FINDLAY, Ohio, Feb. 2, 2021 /PRNewswire/ --
- Reported fourth quarter net income attributable to MPLX of
$691 million and full-year net loss
of $720 million (includes non-cash impairment charges of
$3.4 billion)
- Reported fourth quarter adjusted EBITDA attributable to MPLX
of $1.4 billion and full-year
adjusted EBITDA of $5.2
billion
- Generated $4.5 billion in net
cash provided by operating activities for the full-year 2020,
enabling the return of over $3
billion in capital to unitholders
- Achieved excess cash flow for 2020 after capital investments
and distributions; commenced unit repurchase program
- Reduced 2021 growth capital outlook to $800 million
MPLX LP (NYSE: MPLX) today reported fourth-quarter 2020 net
income attributable to MPLX of $691
million, compared to a net loss attributable to MPLX of
$581 million for the fourth quarter
of 2019. Fourth-quarter 2019 results include non-cash impairment
charges of $1.2 billion primarily
related to goodwill associated with western U.S. gathering and
processing businesses. Adjusted earnings before interest, taxes,
depreciation, and amortization (EBITDA) attributable to MPLX was
$1.4 billion, compared with
$1.3 billion in the fourth quarter of
2019.
The Logistics and Storage (L&S) segment reported segment
income from operations of $662
million and adjusted EBITDA of $884
million for the quarter, down $15
million and up $31 million,
respectively, versus the fourth quarter of last year. The Gathering
and Processing (G&P) segment reported segment income from
operations of $258 million and
adjusted EBITDA of $471 million for
the quarter, up $1.3 billion and
$5 million, respectively, versus the
fourth quarter of last year.
During the quarter, MPLX generated $1.2
billion in net cash provided by operating activities and
$1.2 billion of distributable cash
flow. Distribution coverage was 1.58x for the fourth quarter of
2020. MPLX also announced a fourth-quarter 2020 distribution of
$0.6875 per common unit, consistent
with the prior quarter.
"As we look back on the unprecedented challenges we faced in
2020, we are proud of the way our performance highlighted the
resiliency and stability of our underlying businesses," said
Michael J. Hennigan, chairman,
president and chief executive officer. "Our results demonstrate our
commitment to executing on the priorities we laid out for the year.
We took necessary steps to reduce our long-term cost structure and
achieved excess cash flow for the full year, giving us the
financial flexibility to begin repurchasing units.
"Looking forward to 2021, we have outlined a growth capital
spending outlook that allows us to focus on investments that
deliver the most attractive returns. We also continue to work on
opportunities for lowering costs and driving efficiencies in the
business. This emphasis on strict capital discipline, along with
growing EBITDA, supports our continuing goal of generating excess
cash flow for 2021, providing the opportunity to return incremental
capital to our unitholders."
Financial Highlights
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
December
31
|
(In millions,
except per unit and ratio data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net income (loss)
attributable to MPLX(a)
|
|
$
|
691
|
|
|
|
$
|
(581)
|
|
|
|
$
|
(720)
|
|
|
|
$
|
1,033
|
|
Adjusted net (loss)
income attributable to MPLX(b)
|
|
N/A
|
|
|
|
(581)
|
|
|
|
N/A
|
|
|
|
1,434
|
|
Adjusted EBITDA
attributable to MPLX LP(c)
|
|
1,355
|
|
|
|
1,319
|
|
|
|
5,211
|
|
|
|
5,104
|
|
Net cash provided by
operating activities
|
|
1,185
|
|
|
|
1,092
|
|
|
|
4,521
|
|
|
|
4,082
|
|
Distributable cash
flow attributable to MPLX LP(c)
|
|
1,155
|
|
|
|
1,045
|
|
|
|
4,327
|
|
|
|
4,100
|
|
Distribution per
common unit(d)
|
|
$
|
0.6875
|
|
|
|
$
|
0.6875
|
|
|
|
$
|
2.7500
|
|
|
|
$
|
2.6900
|
|
Distribution coverage
ratio(e)
|
|
1.58x
|
|
|
|
1.42x
|
|
|
|
1.46x
|
|
|
|
1.51x
|
|
Consolidated debt to
adjusted EBITDA(f)
|
|
3.9x
|
|
|
4.1x
|
|
|
|
3.9x
|
|
|
|
4.1x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The twelve months
ended Dec. 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 our G&P operating
segment.
|
(b)
|
Includes net income
attributable to predecessor for the twelve months ended Dec. 31,
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
twelve months ended Dec. 31, 2019, adjusted EBITDA attributable to
MPLX LP excluding predecessor results was $4.3 billion.
|
(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 twelve
months ended Dec. 31, 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 1.51x.
|
(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
Dec.
31
|
|
|
Twelve Months
Ended
December
31
|
Segment income
(loss) from operations (unaudited)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Logistics and
Storage
|
$
|
662
|
|
|
$
|
677
|
|
|
$
|
2,743
|
|
|
$
|
2,752
|
|
Gathering and
Processing
|
|
258
|
|
|
|
(1,023)
|
|
|
|
(2,532)
|
|
|
|
(375)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment adjusted
EBITDA attributable to MPLX LP (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Logistics and
Storage
|
|
884
|
|
|
|
853
|
|
|
|
3,488
|
|
|
|
3,351
|
|
Gathering and
Processing
|
$
|
471
|
|
|
$
|
466
|
|
|
$
|
1,723
|
|
|
$
|
1,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logistics & Storage
L&S segment income from operations for the fourth quarter of
2020 decreased by $15 million while
segment adjusted EBITDA for the fourth quarter of 2020 increased by
$31 million. Both results are
compared to the same period in 2019. EBITDA for the quarter
benefited from lower operating expenses and the strength of
underlying contracts, partially offset by lower demand due to the
COVID-19 pandemic.
