2023 Q4 Form 10-Q Financial Statement

#000155200023000038 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.966B $2.912B
YoY Change 11.42% -14.38%
Cost Of Revenue $1.157B $1.248B
YoY Change -2.94% -4.51%
Gross Profit $1.809B $1.664B
YoY Change 23.06% -20.53%
Gross Profit Margin 60.99% 57.14%
Selling, General & Admin $128.0M $146.0M
YoY Change 21.9% 23.73%
% of Gross Profit 7.08% 8.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $306.0M $301.0M
YoY Change 0.33% -0.33%
% of Gross Profit 16.92% 18.09%
Operating Expenses $434.0M $447.0M
YoY Change 5.85% 6.43%
Operating Profit $1.375B $1.154B
YoY Change 29.72% -31.06%
Interest Expense -$222.0M -$2.000M
YoY Change 2.78% -99.08%
% of Operating Profit -16.15% -0.17%
Other Income/Expense, Net $2.000M -$2.000M
YoY Change -111.11% -89.47%
Pretax Income $1.153B $929.0M
YoY Change 39.59% -35.4%
Income Tax $9.000M $1.000M
% Of Pretax Income 0.78% 0.11%
Net Earnings $1.111B $918.0M
YoY Change 41.89% -35.71%
Net Earnings / Revenue 37.46% 31.52%
Basic Earnings Per Share
Diluted Earnings Per Share $1.11 $0.89
COMMON SHARES
Basic Shares Outstanding 1.001B shares 1.001B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.048B $960.0M
YoY Change 340.34% 693.39%
Cash & Equivalents $1.048B $960.0M
Short-Term Investments
Other Short-Term Assets $30.00M $30.00M
YoY Change -50.82% -42.31%
Inventory $159.0M $154.0M
Prepaid Expenses
Receivables $823.0M $833.0M
Other Receivables $149.0M $140.0M
Total Short-Term Assets $2.808B $2.736B
YoY Change 47.4% 40.24%
LONG-TERM ASSETS
Property, Plant & Equipment $19.26B $19.12B
YoY Change 2.21% -1.59%
Goodwill $7.645B $7.645B
YoY Change 0.0% 0.0%
Intangibles $654.0M $609.0M
YoY Change -7.23% -17.26%
Long-Term Investments $3.743B $4.099B
YoY Change -8.6% -0.22%
Other Assets $990.0M $966.0M
YoY Change 3.23% 1.47%
Total Long-Term Assets $33.72B $33.38B
YoY Change -0.12% -1.41%
TOTAL ASSETS
Total Short-Term Assets $2.808B $2.736B
Total Long-Term Assets $33.72B $33.38B
Total Assets $36.53B $36.12B
YoY Change 2.42% 0.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.0M $132.0M
YoY Change -31.7% -54.33%
Accrued Expenses $300.0M $332.0M
YoY Change 11.52% 10.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.135B $1.000M
YoY Change 14.88% -99.9%
Total Short-Term Liabilities $2.624B $1.399B
YoY Change 9.29% -44.02%
LONG-TERM LIABILITIES
Long-Term Debt $20.19B $21.39B
YoY Change 2.1% 8.21%
Other Long-Term Liabilities $1.009B $976.0M
YoY Change 8.61% 13.62%
Total Long-Term Liabilities $21.20B $22.36B
YoY Change 2.39% 8.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.624B $1.399B
Total Long-Term Liabilities $21.20B $22.36B
Total Liabilities $22.95B $22.80B
YoY Change 3.58% 2.86%
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 $12.45B $12.11B
YoY Change
Total Liabilities & Shareholders Equity $36.53B $36.12B
YoY Change 2.42% 0.86%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $1.111B $918.0M
YoY Change 41.89% -35.71%
Depreciation, Depletion And Amortization $306.0M $301.0M
YoY Change 0.33% -0.33%
Cash From Operating Activities $1.489B $1.244B
YoY Change 8.85% 19.73%
INVESTING ACTIVITIES
Capital Expenditures $275.0M $230.0M
YoY Change 1.48% -195.44%
Acquisitions
YoY Change
Other Investing Activities -$250.0M -$6.000M
YoY Change 2677.78% -75.0%
Cash From Investing Activities -$525.0M -$236.0M
YoY Change 87.5% -10.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -876.0M -803.0M
YoY Change -9.78% -15.56%
NET CHANGE
Cash From Operating Activities 1.489B 1.244B
Cash From Investing Activities -525.0M -236.0M
Cash From Financing Activities -876.0M -803.0M
Net Change In Cash 88.00M 205.0M
YoY Change -24.79% -215.82%
FREE CASH FLOW
Cash From Operating Activities $1.489B $1.244B
Capital Expenditures $275.0M $230.0M
Free Cash Flow $1.214B $1.014B
YoY Change 10.67% -20.78%

