MPLX LP Files 10-Q for Quarter Ended March 31, 2024

TL;DR

<b>MPLX LP filed its Q1 2024 10-Q, detailing financial performance and balance sheet data.</b>

AI Summary

MPLX LP (MPLXP) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. MPLX LP reported financial results for the quarter ended March 31, 2024. The filing includes data for various segments including Service, Service Other, Nonrelated Party, Related Party, Product, Oil and Gas Refining and Marketing, and Natural Gas Midstream. Balance sheet information as of March 31, 2024, and December 31, 2023, is provided, detailing common stock, preferred stock, and other equity components. The filing references specific accounting standards, including those related to Profit Loss and Deferred Credits and Other Liabilities. Key dates related to the filing and reporting periods are documented.

Why It Matters

For investors and stakeholders tracking MPLX LP, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of MPLX LP's operations, including revenue breakdowns by segment and changes in its balance sheet. Understanding the segment performance and balance sheet changes is crucial for assessing the company's financial health and operational trends in the midstream energy sector.

Risk Assessment

Risk Level: — MPLX LP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Monitor MPLX LP's segment performance and balance sheet trends in subsequent filings to track growth and financial stability.

Key Numbers

• 2024-03-31 — Quarter End Date (Reporting period for the 10-Q)
• 2024-04-30 — Filing Date (Date the 10-Q was submitted to the SEC)
• 2023-12-31 — Prior Balance Sheet Date (Comparison date for balance sheet items)

Key Players & Entities

• MPLX LP (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period
• 2024-04-30 (date) — Filing date of the report
• 2023-12-31 (date) — Prior period balance sheet date

FAQ

Industry Context

MPLX LP operates in the midstream energy sector, focusing on the transportation, storage, and distribution of crude oil and natural gas.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review the detailed segment revenues for Q1 2024 to identify performance drivers.
2. Analyze changes in MPLX LP's balance sheet items from Q4 2023 to Q1 2024.
3. Compare Q1 2024 results to Q1 2023 for year-over-year performance trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This filing represents the Q1 2024 update, following the previous 10-K annual report and prior 10-Q filings.

Filing Documents

• mplx-20240331.htm (10-Q) — 1381KB
• mplx-20240331xex101.htm (EX-10.1) — 45KB
• mplx-20240331xex102.htm (EX-10.2) — 167KB
• mplx-2024331xex311.htm (EX-31.1) — 10KB
• mplx-2024331xex312.htm (EX-31.2) — 10KB
• mplx-2024331xex321.htm (EX-32.1) — 5KB
• mplx-2024331xex322.htm (EX-32.2) — 5KB
• mplx-20240331_g1.jpg (GRAPHIC) — 96KB
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• mplx-20240331_g8.jpg (GRAPHIC) — 30KB
• mplx-20240331_g9.jpg (GRAPHIC) — 26KB
• 0001552000-24-000014.txt (&nbsp;) — 8395KB
• mplx-20240331.xsd (EX-101.SCH) — 54KB
• mplx-20240331_cal.xml (EX-101.CAL) — 63KB
• mplx-20240331_def.xml (EX-101.DEF) — 376KB
• mplx-20240331_lab.xml (EX-101.LAB) — 636KB
• mplx-20240331_pre.xml (EX-101.PRE) — 510KB
• mplx-20240331_htm.xml (XML) — 979KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Consolidated Statements of Income (Unaudited) 3 Consolidated Statements of Comprehensive Income (Unaudited) 4 Consolidated Balance Sheets (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Consolidated Statements of Equity and Series A Preferred Units (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 38

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to "MPLX LP," "MPLX," "the Partnership," "we," "our," "us," or like terms refer to MPLX LP and its consolidated subsidiaries. References to our sponsor and customer, "MPC," refer collectively to Marathon Petroleum Corporation and its subsidiaries, other than the Partnership. 1 Table of Contents Glossary of Terms The abbreviations, acronyms and industry terminology used in this report are defined as follows: ASC Accounting Standards Codification ASU Accounting Standards Update barrel One stock tank barrel, or 42 United States gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons DCF (a non-GAAP financial measure) Distributable Cash Flow EBITDA (a non-GAAP financial measure) Earnings Before Interest, Taxes, Depreciation and Amortization FASB Financial Accounting Standards Board FCF (a non-GAAP financial measure) Free Cash Flow GAAP Accounting principles generally accepted in the United States of America G&P Gathering and Processing segment L&S Logistics and Storage segment mbpd Thousand barrels per day MMBtu One million British thermal units, an energy measurement MMcf/d One million cubic feet per day NGL Natural gas liquids, such as ethane, propane, butanes and natural gasoline SEC United States Securities and Exchange Commission SOFR Secured Overnight Financing Rate VIE Variable interest entity 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MPLX LP Consolidated Statements of Income (Unaudited) Three Months Ended March 31, (In millions, except per unit data) 2024 2023 Revenues and other income: Service revenue $ 658 $ 605 Service revenue - related parties 986 953 Service revenue - product related 95 79 Rental income 60 61 Rental income - related parties 217 202 Product sales 370 420 Product sales - related parties 63 70 Sales-type lease revenue 34 34 Sales-type lease revenue - related parties 121 125 Income from equity method investments 157 134 Other income 45 3 Other income - related parties 40 27 Total revenues and other income 2,846 2,713 Costs and expenses: Cost of revenues (excludes items below) 371 308 Purchased product costs 369 406 Rental cost of sales 19 20 Rental cost of sales - related parties 4 7 Purchases - related parties 372 361 Depreciation and amortization 317 296 General and administrative expenses 109 89 Other taxes 34 30 Total costs and expenses 1,595 1,517 Income from operations 1,251 1,196 Net interest and other financial costs 235 243 Income before income taxes 1,016 953 Provision for income taxes 1 1 Net income 1,015 952 Less: Net income attributable to noncontrolling interests 10 9 Net income attributable to MPLX LP 1,005 943 Less: Series A preferred unitholders' interest in net income 10 23 Less: Series B preferred unitholders' interest in net income — 5 Limited partners' interest in net income attributable to MPLX LP $ 995 $ 915 Per Unit Data (See Note 7) Net income attributable to MPLX LP per limited partner unit: Common - basic $ 0.98 $ 0.91 Common - diluted $ 0.98 $ 0.91 Weighted average limited partner units outstanding: Common - basic 1,008 1,001 Common - diluted 1,008 1,001 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents MPLX LP Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, (In

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 1. Description of the Business and Basis of Presentation Description of the Business MPLX LP is a diversified, large-cap master limited partnership formed by Marathon Petroleum Corporation that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. 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 8 for additional information regarding the operations and results of these segments. Basis of Presentation These interim consolidated financial statements are unaudited; however, in the opinion of MPLX's management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules and regulations of the SEC applicable to interim period financial statements and do not include all of the information and disclosures required by GAAP for complete financial statements. Certain information derived from our audited annual financial statements, prepared in accordance with GAAP, has been

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