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MPLX LP: MPLX LP Reports First-Quarter 2014 Financial Results

* Increased distribution to $0.3275 per unit - a 4.8 percent increase over
fourth-quarter 2013 and 20.2 percent over first-quarter 2013
* Reported $37.7 million of distributable cash flow and adjusted EBITDA of
$43.8 million
* Acquired additional 13 percent interest in MPLX Pipe Line Holdings LP

FINDLAY, Ohio, May 1, 2014 - MPLX LP (NYSE: MPLX) today reported first-quarter
2014 net income attributable to MPLX of $34.2 million, or $0.41 per common
limited partner unit, compared with $17.6 million, or $0.26 per common
limited partner unit, for the first quarter of 2013. First-quarter 2014
adjusted earnings before interest, taxes, depreciation and amortization
(EBITDA) attributable to MPLX were $43.8 million and distributable cash flow
attributable to MPLX was $37.7 million.

On April 22, the board of directors declared a distribution of $0.3275 per
unit. This distribution represents an increase of $0.015 per unit, or 4.8
percent, above the fourth-quarter 2013 distribution of $0.3125 per unit and
an increase of 20.2 percent over the first-quarter 2013 distribution.

Effective March 1, MPLX acquired a 13 percent interest in MPLX Pipe Line
Holdings LP (Pipe Line Holdings) for $310 million. The acquisition increased
MPLX's interest in Pipe Line Holdings to 69 percent from the 56 percent
interest it held previously. The acquisition was funded through a combination
of $40 million of cash on hand and a $270 million borrowing on its $500
million bank credit facility.

"We are pleased with the consistent earnings and cash generation of the
partnership in the first quarter, which have enabled us to continue
increasing distributions substantially for our unitholders," said Chairman
and Chief Executive Officer Gary R. Heminger. "Completing MPLX's second
acquisition since the initial public offering underscores our focus on
growing the partnership and supporting an attractive distribution profile for
our unitholders over an extended period of time."

Discussion of Results

MPLX revenues and other income for the first quarter of 2014 were $137.3
million, compared with $114.7 million for the first quarter of 2013. The
increase in revenues and other income was primarily due to increased pipeline
tariff rates and revenue recognized for volume deficiency credits, partially
offset by a decrease in throughput volumes. For the first quarters of 2014
and 2013, Marathon Petroleum Corporation (MPC) and related parties accounted
for 91 and 87 percent, respectively, of those revenues, including revenues
attributable to volumes shipped by MPC under joint tariffs with third

After deducting MPC's retained interest, net income attributable to MPLX for
the first quarter of 2014 was $34.2 million, compared with $17.6 million for
the first quarter of 2013. This increase was driven by an increase in
revenue, as well as a higher ownership interest in Pipe Line Holdings
compared to the first quarter of 2013.

Financial Position and Liquidity

On March 31, 2014, Pipe Line Holdings entered into a credit agreement with a
subsidiary of MPC, providing for a $50 million revolving credit facility that
matures on March 31, 2019.

As of March 31, 2014, MPLX had $40.6 million of cash and cash equivalents,
$230 million available on its bank credit facility and $50 million undrawn on
the credit agreement with MPC. This combination should allow MPLX to pursue
growth opportunities that expand its growing base of distributable cash flow.

Conference Call

At 2 p.m. EDT today, MPLX will hold a webcast and conference call to discuss
the reported results and provide an update on operations. Interested parties
may listen to the conference call on MPLX's website at http://www.mplx.com by
clicking on the "2014 First-Quarter Financial Results" link in the
"News&Headlines" section. Replays of the conference call will be available on
MPLX's website through Thursday, May 15. Investor-related material will also
be available online prior to the webcast and conference call at



MPLX is a fee-based, growth-oriented master limited partnership formed in 2012
by Marathon Petroleum Corporation to own, operate, develop and acquire
pipelines and other midstream assets related to the transportation and
storage of crude oil, refined products and other hydrocarbon-based products.
Headquartered in Findlay, Ohio, MPLX's assets consist of a majority equity
interest in a network of common carrier crude oil and products pipeline
assets located in the Midwest and Gulf Coast regions of the United States and
a 100 percent interest in a butane storage cavern located in West Virginia.
For additional information about the partnership, please see our website at

