held by the public in the first
quarter of 2021.
MPLX remains committed to maintaining an investment-grade credit
profile.
Conference Call
At 9:30 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 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
Isaac Feeney, Analyst, 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; consolidated debt to last twelve months
pro forma adjusted EBITDA, which we refer to as our leverage ratio;
distributable cash flow (DCF); distribution coverage ratio; and
free cash flow (FCF) and excess/deficit cash flow. 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/benefit for income
taxes; (iii) amortization of deferred financing costs; (iv)
gain/loss on extinguishment of debt; (v) non-cash equity-based
compensation; (vi) impairment expense; (vii) net interest and other
financial costs; (viii) income/loss from equity method investments;
(ix) distributions and adjustments related to equity method
investments; (x) unrealized derivative gains/losses; (xi)
acquisition costs; (xii) noncontrolling interest and (xiii) 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) net maintenance capital
expenditures; (iv) equity method investment capital expenditures
paid out; and (v) other adjustments as deemed necessary.
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.
FCF and excess/deficit cash flow are financial performance
measures used by management in the allocation of capital and to
assess financial performance. We believe that unitholders may use
this metric to analyze our ability to manage leverage and return
capital. We define FCF as net cash provided by operating activities
adjusted for (i) net cash used in investing activities; (ii)
contributions from MPC; (iii) contributions from noncontrolling
interests and (iv) distributions to noncontrolling interests. We
define excess/deficit cash flow as FCF adjusted for distributions
to common and preferred 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. 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
magnitude and duration of the COVID-19 pandemic and its effects,
including travel restrictions, business and school closures,
increased remote work, stay at home orders and other actions taken
by individuals, government and the private sector to stem the
spread of the virus, and the adverse impact thereof on our
business, financial condition, results of operations and cash
flows; the ability to reduce capital and operating expenses; the
risk of further impairments; 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, 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, or
taxation; non-payment or non-performance by our producers 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; 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,
2020, 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 magnitude and duration of the
COVID-19 pandemic and its effects, including travel restrictions,
business and school closures, increased remote work, stay at home
orders and other actions taken by individuals, government and the
private sector to stem the spread of the virus, and the adverse
impact thereof on the business, financial condition, results of
operations and cash flows; the ability to reduce capital and
operating expenses; with respect to the planned 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 planned 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 planned
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
planned 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 planned sale; the risk that the cost savings and any other
synergies from MPC's acquisitions may not be fully realized or may
take longer to realize than expected; 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; 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 conversion of MPC's Martinez Refinery to a
renewable fuels 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 planned sale of Speedway; 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, or taxation; non-payment or non-performance by its producers
and other customers; compliance with federal and state
environmental, economic, health and safety, energy and other
policies, permitting and regulations; 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, 2020, 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
March
31
|