Total pipeline throughputs were 4.7 million barrels per day
(bpd) in the fourth quarter, a decrease of 8% versus the same
quarter of 2019. The average tariff rate was $0.90 per barrel for the quarter, consistent with
the same quarter of 2019. Terminal throughput was 2.6 million bpd
for the quarter, a decrease of 21% versus the same quarter of
2019.
Gathering & Processing
G&P segment income from operations for the fourth quarter of
2020 increased by $1.3 billion while
segment adjusted EBITDA for the fourth quarter of 2020 increased by
$5 million. Both results are compared
to the same period in 2019. Fourth-quarter 2019 income from
operations results include non-cash impairment charges of
$1.2 billion primarily related to
goodwill associated with western U.S. G&P businesses. EBITDA
for the current quarter was primarily driven by lower operating
costs partially offset by production curtailments and shut-ins. In
the fourth quarter of 2020:
- Gathered volumes averaged 5.3 billion cubic feet per day
(bcf/d), a 15% decrease versus the fourth quarter of 2019.
- Processed volumes averaged 8.7 bcf/d, a 1% decrease versus the
fourth quarter of 2019.
- Fractionated volumes averaged 585 thousand bpd, a 5% increase
versus the fourth quarter of 2019.
In the Marcellus and Utica:
- Gathered volumes in Marcellus averaged 1.3 bcf/d in the fourth
quarter, a 4% decrease versus the fourth quarter of 2019, while
gathered volumes in Utica averaged
1.8 bcf/d in the fourth quarter, a 22% decrease versus the
fourth quarter of 2019.
- Processed volumes in Marcellus averaged 5.8 bcf/d in the fourth
quarter, an 8% increase versus the fourth quarter of 2019, while
processed volumes in Utica
averaged 0.6 bcf/d in the fourth quarter, a 25% decrease
versus the fourth quarter of 2019.
- Fractionated volumes in Marcellus averaged 492 thousand bpd in
the fourth quarter, a 10% increase versus the fourth quarter of
2019, while fractionated volumes in Utica averaged 30 thousand bpd in the fourth
quarter, a 27% decrease versus the fourth quarter of
2019.
Strategic Update
MPLX announced a 2021 growth capital outlook of $800 million focused on projects expected to
deliver the highest returns and support the generation of excess
cash flow. The company repurchased $33
million of common units held by the public in the fourth
quarter of 2020.
In line with previously announced efforts around portfolio
optimization, the company intends to close the sale of its Javelina
plant in Corpus Christi, Texas, in
early 2021. MPLX remains committed to portfolio optimization,
focusing on the assets that have long-term strategic value to the
company.
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, 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 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 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. The JV utilizes existing infrastructure with limited
new construction and is a capital-efficient solution to support
producer customers.
In the G&P segment, during the quarter WWM and MPLX
announced the substantial completion of a 1.8 bcf/d expansion of
their joint venture Agua Blanca pipeline system. The Agua Blanca
system is connected to almost 20 gas processing sites in the
Delaware Basin. The system is
anticipated to be brought into full service in early
2021.
Financial Position and Liquidity
As of Dec. 31, 2020, MPLX had
$15 million in cash, $3.3 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 3.9x at Dec.
31, 2020.
On Jan.15, 2021, MPLX redeemed all of its $750 million outstanding aggregate principal
amount of 5.250% senior notes due Jan.
15, 2025.
MPLX remains committed to maintaining an investment-grade credit
profile.
Conference Call
At 9:30 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; 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) 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. 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 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, 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 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; 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 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 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, 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 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; 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 planned sale of Speedway 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
Dec.
31
|
|
|
Twelve Months
Ended
December
31
|
(In millions,
except per unit data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue
|
$
|
955
|
|
|
$
|
1,014
|
|
|
$
|
3,586
|
|
|
$
|
3,832
|
|
Operating revenue -
related parties
|
|
1,154
|
|
|
