2022 Q1 Form 10-K Financial Statement

#000155200022000007 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $2.610B $2.734B $10.03B
YoY Change 11.59% 21.57% 32.47%
Cost Of Revenue $1.125B $1.249B $4.233B
YoY Change 22.55% 51.76% 29.21%
Gross Profit $1.485B $1.485B $5.794B
YoY Change 4.5% 4.14% 34.96%
Gross Profit Margin 56.9% 54.32% 57.78%
Selling, General & Admin $112.0M $113.0M $473.0M
YoY Change -5.08% -5.83% -5.96%
% of Gross Profit 7.54% 7.61% 8.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $313.0M $316.0M $1.287B
YoY Change -4.86% -17.92% -6.54%
% of Gross Profit 21.08% 21.28% 22.21%
Operating Expenses $425.0M $429.0M $1.760B
YoY Change -4.92% -15.05% -6.38%
Operating Profit $1.060B $1.056B $4.034B
YoY Change 8.83% 14.66% 67.18%
Interest Expense -$202.0M -$199.0M -$793.0M
YoY Change 2.02% -3.4% -4.92%
% of Operating Profit -19.06% -18.84% -19.66%
Other Income/Expense, Net -$20.00M -$19.00M -$86.00M
YoY Change -25.93% 46.15% 38.71%
Pretax Income $838.0M $838.0M $3.113B
YoY Change 11.88% 19.54% -554.45%
Income Tax $5.000M $0.00 $1.000M
% Of Pretax Income 0.6% 0.0% 0.03%
Net Earnings $825.0M $830.0M $3.077B
YoY Change 11.64% 20.12% -527.36%
Net Earnings / Revenue 31.61% 30.36% 30.69%
Basic Earnings Per Share
Diluted Earnings Per Share $812.8K $815.3K $2.996M
COMMON SHARES
Basic Shares Outstanding 1.015B shares 1.020B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.00M $13.00M $13.00M
YoY Change 75.0% -13.33% -13.33%
Cash & Equivalents $42.00M $13.00M $13.00M
Short-Term Investments
Other Short-Term Assets $70.00M $61.00M $61.00M
YoY Change 42.86% -6.15% -76.36%
Inventory $149.0M $142.0M $142.0M
Prepaid Expenses
Receivables $741.0M $654.0M $1.202B
Other Receivables $89.00M $89.00M $89.00M
Total Short-Term Assets $1.798B $1.507B $1.507B
YoY Change 30.86% -0.53% -0.53%
LONG-TERM ASSETS
Property, Plant & Equipment $19.91B $20.04B $20.54B
YoY Change -5.16% -5.54% -5.6%
Goodwill $7.657B $7.657B
YoY Change 0.0% 0.0%
Intangibles $800.0M $831.0M
YoY Change -13.7% -13.35%
Long-Term Investments $4.079B $3.981B $3.981B
YoY Change 0.97% -1.36% -1.36%
Other Assets $50.00M $60.00M $107.0M
YoY Change -21.88% 25.0% 50.7%
Total Long-Term Assets $33.93B $34.00B $34.00B
YoY Change -2.1% -2.58% -2.58%
TOTAL ASSETS
Total Short-Term Assets $1.798B $1.507B $1.507B
Total Long-Term Assets $33.93B $34.00B $34.00B
Total Assets $35.73B $35.51B $35.51B
YoY Change -0.84% -2.49% -2.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $214.0M $172.0M $1.829B
YoY Change 32.1% 13.16% 398.37%
Accrued Expenses $396.0M $363.0M $722.0M
YoY Change 69.96% 87.11% 28.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $999.0M $499.0M $499.0M
YoY Change 49850.0% -34.69% -34.86%
Total Short-Term Liabilities $2.858B $3.348B $3.348B
YoY Change 138.96% 60.5% 60.5%
LONG-TERM LIABILITIES
Long-Term Debt $19.72B $19.04B $19.04B
YoY Change -6.18% -6.42% -6.42%
Other Long-Term Liabilities $1.097B $1.060B $1.060B
YoY Change 15.11% 10.88% 10.88%
Total Long-Term Liabilities $20.82B $20.10B $20.10B
YoY Change -5.25% -5.64% -5.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.858B $3.348B $3.348B
Total Long-Term Liabilities $20.82B $20.10B $20.10B
Total Liabilities $22.73B $22.49B $23.70B
YoY Change 2.31% 0.27% 0.23%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.80B $11.81B $11.81B
YoY Change
Total Liabilities & Shareholders Equity $35.73B $35.51B $35.51B
YoY Change -0.84% -2.49% -2.49%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income $825.0M $830.0M $3.077B
YoY Change 11.64% 20.12% -527.36%
Depreciation, Depletion And Amortization $313.0M $316.0M $1.287B
YoY Change -4.86% -17.92% -6.54%
Cash From Operating Activities $1.125B $1.240B $4.911B
YoY Change 0.09% 4.64% 8.63%
INVESTING ACTIVITIES
Capital Expenditures $169.0M -$155.0M $529.0M
YoY Change 34.13% -22.89% -55.28%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $14.00M $0.00
YoY Change -100.0% -1500.0% -100.0%
Cash From Investing Activities -$276.0M -$141.0M -$518.0M
YoY Change 206.67% -30.2% -58.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0M $630.0M
YoY Change -35.48% 1809.09%
Debt Paid & Issued, Net $1.201B $5.821B
YoY Change -40.54% -9.25%
Cash From Financing Activities -$820.0M -1.125B -$4.395B
YoY Change -20.0% 12.95% 34.86%
NET CHANGE
Cash From Operating Activities $1.125B 1.240B $4.911B
Cash From Investing Activities -$276.0M -141.0M -$518.0M
Cash From Financing Activities -$820.0M -1.125B -$4.395B
Net Change In Cash $29.00M -26.00M -$2.000M
YoY Change 222.22% 100.0%
FREE CASH FLOW
Cash From Operating Activities $1.125B $1.240B $4.911B
Capital Expenditures $169.0M -$155.0M $529.0M
Free Cash Flow $956.0M $1.395B $4.382B
YoY Change -4.21% 0.65% 31.28%

