|
Delaware
|
|
001-35714
|
|
27-0005456
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
200 E. Hardin Street
Findlay, Ohio
|
|
45840
|
(Address of principal executive offices)
|
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
Emerging growth company
¨
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
|
Securities registered pursuant to Section 12(b) of Act:
|
||
Title of each class
|
Trading
symbol(s)
|
Name of each exchange on which registered
|
Common Units Representing Limited Partnership Interests
|
MPLX
|
New York Stock Exchange
|
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit
Number
|
|
Description
|
|
Press Release issued by MPLX LP on May 8, 2019
|
|
|
|
|
|
MPLX LP
|
|
|
|
|
|
|
|
By:
|
|
MPLX GP LLC, its General Partner
|
|
|
|
|
|
|
|
|
Date: May 8, 2019
|
By:
|
|
/s/ Pamela K. M. Beall
|
|
|
|
Name: Pamela K. M. Beall
|
|
|
|
Title: Executive Vice President and Chief Financial Officer
|
•
|
Reported first quarter net income of
$503 million
and adjusted EBITDA of
$930 million
, which provided
1.41x
distribution coverage and resulted in
3.9x
leverage
|
•
|
Logistics & Storage segment income from operations of
$480 million
and adjusted EBITDA of
$559 million
driven by strong results from the underlying base business
|
•
|
Gathering & Processing segment income from operations of
$198 million
and adjusted EBITDA of
$371 million
driven by record gathered, processed, and fractionated volumes
|
•
|
Signed letter of intent to participate in Wink-to-Webster crude pipeline in the Permian Basin
|
•
|
Announced agreement to acquire Andeavor Logistics
|
|
|
Three Months Ended
March 31 |
|||||||
(In millions, except per unit and ratio data)
|
|
2019
|
|
|
2018
|
||||
Net income attributable to MPLX
|
|
$
|
503
|
|
|
|
$
|
421
|
|
Adjusted EBITDA attributable to MPLX
(a)
|
|
930
|
|
|
|
760
|
|
||
Net cash provided by operating activities
|
|
618
|
|
|
|
450
|
|
||
Distributable cash flow ("DCF")
(a)
|
|
757
|
|
|
|
619
|
|
||
Distribution per common unit
(b)
|
|
$
|
0.6575
|
|
|
|
$
|
0.6175
|
|
Distribution coverage ratio
(c)
|
|
1.41x
|
|
|
|
1.29x
|
|
||
Consolidated debt to adjusted EBITDA
(d)
|
|
3.9x
|
|
|
|
3.8x
|
|
||
|
|
|
|
|
|
(a)
|
Non-GAAP measure calculated before distributions to preferred unitholders. See reconciliation below.
|
(b)
|
Distributions declared by the board of directors of MPLX's general partner.
|
(c)
|
Non-GAAP measure. See calculation below.
|
(d)
|
Calculated using face value total debt and LTM pro forma adjusted EBITDA, which is pro forma for acquisitions. See reconciliation below.
