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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MPLX LP | NYSE:MPLX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.47 | 1.14% | 41.74 | 41.70 | 41.24 | 41.24 | 1,372,698 | 21:20:38 |
(Mark One) | |||||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-0005456 | |||||||||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
200 E. Hardin Street, | Findlay, | Ohio | 45840 | ||||||||||||||
(Address of principal executive offices) | (Zip code) |
Securities Registered pursuant to Section 12(b) of the 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 |
Large accelerated filer | x | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
☐
|
||||||||
Emerging growth company | ☐ |
Page | |||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
Barrel | One stock tank barrel, or 42 United States gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons | ||||
Bcf/d | One billion cubic feet per day | ||||
Btu | One British thermal unit, an energy measurement | ||||
Condensate | A natural gas liquid with a low vapor pressure mainly composed of propane, butane, pentane and heavier hydrocarbon fractions | ||||
DCF (a non-GAAP financial measure) | Distributable Cash Flow | ||||
EBITDA (a non-GAAP financial measure) | Earnings Before Interest, Taxes, Depreciation and Amortization | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
LIBOR | London Interbank Offered Rate | ||||
mbpd | Thousand barrels per day | ||||
Merger | MPLX acquisition by merger of Andeavor Logistics LP (“ANDX”) on July 30, 2019 | ||||
MMBtu | One million British thermal units, an energy measurement | ||||
MMcf/d | One million cubic feet of natural gas per day | ||||
NGL | Natural gas liquids, such as ethane, propane, butanes and natural gasoline | ||||
NYSE | New York Stock Exchange | ||||
Realized derivative gain/loss | The gain or loss recognized when a derivative matures or is settled | ||||
SEC | United States Securities and Exchange Commission | ||||
Unrealized derivative gain/loss | The gain or loss recognized on a derivative due to changes in fair value prior to the instrument maturing or settling | ||||
VIE | Variable interest entity | ||||
Wholesale Exchange | The transfer to MPC of the Western wholesale distribution business, which MPLX acquired as a result of its acquisition of ANDX, on July 31, 2020. | ||||
Three Months Ended
March 31, |
|||||||||||||||||||||||
(In millions, except per unit data) | 2021 | 2020 | |||||||||||||||||||||
Revenues and other income: | |||||||||||||||||||||||
Service revenue | $ | 589 | $ | 612 | |||||||||||||||||||
Service revenue - related parties | 872 | 928 | |||||||||||||||||||||
Service revenue - product related | 77 | 39 | |||||||||||||||||||||
Rental income | 99 | 96 | |||||||||||||||||||||
Rental income - related parties | 242 | 234 | |||||||||||||||||||||
Product sales | 282 | 169 | |||||||||||||||||||||
Product sales - related parties | 42 | 33 | |||||||||||||||||||||
Income/(loss) from equity method investments(1)
|
70 | (1,184) | |||||||||||||||||||||
Other income | 1 | 1 | |||||||||||||||||||||
Other income - related parties | 65 | 64 | |||||||||||||||||||||
Total revenues and other income | 2,339 | 992 | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues (excludes items below) | 273 | 368 | |||||||||||||||||||||
Purchased product costs | 276 | 135 | |||||||||||||||||||||
Rental cost of sales | 32 | 35 | |||||||||||||||||||||
Rental cost of sales - related parties | 39 | 46 | |||||||||||||||||||||
Purchases - related parties | 298 | 276 | |||||||||||||||||||||
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) | |||||||||||||||||||||
Related party interest and other financial costs | — | 3 | |||||||||||||||||||||
Interest expense (net of amounts capitalized of $5 million, $13 million, respectively)
|
198 | 211 | |||||||||||||||||||||
Other financial costs | 27 | 16 | |||||||||||||||||||||
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 (See Note 6) | |||||||||||||||||||||||
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 - basic | 1,037 | 1,058 | |||||||||||||||||||||
Common - diluted | 1,037 | 1,058 | |||||||||||||||||||||
Three Months Ended
March 31, |
|||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||||||||
Net income/(loss) | $ | 748 | $ | (2,716) | |||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax | (2) | (1) | |||||||||||||||||||||||||||
Comprehensive income/(loss) | 746 | (2,717) | |||||||||||||||||||||||||||
Less comprehensive income attributable to: | |||||||||||||||||||||||||||||
Noncontrolling interests | 9 | 8 | |||||||||||||||||||||||||||
Comprehensive income/(loss) attributable to MPLX LP | $ | 737 | $ | (2,725) |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 24 | $ | 15 | |||||||
Receivables, net | 523 | 452 | |||||||||
Current assets - related parties | 650 | 677 | |||||||||
Inventories | 128 | 118 | |||||||||
Assets held for sale | — | 188 | |||||||||
Other current assets | 49 | 65 | |||||||||
Total current assets | 1,374 | 1,515 | |||||||||
Equity method investments | 4,040 | 4,036 | |||||||||
Property, plant and equipment, net | 20,996 | 21,218 | |||||||||
Intangibles, net | 927 | 959 | |||||||||
Goodwill | 7,657 | 7,657 | |||||||||
Right of use assets, net | 296 | 309 | |||||||||
Noncurrent assets - related parties | 676 | 672 | |||||||||
Other noncurrent assets | 64 | 48 | |||||||||
Total assets | 36,030 | 36,414 | |||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | 162 | 152 | |||||||||
Accrued liabilities | 233 | 194 | |||||||||
Current liabilities - related parties | 338 | 356 | |||||||||
Accrued property, plant and equipment | 58 | 84 | |||||||||
Long-term debt due within one year | 2 | 764 | |||||||||
Accrued interest payable | 189 | 222 | |||||||||
Operating lease liabilities | 63 | 63 | |||||||||
Liabilities held for sale | — | 101 | |||||||||
Other current liabilities | 151 | 150 | |||||||||
Total current liabilities | 1,196 | 2,086 | |||||||||
Long-term deferred revenue | 332 | 314 | |||||||||
Long-term liabilities - related parties | 279 | 283 | |||||||||
Long-term debt | 20,052 | 19,375 | |||||||||
Deferred income taxes | 11 | 12 | |||||||||
Long-term operating lease liabilities | 230 | 244 | |||||||||