(In millions,
except per unit data)
|
2021
|
|
2020
|
Revenues and other
income:
|
|
|
|
|
|
Operating
revenue
|
$
|
1,047
|
|
|
$
|
916
|
|
Operating revenue -
related parties
|
|
1,156
|
|
|
|
1,195
|
|
Income (loss) from
equity method investments
|
|
70
|
|
|
|
(1,184)
|
|
Other
income
|
|
66
|
|
|
|
65
|
|
Total
revenues and other income
|
|
2,339
|
|
|
|
992
|
|
Costs and
expenses:
|
|
|
|
|
|
Operating expenses
(including purchased product costs)
|
|
581
|
|
|
|
538
|
|
Operating expenses -
related parties
|
|
337
|
|
|
|
322
|
|
Depreciation and
amortization
|
|
329
|
|
|
|
325
|
|
Impairment
expense
|
|
—
|
|
|
|
2,165
|
|
General and
administrative expenses
|
|
86
|
|
|
|
97
|
|
Other taxes
|
|
32
|
|
|
|
31
|
|
Total
costs and expenses
|
|
1,365
|
|
|
|
3,478
|
|
Income (loss) from
operations
|
|
974
|
|
|
|
(2,486)
|
|
Interest and other
financial costs
|
|
225
|
|
|
|
230
|
|
Income (loss)
before income taxes
|
|
749
|
|
|
|
(2,716)
|
|
Provision for income
taxes
|
|
1
|
|
|
|
—
|
|
Net income
(loss)
|
|
748
|
|
|
|
(2,716)
|
|
Less: Net income
attributable to noncontrolling interests
|
|
9
|
|
|
|
8
|
|
Net income (loss)
attributable to MPLX LP
|
|
739
|
|
|
|
(2,724)
|
|
Less: Series A
preferred unit distributions
|
|
20
|
|
|
|
20
|
|
Less: Series B
preferred unit distributions
|
|
11
|
|
|
|
11
|
|
Limited partners'
interest in net income (loss) attributable to MPLX
LP
|
$
|
708
|
|
|
$
|
(2,755)
|
|
|
|
|
|
|
|
Per Unit
Data
|
|
|
|
|
|
Net income (loss)
attributable to MPLX LP per limited partner unit:
|
|
|
|
|
|
Common -
basic
|
$
|
0.68
|
|
|
$
|
(2.60)
|
|
Common -
diluted
|
$
|
0.68
|
|
|
$
|
(2.60)
|
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
Common units –
basic
|
|
1,037
|
|
|
|
1,058
|
|
Common units –
diluted
|
|
1,037
|
|
|
|
1,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Financial
Statistics (unaudited)
|
Three Months
Ended
March
31
|
(In millions,
except ratio data)
|
2021
|
|
2020
|
Common unit
distributions declared by
MPLX
|
|
|
|
|
|
Common units (LP) -
public
|
$
|
262
|
|
|
$
|
270
|
|
Common units -
MPC
|
|
445
|
|
|
|
458
|
|
Total
GP and LP distribution declared
|
|
707
|
|
|
|
728
|
|
|
|
|
|
|
|
Preferred unit
distributions(a)
|
|
|
|
|
|
Series A preferred
unit distributions(b)
|
|
20
|
|
|
|
20
|
|
Series B preferred
unit distributions(c)
|
|
11
|
|
|
|
11
|
|
Total
preferred unit distributions
|
|
31
|
|
|
|
31
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
Adjusted EBITDA
attributable to MPLX LP(d)
|
|
1,352
|
|
|
|
1,294
|
|
DCF attributable to
GP and LP unitholders(d)
|
$
|
1,106
|
|
|
$
|
1,047
|
|
Distribution coverage
ratio(e)
|
|
1.56x
|
|
|
|
1.44x
|
|
|
|
|
|
|
|
Cash Flow
Data
|
|
|
|
|
|
Net cash flow
provided by (used in):
|
|
|
|
|
|
Operating
activities
|
$
|
1,124
|
|
|
$
|
1,009
|
|
Investing
activities
|
|
(90)
|
|
|
|
(362)
|
|
Financing
activities
|
$
|
(1,025)
|
|
|
$
|
(605)
|
|
|
|
|
|
|
|
|
|
(a)
|
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. 15 and Aug. 15 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.
|
(b)
|
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.
|
(c)
|
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.
|
(d)
|
Non-GAAP measure. See
reconciliation below.
|
(e)
|
DCF attributable to
GP and LP unitholders divided by total GP and LP distribution
declared.
|
|
|
|
|
|
|
Select Balance
Sheet Data (unaudited)
|
|
|
|
|
|
(In millions,
except ratio data)
|
March 31,
2021
|
|
December 31,
2020
|
Cash and cash
equivalents
|
$
|
24
|
|
|
$
|
15
|
|
Total
assets
|
|
36,030
|
|
|
|
36,414
|
|
Total long-term
debt(a)
|
|
20,054
|
|
|
|
20,139
|
|
Redeemable preferred
units
|
|
968
|
|
|
|
968
|
|
Total
equity
|
$
|
12,850
|
|
|
$
|
13,017
|
|
Consolidated total
debt to adjusted
EBITDA(b)
|
|
3.9x
|
|
|
|
3.9x
|
|
|
|
|
|
|
|
Partnership units
outstanding:
|
|
|
|
|
|
MPC-held common
units
|
|
647
|
|
|
|
647
|
|
Public common
units
|
|
385
|
|
|
|
391
|
|
|
|
|
|
|
|
|
|
(a)
|
Outstanding
intercompany borrowings were zero as of March 31, 2021 and
Dec. 31, 2020. Includes unamortized debt issuance costs,
unamortized discount/premium and long-term debt due within one
year.
|
(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 $391 million and $397 million of unamortized discount
and debt issuance costs as of March 31, 2021, and Dec. 31, 2020,
respectively.
