$MPLX
MPLX LP

2023 Q3 Form 10-Q Financial Statement

#000155200023000030 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.912B $2.690B
YoY Change -14.38% -8.5%
Cost Of Revenue $1.248B $1.088B
YoY Change -4.51% -22.17%
Gross Profit $1.664B $1.602B
YoY Change -20.53% 3.89%
Gross Profit Margin 57.14% 59.55%
Selling, General & Admin $146.0M $117.0M
YoY Change 23.73% 1.74%
% of Gross Profit 8.77% 7.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $301.0M $310.0M
YoY Change -0.33% 0.0%
% of Gross Profit 18.09% 19.35%
Operating Expenses $447.0M $427.0M
YoY Change 6.43% 0.47%
Operating Profit $1.154B $1.175B
YoY Change -31.06% 5.19%
Interest Expense -$2.000M -$226.0M
YoY Change -99.08% 6.1%
% of Operating Profit -0.17% -19.23%
Other Income/Expense, Net -$2.000M -$7.000M
YoY Change -89.47% -65.0%
Pretax Income $929.0M $942.0M
YoY Change -35.4% 6.56%
Income Tax $1.000M $0.00
% Of Pretax Income 0.11% 0.0%
Net Earnings $918.0M $910.0M
YoY Change -35.71% 4.0%
Net Earnings / Revenue 31.52% 33.83%
Basic Earnings Per Share
Diluted Earnings Per Share $0.89 $0.91
COMMON SHARES
Basic Shares Outstanding 1.001B shares 1.001B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $960.0M $755.0M
YoY Change 693.39% 153.36%
Cash & Equivalents $960.0M $755.0M
Short-Term Investments
Other Short-Term Assets $30.00M $64.00M
YoY Change -42.31% 20.75%
Inventory $154.0M $146.0M
Prepaid Expenses
Receivables $833.0M $1.227B
Other Receivables $140.0M $129.0M
Total Short-Term Assets $2.736B $2.321B
YoY Change 40.24% 15.01%
LONG-TERM ASSETS
Property, Plant & Equipment $19.12B $19.20B
YoY Change -1.59% -5.4%
Goodwill $7.645B $7.645B
YoY Change 0.0% 0.0%
Intangibles $609.0M $641.0M
YoY Change -17.26% -16.54%
Long-Term Investments $4.099B $4.124B
YoY Change -0.22% 0.61%
Other Assets $966.0M $1.075B
YoY Change 1.47% 2093.88%
Total Long-Term Assets $33.38B $33.55B
YoY Change -1.41% -0.65%
TOTAL ASSETS
Total Short-Term Assets $2.736B $2.321B
Total Long-Term Assets $33.38B $33.55B
Total Assets $36.12B $35.87B
YoY Change 0.86% 0.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.0M $382.0M
YoY Change -54.33% 8.52%
Accrued Expenses $332.0M $687.0M
YoY Change 10.67% 65.54%
Deferred Revenue $1.000M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M
YoY Change -99.9% -99.9%
Total Short-Term Liabilities $1.399B $1.316B
YoY Change -44.02% -51.99%
LONG-TERM LIABILITIES
Long-Term Debt $21.39B $21.37B
YoY Change 8.21% 8.27%
Other Long-Term Liabilities $976.0M $950.0M
YoY Change 13.62% -17.32%
Total Long-Term Liabilities $22.36B $22.32B
YoY Change 8.44% 6.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.399B $1.316B
Total Long-Term Liabilities $22.36B $22.32B
Total Liabilities $22.80B $23.89B
YoY Change 2.86% 5.34%
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 $12.11B $11.98B
YoY Change
Total Liabilities & Shareholders Equity $36.12B $35.87B
YoY Change 0.86% 0.24%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $918.0M $910.0M
YoY Change -35.71% 4.0%
Depreciation, Depletion And Amortization $301.0M $310.0M
YoY Change -0.33% 0.0%
Cash From Operating Activities $1.244B $1.437B
YoY Change 19.73% -3.36%
INVESTING ACTIVITIES
Capital Expenditures $230.0M $263.0M
YoY Change -195.44% -310.4%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$8.000M
YoY Change -75.0% -20.0%
Cash From Investing Activities -$236.0M -$271.0M
YoY Change -10.94% 100.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -803.0M -804.0M
YoY Change -15.56% -26.64%
NET CHANGE
Cash From Operating Activities 1.244B 1.437B
Cash From Investing Activities -236.0M -271.0M
Cash From Financing Activities -803.0M -804.0M
Net Change In Cash 205.0M 362.0M
YoY Change -215.82% 41.41%
FREE CASH FLOW
Cash From Operating Activities $1.244B $1.437B
Capital Expenditures $230.0M $263.0M
Free Cash Flow $1.014B $1.174B
YoY Change -20.78% -27.17%

Facts In Submission

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We are engaged in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products and renewables; the gathering, processing and transportation of natural gas; and the transportation, fractionation, storage and marketing of NGLs. MPLX’s principal executive office is located in Findlay, Ohio. MPLX was formed on March 27, 2012 as a Delaware limited partnership and completed its initial public offering on October 31, 2012.MPLX’s business consists of two segments based on the nature of services it offers: Logistics and Storage (“L&S”), which relates primarily to crude oil, refined products, other hydrocarbon-based products and renewables; and Gathering and Processing (“G&P”), which relates primarily to natural gas and NGLs. See Note 7 for additional information regarding the operations and results of these segments.
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us-gaap Guarantee Obligations Origin And Purpose
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Guarantees related to indebtedness of equity method investeesWe hold a 9.19 percent indirect interest in a joint venture that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects, collectively referred to as the Bakken Pipeline system or DAPL. In 2020, the U.S. District Court for the District of Columbia (the “D.D.C.”) ordered the U.S. Army Corps of Engineers (“Army Corps”), which granted permits and an easement for the Bakken Pipeline system, to prepare an environmental impact statement (“EIS”) relating to an easement under Lake Oahe in North Dakota. The D.D.C. later vacated the easement. The EIS has been delayed and the Army Corps currently expects to release a draft EIS in 2023.In May 2021, the D.D.C. denied a renewed request for an injunction to shut down the pipeline while the EIS is being prepared. In June 2021, the D.D.C. issued an order dismissing without prejudice the tribes’ claims against the Dakota Access Pipeline. The litigation could be reopened or new litigation challenging the EIS, once completed, could be filed. The pipeline remains operational.We have entered into a Contingent Equity Contribution Agreement whereby MPLX LP, along with the other joint venture owners in the Bakken Pipeline system, has agreed to make equity contributions to the joint venture upon certain events occurring to allow the entities that own and operate the Bakken Pipeline system to satisfy their senior note payment obligations. The senior notes were issued to repay amounts owed by the pipeline companies to fund the cost of construction of the Bakken Pipeline system. If the pipeline were temporarily shut down, MPLX would have to contribute its 9.19 percent pro rata share of funds required to pay interest accruing on the notes and any portion of the principal that matures while the pipeline is shutdown. MPLX also expects to contribute its 9.19 percent pro rata share of any costs to remediate any deficiencies to reinstate the permit and/or return the pipeline into operation. If the vacatur of the easement permit results in a permanent shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of the cost to redeem the bonds (including the one percent redemption premium required pursuant to the indenture governing the notes) and any accrued and unpaid interest. As of June 30, 2023, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $170 million.
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