Company Quick10K Filing
MPLX
Price1.00 EPS-2,125,000,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt19,149 EBIT2,128
TEV19,149 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-05
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-25
10-Q 2012-09-30 Filed 2012-12-06
8-K 2020-05-05
8-K 2020-04-28
8-K 2020-03-18
8-K 2020-01-29
8-K 2019-12-15
8-K 2019-10-31
8-K 2019-10-29
8-K 2019-09-23
8-K 2019-09-06
8-K 2019-09-04
8-K 2019-08-14
8-K 2019-08-01
8-K 2019-07-26
8-K 2019-06-28
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-04-01
8-K 2019-02-07
8-K 2018-12-04
8-K 2018-11-15
8-K 2018-11-01
8-K 2018-10-01
8-K 2018-07-26
8-K 2018-04-30
8-K 2018-04-25
8-K 2018-03-13
8-K 2018-02-28
8-K 2018-02-05
8-K 2018-02-01
8-K 2018-02-01
8-K 2018-01-02
8-K 2017-12-31

MPLX 10Q Quarterly Report

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-10.1 mplx-2020331xex101.htm
EX-10.2 mplx-2020331xex102.htm
EX-10.3 mplx-2020331xex103.htm
EX-10.4 mplx-2020331xex104.htm
EX-31.1 mplx-2020331xex311.htm
EX-31.2 mplx-2020331xex312.htm
EX-32.1 mplx-2020331xex321.htm
EX-32.2 mplx-2020331xex322.htm

MPLX Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
45362718902012201420172020
Assets, Equity
2.31.81.30.90.4-0.12012201420172020
Rev, G Profit, Net Income
1.61.00.4-0.2-0.8-1.42012201420172020
Ops, Inv, Fin

Document
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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 March 31, 2020
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 1,058,603,592 common units outstanding at May 1, 2020.



Table of Contents

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



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
LIBOR
London Interbank Offered Rate
mbpd
Thousand barrels per day
Merger
MPLX acquisition by merger of Andeavor Logistics LP (“ANDX”) on July 30, 2019
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
The related assets, liabilities and results of operations of Andeavor Logistics LP (“ANDX”) prior to the date of the acquisition, July 30, 2019, effective October 1, 2018
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



Part I—Financial Information

Item 1. Financial Statements
MPLX LP
Consolidated Statements of Income (Unaudited)
 
Three Months Ended 
 March 31,
(In millions, except per unit data)
2020
 
2019(1)
Revenues and other income:
 
 
 
Service revenue
$
612

 
$
614

Service revenue - related parties
928

 
803

Service revenue - product related
39

 
34

Rental income
96

 
99

Rental income - related parties
234

 
325

Product sales
169

 
216

Product sales - related parties
33

 
41

Income/(loss) from equity method investments(2)
(1,184
)
 
77

Other income
1

 

Other income - related parties
64

 
26

Total revenues and other income
992

 
2,235

Costs and expenses:
 
 
 
Cost of revenues (excludes items below)
368

 
339

Purchased product costs
135

 
194

Rental cost of sales
35

 
37

Rental cost of sales - related parties
46

 
43

Purchases - related parties
276

 
278

Depreciation and amortization
325

 
301

Impairment expense
2,165

 

General and administrative expenses
97

 
101

Other taxes
31

 
30

Total costs and expenses
3,478

 
1,323

Income/(loss) from operations
(2,486
)
 
912

Related party interest and other financial costs
3

 
1

Interest expense (net of amounts capitalized of $13 million and $11 million, respectively)
211

 
214

Other financial costs
16

 
9

Income/(loss) before income taxes
(2,716
)
 
688

(Benefit)/provision for income taxes

 
(1
)
Net income/(loss)
(2,716
)
 
689

Less: Net income attributable to noncontrolling interests
8

 
6

Less: Net income attributable to Predecessor

 
180

Net income/(loss) attributable to MPLX LP
(2,724
)
 
503

Less: Series A preferred unit distributions
20

 
20

Less: Series B preferred unit distributions
11

 

Limited partners’ interest in net income/(loss) attributable to MPLX LP
$
(2,755
)
 
$
483

Per Unit Data (See Note 6)
 
 
 
Net income/(loss) attributable to MPLX LP per limited partner unit:
 
 
 
Common - basic
$
(2.60
)
 
$
0.61

Common - diluted
$
(2.60
)
 
$
0.61

Weighted average limited partner units outstanding:
 
 
 
Common - basic
1,058

 
794

Common - diluted
1,058

 
795



(1)
Financial information for the first quarter of 2019 has been retrospectively adjusted for the acquisition of ANDX. See Notes 1 and 3.
(2)
The 2020 period includes $1,264 million of impairment expense. See Note 4.