|
|
|
|
|
|
|
||
(In millions)
|
|
Three Months Ended
March 31 |
|||||
Segment income from operations (unaudited)
|
|
2019
|
|
|
2018
|
||
Logistics and Storage
|
$
|
480
|
|
|
$
|
385
|
|
Gathering and Processing
|
|
198
|
|
|
|
172
|
|
|
|
|
|
|
|
||
Segment adjusted EBITDA attributable to MPLX LP (unaudited)
|
|
|
|
|
|
||
Logistics and Storage
|
|
559
|
|
|
|
437
|
|
Gathering and Processing
|
$
|
371
|
|
|
$
|
323
|
|
|
|
|
|
|
|
•
|
Gathered volumes:
5.0 billion
cubic feet per day in the first quarter of 2019, a
19
percent increase versus the first quarter of 2018
|
•
|
Processed volumes:
7.8 billion
cubic feet per day in the first quarter of 2019, an
18
percent increase versus the first quarter of 2018
|
•
|
Fractionated volumes:
494 thousand
barrels per day in the first quarter of 2019, a
17
percent increase versus the first quarter of 2018
|
Condensed Results of Operations (unaudited)
|
|
|
|
|
|
||
|
|
Three Months Ended
March 31 |
|||||
(In millions, except per unit data)
|
|
2019
|
|
|
2018
|
||
Revenues and other income:
|
|
|
|
|
|
||
Operating revenue
|
$
|
768
|
|
|
$
|
712
|
|
Operating revenue - related parties
|
|
782
|
|
|
|
620
|
|
Income (loss) from equity method investments
|
|
70
|
|
|
|
61
|
|
Other income
|
|
26
|
|
|
|
27
|
|
Total revenues and other income
|
|
1,646
|
|
|
|
1,420
|
|
Costs and expenses:
|
|
|
|
|
|
||
Operating expenses
|
|
441
|
|
|
|
422
|
|
Operating expenses - related parties
|
|
215
|
|
|
|
178
|
|
Depreciation and amortization
|
|
211
|
|
|
|
176
|
|
General and administrative expenses
|
|
82
|
|
|
|
69
|
|
Other taxes
|
|
19
|
|
|
|
18
|
|
Total costs and expenses
|
|
968
|
|
|
|
863
|
|
Income from operations
|
|
678
|
|
|
|
557
|
|
Interest and other financial costs
|
|
171
|
|
|
|
130
|
|
Income before income taxes
|
|
507
|
|
|
|
427
|
|
(Benefit) provision for income taxes
|
|
(2
|
)
|
|
|
4
|
|
Net income
|
|
509
|
|
|
|
423
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
6
|
|
|
|
2
|
|
Net income attributable to MPLX LP
|
|
503
|
|
|
|
421
|
|
Less: Preferred unit distributions
|
|
20
|
|
|
|
16
|
|
Limited partners’ interest in net income attributable to MPLX LP
|
$
|
483
|
|
|
$
|
405
|
|
|
|
|
|
|
|
||
Per Unit Data
|
|
|
|
|
|
||
Net income attributable to MPLX LP per limited partner unit:
|
|
|
|
|
|
||
Common - basic
|
$
|
0.61
|
|
|
$
|
0.61
|
|
Common - diluted
|
$
|
0.61
|
|
|
$
|
0.61
|
|
Weighted average limited partner units outstanding:
|
|
|
|
|
|
||
Common units – basic
|
|
794
|
|
|
|
661
|
|
Common units – diluted
|
|
795
|
|
|
|
661
|
|
|
|
|
|
|
|
Select Financial Statistics (unaudited)
|
|
|
|
|
|
||
|
|
Three Months Ended
March 31 |
|||||
(In millions, except ratio data)
|
|
2019
|
|
|
2018
|
||
Distribution declared
|
|
|
|
|
|
||
Common units (LP) - public
|
$
|
191
|
|
|
$
|
179
|
|
Common units - MPC
(a)
|
|
332
|
|
|
|
288
|
|
Total GP and LP distribution declared
|
|
523
|
|
|
|
467
|
|
Redeemable preferred units
(b)
|
|
20
|
|
|
|
16
|
|
Total distribution declared
|
$
|
543
|
|
|
$
|
483
|
|
|
|
|
|
|
|
||
Distribution coverage ratio
(c)
|
|
1.41x
|
|
|
|
1.29x
|
|
|
|
|
|
|
|
||
Cash Flow Data
|
|
|
|
|
|
||
Net cash flow provided by (used in):
|
|
|
|
|
|
||
Operating activities
|
$
|
618
|
|
|
$
|
450
|
|
Investing activities
|
|
(575
|
)
|
|
|
(490
|
)
|
Financing activities
|
|
(26
|
)
|
|
|
37
|
|
|
|
|
|
|
|
||
Other Financial Data
|
|
|
|
|
|
||
Adjusted EBITDA attributable to MPLX LP
(d)
|
|
930
|
|
|
|
760
|
|
DCF attributable to GP and LP unitholders
(d)
|
$
|
737
|
|
|
$
|
603
|
|
|
|
|
|
|
|
(a)
|
MPC agreed to waive $23.7 million in common unit distributions associated with the units received in connection with the Feb. 1, 2018 dropdown.