|
1,231
|
|
|
|
4,660
|
|
|
|
4,793
|
|
Income (loss) from
equity method investments
|
|
76
|
|
|
|
35
|
|
|
|
(936)
|
|
|
|
290
|
|
Other
income
|
|
64
|
|
|
|
36
|
|
|
|
259
|
|
|
|
126
|
|
Total revenues
and other income
|
|
2,249
|
|
|
|
2,316
|
|
|
|
7,569
|
|
|
|
9,041
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
519
|
|
|
|
625
|
|
|
|
2,000
|
|
|
|
2,316
|
|
Operating expenses -
related parties
|
|
304
|
|
|
|
378
|
|
|
|
1,276
|
|
|
|
1,396
|
|
Depreciation and
amortization
|
|
385
|
|
|
|
338
|
|
|
|
1,377
|
|
|
|
1,254
|
|
Impairment
expense
|
|
—
|
|
|
|
1,197
|
|
|
|
2,165
|
|
|
|
1,197
|
|
General and
administrative expenses
|
|
89
|
|
|
|
95
|
|
|
|
378
|
|
|
|
388
|
|
Restructuring
expenses
|
|
1
|
|
|
|
—
|
|
|
|
37
|
|
|
|
—
|
|
Other taxes
|
|
31
|
|
|
|
29
|
|
|
|
125
|
|
|
|
113
|
|
Total costs and
expenses
|
|
1,329
|
|
|
|
2,662
|
|
|
|
7,358
|
|
|
|
6,664
|
|
Income (loss) from
operations
|
|
920
|
|
|
|
(346)
|
|
|
|
211
|
|
|
|
2,377
|
|
Interest and other
financial costs
|
|
219
|
|
|
|
229
|
|
|
|
896
|
|
|
|
915
|
|
Income (loss)
before income taxes
|
|
701
|
|
|
|
(575)
|
|
|
|
(685)
|
|
|
|
1,462
|
|
Provision (benefit)
for income taxes
|
|
1
|
|
|
|
(2)
|
|
|
|
2
|
|
|
|
—
|
|
Net income
(loss)
|
|
700
|
|
|
|
(573)
|
|
|
|
(687)
|
|
|
|
1,462
|
|
Less: Net income
attributable to noncontrolling interests
|
|
9
|
|
|
|
8
|
|
|
|
33
|
|
|
|
28
|
|
Less: Net income
attributable to Predecessor
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
401
|
|
Net income (loss)
attributable to MPLX LP
|
|
691
|
|
|
|
(581)
|
|
|
|
(720)
|
|
|
|
1,033
|
|
Less: Series A
preferred unit distributions
|
|
20
|
|
|
|
20
|
|
|
|
81
|
|
|
|
81
|
|
Less: Series B
preferred unit distributions
|
|
10
|
|
|
|
10
|
|
|
|
41
|
|
|
|
17
|
|
Limited partners'
interest in net income (loss) attributable to MPLX
LP
|
$
|
661
|
|
|
$
|
(611)
|
|
|
$
|
(842)
|
|
|
$
|
935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Unit
Data
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MPLX LP per limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
|
Common -
basic
|
$
|
0.63
|
|
|
$
|
(0.58)
|
|
|
$
|
(0.80)
|
|
|
$
|
1.00
|
|
Common -
diluted
|
$
|
0.63
|
|
|
$
|
(0.58)
|
|
|
$
|
(0.80)
|
|
|
$
|
1.00
|
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Common units –
basic
|
|
1,040
|
|
|
|
1,058
|
|
|
|
1,051
|
|
|
|
906
|
|
Common units –
diluted
|
|
1,040
|
|
|
|
1,058
|
|
|
|
1,051
|
|
|
|
907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Financial
Statistics (unaudited)
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
December
31
|
(In millions,
except ratio data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Common unit
distributions declared by MPLX
|
|
|
|
|
|
|
|
|
|
|
|
Common units (LP) -
public(a)
|
$
|
269
|
|
|
$
|
270
|
|
|
$
|
1,079
|
|
|
$
|
988
|
|
Common units -
MPC(a)
|
|
445
|
|
|
|
446
|
|
|
|
1,793
|
|
|
|
1,647
|
|
Total GP and
LP distribution declared
|
|
714
|
|
|
|
716
|
|
|
|
2,872
|
|
|
|
2,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred unit
distributions(b)
|
|
|
|
|
|
|
|
|
|
|
|
Series A preferred
unit distributions(c)
|
|
20
|
|
|
|
20
|
|
|
|
81
|
|
|
|
81
|
|
Series B preferred
unit distributions(d)
|
|
10
|
|
|
|
11
|
|
|
|
41
|
|
|
|
42
|
|
Total
preferred unit distributions
|
|
30
|
|
|
|
31
|
|
|
|
122
|
|
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to MPLX LP(e)(f)
|
|
1,355
|
|
|
|
1,319
|
|
|
|
5,211
|
|
|
|
5,104
|
|
DCF attributable to
GP and LP unitholders(e)(f)
|
$
|
1,125
|
|
|
$
|
|
1,015
|
|
|
$
|
4,200
|
|
|
$
|
3,978
|
|
Distribution coverage
ratio(g)
|
|
1.58x
|
|
|
|
1.42x
|
|
|
|
1.46x
|
|
|
|
1.51x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow
Data
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow
provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
1,185
|
|
|
$
|
1,092
|
|
|
$
|
4,521
|
|
|
$
|
4,082
|
|
Investing
activities
|
|
(202)
|
|
|
|
(874)
|
|
|
|
(1,262)
|
|
|
|
(3,063)
|
|
Financing
activities
|
$
|
(996)
|
|
|
$
|
(244)
|
|
|
$
|
(3,259)
|
|
|
$
|
(1,089)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The distribution on
common units for the three and twelve months ended Dec. 31, 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 twelve months ended Dec.
31, 2019, adjusted EBITDA attributable to MPLX LP excluding
predecessor results was $4.3 billion.
|
(g)
|
DCF attributable to
GP and LP unitholders (including DCF attributable to predecessor)
divided by total GP and LP distribution declared. For the twelve
months ended Dec. 31, 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 1.51x.
|
|
|
|
|
|
|
|
|
Select Balance
Sheet Data (unaudited)
|
|
|
|
|
|
(In millions,
except ratio data)
|
|
December
31,
2020
|
|
|
December 31,