Deferred credits and other liabilities | 112 | 115 | |||||||||
Total liabilities | 22,212 | 22,429 | |||||||||
Commitments and contingencies (see Note 21) | |||||||||||
Series A preferred units | 968 | 968 | |||||||||
Equity | |||||||||||
Common unitholders - public (385 million and 391 million units issued and outstanding)
|
9,226 | 9,384 | |||||||||
Common unitholders - MPC (647 million and 647 million units issued and outstanding)
|
2,796 | 2,792 | |||||||||
Series B preferred units (.6 million and .6 million units issued and outstanding)
|
601 | 611 | |||||||||
Accumulated other comprehensive loss | (17) | (15) | |||||||||
Total MPLX LP partners’ capital | 12,606 | 12,772 | |||||||||
Noncontrolling interests | 244 | 245 | |||||||||
Total equity | 12,850 | 13,017 | |||||||||
Total liabilities, preferred units and equity | $ | 36,030 | $ | 36,414 |
Three Months Ended
March 31, |
|||||||||||
(In millions) | 2021 | 2020 | |||||||||
Increase/(decrease) in cash, cash equivalents and restricted cash | |||||||||||
Operating activities: | |||||||||||
Net income/(loss) | $ | 748 | $ | (2,716) | |||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||||||||
Amortization of deferred financing costs | 17 | 14 | |||||||||
Depreciation and amortization | 329 | 325 | |||||||||
Impairment expense | — | 2,165 | |||||||||
(Income)/loss from equity method investments(1)
|
(70) | 1,184 | |||||||||
Distributions from unconsolidated affiliates | 119 | 119 | |||||||||
Changes in: | |||||||||||
Current receivables | (67) | 71 | |||||||||
Inventories | (11) | 3 | |||||||||
Fair value of derivatives | 3 | (15) | |||||||||
Current accounts payable and accrued liabilities | 26 | (142) | |||||||||
Current assets/current liabilities - related parties | (8) | (52) | |||||||||
Right of use assets/operating lease liabilities | (1) | (4) | |||||||||
Deferred revenue | 24 | 27 | |||||||||
All other, net | 15 | 30 | |||||||||
Net cash provided by operating activities | 1,124 | 1,009 | |||||||||
Investing activities: | |||||||||||
Additions to property, plant and equipment | (126) | (379) | |||||||||
Disposal of assets | 70 | 39 | |||||||||
Investments in unconsolidated affiliates | (35) | (91) | |||||||||
Distributions from unconsolidated affiliates - return of capital | — | 69 | |||||||||
All other, net | 1 | — | |||||||||
Net cash used in investing activities | (90) | (362) | |||||||||
Financing activities: | |||||||||||
Long-term debt - borrowings | 1,910 | 1,325 | |||||||||
- repayments | (2,020) | (581) | |||||||||
Related party debt - borrowings | 2,241 | 1,667 | |||||||||
- repayments | (2,241) | (2,261) | |||||||||
Unit repurchases | (155) | — | |||||||||
Distributions to noncontrolling interests | (10) | (9) | |||||||||
Distributions to Series A preferred unitholders | (20) | (20) | |||||||||
Distributions to Series B preferred unitholders | (21) | (21) | |||||||||
Distributions to unitholders and general partner | (713) | (717) | |||||||||
Contributions from MPC | 7 | 14 | |||||||||
All other, net | (3) | (2) | |||||||||
Net cash used in financing activities | (1,025) | (605) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 9 | 42 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 15 | 15 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 24 | $ | 57 |
Partnership | |||||||||||||||||||||||||||||||||||||||||
(In millions) |
Common
Unit-holders Public |
Common
Unit-holder MPC |
Series B Preferred Unit-holders | Accumulated Other Comprehensive Loss |
Non-controlling
Interests |
Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 10,800 | $ | 4,968 | $ | 611 | $ | (15) | $ | 249 | $ | 16,613 | |||||||||||||||||||||||||||||
Net (loss)/income (excludes amounts attributable to preferred units) | (1,022) | (1,733) | 11 | — | 8 | (2,736) | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (271) | (446) | (21) | — | — | (738) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (9) | (9) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 225 | — | — | — | 225 | |||||||||||||||||||||||||||||||||||
Other | 2 | — | — | (1) | — | 1 | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 9,509 | 3,014 | 601 | (16) | 248 | 13,356 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 9,384 | 2,792 | 611 | (15) | 245 | 13,017 | |||||||||||||||||||||||||||||||||||
Net income (excludes amounts attributable to preferred units) | 266 | 443 | 11 | — | 9 | 729 | |||||||||||||||||||||||||||||||||||
Unit Repurchases | (155) | — | — | — | — | (155) | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (269) | (445) | (21) | — | — | (735) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (10) | (10) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||
Other | — | (1) | — | (2) | — | (3) | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 9,226 | $ | 2,796 | $ | 601 | $ | (17) | $ | 244 | $ | 12,850 | |||||||||||||||||||||||||||||
(In millions) | Impairment | Footnote Reference | ||||||||||||
Goodwill | $ | 1,814 | 12 | |||||||||||
Equity method investments | 1,264 | 4 | ||||||||||||
Intangibles, net | 177 | 12 | ||||||||||||
Property, plant and equipment, net | 174 | 11 | ||||||||||||
Total impairments | $ | 3,429 |
Ownership as of | Carrying value at | ||||||||||||||||
March 31, | March 31, | December 31, | |||||||||||||||
(In millions, except ownership percentages) | 2021 | 2021 | 2020 | ||||||||||||||
L&S | |||||||||||||||||
MarEn Bakken Company LLC(1)
|
25% | $ | 462 | $ | 465 | ||||||||||||
Illinois Extension Pipeline Company, L.L.C. | 35% | 259 | 254 | ||||||||||||||
LOOP LLC | 41% | 257 | 252 | ||||||||||||||
Andeavor Logistics Rio Pipeline LLC(2)
|
67% | 193 | 194 | ||||||||||||||
Minnesota Pipe Line Company, LLC | 17% | 187 | 188 | ||||||||||||||
Whistler Pipeline LLC(2)
|
38% | 187 | 185 | ||||||||||||||
Explorer Pipeline Company | 25% | 69 | 72 | ||||||||||||||
W2W Holdings LLC(2)(3)
|
50% | 73 | 72 | ||||||||||||||
Other(2)
|
105 | 103 | |||||||||||||||
Total L&S | 1,792 | 1,785 | |||||||||||||||
G&P | |||||||||||||||||
MarkWest Utica EMG, L.L.C.(2)
|
57% | 696 | 698 | ||||||||||||||
Sherwood Midstream LLC(2)
|
50% | 552 | 557 | ||||||||||||||
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.(2)
|
67% | 313 | 307 | ||||||||||||||
