MPLX LP Reports First Quarter 2021 Financial Results

MPLX LP Reports First Quarter 2021 Financial Results

The Logistics and Storage (L&S) segment income from operations was $723 million for the first quarter of 2021, compared with $723 million for the first quarter of 2020. Segment adjusted EBITDA for the first quarter of 2021 was $896 million compared with $872 million for the first quarter of 2020. MPLX LP (NYSE: MPLX) today reported first-quarter 2021 net income attributable to MPLX of $739 million, compared to a net loss attributable to MPLX of $2.7 billion for the first quarter of 2020. The results for the first quarter of 2020 include non-cash impairment charges of $3.4 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1.4 billion, compared with $1.3 billion in the first quarter of 2020.

The Gathering and Processing (G&P) segment income from operations was $251 million for the first quarter of 2021, compared with a loss of $3.2 billion for the first quarter of 2020. Segment adjusted EBITDA for the first quarter of 2021 was $456 million, compared with $422 million for the first quarter of 2020.  Three Months Ended 

Financial Highlights March 31

“This quarter our operating results enabled the return of over $900 million to our unitholders,” said Michael J. Hennigan, MPLX chairman, president and chief executive officer. “Looking forward, we are focused on the aspects of the business within our control. We believe our commitment to lowering our cost structure, driving business efficiencies, and disciplined capital investment on high return projects will allow our business to continue to generate excess cash flow and return incremental capital to unitholders.” During the quarter, MPLX generated $1.1 billion in net cash provided by operating activities and $1.1 billion of distributable cash flow. Distribution coverage was 1.56x for the first quarter of 2021. MPLX also maintained its distribution level in the first quarter of 2021 at $0.6875 per common unit.

2021 (In millions, except per unit and ratio data)

$ Net income (loss) attributable to MPLX LP(a) 2020

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