|
|
|
|
|
|
|
|
|
Operating
Statistics (unaudited)
|
Three Months
Ended
March
31
|
|
2021
|
|
2020
|
|
%
Change
|
Logistics and
Storage
|
|
|
|
|
|
|
|
Pipeline throughput
(mbpd)
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
|
3,282
|
|
|
|
3,210
|
|
|
2
|
%
|
Product
pipelines
|
|
1,858
|
|
|
|
1,905
|
|
|
(2)
|
%
|
Total
pipelines
|
|
5,140
|
|
|
|
5,115
|
|
|
0
|
%
|
Average tariff rates
($ per barrel)
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
$
|
0.96
|
|
|
$
|
0.93
|
|
|
3
|
%
|
Product
pipelines
|
|
0.79
|
|
|
|
0.79
|
|
|
—
|
%
|
Total
pipelines
|
$
|
0.90
|
|
|
$
|
0.88
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
Terminal throughput
(mbpd)
|
|
2,613
|
|
|
|
2,966
|
|
|
(12)
|
%
|
|
|
|
|
|
|
|
|
Barges at
period-end
|
|
297
|
|
|
|
305
|
|
|
(3)
|
%
|
Towboats at
period-end
|
|
23
|
|
|
|
23
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and
Processing Operating Statistics
(unaudited) - Consolidated(a)
|
Three Months
Ended
March
31
|
|
2021
|
|
2020
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,298
|
|
|
|
1,420
|
|
|
(9)
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Southwest
Operations
|
|
1,373
|
|
|
|
1,557
|
|
|
(12)
|
%
|
Bakken
Operations
|
|
146
|
|
|
|
156
|
|
|
(6)
|
%
|
Rockies
Operations
|
|
470
|
|
|
|
592
|
|
|
(21)
|
%
|
Total gathering
throughput
|
|
3,287
|
|
|
|
3,725
|
|
|
(12)
|
%
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
4,249
|
|
|
|
4,198
|
|
|
1
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Southwest
Operations
|
|
1,295
|
|
|
|
1,648
|
|
|
(21)
|
%
|
Southern Appalachian
Operations
|
|
227
|
|
|
|
243
|
|
|
(7)
|
%
|
Bakken
Operations
|
|
145
|
|
|
|
156
|
|
|
(7)
|
%
|
Rockies
Operations
|
|
441
|
|
|
|
539
|
|
|
(18)
|
%
|
Total natural gas
processed
|
|
6,357
|
|
|
|
6,784
|
|
|
(6)
|
%
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
489
|
|
|
|
456
|
|
|
7
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Southwest
Operations
|
|
8
|
|
|
|
15
|
|
|
(47)
|
%
|
Southern Appalachian
Operations
|
|
11
|
|
|
|
12
|
|
|
(8)
|
%
|
Bakken
Operations
|
|
19
|
|
|
|
31
|
|
|
(39)
|
%
|
Rockies
Operations
|
|
4
|
|
|
|
5
|
|
|
(20)
|
%
|
Total C2 + NGLs
fractionated
|
|
531
|
|
|
|
519
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes operating
data for entities that have been consolidated into the MPLX
financial statements.