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

3



MPLX LP
Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months Ended 
 March 31,
(In millions)
2020
 
2019(1)
Net income/(loss)
$
(2,716
)
 
$
689

Other comprehensive income/(loss), net of tax:
 
 
 
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax
(1
)
 
1

Comprehensive income/(loss)
(2,717
)
 
690

Less comprehensive income attributable to:
 
 
 
Noncontrolling interests
8

 
6

Income attributable to Predecessor

 
180

Comprehensive income/(loss) attributable to MPLX LP
$
(2,725
)
 
$
504


(1)
Financial information for the first quarter of 2019 has been retrospectively adjusted for the acquisition of ANDX. See Notes 1 and 3.

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


4



MPLX LP
Consolidated Balance Sheets (Unaudited)
 
(In millions)
March 31, 2020
 
December 31, 2019
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
57

 
$
15

Receivables, net
522

 
593

Current assets - related parties
600

 
656

Inventories
105

 
110

Other current assets
45

 
110

Total current assets
1,329

 
1,484

Equity method investments
3,992

 
5,275

Property, plant and equipment, net
21,829

 
22,145

Intangibles, net
1,055

 
1,270

Goodwill
7,722

 
9,536

Right of use assets, net
352

 
365

Noncurrent assets - related parties
677

 
303

Other noncurrent assets
50

 
52

Total assets
37,006

 
40,430

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable
138

 
242

Accrued liabilities
135

 
187

Current liabilities - related parties
297

 
1,008

Accrued property, plant and equipment
234

 
283

Accrued interest payable
214

 
210

Operating lease liabilities
67

 
66

Other current liabilities
129

 
136

Total current liabilities
1,214

 
2,132

Long-term deferred revenue
241

 
217

Long-term liabilities - related parties
290

 
290

Long-term debt
20,467

 
19,704

Deferred income taxes
11

 
12

Long-term operating lease liabilities
284

 
302

Deferred credits and other liabilities
175

 
192

Total liabilities
22,682

 
22,849

Commitments and contingencies (see Note 21)

 

Series A preferred units
968

 
968

Equity
 
 
 
Common unitholders - public (393 million and 392 million units issued and outstanding)
9,509

 
10,800

Common unitholder - MPC (666 million and 666 million units issued and outstanding)
3,014

 
4,968

Series B preferred units (.6 million and .6 million units issued and outstanding)
601

 
611

Accumulated other comprehensive loss
(16
)
 
(15
)
Total MPLX LP partners’ capital
13,108

 
16,364

Noncontrolling interests
248

 
249

Total equity
13,356

 
16,613

Total liabilities, preferred units and equity
$
37,006

 
$
40,430



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

5



MPLX LP
Consolidated Statements of Cash Flows (Unaudited)
 
Three Months Ended 
 March 31,
(In millions)
2020
 
2019(1)
Increase/(decrease) in cash, cash equivalents and restricted cash
 
 
 
Operating activities:
 
 
 
Net income/(loss)
$
(2,716
)
 
$
689

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
 
 
 
Amortization of deferred financing costs
14

 
7

Depreciation and amortization
325

 
301

Impairment expense
2,165

 

Deferred income taxes

 
(2
)
(Gain)/loss on disposal of assets

 
1

Loss/(income) from equity method investments(2)
1,184

 
(77
)
Distributions from unconsolidated affiliates
119

 
115

Changes in:
 
 
 
Current receivables
71

 
6

Inventories
3

 
4

Fair value of derivatives
(15
)
 
7

Current accounts payable and accrued liabilities
(142
)
 
(69
)
Current assets/current liabilities - related parties
(52
)
 
(157
)
Right of use assets/operating lease liabilities
(4
)
 

Deferred revenue
27

 
13

All other, net
30

 
15

Net cash provided by operating activities
1,009

 
853

Investing activities:
 
 
 
Additions to property, plant and equipment
(379
)
 
(575
)
Acquisitions, net of cash acquired

 
1

Disposal of assets
39

 
7

Investments in unconsolidated affiliates
(91
)
 
(135
)
Distributions from unconsolidated affiliates - return of capital
69

 
2

Net cash used in investing activities
(362
)
 
(700
)
Financing activities:
 
 
 
Long-term debt - borrowings
1,325

 
1,404

       - repayments
(581
)
 
(821
)
Related party debt - borrowings
1,667

 
1,405

        - repayments
(2,261
)
 
(1,405
)
Distributions to noncontrolling interests
(9
)
 
