$MPLX
MPLX LP

2024 Q2 Form 10-Q Financial Statement

#000155200024000014 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $3.052B $2.846B $2.966B
YoY Change 13.46% 4.9% 11.42%
Cost Of Revenue $1.173B $1.135B $1.157B
YoY Change 7.81% 2.99% -2.94%
Gross Profit $1.879B $1.711B $1.809B
YoY Change 17.29% 6.21% 23.06%
Gross Profit Margin 61.57% 60.12% 60.99%
Selling, General & Admin $140.0M $143.0M $128.0M
YoY Change 19.66% 20.17% 21.9%
% of Gross Profit 7.45% 8.36% 7.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $320.0M $317.0M $306.0M
YoY Change 3.23% 7.09% 0.33%
% of Gross Profit 17.03% 18.53% 16.92%
Operating Expenses $460.0M $460.0M $434.0M
YoY Change 7.73% 10.84% 5.85%
Operating Profit $1.419B $1.251B $1.375B
YoY Change 20.77% 4.6% 29.72%
Interest Expense -$215.0M -$235.0M -$222.0M
YoY Change -4.87% 4.91% 2.78%
% of Operating Profit -15.15% -18.78% -16.15%
Other Income/Expense, Net -$16.00M -$26.00M $2.000M
YoY Change 128.57% 36.84% -111.11%
Pretax Income $1.188B $1.016B $1.153B
YoY Change 26.11% 6.61% 39.59%
Income Tax $2.000M $1.000M $9.000M
% Of Pretax Income 0.17% 0.1% 0.78%
Net Earnings $1.186B $1.015B $1.111B
YoY Change 30.33% 7.64% 41.89%
Net Earnings / Revenue 38.86% 35.66% 37.46%
Basic Earnings Per Share
Diluted Earnings Per Share $1.14 $0.99 $1.11
COMMON SHARES
Basic Shares Outstanding 1.016B shares 1.011B shares 1.001B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.501B $385.0M $1.048B
YoY Change 231.26% -2.04% 340.34%
Cash & Equivalents $2.501B $385.0M $1.048B
Short-Term Investments
Other Short-Term Assets $32.00M $36.00M $30.00M
YoY Change -50.0% -42.86% -50.82%
Inventory $168.0M $163.0M $159.0M
Prepaid Expenses
Receivables $747.0M $752.0M $823.0M
Other Receivables $164.0M $162.0M $149.0M
Total Short-Term Assets $4.196B $2.139B $2.808B
YoY Change 80.78% 6.31% 47.4%
LONG-TERM ASSETS
Property, Plant & Equipment $19.69B $19.82B $19.26B
YoY Change 2.57% 2.89% 2.21%
Goodwill $7.645B $7.645B $7.645B
YoY Change 0.0% 0.0% 0.0%
Intangibles $585.0M $618.0M $654.0M
YoY Change -8.74% -8.17% -7.23%
Long-Term Investments $4.373B $4.343B $3.743B
YoY Change 6.04% 4.8% -8.6%
Other Assets $975.0M $976.0M $990.0M
YoY Change -9.3% 2.31% 3.23%
Total Long-Term Assets $34.21B $34.32B $33.72B
YoY Change 1.95% 1.97% -0.12%
TOTAL ASSETS
Total Short-Term Assets $4.196B $2.139B $2.808B
Total Long-Term Assets $34.21B $34.32B $33.72B
Total Assets $38.40B $36.46B $36.53B
YoY Change 7.05% 2.21% 2.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.0M $132.0M $153.0M
YoY Change -66.75% -5.04% -31.7%
Accrued Expenses $246.0M $248.0M $300.0M
YoY Change -64.19% -6.77% 11.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.827B $1.639B $1.135B
YoY Change 282600.0% 163800.0% 14.88%
Total Short-Term Liabilities $4.226B $2.960B $2.624B
YoY Change 221.12% 125.61% 9.29%
LONG-TERM LIABILITIES
Long-Term Debt $19.45B $19.37B $20.19B
YoY Change -9.01% -9.34% 2.1%
Other Long-Term Liabilities $1.029B $1.033B $1.009B
YoY Change 8.32% 14.02% 8.61%
Total Long-Term Liabilities $20.48B $20.40B $21.20B
YoY Change -8.27% -8.39% 2.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.226B $2.960B $2.624B
Total Long-Term Liabilities $20.48B $20.40B $21.20B
Total Liabilities $24.52B $22.81B $22.95B
YoY Change 2.62% 0.84% 3.58%
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 $13.45B $12.85B $12.45B
YoY Change
Total Liabilities & Shareholders Equity $38.40B $36.46B $36.53B
YoY Change 7.05% 2.21% 2.42%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $1.186B $1.015B $1.111B
YoY Change 30.33% 7.64% 41.89%
Depreciation, Depletion And Amortization $320.0M $317.0M $306.0M
YoY Change 3.23% 7.09% 0.33%
Cash From Operating Activities $1.565B $1.291B $1.489B
YoY Change 8.91% 5.22% 8.85%
INVESTING ACTIVITIES
Capital Expenditures $213.0M $255.0M $275.0M
YoY Change -19.01% 50.89% 1.48%
Acquisitions $622.0M
YoY Change
Other Investing Activities $99.00M -$741.0M -$250.0M
YoY Change -1337.5% 1352.94% 2677.78%
Cash From Investing Activities -$114.0M -$996.0M -$525.0M
YoY Change -57.93% 352.73% 87.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 665.0M -$958.0M -876.0M
YoY Change -182.71% 12.44% -9.78%
NET CHANGE
Cash From Operating Activities 1.565B $1.291B 1.489B
Cash From Investing Activities -114.0M -$996.0M -525.0M
Cash From Financing Activities 665.0M -$958.0M -876.0M
Net Change In Cash 2.116B -$663.0M 88.00M
YoY Change 484.53% -527.74% -24.79%
FREE CASH FLOW
Cash From Operating Activities $1.565B $1.291B $1.489B
Capital Expenditures $213.0M $255.0M $275.0M
Free Cash Flow $1.352B $1.036B $1.214B
YoY Change 15.16% -2.08% 10.67%

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.<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">MPLX’s business consists of two segments based on the nature of services it offers: Logistics and Storage (“L&amp;S”), which relates primarily to crude oil, refined products, other hydrocarbon-based products and renewables; and Gathering and Processing (“G&amp;P”), which relates primarily to natural gas and NGLs. See Note 8 for additional information regarding the operations and results of these segments.</span></div>
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19000000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
19000000 usd
CY2024Q1 mplx Non Cash Net Transfers Of Materials And Supplies Inventories
NonCashNetTransfersOfMaterialsAndSuppliesInventories
-1000000 usd
CY2023Q1 mplx Non Cash Net Transfers Of Materials And Supplies Inventories
NonCashNetTransfersOfMaterialsAndSuppliesInventories
9000000 usd
CY2024Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
25000000 usd
CY2023Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
28000000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
34000000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2000000 usd
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
255000000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
169000000 usd
CY2024Q1 mplx Increase Decrease In Capital Accruals
IncreaseDecreaseInCapitalAccruals
-45000000 usd
CY2023Q1 mplx Increase Decrease In Capital Accruals
IncreaseDecreaseInCapitalAccruals
22000000 usd
CY2024Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
210000000 usd
CY2023Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
191000000 usd
CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
17000000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
19000000 usd
CY2020Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
187000000 usd
CY2020Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
4000000 usd
CY2024Q1 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 United States 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 pipeline remains operational while the Army Corps finalizes its decision which is expected to be issued by the end of 2024.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 March 31, 2024, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $170 million.
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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