|
(b)
|
The 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)
|
DCF attributable to GP and LP unitholders divided by total GP and LP distribution declared.
|
(d)
|
Non-GAAP measure. See reconciliation below.
|
Select Balance Sheet Data (unaudited)
|
|
|
|
|
|
||
(In millions, except ratio data)
|
|
March 31, 2019
|
|
|
December 31, 2018
|
||
Cash and cash equivalents
|
$
|
93
|
|
|
$
|
68
|
|
Total assets
|
|
23,584
|
|
|
|
22,779
|
|
Total debt
(a)
|
|
13,833
|
|
|
|
13,393
|
|
Redeemable preferred units
|
|
1,004
|
|
|
|
1,004
|
|
Total equity
|
$
|
6,929
|
|
|
$
|
6,864
|
|
Consolidated total debt to adjusted EBITDA
(b)
|
|
3.9x
|
|
|
|
3.9x
|
|
|
|
|
|
|
|
||
Partnership units outstanding:
|
|
|
|
|
|
||
MPC-held common units
|
|
505
|
|
|
|
505
|
|
Public common units
|
|
290
|
|
|
|
289
|
|
|
|
|
|
|
|
(a)
|
Outstanding intercompany borrowings were zero as of
March 31, 2019
and
December 31, 2018
.
|
(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
$450 million
and
$463 million
of unamortized discount and debt issuance costs as of
March 31, 2019
and
December 31, 2018
, respectively.
|
Operating Statistics (unaudited)
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended
March 31 |
||||||||
|
|
2019
|
|
|
2018
|
|
% Change
|
|||
Logistics and Storage
|
|
|
|
|
|
|
|
|||
Pipeline throughput (mbpd)
|
|
|
|
|
|
|
|
|||
Crude oil pipelines
|
|
2,168
|
|
|
|
2,006
|
|
|
8
|
%
|
Product pipelines
|
|
1,242
|
|
|
|
1,056
|
|
|
18
|
%
|
Total pipelines
|
|
3,410
|
|
|
|
3,062
|
|
|
11
|
%
|
Average tariff rates ($ per barrel)
|
|
|
|
|
|
|
|
|||
Crude oil pipelines
|
$
|
0.61
|
|
|
$
|
0.56
|
|
|
9
|
%
|
Product pipelines
|
|
0.79
|
|
|
|
0.76
|
|
|
4
|
%
|
Total pipelines
|
$
|
0.67
|
|
|
$
|
0.63
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|||
Terminal throughput (mbpd)
|
|
1,431
|
|
|
|
1,445
|
|
|
(1
|
)%
|
|
|
|
|
|
|
|
|
|||
Barges at period-end
|
|
256
|
|
|
|
244
|
|
|
5
|
%
|
Towboats at period-end
|
|
23
|
|
|
|
20
|
|
|
15
|
%
|
Gathering and Processing Operating Statistics (unaudited) - Consolidated
(a)
|
|
Three Months Ended
March 31 |
||||||||
|
|
2019
|
|
|
2018
|
|
% Change
|
|||
Gathering throughput (mmcf/d)
|
|
|
|
|
|
|
|
|||
Marcellus Operations
|
|
1,282
|
|
|
|
1,123
|
|
|
14
|
%
|
Utica Operations
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Southwest Operations
|
|
1,581
|
|
|
|
1,476
|
|
|
7
|
%
|
Total gathering throughput
|
|
2,863
|
|
|
|
2,599
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|||
Natural gas processed (mmcf/d)
|
|
|
|
|
|
|
|
|||
Marcellus Operations
|
|
4,152
|
|
|
|
3,594
|
|
|
16
|
%
|
Utica Operations
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Southwest Operations
|
|
1,599
|
|
|
|
1,326
|
|
|
21
|
%
|
Southern Appalachian Operations
|
|
235
|
|
|
|
253
|
|
|
(7
|
)%
|
Total natural gas processed
|
|
5,986
|
|
|
|
5,173
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|||
C2 + NGLs fractionated (mbpd)
|
|
|
|
|
|
|
|
|||
Marcellus Operations
|
|
420
|
|
|
|
352
|
|
|
19
|
%
|
Utica Operations
|
|
—
|
|
|
|
—
|
|
|
—
|
%
|
Southwest Operations
|
|
17
|
|
|
|
16
|
|
|
6
|
%
|
Southern Appalachian Operations
|
|
13
|
|
|
|
12
|
|
|
8
|
%
|
Total C2 + NGLs fractionated
|
|
450
|
|
|
|
380
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
(a)
|
Includes operating data for entities that have been consolidated into the MPLX financial statements.
