Company Quick10K Filing
Quick10K
MPLX
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-09-06 Enter Agreement, Other Events, Exhibits
8-K 2019-09-04 Other Events, Exhibits
8-K 2019-08-14 Regulation FD, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-26 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Amend Bylaw, Other Events, Exhibits
8-K 2019-06-28 Other Events, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-07 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2019-04-01 Regulation FD, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-12-04 Regulation FD, Exhibits
8-K 2018-11-15 Other Events, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-01 Officers
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-04-25 Officers
8-K 2018-03-13 Other Events, Exhibits
8-K 2018-02-28 Officers, Exhibits
8-K 2018-02-05 Other Events, Exhibits
8-K 2018-02-01 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Amend Bylaw, Other Events, Exhibits
8-K 2018-01-02 Amend Bylaw, Regulation FD, Exhibits
8-K 2017-12-31 Enter Agreement, Off-BS Arrangement, Officers, Exhibits
NGG National Grid 192,081
ET Eternal Speech 34,108
BPL Buckeye Partners 6,338
TGE Tallgrass Energy 2,403
ENLK Enlink Midstream Partners 2,201
DM Dominion Energy Midstream Partners 1,716
AM Antero Midstream Partners 1,349
AROC Archrock Partners 1,284
AMID American Midstream Partners 572
BKEP Blueknight Energy Partners 51
MPLX 2019-06-30
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 mplx-2019630xex311.htm
EX-31.2 mplx-2019630xex312.htm
EX-32.1 mplx-2019630xex321.htm
EX-32.2 mplx-2019630xex322.htm

MPLX Earnings 2019-06-30

MPLX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________
FORM 10-Q
 _____________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35714
_____________________________________________ 
MPLX LP
(Exact name of registrant as specified in its charter)
 _____________________________________________
 
Delaware
 
 
27-0005456
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
200 E. Hardin Street,
Findlay,
Ohio
 
45840
 
(Address of principal executive offices)
 
(Zip code)
 
(419) 421-2414
(Registrant’s telephone number, including area code)
 _____________________________________________
Securities Registered pursuant to Section 12(b) of the Act
Title of each class
 Trading symbol(s)
Name of each exchange on which registered
Common Units Representing Limited Partnership Interests
MPLX
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x     No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
x
Accelerated filer
¨
Non-accelerated filer
¨  
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes      No  x

MPLX LP had 1,057,188,255 common units outstanding at August 1, 2019.


Table of Contents

Table of Contents
 
Page
 
 
 
 
 

Unless the context otherwise requires, references in this report to “MPLX LP,” “MPLX,” “the Partnership,” “we,” “our,” “us,” or like terms refer to MPLX LP and its subsidiaries. Additionally, throughout this Quarterly Report on Form 10-Q, we have used terms in our discussion of the business and operating results that have been defined in our Glossary of Terms.


1


Table of Contents

Glossary of Terms

The abbreviations, acronyms and industry technology used in this report are defined as follows.
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
ATM Program
An at-the-market program for the issuance of common units
Barrel
One stock tank barrel, or 42 United States gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons
Bcf/d
One billion cubic feet per day
Btu
One British thermal unit, an energy measurement
Condensate
A natural gas liquid with a low vapor pressure mainly composed of propane, butane, pentane and heavier hydrocarbon fractions
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
GAAP
Accounting principles generally accepted in the United States of America
Gal
Gallon
Gal/d
Gallons per day
IDR
Incentive Distribution Right
Initial Offering
Initial public offering on October 31, 2012
LIBOR
London Interbank Offered Rate
mbpd
Thousand barrels per day
MMBtu
One million British thermal units, an energy measurement
MMcf/d
One million cubic feet of natural gas per day
NGL
Natural gas liquids, such as ethane, propane, butanes and natural gasoline
NYSE
New York Stock Exchange
Predecessor
Collectively:
- The related assets, liabilities and results of operations of Hardin Street Marine LLC (“HSM”) prior to the date of the acquisition, March 31, 2016, effective January 1, 2015
- The related assets, liabilities and results of operations of Hardin Street Transportation LLC (“HST”), Woodhaven Cavern LLC (“WHC”) and MPLX Terminals LLC (“MPLXT”) prior to the date of the acquisition, March 1, 2017, effective January 1, 2015 for HST and WHC and April 1, 2016 for MPLXT
Realized derivative gain/loss
The gain or loss recognized when a derivative matures or is settled
SEC
United States Securities and Exchange Commission
SMR
Steam methane reformer, operated by a third party and located at the Javelina gas processing and fractionation complex in Corpus Christi, Texas
Unrealized derivative gain/loss
The gain or loss recognized on a derivative due to changes in fair value prior to the instrument maturing or settling
VIE
Variable interest entity