2019
|
Cash and cash
equivalents
|
$
|
15
|
|
|
$
|
15
|
|
Total
assets
|
|
36,414
|
|
|
|
40,430
|
|
Total long-term
debt(a)
|
|
20,139
|
|
|
|
20,307
|
|
Redeemable preferred
units
|
|
968
|
|
|
|
968
|
|
Total
equity
|
$
|
13,017
|
|
|
$
|
16,613
|
|
Consolidated total
debt to adjusted EBITDA(b)
|
|
3.9x
|
|
|
|
4.1x
|
|
|
|
|
|
|
|
Partnership units
outstanding:
|
|
|
|
|
|
MPC-held common
units
|
|
647
|
|
|
|
666
|
|
Public common
units
|
|
391
|
|
|
|
392
|
|
|
|
|
|
|
|
(a)
|
Outstanding
intercompany borrowings were zero as of Dec. 31, 2020, and $594
million as of Dec. 31, 2019. 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 $397 million and $406 million of unamortized discount
and debt issuance costs as of Dec. 31, 2020, and Dec. 31, 2019,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Statistics (unaudited)(a)
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
December
31
|
|
2020
|
|
|
2019
|
|
%
Change
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Logistics and
Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline throughput
(mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
|
2,970
|
|
|
|
3,196
|
|
|
(7)
|
%
|
|
|
2,998
|
|
|
|
3,228
|
|
|
(7)
|
%
|
Product
pipelines
|
|
1,753
|
|
|
|
1,923
|
|
|
(9)
|
%
|
|
|
1,714
|
|
|
|
1,886
|
|
|
(9)
|
%
|
Total
pipelines
|
|
4,723
|
|
|
|
5,119
|
|
|
(8)
|
%
|
|
|
4,712
|
|
|
|
5,114
|
|
|
(8)
|
%
|
Average tariff rates
($ per barrel)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil
pipelines
|
$
|
0.97
|
|
|
$
|
0.97
|
|
|
—
|
%
|
|
$
|
0.96
|
|
|
$
|
0.94
|
|
|
2
|
%
|
Product
pipelines
|
|
0.78
|
|
|
|
0.78
|
|
|
—
|
%
|
|
|
0.81
|
|
|
|
0.75
|
|
|
8
|
%
|
Total
pipelines
|
$
|
0.90
|
|
|
$
|
0.90
|
|
|
—
|
%
|
|
|
0.91
|
|
|
|
0.87
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminal throughput
(mbpd)
|
|
2,606
|
|
|
|
3,313
|
|
|
(21)
|
%
|
|
|
2,673
|
|
|
|
3,279
|
|
|
(18)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barges at
period-end
|
|
300
|
|
|
|
286
|
|
|
5
|
%
|
|
|
300
|
|
|
|
286
|
|
|
5
|
%
|
Towboats at
period-end
|
|
23
|
|
|
|
23
|
|
|
—
|
%
|
|
|
23
|
|
|
|
23
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Statistics for the
twelve months ended Dec. 31, 2019, are inclusive of predecessor
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering and
Processing Operating Statistics (unaudited) -
Consolidated(a)
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
|
2020
|
|
|
2019
|
|
%
Change
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,281
|
|
|
|
1,329
|
|
|
(4)
|
%
|
|
|
1,349
|
|
|
|
1,287
|
|
|
5
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Subtotal
|
|
1,281
|
|
|
|
1,329
|
|
|
(4)
|
%
|
|
|
1,349
|
|
|
|
1,287
|
|
|
5
|
%
|
Southwest
Operations
|
|
1,385
|
|
|
|
1,651
|
|
|
(16)
|
%
|
|
|
1,430
|
|
|
|
1,625
|
|
|
(12)
|
%
|
Bakken
Operations
|
|
136
|
|
|
|
158
|
|
|
(14)
|
%
|
|
|
137
|
|
|
|
151
|
|
|
(9)
|
%
|
Rockies
Operations
|
|
476
|
|
|
|
602
|
|
|
(21)
|
%
|
|
|
511
|
|
|
|
630
|
|
|
(19)
|
%
|
Total gathering
throughput
|
|
3,278
|
|
|
|
3,740
|
|
|
(12)
|
%
|
|
|
3,427
|
|
|
|
3,693
|
|
|
(7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
4,259
|
|
|
|
4,136
|
|
|
3
|
%
|
|
|
4,198
|
|
|
|
4,192
|
|
|
—
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Subtotal
|
|
4,259
|
|
|
|
4,136
|
|
|
3
|
%
|
|
|
4,198
|
|
|
|
4,192
|
|
|
—
|
%
|
Southwest
Operations
|
|
1,448
|
|
|
|
1,690
|
|
|
(14)
|
%
|
|
|
1,471
|
|
|
|
1,629
|
|
|
(10)
|
%
|
Southern Appalachian
Operations
|
|
231
|
|
|
|
244
|
|
|
(5)
|
%
|
|
|
231
|
|
|
|
244
|
|
|
(5)
|
%
|
Bakken
Operations
|
|
135
|
|
|
|
158
|
|
|
(15)
|
%
|
|
|
136
|
|
|
|
151
|
|
|
(10)
|
%
|
Rockies
Operations
|
|
471
|
|
|
|
564
|
|
|
(16)
|
%
|
|
|
502
|
|
|
|
572
|
|
|
(12)
|
%
|
Total natural gas
processed
|
|
6,544
|
|
|
|
6,792
|
|
|
(4)
|
%
|
|
|
6,538
|
|
|
|
6,788
|
|
|
(4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
492
|
|
|
|
446
|
|
|
10
|
%
|
|
|
472
|
|
|
|
435
|
|
|
9
|
%
|
Utica
Operations(b)
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Subtotal
|
|
492
|
|
|
|
446
|
|
|
10
|
%
|
|
|
472
|
|
|
|
435
|
|
|
9
|
%
|
Southwest
Operations
|
|
21
|
|
|
|
21
|
|
|
—
|
%
|
|
|
18
|
|
|
|
15
|
|
|
20
|
%
|
Southern Appalachian
Operations
|
|
12
|
|
|
|
13
|
|
|
(8)
|
%
|
|
|
12
|
|
|
|
12
|
|
|
—
|
%
|
Bakken
Operations
|
|
26
|
|
|
|
31
|
|
|
(16)
|
%
|
|
|
25
|
|
|
|
24
|
|
|
4
|
%
|
Rockies
Operations
|
|
4
|
|
|
|
5
|
|
|
(20)
|
%
|
|
|
4
|
|
|
|
4
|
|
|
—
|
%
|
Total C2 + NGLs
fractionated
|
|
555
|
|
|
|
516
|
|
|
8
|
%
|
|
|
531
|
|
|
|
490
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes operating
data for entities that have been consolidated into the MPLX
financial statements. Statistics for the twelve months ended Dec.