|
Gathering and Processing Operating Statistics (unaudited) - Operated
(a)
|
|
Three Months Ended
March 31 |
||||||||
|
|
2019
|
|
|
2018
|
|
% Change
|
|||
Gathering throughput (mmcf/d)
|
|
|
|
|
|
|
|
|||
Marcellus Operations
|
|
1,282
|
|
|
|
1,123
|
|
|
14
|
%
|
Utica Operations
|
|
2,109
|
|
|
|
1,570
|
|
|
34
|
%
|
Southwest Operations
|
|
1,581
|
|
|
|
1,478
|
|
|
7
|
%
|
Total gathering throughput
|
|
4,972
|
|
|
|
4,171
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|||
Natural gas processed (mmcf/d)
|
|
|
|
|
|
|
|
|||
Marcellus Operations
|
|
5,148
|
|
|
|
4,114
|
|
|
25
|
%
|
Utica Operations
|
|
817
|
|
|
|
936
|
|
|
(13
|
)%
|
Southwest Operations
|
|
1,599
|
|
|
|
1,326
|
|
|
21
|
%
|
Southern Appalachian Operations
|
|
235
|
|
|
|
253
|
|
|
(7
|
)%
|
Total natural gas processed
|
|
7,799
|
|
|
|
6,629
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|||
C2 + NGLs fractionated (mbpd)
|
|
|
|
|
|
|
|
|||
Marcellus Operations
|
|
420
|
|
|
|
352
|
|
|
19
|
%
|
Utica Operations
|
|
44
|
|
|
|
43
|
|
|
2
|
%
|
Southwest Operations
|
|
17
|
|
|
|
16
|
|
|
6
|
%
|
Southern Appalachian Operations
|
|
13
|
|
|
|
12
|
|
|
8
|
%
|
Total C2 + NGLs fractionated
|
|
494
|
|
|
|
423
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
(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)
|
|
2019
|
|
|
2018
|
||
L&S segment adjusted EBITDA attributable to MPLX LP
|
$
|
559
|
|
|
$
|
437
|
|
G&P segment adjusted EBITDA attributable to MPLX LP
|
|
371
|
|
|
|
323
|
|
Adjusted EBITDA attributable to MPLX LP
|
|
930
|
|
|
|
760
|
|
Depreciation and amortization
|
|
(211
|
)
|
|
|
(176
|
)
|
Provision for income taxes
|
|
2
|
|
|
|
(4
|
)
|
Amortization of deferred financing costs
|
|
(13
|
)
|
|
|
(16
|
)
|
Non-cash equity-based compensation
|
|
(6
|
)
|
|
|
(4
|
)
|
Net interest and other financial costs
|
|
(158
|
)
|
|
|
(114
|
)
|
Income from equity method investments
|
|
70
|
|
|
|
61
|
|
Distributions/adjustments related to equity method investments
|
|
(108
|
)
|
|
|
(90
|
)
|
Unrealized derivative gains/(losses)
(a)
|
|
(4
|
)
|
|
|
7
|
|
Acquisition costs
|
|
—
|
|
|
|
(3
|
)
|
Adjusted EBITDA attributable to noncontrolling interests
|
|
7
|
|
|
|
2
|
|
Net income
|
$
|
509
|
|
|
$
|
423
|
|
|
|
|
|
|
|
(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.