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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 Number Of Reportable Segments
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CY2023Q3 us-gaap Finance Lease Liability
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CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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CY2023Q3 us-gaap Unamortized Debt Issuance Expense
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CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
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CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
195000000 usd
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
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CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q3 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
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CY2023Q3 us-gaap Revenues
Revenues
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
1080000000 usd
CY2022Q3 us-gaap Revenues
Revenues
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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21000000 usd
mplx Contractwith Customer Asset Increase Decrease
ContractwithCustomerAssetIncreaseDecrease
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us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
0 usd
CY2023Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
2000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
1000000 usd
mplx Contract With Customer Asset Increase Decrease Noncurrent
ContractWithCustomerAssetIncreaseDecreaseNoncurrent
0 usd
mplx Contract With Customer Non Current Asset Reclassified To Receivable
ContractWithCustomerNonCurrentAssetReclassifiedToReceivable
0 usd
CY2023Q3 us-gaap Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
1000000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2000000 usd
mplx Contract Liability Noncurrent Period Increase Decrease
ContractLiabilityNoncurrentPeriodIncreaseDecrease
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mplx Contract Liability Noncurrent Revenue Recognized
ContractLiabilityNoncurrentRevenueRecognized
0 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2021Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
25000000 usd
mplx Contractwith Customer Asset Increase Decrease
ContractwithCustomerAssetIncreaseDecrease
-9000000 usd
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
0 usd
CY2022Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
16000000 usd
CY2021Q4 us-gaap Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
2000000 usd
mplx Contract With Customer Asset Increase Decrease Noncurrent
ContractWithCustomerAssetIncreaseDecreaseNoncurrent
0 usd
mplx Contract With Customer Non Current Asset Reclassified To Receivable
ContractWithCustomerNonCurrentAssetReclassifiedToReceivable
0 usd
CY2022Q3 us-gaap Contract With Customer Asset Gross Noncurrent
ContractWithCustomerAssetGrossNoncurrent
2000000 usd
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
5000000 usd
mplx Contract Liability Noncurrent Period Increase Decrease
ContractLiabilityNoncurrentPeriodIncreaseDecrease
-1000000 usd
mplx Contract Liability Noncurrent Revenue Recognized
ContractLiabilityNoncurrentRevenueRecognized
0 usd
CY2022Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
4000000 usd
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
0 usd
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
0 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
500000000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2000000000.0 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1900000000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1700000000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1600000000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1000000000.0 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8700000000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
426000000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P20Y
us-gaap Interest Paid Net
InterestPaidNet
724000000 usd
us-gaap Interest Paid Net
InterestPaidNet
642000000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2000000 usd
mplx Non Cash Net Transfers Of Materials And Supplies Inventories
NonCashNetTransfersOfMaterialsAndSuppliesInventories
8000000 usd
mplx Non Cash Net Transfers Of Materials And Supplies Inventories
NonCashNetTransfersOfMaterialsAndSuppliesInventories
0 usd
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
86000000 usd
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
20000000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
662000000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
535000000 usd
mplx Increase Decrease In Capital Accruals
IncreaseDecreaseInCapitalAccruals
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mplx Increase Decrease In Capital Accruals
IncreaseDecreaseInCapitalAccruals
39000000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
668000000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
574000000 usd
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
23000000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
17000000 usd
CY2020Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
187000000 usd
CY2020Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
4000000 usd
us-gaap Guarantee Obligations Origin And Purpose
GuaranteeObligationsOriginAndPurpose
Guarantees related to indebtedness of equity method investeesWe hold a 9.19 percent indirect interest in Dakota Access, which owns and operates the Bakken Pipeline system. 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 Army Corps issued a draft EIS in September 2023 detailing various options for the easement going forward, including denying the easement, approving the easement with additional measures, rerouting the easement, or approving the easement with no changes. The Army Corps has not selected a preferred alternative, but will make a decision in its final review, after considering input from the public and other agencies. The Army Corps has not provided a definitive date as to when a final decision would be issued.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 vacatur of the easement results in a temporary shutdown of the pipeline, 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 easement and/or return the pipeline into operation. If the vacatur of the easement 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 September 30, 2023, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $170 million.
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false

Files In Submission

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0001552000-23-000038-xbrl.zip Edgar Link pending
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