31, 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
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
|
2020
|
|
|
2019
|
|
%
Change
|
|
|
2020
|
|
|
2019
|
|
%
Change
|
Gathering throughput
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
1,281
|
|
|
|
1,329
|
|
|
(4)
|
%
|
|
|
1,349
|
|
|
|
1,287
|
|
|
5
|
%
|
Utica
Operations
|
|
1,753
|
|
|
|
2,241
|
|
|
(22)
|
%
|
|
|
1,818
|
|
|
|
2,200
|
|
|
(17)
|
%
|
Subtotal
|
|
3,034
|
|
|
|
3,570
|
|
|
(15)
|
%
|
|
|
3,167
|
|
|
|
3,487
|
|
|
(9)
|
%
|
Southwest
Operations
|
|
1,459
|
|
|
|
1,658
|
|
|
(12)
|
%
|
|
|
1,483
|
|
|
|
1,628
|
|
|
(9)
|
%
|
Bakken
Operations
|
|
136
|
|
|
|
158
|
|
|
(14)
|
%
|
|
|
137
|
|
|
|
151
|
|
|
(9)
|
%
|
Rockies
Operations
|
|
636
|
|
|
|
806
|
|
|
(21)
|
%
|
|
|
688
|
|
|
|
828
|
|
|
(17)
|
%
|
Total gathering
throughput
|
|
5,265
|
|
|
|
6,192
|
|
|
(15)
|
%
|
|
|
5,475
|
|
|
|
6,094
|
|
|
(10)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas processed
(mmcf/d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
5,769
|
|
|
|
5,339
|
|
|
8
|
%
|
|
|
5,629
|
|
|
|
5,248
|
|
|
7
|
%
|
Utica
Operations
|
|
552
|
|
|
|
734
|
|
|
(25)
|
%
|
|
|
578
|
|
|
|
810
|
|
|
(29)
|
%
|
Subtotal
|
|
6,321
|
|
|
|
6,073
|
|
|
4
|
%
|
|
|
6,207
|
|
|
|
6,058
|
|
|
2
|
%
|
Southwest
Operations
|
|
1,519
|
|
|
|
1,720
|
|
|
(12)
|
%
|
|
|
1,537
|
|
|
|
1,636
|
|
|
(6)
|
%
|
Southern Appalachian
Operations
|
|
231
|
|
|
|
244
|
|
|
(5)
|
%
|
|
|
231
|
|
|
|
244
|
|
|
(5)
|
%
|
Bakken
Operations
|
|
135
|
|
|
|
158
|
|
|
(15)
|
%
|
|
|
136
|
|
|
|
151
|
|
|
(10)
|
%
|
Rockies
Operations
|
|
471
|
|
|
|
564
|
|
|
(16)
|
%
|
|
|
502
|
|
|
|
572
|
|
|
(12)
|
%
|
Total natural gas
processed
|
|
8,677
|
|
|
|
8,759
|
|
|
(1)
|
%
|
|
|
8,613
|
|
|
|
8,661
|
|
|
(1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C2 + NGLs
fractionated (mbpd)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marcellus
Operations
|
|
492
|
|
|
|
446
|
|
|
10
|
%
|
|
|
472
|
|
|
|
435
|
|
|
9
|
%
|
Utica
Operations
|
|
30
|
|
|
|
41
|
|
|
(27)
|
%
|
|
|
31
|
|
|
|
44
|
|
|
(30)
|
%
|
Subtotal
|
|
522
|
|
|
|
487
|
|
|
7
|
%
|
|
|
503
|
|
|
|
479
|
|
|
5
|
%
|
Southwest
Operations
|
|
21
|
|
|
|
21
|
|
|
—
|
%
|
|
|
18
|
|
|
|
15
|
|
|
20
|
%
|
Southern Appalachian
Operations
|
|
12
|
|
|
|
13
|
|
|
(8)
|
%
|
|
|
12
|
|
|
|
12
|
|
|
—
|
%
|
Bakken
Operations
|
|
26
|
|
|
|
31
|
|
|
(16)
|
%
|
|
|
25
|
|
|
|
24
|
|
|
4
|
%
|
Rockies
Operations
|
|
4
|
|
|
|
5
|
|
|
(20)
|
%
|
|
|
4
|
|
|
|
4
|
|
|
—
|
%
|
Total C2 + NGLs
fractionated
|
|
585
|
|
|
|
557
|
|
|
5
|
%
|
|
|
562
|
|
|
|
534
|
|
|
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
twelve months ended Dec. 31, 2019 are inclusive of predecessor
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Segment Adjusted EBITDA to Net Income (unaudited)
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
L&S segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
$
|
884
|
|
|
$
|
853
|
|
|
$
|
3,488
|
|
|
$
|
3,351
|
|
G&P segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
|
471
|
|
|
|
466
|
|
|
|
1,723
|
|
|
|
1,753
|
|
Adjusted EBITDA
attributable to MPLX LP (including predecessor
results)
|
|
1,355
|
|
|
|
1,319
|
|
|
|
5,211
|
|
|
|
5,104
|
|
Depreciation and
amortization
|
|
(385)
|
|
|
|
(338)
|
|
|
|
(1,377)
|
|
|
|
(1,254)
|
|
(Provision) benefit
for income taxes
|
|
(1)
|
|
|
|
2
|
|
|
|
(2)
|
|
|
|
—
|
|
Amortization of
deferred financing costs
|
|
(17)
|
|
|
|
(13)
|
|
|
|
(61)
|
|
|
|
(42)
|
|
Gain on extinguishment
of debt
|
|
5
|
|
|
|
—
|
|
|
|
19
|
|
|
|
—
|
|
Non-cash equity-based
compensation
|
|
(2)
|
|
|
|
(5)
|
|
|
|
(14)
|
|
|
|
(22)
|
|
Impairment
expense
|
|
—
|
|
|
|
(1,197)
|
|
|
|
(2,165)
|
|
|
|
(1,197)
|
|
Restructuring
expenses
|
|
(1)
|
|
|
|
—
|
|
|
|
(37)
|
|
|
|
—
|
|
Net interest and other
financial costs
|
|
(207)
|
|
|
|
(216)
|
|
|
|
(854)
|
|
|
|
(873)
|
|
Income (loss) from
equity method investments(a)
|
|
76
|
|
|
|
35
|
|
|
|
(936)
|
|
|
|
290
|
|
Distributions/adjustments related to equity method
investments
|
|
(130)
|
|
|
|
(163)
|
|
|
|
(499)
|
|
|
|
(562)
|
|
Unrealized derivative
(losses) gains(b)
|
|
(2)
|
|
|
|
(6)
|
|
|
|
(3)
|
|
|
|
1
|
|
Acquisition
costs
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(14)
|
|
Other
|
|
(1)
|
|
|
|
—
|
|
|
|
(6)
|
|
|
|
(1)
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
10
|
|
|
|
9
|
|
|
|
37
|
|
|
|
32
|
|
Net income
(loss)
|
$
|
700
|
|
|
$
|
(573)
|
|
|
$
|
(687)
|
|
|
$
|
1,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes impairment
charges of $1,264 million for the twelve months ended Dec. 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
Dec.