2


Table of Contents

Part I—Financial Information

Item 1. Financial Statements
MPLX LP
Consolidated Statements of Income (Unaudited)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(In millions, except per unit data)
2019
 
2018
 
2019
 
2018
Revenues and other income:
 
 
 
 
 
 
 
Service revenue
$
448

 
$
410

 
$
886

 
$
792

Service revenue - related parties
620

 
549

 
1,198

 
1,020

Service revenue - product related
26

 
51

 
60

 
95

Rental income
90

 
84

 
184

 
163

Rental income - related parties
158

 
190

 
351

 
335

Product sales
168

 
206

 
370

 
413

Product sales - related parties
14

 
13

 
25

 
17

Income from equity method investments
73

 
50

 
143

 
111

Other income
5

 
1

 
5

 
5

Other income - related parties
27

 
24

 
53

 
47

Total revenues and other income
1,629

 
1,578

 
3,275

 
2,998

Costs and expenses:
 
 
 
 
 
 
 
Cost of revenues (excludes items below)
233

 
233

 
443

 
439

Purchased product costs
166

 
204

 
360

 
391

Rental cost of sales
28

 
33

 
65

 
62

Rental cost of sales - related parties
2

 

 
5

 
1

Purchases - related parties
239

 
223

 
451

 
400

Depreciation and amortization
214

 
188

 
425

 
364

General and administrative expenses
69

 
72

 
151

 
141

Other taxes
19

 
17

 
38

 
35

Total costs and expenses
970

 
970

 
1,938

 
1,833

Income from operations
659

 
608

 
1,337

 
1,165

Related party interest and other financial costs
1

 
1

 
2

 
2

Interest expense (net of amounts capitalized of $9 million, $9 million, $16 million and $18 million, respectively)
156

 
135

 
312

 
247

Other financial costs
13

 
15

 
27

 
32

Income before income taxes
489

 
457

 
996

 
884

(Benefit)/provision for income taxes
1

 
1

 
(1
)
 
5

Net income
488

 
456

 
997

 
879

Less: Net income attributable to noncontrolling interests
6

 
3

 
12

 
5

Net income attributable to MPLX LP
482

 
453

 
985

 
874

Less: Series A preferred unit distributions
21

 
20

 
41

 
36

Limited partners’ interest in net income attributable to MPLX LP
$
461

 
$
433

 
$
944

 
$
838

Per Unit Data (See Note 6)
 
 
 
 
 
 
 
Net income attributable to MPLX LP per limited partner unit:
 
 
 
 
 
 
 
Common - basic
$
0.56

 
$
0.55

 
$
1.16

 
$
1.15

Common - diluted
$
0.55

 
$
0.55

 
$
1.16

 
$
1.15

Weighted average limited partner units outstanding:
 
 
 
 
 
 
 
Common - basic
794

 
794

 
794

 
728

Common - diluted
795

 
794

 
795

 
728



The accompanying notes are an integral part of these consolidated financial statements.