|
L&S Reconciliation of Segment Income from Operations to Segment Adjusted EBITDA (unaudited)
|
|
|
|
|
|
||
|
Three Months Ended
March 31 |
||||||
(In millions)
|
|
2019
|
|
|
2018
|
||
L&S Segment income from operations
|
$
|
480
|
|
|
$
|
385
|
|
Depreciation and amortization
|
|
70
|
|
|
|
48
|
|
Income from equity method investments
|
|
(41
|
)
|
|
|
(44
|
)
|
Distributions/adjustments related to equity method investments
|
|
46
|
|
|
|
43
|
|
Acquisition costs
|
|
—
|
|
|
|
3
|
|
Non-cash equity-based compensation
|
|
4
|
|
|
|
2
|
|
L&S segment adjusted EBITDA attributable to MPLX LP
|
$
|
559
|
|
|
$
|
437
|
|
|
|
|
|
|
|
G&P Reconciliation of Segment Income from Operations to Segment Adjusted EBITDA (unaudited)
|
|
|
|
|
|
||
|
Three Months Ended
March 31 |
||||||
(In millions)
|
|
2019
|
|
|
2018
|
||
G&P Segment income from operations
|
$
|
198
|
|
|
$
|
172
|
|
Depreciation and amortization
|
|
141
|
|
|
|
128
|
|
Income from equity method investments
|
|
(29
|
)
|
|
|
(17
|
)
|
Distributions/adjustments related to equity method investments
|
|
62
|
|
|
|
47
|
|
Unrealized derivative (gains)/losses
(a)
|
|
4
|
|
|
|
(7
|
)
|
Non-cash equity-based compensation
|
|
2
|
|
|
|
2
|
|
Adjusted EBITDA attributable to noncontrolling interest
|
|
(7
|
)
|
|
|
(2
|
)
|
G&P Segment adjusted EBITDA attributable to MPLX LP
|
$
|
371
|
|
|
$
|
323
|
|
|
|
|
|
|
|
(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)
|
|
2019
|
|
|
2018
|
||
Net income
|
$
|
509
|
|
|
$
|
423
|
|
(Benefit)/provision for income taxes
|
|
(2
|
)
|
|
|
4
|
|
Amortization of deferred financing costs
|
|
13
|
|
|
|
16
|
|
Net interest and other financial costs
|
|
158
|
|
|
|
114
|
|
Income from operations
|
|
678
|
|
|
|
557
|
|
Depreciation and amortization
|
|
211
|
|
|
|
176
|
|
Non-cash equity-based compensation
|
|
6
|
|
|
|
4
|
|
Income from equity method investments
|
|
(70
|
)
|
|
|
(61
|
)
|
Distributions/adjustments related to equity method investments
|
|
108
|
|
|
|
90
|
|
Unrealized derivative (gains)/losses
(a)
|
|
4
|
|
|
|
(7
|
)
|
Acquisition costs
|
|
—
|
|
|
|
3
|
|
Adjusted EBITDA
|
|
937
|
|
|
|
762
|
|
Adjusted EBITDA attributable to noncontrolling interests
|
|
(7
|
)
|
|
|
(2
|
)
|
Adjusted EBITDA attributable to MPLX LP
|
|
930
|
|
|
|
760
|
|
Deferred revenue impacts
|
|
8
|
|
|
|
9
|
|
Net interest and other financial costs
|
|
(158
|
)
|
|
|
(114
|
)
|
Maintenance capital expenditures
|
|
(19
|
)
|
|
|
(25
|
)
|
Equity method investment capital expenditures paid out
|
|
(4
|
)
|
|
|
(11
|
)
|
DCF attributable to MPLX LP
|
|
757
|
|
|
|
619
|
|
Preferred unit distributions
|
|
(20
|
)
|
|
|
(16
|
)
|
DCF attributable to GP and LP unitholders
|
$
|
737
|
|
|
$
|
603
|
|
|
|
|
|
|
|
(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 Net Income to LTM Pro forma adjusted EBITDA (unaudited)
|
|
|
|||||
|
|
Three Months Ended
