$MPLX
MPLX LP

2024 Q4 Form 10-Q Financial Statement

#000155200024000033 Filed on November 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $2.972B $2.912B
YoY Change 2.06% -14.38%
Cost Of Revenue $1.236B $1.248B
YoY Change -0.96% -4.51%
Gross Profit $1.736B $1.664B
YoY Change 4.33% -20.53%
Gross Profit Margin 58.41% 57.14%
Selling, General & Admin $139.0M $146.0M
YoY Change -4.79% 23.73%
% of Gross Profit 8.01% 8.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $322.0M $301.0M
YoY Change 6.98% -0.33%
% of Gross Profit 18.55% 18.09%
Operating Expenses $461.0M $447.0M
YoY Change 3.13% 6.43%
Operating Profit $1.275B $1.154B
YoY Change 10.49% -31.06%
Interest Expense -$211.0M -$2.000M
YoY Change 10450.0% -99.08%
% of Operating Profit -16.55% -0.17%
Other Income/Expense, Net -$15.00M -$2.000M
YoY Change 650.0% -89.47%
Pretax Income $1.049B $929.0M
YoY Change 12.92% -35.4%
Income Tax $2.000M $1.000M
% Of Pretax Income 0.19% 0.11%
Net Earnings $1.047B $918.0M
YoY Change 14.05% -35.71%
Net Earnings / Revenue 35.23% 31.52%
Basic Earnings Per Share
Diluted Earnings Per Share $1.01 $0.89
COMMON SHARES
Basic Shares Outstanding 1.019B shares 1.021B shares 1.001B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.426B $960.0M
YoY Change 152.71% 693.39%
Cash & Equivalents $2.426B $960.0M
Short-Term Investments
Other Short-Term Assets $37.00M $30.00M
YoY Change 23.33% -42.31%
Inventory $171.0M $154.0M
Prepaid Expenses
Receivables $742.0M $833.0M
Other Receivables $203.0M $140.0M
Total Short-Term Assets $4.218B $2.736B
YoY Change 54.17% 40.24%
LONG-TERM ASSETS
Property, Plant & Equipment $19.65B $19.12B
YoY Change 2.78% -1.59%
Goodwill $7.645B $7.645B
YoY Change 0.0% 0.0%
Intangibles $551.0M $609.0M
YoY Change -9.52% -17.26%
Long-Term Investments $4.558B $4.099B
YoY Change 11.2% -0.22%
Other Assets $984.0M $966.0M
YoY Change 1.86% 1.47%
Total Long-Term Assets $34.30B $33.38B
YoY Change 2.73% -1.41%
TOTAL ASSETS
Total Short-Term Assets $4.218B $2.736B
Total Long-Term Assets $34.30B $33.38B
Total Assets $38.52B $36.12B
YoY Change 6.63% 0.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.0M $132.0M
YoY Change -9.09% -54.33%
Accrued Expenses $271.0M $332.0M
YoY Change -18.37% 10.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.836B $1.000M
YoY Change 283500.0% -99.9%
Total Short-Term Liabilities $4.267B $1.399B
YoY Change 205.0% -44.02%
LONG-TERM LIABILITIES
Long-Term Debt $19.45B $21.39B
YoY Change -9.04% 8.21%
Other Long-Term Liabilities $1.000B $976.0M
YoY Change 2.46% 13.62%
Total Long-Term Liabilities $20.45B $22.36B
YoY Change -8.54% 8.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.267B $1.399B
Total Long-Term Liabilities $20.45B $22.36B
Total Liabilities $24.53B $22.80B
YoY Change 7.58% 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 $13.55B $12.11B
YoY Change
Total Liabilities & Shareholders Equity $38.52B $36.12B
YoY Change 6.63% 0.86%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $1.047B $918.0M
YoY Change 14.05% -35.71%
Depreciation, Depletion And Amortization $322.0M $301.0M
YoY Change 6.98% -0.33%
Cash From Operating Activities $1.415B $1.244B
YoY Change 13.75% 19.73%
INVESTING ACTIVITIES
Capital Expenditures $280.0M $230.0M
YoY Change 21.74% -195.44%
Acquisitions
YoY Change
Other Investing Activities -$256.0M -$6.000M
YoY Change 4166.67% -75.0%
Cash From Investing Activities -$536.0M -$236.0M
YoY Change 127.12% -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 -954.0M -803.0M
YoY Change 18.8% -15.56%
NET CHANGE
Cash From Operating Activities 1.415B 1.244B
Cash From Investing Activities -536.0M -236.0M
Cash From Financing Activities -954.0M -803.0M
Net Change In Cash -75.00M 205.0M
YoY Change -136.59% -215.82%
FREE CASH FLOW
Cash From Operating Activities $1.415B $1.244B
Capital Expenditures $280.0M $230.0M
Free Cash Flow $1.135B $1.014B
YoY Change 11.93% -20.78%

Facts In Submission

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dei Document Fiscal Year Focus
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MPLX LP
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http://fasb.org/us-gaap/2024#ProfitLoss
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2024Q3 us-gaap Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration
EnvironmentalLossContingencyStatementOfFinancialPositionExtensibleEnumeration
http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent
CY2023Q4 us-gaap Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration
EnvironmentalLossContingencyStatementOfFinancialPositionExtensibleEnumeration
http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrent
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
45840
dei City Area Code
CityAreaCode
419
dei Trading Symbol
TradingSymbol
MPLX
dei Security Exchange Name
SecurityExchangeName
NYSE
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CY2024Q3 mplx Net Income Loss Including Portion Attributableto Noncontrolling Interest Excluding Portion Attributableto Temporary Equity
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CY2023Q2 us-gaap Partners Capital Account Contributions
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5000000 usd
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us-gaap Nature Of Operations
NatureOfOperations
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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q3 us-gaap Equity Method Investments
EquityMethodInvestments
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141985 shares
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CY2024Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
42.89
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TreasuryStockAcquiredAverageCostPerShare
0
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
41.32
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us-gaap Partners Capital Account Units Converted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
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us-gaap Preferred Stock Redemption Premium
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2024Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
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1020000000 shares
CY2023Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding
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1020000000 shares
CY2023Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
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us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1016000000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
1001000000 shares
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NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
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us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
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NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
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CY2024Q3 us-gaap Finance Lease Liability
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CY2024Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Other
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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us-gaap Interest Costs Capitalized Adjustment
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CY2024Q3 us-gaap Interest And Debt Expense
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us-gaap Revenues
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CY2023Q4 us-gaap Contract With Customer Asset Gross
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mplx Contractwith Customer Asset Increase Decrease
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us-gaap Contract With Customer Asset Reclassified To Receivable
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CY2022Q4 us-gaap Contract With Customer Asset Gross
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us-gaap Contract With Customer Asset Reclassified To Receivable
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mplx Contract With Customer Non Current Asset Reclassified To Receivable
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CY2024Q3 us-gaap Contract With Customer Liability
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Finance Lease Principal Payments
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mplx Non Cash Net Transfers Of Materials And Supplies Inventories
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us-gaap Property Plant And Equipment Transfers And Changes
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CY2020Q3 us-gaap Loss Contingency Damages Sought Value
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CY2020Q4 us-gaap Loss Contingency Damages Paid Value
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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 will follow the issuance of the final EIS. According to public statements from Army Corps officials, the EIS is now expected to be issued in 2025.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 shut down. 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, 2024, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $78 million.
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CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
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