Rendezvous Gas Services, L.L.C.(2)
|
78% | 157 | 159 | ||||||||||||||
Sherwood Midstream Holdings LLC(2)
|
51% | 145 | 148 | ||||||||||||||
Centrahoma Processing LLC | 40% | 137 | 145 | ||||||||||||||
Other(2)
|
248 | 237 | |||||||||||||||
Total G&P | 2,248 | 2,251 | |||||||||||||||
Total | $ | 4,040 | $ | 4,036 |
Three Months Ended March 31, 2021 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | 163 | $ | 284 | $ | 447 | |||||||||||
Costs and expenses | 107 | 131 | 238 | ||||||||||||||
Income from operations | 56 | 153 | 209 | ||||||||||||||
Net income | 64 | 140 | 204 | ||||||||||||||
Income from equity method investments(1)
|
$ | 39 | $ | 31 | $ | 70 |
Three Months Ended March 31, 2020 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | (217) | $ | 337 | $ | 120 | |||||||||||
Costs and expenses | 104 | 132 | 236 | ||||||||||||||
(Loss)/income from operations | (321) | 205 | (116) | ||||||||||||||
Net (loss)/income | (337) | 186 | (151) | ||||||||||||||
(Loss)/income from equity method investments(1)
|
$ | (1,222) | $ | 38 | $ | (1,184) |
March 31, 2021 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Current assets | $ | 312 | $ | 321 | $ | 633 | |||||||||||
Noncurrent assets | 7,266 | 4,967 | 12,233 | ||||||||||||||
Current liabilities | 338 | 194 | 532 | ||||||||||||||
Noncurrent liabilities | $ | 2,053 | $ | 853 | $ | 2,906 |
December 31, 2020 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Current assets | $ | 530 | $ | 318 | $ | 848 | |||||||||||
Noncurrent assets | 6,889 | 4,997 | 11,886 | ||||||||||||||
Current liabilities | 323 | 187 | 510 | ||||||||||||||
Noncurrent liabilities | $ | 1,904 | $ | 830 | $ | 2,734 |
(In millions) | Three Months Ended March 31, 2021 | Year Ended December 31, 2020 | |||||||||
Borrowings | $ | 2,241 | $ | 6,264 | |||||||
Average interest rate of borrowings | 1.371 | % | 2.278 | % | |||||||
Repayments | $ | 2,241 | $ | 6,858 | |||||||
Outstanding balance at end of period(1)
|
$ | — | $ | — |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Service revenues - related parties | |||||||||||||||||||||||
MPC | $ | 871 | $ | 927 | |||||||||||||||||||
Other | 1 | 1 | |||||||||||||||||||||
Total Service revenue - related parties | 872 | 928 | |||||||||||||||||||||
Rental income - related parties | |||||||||||||||||||||||
MPC | 242 | 234 | |||||||||||||||||||||
Product sales - related parties(1)
|
|||||||||||||||||||||||
MPC | 42 | 33 | |||||||||||||||||||||
Other income - related parties | |||||||||||||||||||||||
MPC | 49 | 48 | |||||||||||||||||||||
Other | 16 | 16 | |||||||||||||||||||||
Total Other income - related parties | $ | 65 | $ | 64 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Rental cost of sales - related parties | |||||||||||||||||||||||
MPC | $ | 39 | $ | 46 | |||||||||||||||||||
Purchases - related parties | |||||||||||||||||||||||
MPC | 294 | 271 | |||||||||||||||||||||
Other | 4 | 5 | |||||||||||||||||||||
Total Purchases - related parties | 298 | 276 | |||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
MPC | $ | 57 | $ | 64 | |||||||||||||||||||
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Current assets - related parties | |||||||||||
Receivables - MPC | $ | 586 | $ | 615 | |||||||
Receivables - Other | 14 | 27 | |||||||||
Prepaid - MPC | 17 | 4 | |||||||||
Other - MPC | 1 | 1 | |||||||||
Lease Receivables - MPC | 32 | 30 | |||||||||
Total | 650 | 677 | |||||||||
Noncurrent assets - related parties | |||||||||||
Long-term receivables - MPC | 32 | 32 | |||||||||
Right of use assets - MPC | 230 | 231 | |||||||||
Long-term lease receivables - MPC | 388 | 386 | |||||||||
Unguaranteed residual asset - MPC | 26 | 23 | |||||||||
Total | 676 | 672 | |||||||||
Current liabilities - related parties | |||||||||||
Payables - MPC | 213 | 215 | |||||||||
Payables - Other | 26 | 43 | |||||||||
Operating lease liabilities - MPC | 1 | 1 | |||||||||
Deferred revenue - Minimum volume deficiencies - MPC | 65 | 66 | |||||||||
Deferred revenue - Project reimbursements - MPC | 32 | 30 | |||||||||
Deferred revenue - Project reimbursements - Other | 1 | 1 | |||||||||
Total | 338 | 356 | |||||||||
Long-term liabilities - related parties | |||||||||||
Long-term operating lease liabilities - MPC | 229 | 229 | |||||||||
Long-term deferred revenue - Project reimbursements - MPC | 43 | 47 | |||||||||
Long-term deferred revenue - Project reimbursements - Other | 7 | 7 | |||||||||
Total | $ | 279 | $ | 283 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Net income/(loss) attributable to MPLX LP | $ | 739 | $ | (2,724) | |||||||||||||||||||
Less: Distributions declared on Series A preferred units(1)
|
20 | 20 | |||||||||||||||||||||
Distributions declared on Series B preferred units(1)
|
11 | 11 | |||||||||||||||||||||
Limited partners’ distributions declared on MPLX common units (including common units of general partner)(1)
|
707 | 728 | |||||||||||||||||||||
Undistributed net gain/(loss) attributable to MPLX LP | $ | 1 | $ | (3,483) |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(In millions, except per unit data) |
Limited Partners’
Common Units |
Series A Preferred Units | Series B Preferred Units | Total | |||||||||||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit | |||||||||||||||||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||||||||||||||||
Distributions declared | $ | 707 | $ | 20 | $ | 11 | $ | 738 | |||||||||||||||||||||
Undistributed net gain attributable to MPLX LP | 1 | — | — | 1 | |||||||||||||||||||||||||
Net income attributable to MPLX LP(1)
|
$ | 708 | $ | 20 | $ | 11 | $ | 739 | |||||||||||||||||||||
Weighted average units outstanding: | |||||||||||||||||||||||||||||
Basic | 1,037 | ||||||||||||||||||||||||||||
Diluted | 1,037 | ||||||||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||||||||
Basic | $ | 0.68 | |||||||||||||||||||||||||||
Diluted | $ | 0.68 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In millions, except per unit data) |
Limited Partners’
Common Units |
Series A Preferred Units | Series B Preferred Units | Total | |||||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit | |||||||||||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||||||||||
Distributions declared | $ | 728 | $ | 20 | $ | 11 | $ | 759 | |||||||||||||||