March 31
|
|||||
(In millions)
|
|
2019
|
|
|
2018
|
||
LTM Net income
|
$
|
1,920
|
|
|
$
|
1,072
|
|
LTM Net income to adjusted EBITDA adjustments
|
|
1,725
|
|
|
|
1,269
|
|
LTM Adjusted EBITDA attributable to MPLX LP
|
|
3,645
|
|
|
|
2,341
|
|
LTM Pro forma adjustments for acquisitions
|
|
4
|
|
|
|
888
|
|
LTM Pro forma adjusted EBITDA
|
|
3,649
|
|
|
|
3,229
|
|
Consolidated debt
|
$
|
14,283
|
|
|
$
|
12,357
|
|
Consolidated debt to adjusted EBITDA
|
|
3.9x
|
|
|
|
3.8x
|
|
|
|
|
|
|
|
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)
|
|
2019
|
|
|
2018
|
||
Net cash provided by operating activities
|
$
|
618
|
|
|
$
|
450
|
|
Changes in working capital items
|
|
141
|
|
|
|
178
|
|
All other, net
|
|
4
|
|
|
|
(3
|
)
|
Non-cash equity-based compensation
|
|
6
|
|
|
|
4
|
|
Net loss on disposal of assets
|
|
(1
|
)
|
|
|
—
|
|
Net interest and other financial costs
|
|
158
|
|
|
|
114
|
|
Asset retirement expenditures
|
|
—
|
|
|
|
1
|
|
Unrealized derivative (gains)/losses
(a)
|
|
4
|
|
|
|
(7
|
)
|
Acquisition costs
|
|
—
|
|
|
|
3
|
|
Distributions/adjustments related to equity method investments
|
|
7
|
|
|
|
22
|
|
Adjusted EBITDA
|
|
937
|
|
|
|
762
|
|
Adjusted EBITDA attributable to noncontrolling interests
|
|
(7
|
)
|
|
|
(2
|
)
|
Adjusted EBITDA attributable to MPLX LP
|
|
930
|
|
|
|
760
|
|
Deferred revenue impacts
|
|
8
|
|
|
|
9
|
|
Net interest and other financial costs
|
|
(158
|
)
|
|
|
(114
|
)
|
Maintenance capital expenditures
|
|
(19
|
)
|
|
|
(25
|
)
|
Equity method investment capital expenditures paid out
|
|
(4
|
)
|
|
|
(11
|
)
|
DCF attributable to MPLX LP
|
|
757
|
|
|
|
619
|
|
Preferred unit distributions
|
|
(20
|
)
|
|
|
(16
|
)
|
DCF attributable to GP and LP unitholders
|
$
|
737
|
|
|
$
|
603
|
|
|
|
|
|
|
|
(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.
|
Capital Expenditures (unaudited)
|
|
|
|
|
|
||
|
|
Three Months Ended
March 31 |
|||||
(In millions)
|
|
2019
|
|
|
2018
|
||
Capital Expenditures:
|
|
|
|
|
|
||
Maintenance
|
$
|
19
|
|
|
$
|
25
|
|
Growth
|
|
364
|
|
|
|
425
|
|
Total capital expenditures
|
|
383
|
|
|
|
450
|
|
Less: Decrease in capital accruals
|
|
(74
|
)
|
|
|
(6
|
)
|
Asset retirement expenditures
|
|
—
|
|
|
|
1
|
|
Additions to property, plant and equipment
|
|
457
|
|
|
|
455
|
|
Investments in unconsolidated affiliates
|
|
128
|
|
|
|
38
|
|
Acquisitions
|
|
(1
|
)
|
|
|
—
|
|
Total capital expenditures and acquisitions
|
|
584
|
|
|
$
|
493
|
|
Less: Maintenance capital expenditures
|
|
19
|
|
|
|
25
|
|
Acquisitions
|
|
(1
|
)
|
|
|
—
|
|
Total growth capital expenditures
(a)
|
$
|
566
|
|
|
$
|
468
|
|
|
|
|
|
|
|
(a)
|
Amount excludes contributions from noncontrolling interests of $94 million and $1 million for the three months ended March 31, 2019 and 2018, respectively, as reflected in the financing section of our statement of cash flows.
|