Investor Relations Contacts:
Beth Hunter (419) 421-2559
Geri Ewing (419) 421-2071

Media Contacts:
Angelia Graves (419) 421-2703
Brandon Daniels (419) 421-3127

In addition to our financial information presented in accordance with U.S.
generally accepted accounting principles (GAAP), management utilizes
additional non-GAAP measures to facilitate comparisons of past performance
and future periods. This news release and supporting schedules include the
non-GAAP measures adjusted EBITDA and distributable cash
flow. We believe certain investors use adjusted EBITDA to evaluate MPLX's
financial performance between periods and to compare MPLX's performance to
certain competitors. We believe certain investors use distributable cash flow
to determine the amount of cash
generated from the partnership's operations and available for distribution to
its unitholders. These additional financial measures are reconciled from the
most directly comparable measures as reported in accordance with GAAP and
should be viewed in addition to, and not in lieu of, our consolidated
financial statements and footnotes.

This press release contains forward-looking statements within the meaning of
the federal securities laws. These forward-looking statements relate to,
among other things, MPLX's expectations, estimates and projections concerning
the business and operations of MPLX. You can identify forward-looking
statements by words such as "anticipate," "believe," "estimate," "expect,"
"forecast," "project," "could," "may," "should," "would," "will" or other
similar expressions that convey the uncertainty of future events or outcomes.
Such forward-looking statements are not guarantees of future performance and
are subject to risks, uncertainties and other factors, some of which are
beyond the issuer's control and are difficult to predict. Factors that could
cause MPLX actual results to differ materially from those in the
forward-looking statements include: the adequacy of our capital resources and
liquidity, including, but not limited to, availability of sufficient cash
flow to pay distributions and execute our business plan; the timing and
extent of changes in commodity prices and demand for crude oil, refined
products, feedstocks or other hydrocarbon-based products; volatility in
and/or degradation of market and industry conditions; completion of pipeline
capacity by our competitors; disruptions due to equipment interruption or
failure, including electrical shortages and power grid failures; the
suspension, reduction or termination of MPC's obligations under our
commercial agreements; our ability to successfully implement our growth
strategy, whether through organic growth or acquisitions; state and federal
environmental, economic, health and safety, energy and other policies and
regulations; other risk factors inherent to our industry; and the factors set
forth under the heading "Risk Factors" in MPLX's Annual Report on Form 10-K
for the year ended Dec. 31, 2013, filed with the Securities and Exchange
Commission (SEC). Copies of MPLX's Form 10-K are available on the SEC
website, MPLX's website at
http://ir.mplx.comor by contacting MPLX's Investor Relations office. In
addition, unpredictable or unknown factors not discussed here or in MPLX's
Form 10-K could also have material adverse effects on forward-looking

|Results of Operations (unaudited) Three Months Ended |
| March 31 |
|(In millions, except per unit data) 2014 2013 |
|Revenues and other income: |
|Sales and other operating revenues $ 16.9 $ 20.8 |
|Sales to related parties 113.8 89.1 |
|Other income 1.5 1.2 |
|Other income - related parties 5.1 3.6 |
|Total revenues and other income 137.3 114.7 |
|Costs and expenses: |
|Cost of revenues (excludes items below) 26.6 30.5 |
|Purchases from related parties 24.0 21.8 |
|Depreciation 12.6 11.7 |
|General and administrative expenses 15.9 13.5 |
|Other taxes 1.9 1.7 |
|Total costs and expenses 81.0 79.2 |
|Income from operations 56.3 35.5 |
|Net interest and other financial costs 0.6 0.2 |
|Income before income taxes 55.7 35.3 |
|Provision for income taxes - - |
|Net income 55.7 35.3 |
|Less: Net income attributable to MPC-retained interest 21.5 17.7 |
|Net income attributable to MPLX LP 34.2 17.6 |
|Less: General partner's interest in net income attributable to MPLX LP 1.0 0.4 |
|Limited partners' interest in net income attributable to MPLX LP $ 33.2 $ 17.2 |
| |
|Net income attributable to MPLX LP per limited partner unit: |
|Common (basic) ...

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