Undistributed net loss attributable to MPLX LP | (3,483) | — | — | (3,483) | |||||||||||||||||||
Net (loss)/income attributable to MPLX LP(1)
|
$ | (2,755) | $ | 20 | $ | 11 | $ | (2,724) | |||||||||||||||
Weighted average units outstanding: | |||||||||||||||||||||||
Basic | 1,058 | ||||||||||||||||||||||
Diluted | 1,058 | ||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||
Basic | $ | (2.60) | |||||||||||||||||||||
Diluted | $ | (2.60) |
(In units) | Common | ||||||||||||||||||||||
Balance at December 31, 2020 | 1,038,777,978 | ||||||||||||||||||||||
Unit-based compensation awards | 143,247 | ||||||||||||||||||||||
Units redeemed in unit repurchase program | (6,272,981) | ||||||||||||||||||||||
Balance at March 31, 2021 | 1,032,648,244 |
(In millions) | Series B Preferred Units | ||||
Balance at December 31, 2020 | $ | 611 | |||
Net income allocated | 11 | ||||
Distributions received by Series B preferred unitholders | (21) | ||||
Balance at March 31, 2021 | $ | 601 |
(Per common unit) | 2021 | 2020 | |||||||||
March 31, | $ | 0.6875 | $ | 0.6875 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Common and preferred unit distributions: | |||||||||||||||||||||||
Common unitholders, includes common units of general partner | $ | 707 | $ | 728 | |||||||||||||||||||
Series A preferred unit distributions | 20 | 20 | |||||||||||||||||||||
Series B preferred unit distributions | 11 | 11 | |||||||||||||||||||||
Total cash distributions declared | $ | 738 | $ | 759 |
(In millions) | Redeemable Series A Preferred Units | ||||
Balance at December 31, 2020 | $ | 968 | |||
Net income allocated | 20 | ||||
Distributions received by Series A preferred unitholders | (20) | ||||
Balance at March 31, 2021 | $ | 968 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
L&S | |||||||||||||||||||||||
Service revenue | $ | 953 | $ | 1,004 | |||||||||||||||||||
Rental income | 249 | 242 | |||||||||||||||||||||
Product related revenue | 4 | 19 | |||||||||||||||||||||
Income from equity method investments | 36 | 50 | |||||||||||||||||||||
Other income | 52 | 51 | |||||||||||||||||||||
Total segment revenues and other income(1)
|
1,294 | 1,366 | |||||||||||||||||||||
Segment Adjusted EBITDA(2)
|
896 | 872 | |||||||||||||||||||||
Capital expenditures | 59 | 184 | |||||||||||||||||||||
Investments in unconsolidated affiliates | 9 | 54 | |||||||||||||||||||||
G&P | |||||||||||||||||||||||
Service revenue | 508 | 536 | |||||||||||||||||||||
Rental income | 92 | 88 | |||||||||||||||||||||
Product related revenue | 397 | 222 | |||||||||||||||||||||
Income/(loss) from equity method investments | 34 | (1,234) | |||||||||||||||||||||
Other income | 14 | 14 | |||||||||||||||||||||
Total segment revenues and other income/(loss)(1)
|
1,045 | (374) | |||||||||||||||||||||
Segment Adjusted EBITDA(2)
|
456 | 422 | |||||||||||||||||||||
Capital expenditures | 30 | 134 | |||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 26 | $ | 37 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
Segment assets | |||||||||||
Cash and cash equivalents | $ | 24 | $ | 15 | |||||||
L&S | 20,787 | 20,938 | |||||||||
G&P | 15,219 | 15,461 | |||||||||
Total assets | $ | 36,030 | $ | 36,414 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Reconciliation to Net income/(loss): | |||||||||||||||||||||||
L&S Segment Adjusted EBITDA | $ | 896 | $ | 872 | |||||||||||||||||||
G&P Segment Adjusted EBITDA | 456 | 422 | |||||||||||||||||||||
Total reportable segments | 1,352 | 1,294 | |||||||||||||||||||||
Depreciation and amortization(1)
|
(329) | (325) | |||||||||||||||||||||
Provision for income taxes | (1) | — | |||||||||||||||||||||
Amortization of deferred financing costs | (17) | (14) | |||||||||||||||||||||
Non-cash equity-based compensation | (3) | (5) | |||||||||||||||||||||
Impairment expense | — | (2,165) | |||||||||||||||||||||
Net interest and other financial costs | (220) | (216) | |||||||||||||||||||||
Gain on extinguishment of debt | 12 | — | |||||||||||||||||||||
Income/(loss) from equity method investments | 70 | (1,184) | |||||||||||||||||||||
Distributions/adjustments related to equity method investments | (121) | (124) | |||||||||||||||||||||
Unrealized derivative (losses)/gains(2)
|
(3) | 15 | |||||||||||||||||||||
Other | (2) | (1) | |||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | 10 | 9 | |||||||||||||||||||||
Net income/(loss) | $ | 748 | $ | (2,716) |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
NGLs | $ | 5 | $ | 5 | |||||||
Line fill | 20 | 13 | |||||||||
Spare parts, materials and supplies | 103 | 100 | |||||||||
Total inventories | $ | 128 | $ | 118 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||||
L&S | |||||||||||||||||
Pipelines | $ | 6,045 | $ | 6,026 | |||||||||||||
Refining logistics | 2,335 | 2,333 | |||||||||||||||
Terminals | 1,649 | 1,643 | |||||||||||||||
Marine | 965 | 965 | |||||||||||||||
Land, building and other | 1,584 | 1,584 | |||||||||||||||
Construction-in-progress | 277 | 262 | |||||||||||||||
Total L&S property, plant and equipment | 12,855 | 12,813 | |||||||||||||||
G&P | |||||||||||||||||
Gathering and transportation | 7,559 | 7,547 | |||||||||||||||
Processing and fractionation | 5,725 | 5,721 | |||||||||||||||
Land, building and other | 510 | 507 | |||||||||||||||
Construction-in-progress | 288 | 287 | |||||||||||||||
Total G&P property, plant and equipment | 14,082 | 14,062 | |||||||||||||||
Total property, plant and equipment | 26,937 | 26,875 | |||||||||||||||
Less accumulated depreciation | 5,941 | 5,657 | |||||||||||||||
Property, plant and equipment, net | $ | 20,996 | $ | 21,218 |
(In millions) | L&S | G&P | Total | ||||||||||||||
Gross goodwill as of December 31, 2019 | $ | 7,722 | $ | 3,141 | $ | 10,863 | |||||||||||
Accumulated impairment losses | — | (1,327) | (1,327) | ||||||||||||||
Balance as of December 31, 2019 | 7,722 | 1,814 | 9,536 | ||||||||||||||
Impairment losses | — | (1,814) | (1,814) | ||||||||||||||
Wholesale Exchange (Note 3) | (65) | — | (65) | ||||||||||||||
Balance as of December 31, 2020 | 7,657 | — | 7,657 | ||||||||||||||
Balance as of March 31, 2021 | 7,657 | — | 7,657 | ||||||||||||||
Gross goodwill as of March 31, 2021 | 7,657 | 3,141 | 10,798 | ||||||||||||||