|
(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
|
|
2021
|
|
2020
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,298
|
|
|
|
1,420
|
|
|
(9)
|
%
|
Utica
Operations
|
|
1,566
|
|
|
|
1,800
|
|
|
(13)
|
%
|
Southwest
Operations
|
|
1,448
|
|
|
|
1,601
|
|
|
(10)
|
%
|
Bakken
Operations
|
|
146
|
|
|
|
156
|
|
|
(6)
|
%
|
Rockies
Operations
|
|
627
|
|
|
|
775
|
|
|
(19)
|
%
|
Total gathering
throughput
|
|
5,085
|
|
|
|
5,752
|
|
|
(12)
|
%
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
5,677
|
|
|
|
5,522
|
|
|
3
|
%
|
Utica
Operations
|
|
513
|
|
|
|
648
|
|
|
(21)
|
%
|
Southwest
Operations
|
|
1,367
|
|
|
|
1,679
|
|
|
(19)
|
%
|
Southern Appalachian
Operations
|
|
227
|
|
|
|
243
|
|
|
(7)
|
%
|
Bakken
Operations
|
|
145
|
|
|
|
156
|
|
|
(7)
|
%
|
Rockies
Operations
|
|
441
|
|
|
|
539
|
|
|
(18)
|
%
|
Total natural gas
processed
|
|
8,370
|
|
|
|
8,787
|
|
|
(5)
|
%
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
489
|
|
|
|
456
|
|
|
7
|
%
|
Utica
Operations
|
|
28
|
|
|
|
34
|
|
|
(18)
|
%
|
Southwest
Operations
|
|
8
|
|
|
|
15
|
|
|
(47)
|
%
|
Southern Appalachian
Operations
|
|
11
|
|
|
|
12
|
|
|
(8)
|
%
|
Bakken
Operations
|
|
19
|
|
|
|
31
|
|
|
(39)
|
%
|
Rockies
Operations
|
|
4
|
|
|
|
5
|
|
|
(20)
|
%
|
Total C2 + NGLs
fractionated
|
|
559
|
|
|
|
553
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
Reconciliation of
Segment Adjusted EBITDA to Net Income (unaudited)
|
Three Months
Ended
March
31
|
(In
millions)
|
2021
|
|
2020
|
L&S segment
adjusted EBITDA attributable to MPLX LP
|
$
|
896
|
|
|
$
|
872
|
|
G&P segment
adjusted EBITDA attributable to MPLX LP
|
|
456
|
|
|
|
422
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,352
|
|
|
|
1,294
|
|
Depreciation and
amortization
|
|
(329)
|
|
|
|
(325)
|
|
Provision for income
taxes
|
|
(1)
|
|
|
|
—
|
|
Amortization of
deferred financing costs
|
|
(17)
|
|
|
|
(14)
|
|
Gain on extinguishment
of debt
|
|
12
|
|
|
|
—
|
|
Non-cash equity-based
compensation
|
|
(3)
|
|
|
|
(5)
|
|
Impairment
expense
|
|
—
|
|
|
|
(2,165)
|
|
Net interest and other
financial costs
|
|
(220)
|
|
|
|
(216)
|
|
Income (loss) from
equity method investments(a)
|
|
70
|
|
|
|
(1,184)
|
|
Distributions/adjustments related to equity method
investments
|
|
(121)
|
|
|
|
(124)
|
|
Unrealized derivative
(losses) gains(b)
|
|
(3)
|
|
|
|
15
|
|
Other
|
|
(2)
|
|
|
|
(1)
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
10
|
|
|
|
9
|
|
Net income
(loss)
|
$
|
748
|
|
|
$
|
(2,716)
|
|
|
|
|
|
|
|
|
|
(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)
|
2021
|
|
2020
|
L&S segment income
from operations
|
$
|
723
|
|
|
$
|
723
|
|
Depreciation and
amortization
|
|
147
|
|
|
|
138
|
|
Income from equity
method investments
|
|
(36)
|
|
|
|
(50)
|
|
Distributions/adjustments related to equity method
investments
|
|
58
|
|
|
|
57
|
|
Non-cash equity-based
compensation
|
|
2
|
|
|
|
3
|
|
Other
|
|
2
|
|
|
|
1
|
|
L&S segment
adjusted EBITDA attributable to MPLX LP
|
$
|
896
|
|
|
$
|
872
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G&P
Reconciliation of Segment Income from Operations to Segment
Adjusted EBITDA (unaudited)
|
Three Months
Ended
March
31
|
(In
millions)
|
2021
|
|
2020
|
G&P segment income
(loss) from operations
|
$
|
251
|
|
|
$
|
(3,209)
|
|
Depreciation and
amortization
|
|
182
|
|
|
|
187
|
|
Impairment
expense
|
|
—
|
|
|
|
2,165
|
|
(Income) loss from
equity method investments
|
|
(34)
|
|
|
|
1,234
|
|
Distributions/adjustments related to equity method
investments
|
|
63
|
|
|
|
67
|
|
Unrealized derivative
losses (gains)(a)
|
|
3
|
|
|
|
(15)
|
|
Non-cash equity-based
compensation
|
|
1
|
|
|
|
2
|
|
Adjusted EBITDA
attributable to noncontrolling interest
|
|
(10)
|
|
|
|
(9)
|
|
G&P segment
adjusted EBITDA attributable to MPLX LP
|
$
|
456
|
|
|
$
|
422
|
|
|
|
|
|
|
|
|
|
(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)
|
2021
|
|
2020
|
Net income
(loss)
|
$
|
748
|
|
|
$
|
(2,716)
|
|
