MPLX LP Reports First-Quarter 2021 Financial Results

By Mplx Lp10 days ago

FINDLAY, Ohio, May 4, 2021 /PRNewswire/ --

  • Reported net income attributable to MPLX of $739 million and adjusted EBITDA attributable to MPLX of $1.4 billion
  • Generated $1.1 billion in net cash provided by operating activities and continued progress on reductions in capital spending and operating expenses
  • Returned over $900 million in capital to unitholders through distributions and unit repurchases

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.

AD

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.

The Gathering and Processing (G&P) segment income from operationswas $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.

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.

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