Accumulated impairment losses | — | (3,141) | (3,141) | ||||||||||||||
Balance as of March 31, 2021 | $ | 7,657 | $ | — | $ | 7,657 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | Useful Lives | Gross |
Accumulated Amortization(1)
|
Net | Gross |
Accumulated Amortization(2)
|
Net | |||||||||||||||||||||||||||||||||||||
L&S |
6 - 8 years
|
$ | 283 | $ | (90) | $ | 193 | $ | 283 | $ | (81) | $ | 202 | |||||||||||||||||||||||||||||||
G&P |
6 - 25 years
|
1,288 | (554) | 734 | 1,288 | (531) | 757 | |||||||||||||||||||||||||||||||||||||
$ | 1,571 | $ | (644) | $ | 927 | $ | 1,571 | $ | (612) | $ | 959 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
Significant unobservable inputs (Level 3) | |||||||||||||||||||||||
Embedded derivatives in commodity contracts | $ | — | $ | (66) | $ | — | $ | (63) | |||||||||||||||
Total carrying value on Consolidated Balance Sheets | $ | — | $ | (66) | $ | — | $ | (63) |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
(In millions) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | |||||||||||||||||||||||||||||||
Fair value at beginning of period | $ | — | $ | (63) | $ | — | $ | (60) | |||||||||||||||||||||||||||
Total (losses)/gains (realized and unrealized) included in earnings(1)
|
— | (6) | — | 14 | |||||||||||||||||||||||||||||||
Settlements | — | 3 | — | 1 | |||||||||||||||||||||||||||||||
Fair value at end of period | — | (66) | — | (45) | |||||||||||||||||||||||||||||||
The amount of total (losses)/gains for the period included in earnings attributable to the change in unrealized gains or losses relating to liabilities still held at end of period | $ | — | $ | (5) | $ | — | $ | 13 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Long-term debt (including amounts due within one year) | $ | 21,988 | $ | 20,156 | $ | 22,951 | $ | 20,244 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Derivative contracts not designated as hedging instruments and their balance sheet location | Asset | Liability | Asset | Liability | |||||||||||||||||||
Commodity contracts(1)
|
|||||||||||||||||||||||
Other current assets / Other current liabilities | $ | — | $ | (10) | $ | — | $ | (7) | |||||||||||||||
Other noncurrent assets / Deferred credits and other liabilities | — | (56) | — | (56) | |||||||||||||||||||
Total | $ | — | $ | (66) | $ | — | $ | (63) |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions) | 2021 | 2020 | |||||||||||||||||||||
Purchased product costs | |||||||||||||||||||||||
Realized (loss)/gain | $ | (3) | $ | (1) | |||||||||||||||||||
Unrealized (loss)/gain | (3) | 15 | |||||||||||||||||||||
Purchased product costs derivative (loss)/gain | (6) | 14 | |||||||||||||||||||||
Total derivative (loss)/gain | $ | (6) | $ | 14 |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
MPLX LP: | |||||||||||
Bank revolving credit facility | $ | 835 | $ | 175 | |||||||
Floating rate senior notes | 1,000 | 1,000 | |||||||||
Fixed rate senior notes | 18,532 | 19,240 | |||||||||
Consolidated subsidiaries: | |||||||||||
MarkWest | 23 | 23 | |||||||||
ANDX | 45 | 87 | |||||||||
Financing lease obligations(1)
|
10 | 11 | |||||||||
Total | 20,445 | 20,536 | |||||||||
Unamortized debt issuance costs | (112) | (116) | |||||||||
Unamortized discount/premium | (279) | (281) | |||||||||
Amounts due within one year | (2) | (764) | |||||||||
Total long-term debt due after one year | $ | 20,052 | $ | 19,375 |
Three Months Ended March 31, 2021 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 84 | $ | 505 | $ | 589 | |||||||||||
Service revenue - related parties | 869 | 3 | 872 | ||||||||||||||
Service revenue - product related | — | 77 | 77 | ||||||||||||||
Product sales | 1 | 281 | 282 | ||||||||||||||
Product sales - related parties | 3 | 39 | 42 | ||||||||||||||
Total revenues from contracts with customers | $ | 957 | $ | 905 | 1,862 | ||||||||||||
Non-ASC 606 revenue(1)
|
477 | ||||||||||||||||
Total revenues and other income | $ | 2,339 |
Three Months Ended March 31, 2020 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 84 | $ | 528 | $ | 612 | |||||||||||
Service revenue - related parties | 920 | 8 | 928 | ||||||||||||||
Service revenue - product related | — | 39 | 39 | ||||||||||||||
Product sales | 15 | 154 | 169 | ||||||||||||||
Product sales - related parties | 4 | 29 | 33 | ||||||||||||||
Total revenues from contracts with customers | $ | 1,023 | $ | 758 | 1,781 | ||||||||||||
Non-ASC 606 (loss)/revenue(1)
|
(789) | ||||||||||||||||
Total revenues and other income | $ | 992 |
(In millions) |
Balance at December 31, 2020(1)
|
Additions/ (Deletions) |
Revenue Recognized(2)
|
Balance at
March 31, 2021 |
|||||||||||||||||||||||||||||||||||||
Contract assets | $ | 40 | $ | (27) | $ | — | $ | 13 | |||||||||||||||||||||||||||||||||
Long-term contract assets | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||
Deferred revenue | 37 | 7 | (1) | 43 | |||||||||||||||||||||||||||||||||||||
Deferred revenue - related parties | 91 | 21 | (20) | 92 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue | 119 | 4 | — | 123 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue - related parties | 48 | (4) | — | 44 | |||||||||||||||||||||||||||||||||||||
Long-term contract liability | $ | 6 | $ | — | $ | — | $ | 6 |
(In millions) |
Balance at December 31, 2019(1)
|
Additions/ (Deletions) |
Revenue Recognized(2)
|
Balance at
March 31, 2020 |
|||||||||||||||||||||||||||||||||||||
Contract assets | $ | 39 | $ | (27) | $ | — | $ | 12 | |||||||||||||||||||||||||||||||||
Deferred revenue | 23 | 5 | (3) | 25 | |||||||||||||||||||||||||||||||||||||
Deferred revenue - related parties | 53 | 12 | (16) | 49 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue | 90 | 6 | — | 96 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue - related parties | $ | 55 | $ | 1 | $ | — | $ | 56 | |||||||||||||||||||||||||||||||||
(In millions) | |||||
2021 | $ | 1,435 | |||
2022 | 1,838 | ||||
2023 | 1,674 | ||||
2024 | 1,546 | ||||
2025 and thereafter | 4,580 | ||||
Total revenue on remaining performance obligations(1),(2),(3)
|
$ | 11,073 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Net cash provided by operating activities included: | |||||||||||
Interest paid (net of amounts capitalized) | $ | 231 | $ | 210 | |||||||