31
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
L&S segment income
from operations
|
$
|
662
|
|
|
$
|
677
|
|
|
$
|
2,743
|
|
|
$
|
2,752
|
|
Depreciation and
amortization
|
|
193
|
|
|
|
130
|
|
|
|
633
|
|
|
|
503
|
|
Restructuring
expenses
|
|
2
|
|
|
|
—
|
|
|
|
29
|
|
|
|
—
|
|
Income from equity
method investments
|
|
(28)
|
|
|
|
(41)
|
|
|
|
(154)
|
|
|
|
(200)
|
|
Distributions/adjustments related to equity method
investments
|
|
52
|
|
|
|
83
|
|
|
|
221
|
|
|
|
267
|
|
Acquisition
costs
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Non-cash equity-based
compensation
|
|
2
|
|
|
|
4
|
|
|
|
10
|
|
|
|
14
|
|
Other
|
|
1
|
|
|
|
—
|
|
|
|
6
|
|
|
|
1
|
|
L&S segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
|
884
|
|
|
|
853
|
|
|
|
3,488
|
|
|
|
3,351
|
|
L&S predecessor
segment adjusted EBITDA attributable to MPLX LP
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(603)
|
|
L&S segment
adjusted EBITDA attributable to MPLX LP
|
$
|
884
|
|
|
$
|
853
|
|
|
$
|
3,488
|
|
|
$
|
2,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G&P
Reconciliation of Segment Income from Operations to Segment
Adjusted EBITDA (unaudited)
|
Three Months
Ended
Dec.
31
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
G&P segment income
(loss) from operations
|
$
|
258
|
|
|
$
|
(1,023)
|
|
|
$
|
(2,532)
|
|
|
$
|
(375)
|
|
Depreciation and
amortization
|
|
192
|
|
|
|
208
|
|
|
|
744
|
|
|
|
751
|
|
Impairment
expense
|
|
—
|
|
|
|
1,197
|
|
|
|
2,165
|
|
|
|
1,197
|
|
Restructuring
expenses
|
|
(1)
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
(Income) loss from
equity method investments
|
|
(48)
|
|
|
|
6
|
|
|
|
1,090
|
|
|
|
(90)
|
|
Distributions/adjustments related to equity method
investments
|
|
78
|
|
|
|
80
|
|
|
|
278
|
|
|
|
295
|
|
Unrealized derivative
losses (gains)(a)
|
|
2
|
|
|
|
6
|
|
|
|
3
|
|
|
|
(1)
|
|
Non-cash equity-based
compensation
|
|
—
|
|
|
|
1
|
|
|
|
4
|
|
|
|
8
|
|
Adjusted EBITDA
attributable to noncontrolling interest
|
|
(10)
|
|
|
|
(9)
|
|
|
|
(37)
|
|
|
|
(32)
|
|
G&P segment
adjusted EBITDA attributable to MPLX LP (including predecessor
results)
|
|
471
|
|
|
|
466
|
|
|
|
1,723
|
|
|
|
1,753
|
|
G&P predecessor
segment adjusted EBITDA attributable to MPLX LP
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(167)
|
|
G&P segment
adjusted EBITDA attributable to MPLX LP
|
$
|
471
|
|
|
$
|
466
|
|
|
$
|
1,723
|
|
|
$
|
1,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net income
(loss)
|
$
|
700
|
|
|
$
|
(573)
|
|
|
$
|
(687)
|
|
|
$
|
1,462
|
|
Provision for income
taxes
|
|
1
|
|
|
|
(2)
|
|
|
|
2
|
|
|
|
—
|
|
Amortization of
deferred financing costs
|
|
17
|
|
|
|
13
|
|
|
|
61
|
|
|
|
42
|
|
Gain on extinguishment
of debt
|
|
(5)
|
|
|
|
—
|
|
|
|
(19)
|
|
|
|
—
|
|
Net interest and other
financial costs
|
|
207
|
|
|
|
216
|
|
|
|
854
|
|
|
|
873
|
|
Income (loss) from
operations
|
|
920
|
|
|
|
(346)
|
|
|
|
211
|
|
|
|
2,377
|
|
Depreciation and
amortization
|
|
385
|
|
|
|
338
|
|
|
|
1,377
|
|
|
|
1,254
|
|
Non-cash equity-based
compensation
|
|
2
|
|
|
|
5
|
|
|
|
14
|
|
|
|
22
|
|
Impairment
expense
|
|
—
|
|
|
|
1,197
|
|
|
|
2,165
|
|
|
|
1,197
|
|
Restructuring
expenses
|
|
1
|
|
|
|
—
|
|
|
|
37
|
|
|
|
—
|
|
(Income) loss from
equity method investments
|
|
(76)
|
|
|
|
(35)
|
|
|
|
936
|
|
|
|
(290)
|
|
Distributions/adjustments related to equity method
investments
|
|
130
|
|
|
|
163
|
|
|
|
499
|
|
|
|
562
|
|
Unrealized derivative
losses (gains)(a)
|
|
2
|
|
|
|
6
|
|
|
|
3
|
|
|
|
(1)
|
|
Acquisition
costs
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Other
|
|
1
|
|
|
|
—
|
|
|
|
6
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
1,365
|
|
|
|
1,328
|
|
|
|
5,248
|
|
|
|
5,136
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
|
(9)
|
|
|
|
(37)
|
|
|
|
(32)
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(770)
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,355
|
|
|
|
1,319
|
|
|
|
5,211
|
|
|
|
4,334
|
|
Deferred revenue
impacts
|
|
52
|
|
|
|
27
|
|
|
|
144
|
|
|
|
94
|
|
Net interest and other
financial costs
|
|
(207)
|
|
|
|
(216)
|
|
|
|
(854)
|
|
|
|
(873)
|
|