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CY2019 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Partners Capital Account Contributions
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CY2021 us-gaap Stockholders Equity Other
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CY2021Q4 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
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42000000 USD
CY2012Q4 mplx Initial Public Offering Completion Date
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2012-10-31
CY2021 us-gaap Number Of Reportable Segments
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2
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of </span>revenues and expenses during the respective reporting periods. Actual results could differ materially from those estimates. Estimates are subject to uncertainties due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and affect items such as valuing identified intangible assets; determining the fair value of derivative instruments; evaluating impairments of long-lived assets, goodwill and equity investments; establishing estimated useful lives for long-lived assets; acquisition accounting; estimating revenues, expense accruals and capital expenditures; valuing AROs; recognizing share-based compensation expense; and determining liabilities, if any, for environmental and legal contingencies.
CY2020Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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0 USD
CY2020Q4 us-gaap Equity Method Investments
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42000000 USD
CY2021Q4 us-gaap Asset Retirement Obligation
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31000000 USD
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28000000 USD
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14000000 USD
CY2021 us-gaap Incentive Distribution Policy Managing Member Or General Partner Description
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Distributions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – In preparing the Consolidated Statements of Equity, net income attributable to MPLX LP is allocated to Series A and Series B preferred unitholders based on a fixed distribution schedule, as discussed in Notes 7 and 9, and subsequently allocated to the general partner and limited partner unitholders. Distributions, although earned, are not accrued as a liability until declared. The allocation of net income attributable to MPLX LP for purposes of calculating net income per limited partner unit is described below.</span>
CY2021Q4 us-gaap Equity Method Investments
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1000000000 USD
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22907174 shares
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630000000 USD
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27.52
CY2020 us-gaap Treasury Stock Acquired Average Cost Per Share
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22.29
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337000000 USD
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3573000000 USD
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2994000000 USD
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2758000000 USD
CY2021 mplx Earnings Per Unit Potentially Dilutive Units
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Files In Submission

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