Non-cash investing and financing activities: | |||||||||||
Net transfers of property, plant and equipment (to)/from materials and supplies inventories | $ | — | $ | (1) | |||||||
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Decrease in capital accruals | $ | (37) | $ | (61) | |||||||
(In millions) |
Pension
Benefits |
Other
Post-Retirement Benefits |
Total | ||||||||||||||
Balance at December 31, 2020(1)
|
$ | (13) | $ | (2) | $ | (15) | |||||||||||
Other comprehensive loss - remeasurements(2)
|
(2) | — | (2) | ||||||||||||||
Balance at March 31, 2021(1)
|
$ | (15) | $ | (2) | $ | (17) |
(In millions) |
Pension
Benefits |
Other
Post-Retirement Benefits |
Total | ||||||||||||||
Balance at December 31, 2019(1)
|
$ | (14) | $ | (1) | $ | (15) | |||||||||||
Other comprehensive loss - remeasurements(2)
|
— | (1) | (1) | ||||||||||||||
Balance at March 31, 2020(1)
|
$ | (14) | $ | (2) | $ | (16) |
Number
of Units |
Weighted
Average Fair Value |
||||||||||
Outstanding at December 31, 2020 | 644,023 | $ | 28.65 | ||||||||
Granted | 321,927 | 24.88 | |||||||||
Settled | (143,088) | 29.73 | |||||||||
Forfeited | (1,270) | 33.09 | |||||||||
Outstanding at March 31, 2021 | 821,592 | $ | 26.98 |
Number of
Units |
|||||
Outstanding at December 31, 2020 | 3,092,286 | ||||
Granted | 375,730 | ||||
Settled | (1,347,177) | ||||
Forfeited | (1,761) | ||||
Outstanding at March 31, 2021 | 2,119,078 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||
(In millions) | Related Party | Third Party | Related Party | Third Party | |||||||||||||||||||
Operating leases: | |||||||||||||||||||||||
Operating lease revenue(1)
|
$ | 202 | $ | 68 | $ | 186 | $ | 63 | |||||||||||||||
Sales-type leases: | |||||||||||||||||||||||
Profit/(loss) recognized at the commencement date | — | — | — | N/A | |||||||||||||||||||
Interest income (Sales-type lease revenue- fixed minimum) | 37 | — | 38 | N/A | |||||||||||||||||||
Interest income (Revenue from variable lease payments) | $ | — | $ | — | $ | — | N/A |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Total revenues and other income(1)
|
$ | 2,339 | $ | 992 | $ | 1,347 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of revenues (excludes items below) | 273 | 368 | (95) | ||||||||||||||||||||||||||||||||
Purchased product costs | 276 | 135 | 141 | ||||||||||||||||||||||||||||||||
Rental cost of sales | 32 | 35 | (3) | ||||||||||||||||||||||||||||||||
Rental cost of sales - related parties | 39 | 46 | (7) | ||||||||||||||||||||||||||||||||
Purchases - related parties | 298 | 276 | 22 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 329 | 325 | 4 | ||||||||||||||||||||||||||||||||
Impairment expense | — | 2,165 | (2,165) | ||||||||||||||||||||||||||||||||
General and administrative expenses | 86 | 97 | (11) | ||||||||||||||||||||||||||||||||
Other taxes | 32 | 31 | 1 | ||||||||||||||||||||||||||||||||
Total costs and expenses | 1,365 | 3,478 | (2,113) | ||||||||||||||||||||||||||||||||
Income/(loss) from operations | 974 | (2,486) | 3,460 | ||||||||||||||||||||||||||||||||
Related party interest and other financial costs | — | 3 | (3) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | 198 | 211 | (13) | ||||||||||||||||||||||||||||||||
Other financial costs | 27 | 16 | 11 | ||||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 749 | (2,716) | 3,465 | ||||||||||||||||||||||||||||||||
Provision for income taxes | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Net income/(loss) | 748 | (2,716) | 3,464 | ||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 9 | 8 | 1 | ||||||||||||||||||||||||||||||||
Net income/(loss) attributable to MPLX LP | 739 | (2,724) | 3,463 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP(2)
|
1,352 | 1,294 | 58 | ||||||||||||||||||||||||||||||||
DCF attributable to GP and LP unitholders(2)
|
$ | 1,106 | $ | 1,047 | $ | 59 | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net income: | |||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 748 | $ | (2,716) | $ | 3,464 | |||||||||||||||||||||||||||||
Provision for income taxes | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 17 | 14 | 3 | ||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | (12) | — | (12) | ||||||||||||||||||||||||||||||||
Net interest and other financial costs | 220 | 216 | 4 | ||||||||||||||||||||||||||||||||
Income/(loss) from operations | 974 | (2,486) | 3,460 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 329 | 325 | 4 | ||||||||||||||||||||||||||||||||
Non-cash equity-based compensation | 3 | 5 | (2) | ||||||||||||||||||||||||||||||||
Impairment expense | — | 2,165 | (2,165) | ||||||||||||||||||||||||||||||||
(Income)/loss from equity method investments | (70) | 1,184 | (1,254) | ||||||||||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 121 | 124 | (3) | ||||||||||||||||||||||||||||||||
Unrealized derivative losses/(gains)(1)
|
3 | (15) | 18 | ||||||||||||||||||||||||||||||||
Other | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | 1,362 | 1,303 | 59 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (10) | (9) | (1) | ||||||||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP(2)
|
1,352 | 1,294 | 58 | ||||||||||||||||||||||||||||||||
Deferred revenue impacts | 22 | 23 | (1) | ||||||||||||||||||||||||||||||||
Net interest and other financial costs | (220) | (216) | (4) | ||||||||||||||||||||||||||||||||
Maintenance capital expenditures | (18) | (34) | 16 | ||||||||||||||||||||||||||||||||
Maintenance capital expenditures reimbursements | 7 | 14 | (7) | ||||||||||||||||||||||||||||||||
Equity method investment capital expenditures paid out | (1) | (7) | 6 | ||||||||||||||||||||||||||||||||
Other | (5) | 4 | (9) | ||||||||||||||||||||||||||||||||
DCF | 1,137 | 1,078 | 59 | ||||||||||||||||||||||||||||||||
Preferred unit distributions | (31) | (31) | — | ||||||||||||||||||||||||||||||||
DCF attributable to GP and LP unitholders | $ | 1,106 | $ | 1,047 | $ | 59 | |||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | Variance | ||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net cash provided by operating activities: | |||||||||||||||||
Net cash provided by operating activities | $ | 1,124 | $ | 1,009 | $ | 115 | |||||||||||
Changes in working capital items | 34 | 112 | (78) | ||||||||||||||