Maintenance capital
expenditures
|
|
(53)
|
|
|
|
(88)
|
|
|
|
(161)
|
|
|
|
(262)
|
|
Maintenance capital
expenditures reimbursements
|
|
15
|
|
|
|
19
|
|
|
|
46
|
|
|
|
53
|
|
Equity method
investment capital expenditures paid out
|
|
(7)
|
|
|
|
(12)
|
|
|
|
(23)
|
|
|
|
(28)
|
|
Restructuring
expenses
|
|
(1)
|
|
|
|
—
|
|
|
|
(37)
|
|
|
|
—
|
|
Other
|
|
1
|
|
|
|
(4)
|
|
|
|
1
|
|
|
|
12
|
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
159
|
|
DCF attributable
to MPLX LP
|
|
1,155
|
|
|
|
1,045
|
|
|
|
4,327
|
|
|
|
3,489
|
|
Preferred unit
distributions(c)
|
|
(30)
|
|
|
|
(30)
|
|
|
|
(127)
|
|
|
|
(122)
|
|
DCF attributable
to GP and LP unitholders (excluding predecessor
results)
|
|
1,125
|
|
|
|
1,015
|
|
|
|
4,200
|
|
|
|
3,367
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
770
|
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(159)
|
|
DCF attributable
to GP and LP unitholders (including predecessor
results)
|
$
|
1,125
|
|
|
$
|
1,015
|
|
|
$
|
4,200
|
|
|
$
|
3,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
December
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
LTM Net (loss)
income
|
$
|
(687)
|
|
|
$
|
1,462
|
|
LTM Net income to
adjusted EBITDA adjustments
|
|
5,898
|
|
|
|
2,872
|
|
LTM Adjusted
EBITDA attributable to MPLX LP
|
|
5,211
|
|
|
|
4,334
|
|
LTM Pro
forma/Predecessor adjustments for acquisitions
|
|
—
|
|
|
|
770
|
|
LTM Pro forma
adjusted EBITDA
|
|
5,211
|
|
|
|
5,104
|
|
Consolidated
debt(a)
|
$
|
20,536
|
|
|
$
|
20,713
|
|
Consolidated debt
to adjusted EBITDA(b)
|
|
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.
|
(b)
|
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
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net cash provided
by operating activities
|
$
|
1,185
|
|
|
$
|
1,092
|
|
|
$
|
4,521
|
|
|
$
|
4,082
|
|
Changes in working
capital items
|
|
(50)
|
|
|
|
(26)
|
|
|
|
(204)
|
|
|
|
108
|
|
All other,
net
|
|
3
|
|
|
|
14
|
|
|
|
(3)
|
|
|
|
(9)
|
|
Non-cash equity-based
compensation
|
|
2
|
|
|
|
5
|
|
|
|
14
|
|
|
|
22
|
|
Net (loss) gain on
disposal of assets
|
|
(3)
|
|
|
|
3
|
|
|
|
(4)
|
|
|
|
6
|
|
Restructuring
expenses
|
|
1
|
|
|
|
—
|
|
|
|
37
|
|
|
|
—
|
|
Current income
taxes
|
|
1
|
|
|
|
1
|
|
|
|
3
|
|
|
|
2
|
|
Gain on extinguishment
of debt
|
|
(5)
|
|
|
|
—
|
|
|
|
(19)
|
|
|
|
—
|
|
Net interest and other
financial costs
|
|
207
|
|
|
|
216
|
|
|
|
854
|
|
|
|
873
|
|
Asset retirement
expenditures
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
Unrealized derivative
losses (gains)(a)
|
|
2
|
|
|
|
6
|
|
|
|
3
|
|
|
|
(1)
|
|
Acquisition
costs
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Other adjustments
related to equity method investments
|
|
21
|
|
|
|
17
|
|
|
|
40
|
|
|
|
37
|
|
Other
|
|
1
|
|
|
|
—
|
|
|
|
6
|
|
|
|
1
|
|
Adjusted
EBITDA
|
|
1,365
|
|
|
|
1,328
|
|
|
|
5,248
|
|
|
|
5,136
|
|
Adjusted EBITDA
attributable to noncontrolling interests
|
|
(10)
|
|
|
|
(9)
|
|
|
|
(37)
|
|
|
|
(32)
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(770)
|
|
Adjusted EBITDA
attributable to MPLX LP
|
|
1,355
|
|
|
|
1,319
|
|
|
|
5,211
|
|
|
|
4,334
|
|
Deferred revenue
impacts
|
|
52
|
|
|
|
27
|
|
|
|
144
|
|
|
|
94
|
|
Net interest and other
financial costs
|
|
(207)
|
|
|
|
(216)
|
|
|
|
(854)
|
|
|
|
(873)
|
|
Maintenance capital
expenditures
|
|
(53)
|
|
|
|
(88)
|
|
|
|
(161)
|
|
|
|
(262)
|
|
Maintenance capital
expenditures reimbursements
|
|
15
|
|
|
|
19
|
|
|
|
46
|
|
|
|
53
|
|
Equity method
investment capital expenditures paid out
|
|
(7)
|
|
|
|
(12)
|
|
|
|
(23)
|
|
|
|
(28)
|
|
Restructuring
expenses
|
|
(1)
|
|
|
|
—
|
|
|
|
(37)
|
|
|
|
—
|
|
Other
|
|
1
|
|
|
|
(4)
|
|
|
|
1
|
|
|
|
12
|
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
159
|
|
DCF attributable
to MPLX LP
|
|
1,155
|
|
|
|
1,045
|
|
|
|
4,327
|
|
|
|
3,489
|
|
Preferred unit
distributions(c)
|
|
(30)
|
|
|
|
(30)
|
|
|
|
(127)
|
|
|
|
(122)
|
|
DCF attributable
to GP and LP unitholders (excluding predecessor
results)
|
|
1,125
|
|
|
|
1,015
|
|
|
|
4,200
|
|
|
|
3,367
|
|
Adjusted EBITDA
attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
770
|
|
Portion of DCF