3



MPLX LP
Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net income
$
488

 
$
456

 
$
997

 
$
879

Other comprehensive income/(loss), net of tax:
 
 
 
 
 
 
 
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax

 

 
1

 
(2
)
Comprehensive income
488

 
456

 
998

 
877

Less comprehensive income attributable to:
 
 
 
 
 
 
 
Noncontrolling interests
6

 
3

 
12

 
5

Comprehensive income attributable to MPLX LP
$
482

 
$
453

 
$
986

 
$
872


The accompanying notes are an integral part of these consolidated financial statements.


4


Table of Contents

MPLX LP
Consolidated Balance Sheets (Unaudited)
 
(In millions)
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
7

 
$
68

Receivables, net
335

 
417

Current assets - related parties
333

 
290

Inventories
77

 
77

Other current assets
34

 
45

Total current assets
786

 
897

Equity method investments
4,409

 
4,174

Property, plant and equipment, net
15,021

 
14,639

Intangibles, net
405

 
424

Goodwill
2,581

 
2,586

Right of use assets
255

 

Noncurrent assets - related parties
253

 
24

Other noncurrent assets
36

 
35

Total assets
23,746

 
22,779

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable
134

 
162

Accrued liabilities
148

 
250

Current liabilities - related parties
224

 
254

Accrued property, plant and equipment
227

 
294

Accrued interest payable
173

 
143

Operating lease liabilities
47

 

Other current liabilities
95

 
83

Total current liabilities
1,048

 
1,186

Long-term deferred revenue
108

 
80

Long-term liabilities - related parties
271

 
43

Long-term debt
14,030

 
13,392

Deferred income taxes
11

 
13

Long-term operating lease liabilities
209

 

Deferred credits and other liabilities
195

 
197

Total liabilities
15,872

 
14,911

Commitments and contingencies (see Note 20)

 

Series A preferred units
1,005

 
1,004

Equity
 
 
 
Common unitholders - public (290 million and 289 million units issued and outstanding)
8,305

 
8,336

Common unitholder - MPC (505 million and 505 million units issued and outstanding)
(1,671
)
 
(1,612
)
Accumulated other comprehensive loss
(15
)
 
(16
)
Total MPLX LP partners’ capital
6,619

 
6,708

Noncontrolling interests
250

 
156

Total equity
6,869

 
6,864

Total liabilities, preferred units and equity
$
23,746

 
$
22,779



The accompanying notes are an integral part of these consolidated financial statements.

5


Table of Contents

MPLX LP
Consolidated Statements of Cash Flows (Unaudited)
 
Six Months Ended 
 June 30,
(In millions)
2019
 
2018
Increase/(decrease) in cash, cash equivalents and restricted cash
 
 
 
Operating activities:
 
 
 
Net income
$
997

 
$
879

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization of deferred financing costs
26

 
30

Depreciation and amortization
425

 
364

Deferred income taxes
(2
)
 
5

Asset retirement expenditures
(1
)
 
(5
)
Gain on disposal of assets
(4
)
 

Income from equity method investments
(143
)
 
(111
)
Distributions from unconsolidated affiliates
220

 
175

Changes in:
 
 
 
Current receivables
82

 
(71
)
Inventories
1

 
(5
)
Fair value of derivatives
7

 

Current accounts payable and accrued liabilities
(76
)
 
119

Current assets/current liabilities - related parties
(108
)
 
(92
)
Right of use assets/operating lease liabilities
3

 

Deferred revenue
29

 
16

All other, net
(4
)
 
(14
)
Net cash provided by operating activities
1,452

 
1,290

Investing activities:
 
 
 
Additions to property, plant and equipment
(884
)
 
(862
)
Acquisitions, net of cash acquired
6

 

Disposal of assets
8

 
4

Investments in unconsolidated affiliates
(310
)
 
(112
)
Distributions from unconsolidated affiliates - return of capital
2

 
15

All other, net
3

 
1

Net cash used in investing activities
(1,175
)
 