Provision for income
taxes
|
|
1
|
|
|
|
—
|
|
Amortization of
deferred financing costs
|
|
17
|
|
|
|
14
|
|
Gain on extinguishment
of debt
|
|
(12)
|
|
|
|
—
|
|
Net interest and other
financial costs
|
|
220
|
|
|
|
216
|
|
Income (loss) from
operations
|
|
974
|
|
|
|
(2,486)
|
|
Depreciation and
amortization
|
|
329
|
|
|
|
325
|
|
Non-cash equity-based
compensation
|
|
3
|
|
|
|
5
|
|
Impairment
expense
|
|
—
|
|
|
|
2,165
|
|
(Income) loss from
equity method investments
|
|
(70)
|
|
|
|
1,184
|
|
Distributions/adjustments related to equity method
investments
|
|
121
|
|
|
|
124
|
|
Unrealized derivative
losses (gains)(a)
|
|
3
|
|
|
|
(15)
|
|
Other
|
|
2
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
1,362
|
|
|
|
1,303
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
|
(9)
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,352
|
|
|
|
1,294
|
|
Deferred revenue
impacts
|
|
22
|
|
|
|
23
|
|
Net interest and other
financial costs
|
|
(220)
|
|
|
|
(216)
|
|
Maintenance capital
expenditures
|
|
(18)
|
|
|
|
(34)
|
|
Maintenance capital
expenditures reimbursements
|
|
7
|
|
|
|
14
|
|
Equity method
investment capital expenditures paid out
|
|
(1)
|
|
|
|
(7)
|
|
Other
|
|
(5)
|
|
|
|
4
|
|
DCF attributable
to MPLX LP
|
|
1,137
|
|
|
|
1,078
|
|
Preferred unit
distributions(b)
|
|
(31)
|
|
|
|
(31)
|
|
DCF attributable
to GP and LP unitholders
|
$
|
1,106
|
|
|
$
|
1,047
|
|
|
|
|
|
|
|
|
|
(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)
|
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. The TexNew Mex units were
eliminated effective Feb. 1, 2021.
|
|
|
|
Reconciliation of
Net Income to LTM Pro forma adjusted EBITDA
(unaudited)
|
Three Months
Ended
March
31
|
(In
millions)
|
2021
|
|
2020
|
LTM Net income
(loss)
|
$
|
2,777
|
|
|
$
|
(1,943)
|
|
LTM Net income to
adjusted EBITDA adjustments
|
|
2,492
|
|
|
|
6,641
|
|
LTM Adjusted
EBITDA attributable to MPLX LP
|
|
5,269
|
|
|
|
4,698
|
|
LTM Pro
forma/Predecessor adjustments for acquisitions
|
|
—
|
|
|
|
437
|
|
LTM Pro forma
adjusted EBITDA
|
|
5,269
|
|
|
|
5,135
|
|
Consolidated
debt(a)
|
$
|
20,445
|
|
|
$
|
20,864
|
|
Consolidated debt
to adjusted EBITDA
|
|
3.9x
|
|
|
|
4.1x
|
|
|
|
|
|
|
|
|
|
(a)
|
Consolidated debt
excludes unamortized debt issuance costs and unamortized
discount/premium. Consolidated debt includes long-term debt due
within one year and borrowing under the loan agreement with
MPC.
|
|
|
|
|
|
|
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)
|
2021
|
|
2020
|
Net cash provided
by operating activities
|
$
|
1,124
|
|
|
$
|
1,009
|
|
Changes in working
capital items
|
|
34
|
|
|
|
112
|
|
All other,
net
|
|
(15)
|
|
|
|
(30)
|
|
Non-cash equity-based
compensation
|
|
3
|
|
|
|
5
|
|
Current income
taxes
|
|
1
|
|
|
|
—
|
|
Gain on extinguishment
of debt
|
|
(12)
|
|
|
|
—
|
|
Net interest and other
financial costs
|
|
220
|
|
|
|
216
|
|
Unrealized derivative
losses (gains)(a)
|
|
3
|
|
|
|
(15)
|
|
Other adjustments
related to equity method investments
|
|
2
|
|
|
|
5
|
|
Other
|
|
2
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
1,362
|
|
|
|
1,303
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
|
(9)
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,352
|
|
|
|
1,294
|
|
Deferred revenue
impacts
|
|
22
|
|
|
|
23
|
|
Net interest and other
financial costs
|
|
(220)
|
|
|
|
(216)
|
|
Maintenance capital
expenditures
|
|
(18)
|
|
|
|
(34)
|
|
Maintenance capital
expenditures reimbursements
|
|
7
|
|
|
|
14
|
|
Equity method
investment capital expenditures paid out
|
|
(1)
|
|
|
|
(7)
|
|
Other
|
|
(5)
|
|
|
|
4
|
|
DCF attributable
to MPLX LP
|
|
1,137
|
|
|
|
1,078
|
|
Preferred unit
distributions(b)
|
|
(31)
|
|
|
|
(31)
|
|
DCF attributable
to GP and LP unitholders
|
$
|
1,106
|
|
|
$
|
1,047
|
|
|
|
|
|
|
|
|
|
(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)
|
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. The TexNew Mex units were
eliminated effective Feb. 1, 2021.