All other, net | (15) | (30) | 15 | ||||||||||||||
Non-cash equity-based compensation | 3 | 5 | (2) | ||||||||||||||
Gain on extinguishment of debt | (12) | — | (12) | ||||||||||||||
Net interest and other financial costs | 220 | 216 | 4 | ||||||||||||||
Current income taxes | 1 | — | 1 | ||||||||||||||
Unrealized derivative losses/(gains)(1)
|
3 | (15) | 18 | ||||||||||||||
Other adjustments to equity method investment distributions | 2 | 5 | (3) | ||||||||||||||
Other | 2 | 1 | 1 | ||||||||||||||
Adjusted EBITDA | 1,362 | 1,303 | 59 | ||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (10) | (9) | (1) | ||||||||||||||
Adjusted EBITDA attributable to MPLX LP(2)
|
1,352 | 1,294 | 58 | ||||||||||||||
Deferred revenue impacts | 22 | 23 | (1) | ||||||||||||||
Net interest and other financial costs | (220) | (216) | (4) | ||||||||||||||
Maintenance capital expenditures | (18) | (34) | 16 | ||||||||||||||
Maintenance capital expenditures reimbursements | 7 | 14 | (7) | ||||||||||||||
Equity method investment capital expenditures paid out | (1) | (7) | 6 | ||||||||||||||
Other | (5) | 4 | (9) | ||||||||||||||
DCF | 1,137 | 1,078 | 59 | ||||||||||||||
Preferred unit distributions | (31) | (31) | — | ||||||||||||||
DCF attributable to GP and LP unitholders | $ | 1,106 | $ | 1,047 | $ | 59 | |||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Service revenue | $ | 953 | $ | 1,004 | $ | (51) | |||||||||||||||||||||||||||||
Rental income | 249 | 242 | 7 | ||||||||||||||||||||||||||||||||
Product related revenue | 4 | 19 | (15) | ||||||||||||||||||||||||||||||||
Income from equity method investments | 36 | 50 | (14) | ||||||||||||||||||||||||||||||||
Other income | 52 | 51 | 1 | ||||||||||||||||||||||||||||||||
Total segment revenues and other income | 1,294 | 1,366 | (72) | ||||||||||||||||||||||||||||||||
Cost of revenues | 144 | 238 | (94) | ||||||||||||||||||||||||||||||||
Purchases - related parties | 215 | 199 | 16 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 147 | 138 | 9 | ||||||||||||||||||||||||||||||||
General and administrative expenses | 46 | 52 | (6) | ||||||||||||||||||||||||||||||||
Other taxes | 19 | 16 | 3 | ||||||||||||||||||||||||||||||||
Segment income from operations | 723 | 723 | — | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 147 | 138 | 9 | ||||||||||||||||||||||||||||||||
Income from equity method investments | (36) | (50) | 14 | ||||||||||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 58 | 57 | 1 | ||||||||||||||||||||||||||||||||
Non-cash equity-based compensation | 2 | 3 | (1) | ||||||||||||||||||||||||||||||||
Other | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||
Segment adjusted EBITDA(1)
|
896 | 872 | 24 | ||||||||||||||||||||||||||||||||
Capital expenditures | 59 | 184 | (125) | ||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 9 | $ | 54 | $ | (45) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | ||||||||||||||||||||||||||||||||
Service revenue | $ | 508 | $ | 536 | $ | (28) | |||||||||||||||||||||||||||||
Rental income | 92 | 88 | 4 | ||||||||||||||||||||||||||||||||
Product related revenue | 397 | 222 | 175 | ||||||||||||||||||||||||||||||||
Income/(loss) from equity method investments(1)
|
34 | (1,234) | 1,268 | ||||||||||||||||||||||||||||||||
Other income | 14 | 14 | — | ||||||||||||||||||||||||||||||||
Total segment revenues and other income/(loss) | 1,045 | (374) | 1,419 | ||||||||||||||||||||||||||||||||
Cost of revenues | 200 | 211 | (11) | ||||||||||||||||||||||||||||||||
Purchased product costs | 276 | 135 | 141 | ||||||||||||||||||||||||||||||||
Purchases - related parties | 83 | 77 | 6 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 182 | 187 | (5) | ||||||||||||||||||||||||||||||||
Impairment expense | — | 2,165 | (2,165) | ||||||||||||||||||||||||||||||||
General and administrative expenses | 40 | 45 | (5) | ||||||||||||||||||||||||||||||||
Other taxes | 13 | 15 | (2) | ||||||||||||||||||||||||||||||||
Segment income/(loss) from operations | 251 | (3,209) | 3,460 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 182 | 187 | (5) | ||||||||||||||||||||||||||||||||
Impairment expense | — | 2,165 | (2,165) | ||||||||||||||||||||||||||||||||
(Income)/loss from equity method investments | (34) | 1,234 | (1,268) | ||||||||||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 63 | 67 | (4) | ||||||||||||||||||||||||||||||||
Unrealized derivative losses/(gains)(2)
|
3 | (15) | 18 | ||||||||||||||||||||||||||||||||
Non-cash equity-based compensation | 1 | 2 | (1) | ||||||||||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (10) | (9) | (1) | ||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA(3)
|
456 | 422 | 34 | ||||||||||||||||||||||||||||||||
Capital expenditures | 30 | 134 | (104) | ||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 26 | $ | 37 | $ | (11) |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
L&S | |||||||||||||||||||||||
Pipeline throughput (mbpd) | |||||||||||||||||||||||
Crude oil pipelines | 3,282 | 3,210 | |||||||||||||||||||||
Product pipelines | 1,858 | 1,905 | |||||||||||||||||||||
Total pipelines | 5,140 | 5,115 | |||||||||||||||||||||
Average tariff rates ($ per barrel)(1)
|
|||||||||||||||||||||||
Crude oil pipelines | $ | 0.96 | $ | 0.93 | |||||||||||||||||||
Product pipelines | 0.79 | 0.79 | |||||||||||||||||||||
Total pipelines | $ | 0.90 | $ | 0.88 | |||||||||||||||||||
Terminal throughput (mbpd) | 2,613 | 2,966 | |||||||||||||||||||||
Marine Assets (number in operation)(2)
|
|||||||||||||||||||||||
Barges | 297 | 305 | |||||||||||||||||||||
Towboats | 23 | 23 |
Three Months Ended
March 31, 2021 |
Three Months Ended
March 31, 2020 |
||||||||||||||||||||||
MPLX LP(3)
|
MPLX LP Operated(4)
|
MPLX LP(3)
|
MPLX LP Operated(4)
|
||||||||||||||||||||
G&P | |||||||||||||||||||||||
Gathering Throughput (MMcf/d) | |||||||||||||||||||||||
Marcellus Operations | 1,298 | 1,298 | 1,420 | 1,420 | |||||||||||||||||||
Utica Operations | — | 1,566 | — | 1,800 | |||||||||||||||||||
Southwest Operations | 1,373 | 1,448 | 1,557 | 1,601 | |||||||||||||||||||
Bakken Operations | 146 | 146 | 156 | 156 | |||||||||||||||||||
Rockies Operations | 470 | 627 | 592 | 775 | |||||||||||||||||||