(954
)
Financing activities:
 
 
 
Long-term debt - borrowings
2,275

 
9,610

    - repayments
(1,661
)
 
(4,655
)
Related party debt - borrowings
3,066

 
1,160

     - repayments
(3,022
)
 
(1,433
)
Debt issuance costs

 
(53
)
Distributions to MPC for acquisitions

 
(4,111
)
Distributions to noncontrolling interests
(12
)
 
(6
)
Distributions to Series A preferred unitholders
(40
)
 
(33
)
Distributions to unitholders and general partner
(1,038
)
 
(814
)
Contributions from noncontrolling interests
94

 
5

All other, net
(8
)
 
(6
)
Net cash used in financing activities
(346
)
 
(336
)
Net (decrease)/increase in cash, cash equivalents and restricted cash
(69
)
 

Cash, cash equivalents and restricted cash at beginning of period
76

 
9

Cash, cash equivalents and restricted cash at end of period
$
7

 
$
9


The accompanying notes are an integral part of these consolidated financial statements.

6


Table of Contents

MPLX LP
Consolidated Statements of Equity (Unaudited)
 
 
Partnership
 
 
 
 
 
 
 
 
(In millions)
Common
Unit-holders
Public
 
Common
Unit-holder
MPC
 
General 
Partner
MPC
 
Accumulated Other Comprehensive Loss
 
Non-controlling
Interests
 
Equity of Predecessor
 
Total
Balance at December 31, 2017
$
8,379

 
$
2,099

 
$
(637
)
 
$
(14
)
 
$
146

 
$

 
$
9,973

Net income (excludes amounts attributable to preferred units)
180

 
225

 

 

 
2

 

 
407

Allocation of MPC's net investment at acquisition

 
5,172

 
(4,126
)
 

 

 
(1,046
)
 

Distributions to:
 
 
 
 
 
 
 
 
 
 
 
 
 
MPC for acquisition

 
(936
)
 
(3,164
)
 

 

 

 
(4,100
)
Unitholders and general partner
(176
)
 
(171
)
 

 

 

 

 
(347
)
Noncontrolling interests

 

 

 

 
(3
)
 

 
(3
)
Contributions from:
 
 
 
 
 
 
 
 
 
 
 
 
 
MPC

 

 

 

 

 
1,046

 
1,046

Noncontrolling interests

 

 

 

 
1

 

 
1

Conversion of GP economic interests

 
(7,926
)
 
7,926

 

 

 

 

Other
2

 

 
1

 
(2
)
 

 

 
1

Balance at March 31, 2018
8,385

 
(1,537
)
 

 
(16
)
 
146

 

 
6,978

Net income (excludes amounts attributable to preferred units)
157

 
276

 

 

 
3

 

 
436

Distributions to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unitholders and general partner
(179
)
 
(288
)
 

 

 

 

 
(467
)
Noncontrolling interests

 

 

 

 
(3
)
 

 
(3
)
Contributions from:
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests

 

 

 

 
4

 

 
4

Other
3

 
1

 

 

 

 

 
4

Balance at June 30, 2018
$
8,366

 
$
(1,548
)
 
$

 
$
(16
)
 
$
150

 
$

 
$
6,952



The accompanying notes are an integral part of these consolidated financial statements.



























7


Table of Contents

MPLX LP
Consolidated Statements of Equity (Unaudited)

 
Partnership
 
 
 
 
 
(In millions)
Common
Unit-holders
Public
 
Common
Unit-holder
MPC
 
Accumulated Other Comprehensive Loss
 
Non-controlling
Interests
 
Total
Balance at December 31, 2018
$
8,336

 
$
(1,612
)
 
$
(16
)
 
$
156

 
$
6,864

Net income (excludes amounts attributable to preferred units)
176

 
307

 

 
6

 
489

Distributions to:
 
 
 
 
 
 
 
 
 
Unitholders
(188
)