|
|
|
|
|
|
|
Reconciliation of
Net Cash Provided by Operating Activities to Free
Cash Flow (unaudited)
|
Three Months
Ended
March
31
|
(In
millions)
|
2021
|
|
2020
|
Net cash provided
by operating activities(a)
|
$
|
1,124
|
|
|
$
|
1,009
|
|
Adjustments to
reconcile net cash provided by operating activities to free
cash flow
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(90)
|
|
|
|
(362)
|
|
Contributions from
MPC
|
|
7
|
|
|
|
14
|
|
Distributions to
noncontrolling interests
|
|
(10)
|
|
|
|
(9)
|
|
Free cash
flow
|
|
1,031
|
|
|
|
652
|
|
Distributions to
common and preferred unitholders
|
|
(754)
|
|
|
|
(758)
|
|
Excess (deficit)
cash flow(b)
|
$
|
277
|
|
|
$
|
(106)
|
|
|
|
|
|
|
|
|
|
(a)
|
The three months
ended March 31, 2021, and March 31, 2020, include an increase in
working capital of $34 million and $112 million,
respectively.
|
(b)
|
In the first quarter
of 2021, $155 million of excess cash flow generated was used to
repurchase common units held by the public.
|
|
|
|
|
|
|
Capital
Expenditures (unaudited)
|
Three Months
Ended
March
31
|
(In
millions)
|
2021
|
|
2020
|
Capital
Expenditures:
|
|
|
|
|
|
Growth capital
expenditures
|
$
|
71
|
|
|
$
|
284
|
|
Growth capital
reimbursements
|
|
—
|
|
|
|
—
|
|
Investments in
unconsolidated affiliates
|
|
35
|
|
|
|
91
|
|
Return of
capital
|
|
—
|
|
|
|
(69)
|
|
Capitalized
interest
|
|
(5)
|
|
|
|
(13)
|
|
Total growth
capital expenditures
|
|
101
|
|
|
|
293
|
|
Maintenance capital
expenditures
|
|
18
|
|
|
|
34
|
|
Maintenance capital
reimbursements
|
|
(7)
|
|
|
|
(14)
|
|
Total maintenance
capital expenditures
|
|
11
|
|
|
|
20
|
|
|
|
|
|
|
|
Total growth and
maintenance capital
expenditures
|
|
112
|
|
|
|
313
|
|
Investments in
unconsolidated affiliates(a)
|
|
(35)
|
|
|
|
(91)
|
|
Return of
capital(a)
|
|
—
|
|
|
|
69
|
|
Growth and maintenance
capital reimbursements(b)
|
|
7
|
|
|
|
14
|
|
Decrease in capital
accruals
|
|
37
|
|
|
|
61
|
|
Capitalized
interest
|
|
5
|
|
|
|
13
|
|
Additions to
property, plant and equipment, net(a)
|
$
|
126
|
|
|
$
|
379
|
|
|
|
|
|
|
|
|
|
(a)
|
Investments in
unconsolidated affiliates, return of capital and additions to
property, plant and equipment, net are shown as separate lines
within Investing activities in the Consolidated Statements of Cash
Flows.
|
(b)
|
Growth and
maintenance capital reimbursements are included in the
contributions from MPC line within financing activities in the
Consolidated Statements of Cash Flows.
|
View original
content:http://www.prnewswire.com/news-releases/mplx-lp-reports-first-quarter-2021-financial-results-301282904.html
SOURCE MPLX LP