MPLX LP Quarterly Report for Q3 Ended Sep 30, 2021

Summary

MPLX LP's (MPLX) third quarter 2021 results show a significant improvement in financial performance compared to the prior year, driven by increased revenues and a substantial reduction in costs, largely due to the absence of large impairment charges seen in the prior year. Total revenues and other income increased to $2.56 billion, up from $2.25 billion in the same period last year, with strong performance in the Gathering and Processing (G&P) segment contributing significantly through higher prices. Net income attributable to MPLX LP was $802 million, a notable increase from $665 million in Q3 2020, reflecting the operational improvements and a more favorable economic environment post-pandemic. The company also demonstrated strong operational execution with increased pipeline and terminal throughput. MPLX returned capital to unitholders through a robust unit repurchase program and a substantial cash distribution for the quarter, including a special distribution. The company maintained ample liquidity and remains focused on capital discipline and cost optimization, positioning it well for continued operational and financial strength.

Key Highlights

• 1Total revenues and other income increased to $2.56 billion in Q3 2021 from $2.25 billion in Q3 2020.
• 2Net income attributable to MPLX LP rose to $802 million in Q3 2021, up from $665 million in Q3 2020.
• 3Adjusted EBITDA attributable to MPLX LP increased to $1.39 billion, a $54 million improvement year-over-year.
• 4Distributions to common unitholders, including a special distribution, totaled $1.305 billion for Q3 2021.
• 5MPLX repurchased approximately $155 million of its common units during the third quarter of 2021.
• 6Net cash provided by operating activities was $3.67 billion for the nine months ended September 30, 2021.
• 7The company's credit ratings remained at or above investment grade as of September 30, 2021.

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