Total gathering throughput | 3,287 | 5,085 | 3,725 | 5,752 | |||||||||||||||||||
Natural Gas Processed (MMcf/d) | |||||||||||||||||||||||
Marcellus Operations | 4,249 | 5,677 | 4,198 | 5,522 | |||||||||||||||||||
Utica Operations | — | 513 | — | 648 | |||||||||||||||||||
Southwest Operations | 1,295 | 1,367 | 1,648 | 1,679 | |||||||||||||||||||
Southern Appalachian Operations | 227 | 227 | 243 | 243 | |||||||||||||||||||
Bakken Operations | 145 | 145 | 156 | 156 | |||||||||||||||||||
Rockies Operations | 441 | 441 | 539 | 539 | |||||||||||||||||||
Total natural gas processed | 6,357 | 8,370 | 6,784 | 8,787 | |||||||||||||||||||
C2 + NGLs Fractionated (mbpd) | |||||||||||||||||||||||
Marcellus Operations(5)
|
489 | 489 | 456 | 456 | |||||||||||||||||||
Utica Operations(5)
|
— | 28 | — | 34 | |||||||||||||||||||
Southwest Operations | 8 | 8 | 15 | 15 | |||||||||||||||||||
Southern Appalachian Operations(6)
|
11 | 11 | 12 | 12 | |||||||||||||||||||
Bakken Operations | 19 | 19 | 31 | 31 | |||||||||||||||||||
Rockies Operations | 4 | 4 | 5 | 5 | |||||||||||||||||||
Total C2 + NGLs fractionated(7)
|
531 | 559 | 519 | 553 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Pricing Information | |||||||||||||||||||||||
Natural Gas NYMEX HH ($ per MMBtu) | $ | 2.72 | $ | 1.87 | |||||||||||||||||||
C2 + NGL Pricing ($ per gallon)(8)
|
$ | 0.73 | $ | 0.40 |
Three Months Ended March 31, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | 1,124 | $ | 1,009 | |||||||
Investing activities | (90) | (362) | |||||||||
Financing activities | (1,025) | (605) | |||||||||
Total | $ | 9 | $ | 42 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 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 | $ | 277 | $ | (106) |
(In millions) | March 31, 2021 | December 31, 2020 | |||||||||
MPLX LP: | |||||||||||
Bank revolving credit facility | $ | 835 | $ | 175 | |||||||
Floating rate senior notes | 1,000 | 1,000 | |||||||||
Fixed rate senior notes | 18,532 | 19,240 | |||||||||
Consolidated subsidiaries: | |||||||||||
MarkWest | 23 | 23 | |||||||||
ANDX | 45 | 87 | |||||||||
Financing lease obligations | 10 | 11 | |||||||||
Total | 20,445 | 20,536 | |||||||||
Unamortized debt issuance costs | (112) | (116) | |||||||||
Unamortized discount/premium | (279) | (281) | |||||||||
Amounts due within one year | (2) | (764) | |||||||||
Total long-term debt due after one year | $ | 20,052 | $ | 19,375 |
Rating Agency | Rating | |||||||
Moody’s | Baa2 (negative outlook) | |||||||
Standard & Poor’s | BBB (negative outlook) | |||||||
Fitch | BBB (stable outlook) |
March 31, 2021 | |||||||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings |
Available
Capacity |
||||||||||||||
Bank revolving credit facility due 2024(1)
|
$ | 3,500 | $ | (835) | $ | 2,665 | |||||||||||
MPC Loan Agreement | 1,500 | — | 1,500 | ||||||||||||||
Total liquidity | $ | 5,000 | $ | (835) | 4,165 | ||||||||||||
Cash and cash equivalents | 24 | ||||||||||||||||
Total liquidity | $ | 4,189 |
(In units) | |||||||||||||||||
Balance at December 31, 2020 | 1,038,777,978 | ||||||||||||||||
Unit-based compensation awards | 143,247 | ||||||||||||||||
Units redeemed in Unit Repurchase Program | (6,272,981) | ||||||||||||||||
Balance at March 31, 2021 | 1,032,648,244 |
Three Months Ended March 31, | |||||||||||||||||||||||
(In millions, except per unit data) | 2021 | 2020 | |||||||||||||||||||||
Distribution declared: | |||||||||||||||||||||||
Limited partner units - public | $ | 262 | $ | 270 | |||||||||||||||||||
Limited partner units - MPC | 445 | 458 | |||||||||||||||||||||
Total LP distribution declared
|
707 | 728 | |||||||||||||||||||||
Series A preferred units | 20 | 20 | |||||||||||||||||||||
Series B preferred units | 11 | 11 | |||||||||||||||||||||
Total distribution declared | 738 | 759 | |||||||||||||||||||||
Cash distributions declared per limited partner common unit | $ | 0.6875 | $ | 0.6875 |
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(1)
|
(35) | (91) | |||||||||
Return of capital(1)
|
— | 69 | |||||||||
Growth and maintenance capital reimbursements(2)
|
7 | 14 | |||||||||
Decrease in capital accruals | 37 | 61 | |||||||||
Capitalized interest | 5 | 13 | |||||||||
Additions to property, plant and equipment, net(1)
|
$ | 126 | $ | 379 |
(In millions) |
Fair value as of March 31, 2021(1)
|
Change in Fair Value(2)
|
Change in Income Before Income Taxes for the Three Months Ended March 31, 2021(3)
|
||||||||||||||
Long-term debt (including amounts due within one year) | |||||||||||||||||
Fixed-rate | $ | 20,152 | $ | 1,843 | N/A | ||||||||||||
Variable-rate | $ | 1,836 | $ | 14 | $ | 4 |
Period | Total Number of Units Purchased |
Average Price
Paid per Unit(1) |
Total Number of Units Purchased as Part of Publicly Announced Plans or Programs |
Maximum Dollar
Value of Units that
May Yet Be Purchased
Under the Plans or
Programs(2)
|
||||||||||||||||||||||
1/01/2021-1/31/2021 | 879,708 | $ | 23.47 | 879,708 | $ | 946,504,250 | ||||||||||||||||||||
2/01/2021-2/28/2021 | 2,148,970 | $ | 24.24 | 2,148,970 | $ | 894,403,501 | ||||||||||||||||||||
3/01/2021-3/31/2021 | 3,244,303 | $ | 25.49 | 3,244,303 | $ | 811,694,451 | ||||||||||||||||||||
Total | 6,272,981 | $ | 24.78 | 6,272,981 |
Incorporated by Reference From | ||||||||||||||||||||||||||||||||||||||||||||
Exhibit
Number |
Exhibit Description | Form | Exhibit | Filing Date | SEC File No. |
Filed
Herewith |
Furnished
Herewith |
|||||||||||||||||||||||||||||||||||||
2.1† | 8-K | 2.1 | 5/8/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
3.1 | S-1 | 3.1 | 7/2/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
3.2 | S-1/A | 3.2 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
3.3 | 8-K | 3.1 | 2/3/2021 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.1 | 10-K | 10.106 | 2/26/2021 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document: The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
MPLX LP | |||||||||||
By: | MPLX GP LLC | ||||||||||
Its general partner | |||||||||||
Date: May 6, 2021 | By: | /s/ C. Kristopher Hagedorn | |||||||||
C. Kristopher Hagedorn | |||||||||||
Vice President and Controller of MPLX GP LLC (the general partner of MPLX LP) |
1 Year MPLX Chart |
1 Month MPLX Chart |
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