adjustments attributable to predecessor(b)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(159)
|
|
DCF attributable
to GP and LP unitholders (including predecessor
results)
|
$
|
1,125
|
|
|
$
|
1,015
|
|
|
$
|
4,200
|
|
|
$
|
3,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Cash Provided by Operating Activities to Free Cash Flow
(unaudited)
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Net cash provided
by operating activities(a)
|
$
|
1,185
|
|
|
$
|
1,092
|
|
|
$
|
4,521
|
|
|
$
|
4,082
|
|
Adjustments to
reconcile net cash provided by operating activities to free cash
flow
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(202)
|
|
|
|
(874)
|
|
|
|
(1,262)
|
|
|
|
(3,063)
|
|
Contributions from
MPC
|
|
16
|
|
|
|
22
|
|
|
|
50
|
|
|
|
74
|
|
Contributions from
noncontrolling interests
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
95
|
|
Distributions to
noncontrolling interests
|
|
(11)
|
|
|
|
(10)
|
|
|
|
(37)
|
|
|
|
(30)
|
|
Free cash
flow
|
|
988
|
|
|
|
231
|
|
|
|
3,272
|
|
|
|
1,158
|
|
Distributions to
common and preferred unitholders(b)
|
|
(742)
|
|
|
|
(724)
|
|
|
|
(3,006)
|
|
|
|
(3,039)
|
|
Excess (deficit)
cash flow(c)
|
$
|
246
|
|
|
$
|
(493)
|
|
|
$
|
266
|
|
|
$
|
(1,881)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The three and twelve
months ended Dec. 31, 2020, include a decrease in working capital
of $50 million and $204 million, respectively. The three and twelve
months ended Dec. 31, 2019, include a decrease in working capital
of $26 million and an increase in working capital of $108 million,
respectively.
|
(b)
|
For the twelve months
ended Dec. 31, 2019, this amount includes distributions to common
unitholders and Series B unitholders attributable to the
Predecessor.
|
(c)
|
In the fourth quarter
of 2020, $33 million of excess cash flow generated was used to
repurchase common units held by the public.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures (unaudited)
|
|
Three Months
Ended
Dec.
31
|
|
|
Twelve Months
Ended
Dec.
31
|
(In
millions)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
Capital
Expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Growth capital
expenditures
|
$
|
101
|
|
|
$
|
522
|
|
|
$
|
778
|
|
|
$
|
2,000
|
|
Growth capital
reimbursements
|
|
(2)
|
|
|
|
(4)
|
|
|
|
(4)
|
|
|
|
(21)
|
|
Investments in
unconsolidated affiliates
|
|
22
|
|
|
|
219
|
|
|
|
266
|
|
|
|
713
|
|
Return of
capital
|
|
(11)
|
|
|
|
(16)
|
|
|
|
(123)
|
|
|
|
(18)
|
|
Contributions from
noncontrolling interests
|
|
—
|
|
|
|
(1)
|
|
|
|
—
|
|
|
|
(95)
|
|
Capitalized
interest
|
|
(8)
|
|
|
|
(15)
|
|
|
|
(39)
|
|
|
|
(51)
|
|
Total growth
capital expenditures
|
|
102
|
|
|
|
705
|
|
|
|
878
|
|
|
|
2,528
|
|
Maintenance capital
expenditures
|
|
53
|
|
|
|
88
|
|
|
|
161
|
|
|
|
262
|
|
Maintenance capital
reimbursements
|
|
(15)
|
|
|
|
(19)
|
|
|
|
(46)
|
|
|
|
(53)
|
|
Total maintenance
capital expenditures
|
|
38
|
|
|
|
69
|
|
|
|
115
|
|
|
|
209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total growth and
maintenance capital expenditures
|
|
140
|
|
|
|
774
|
|
|
|
993
|
|
|
|
2,737
|
|
Investments in
unconsolidated affiliates(a)
|
|
(22)
|
|
|
|
(219)
|
|
|
|
(266)
|
|
|
|
(713)
|
|
Return of
capital(a)
|
|
11
|
|
|
|
16
|
|
|
|
123
|
|
|
|
18
|
|
Contributions from
noncontrolling interests(b)
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
95
|
|
Growth and maintenance
capital reimbursements(c)
|
|
17
|
|
|
|
23
|
|
|
|
50
|
|
|
|
74
|
|
Decrease in capital
accruals
|
|
47
|
|
|
|
78
|
|
|
|
244
|
|
|
|
146
|
|
Capitalized
interest
|
|
8
|
|
|
|
15
|
|
|
|
39
|
|
|
|
51
|
|
Additions to
property, plant and equipment, net(a)
|
$
|
201
|
|
|
$
|
688
|
|
|
$
|
1,183
|
|
|
$
|
2,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Investments in
unconsolidated affiliate, 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)
|
Contributions from
noncontrolling interests are shown as separate line within
financing activities in the Consolidated Statements of Cash
Flows.
|
(c)
|
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-fourth-quarter-and-full-year-2020-financial-results-301219878.html
SOURCE MPLX LP