(6
)
Distributions to Series A preferred unitholders
(20
)
 
(20
)
Distributions to Series B preferred unitholders
(21
)
 

Distributions to unitholders and general partner
(717
)
 
(515
)
Distributions to common and Series B preferred unitholders from Predecessor

 
(259
)
Contributions from MPC
14

 
12

Contributions from noncontrolling interests

 
94

All other, net
(2
)
 
(5
)
Net cash used in financing activities
(605
)
 
(116
)
Net (decrease)/increase in cash, cash equivalents and restricted cash
42

 
37

Cash, cash equivalents and restricted cash at beginning of period
15

 
85

Cash, cash equivalents and restricted cash at end of period
$
57

 
$
122


(1)
Financial information for the first quarter of 2019 has been retrospectively adjusted for the acquisition of ANDX. See Notes 1 and 3.
(2)
The 2020 period includes $1,264 million of impairment expense. See Note 4.

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

6



MPLX LP
Consolidated Statements of Equity (Unaudited)
 
Partnership
 
 
 
 
 
 
 
 
(In millions)
Common
Unit-holders
Public
 
Common
Unit-holder
MPC
 
Series B Preferred Unit-holders
 
Accumulated Other Comprehensive Loss
 
Non-controlling
Interests
 
Equity of Predecessor
 
Total(1)
Balance at December 31, 2018
$
8,336

 
$
(1,612
)
 
$

 
$
(16
)
 
$
156

 
10,867

 
$
17,731

Net income (excludes amounts attributable to Series A preferred units)
176

 
307

 

 

 
6

 
180

 
669

Distributions to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unitholders
(188
)
 
(327
)
 

 

 

 
(261
)
 
(776
)
Noncontrolling interests

 

 

 

 
(6
)
 

 
(6
)
Contributions from:
 
 
 
 
 
 
 
 
 
 
 
 
 
MPC

 

 

 

 

 
15

 
15

Noncontrolling interests

 

 

 

 
94

 

 
94

Other
2

 

 

 
1

 

 

 
3

Balance at March 31, 2019
8,326

 
(1,632
)
 

 
(15
)
 
250

 
10,801

 
17,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
10,800

 
4,968

 
611

 
(15
)
 
249

 

 
16,613

Net income (excludes amounts attributable to Series A preferred units)
(1,022
)
 
(1,733
)
 
11

 

 
8

 

 
(2,736
)
Distributions to:
 
 
 
 
 
 
 
 
 
 
 
 
 
Unitholders
(271
)
 
(446
)
 
(21
)
 

 

 

 
(738
)
Noncontrolling interests

 

 

 

 
(9
)
 

 
(9
)
Contributions from:
 
 
 
 
 
 
 
 
 
 
 
 
 
MPC

 
225

 

 

 

 

 
225

Other
2

 

 

 
(1
)
 

 

 
1

Balance at March 31, 2020
$
9,509

 
$
3,014

 
$
601

 
$
(16
)
 
$
248

 
$

 
$
13,356


(1)
Financial information for the first quarter of 2019 has been retrospectively adjusted for the acquisition of ANDX. See Notes 1 and 3.

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

7



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. References in this report to “MPLX LP,” “MPLX,” “the Partnership,” “we,” “ours,” “us,” or like terms refer to MPLX LP and its subsidiaries. References to “MPC” refer collectively to Marathon Petroleum Corporation as our sponsor and its subsidiaries, other than the Partnership. We are engaged in the transportation, storage and distribution of crude oil, asphalt and refined petroleum products; the gathering, processing and transportation of natural gas; and the gathering, transportation, fractionation, storage and marketing of NGLs. MPLX’s principal executive office is located in Findlay, Ohio.

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, asphalt and refined petroleum products; and Gathering and Processing (“G&P”), which relates primarily to natural gas and NGLs. See Note 9 for additional information regarding the operations and results of these segments.

On July 30, 2019, MPLX completed its acquisition by merger (the “Merger”) of Andeavor Logistics LP (“ANDX”). At the effective time of the Merger, each common unit held by ANDX’s public unitholders was converted into the right to receive 1.135 MPLX common units. ANDX common units held by certain affiliates of MPC were converted into the right to receive 1.0328 MPLX common units. See Note 3 for additional information regarding the Merger.

Impairments – The recent outbreak of COVID-19 and its development into a pandemic in March 2020 has resulted in significant economic disruption globally. Actions taken by various governmental authorities, individuals and companies around the world to prevent the spread of COVID-19 through social distancing have restricted travel, many business operations, public gatherings and the overall level of individual movement and in-person interaction across the globe. This has significantly reduced global economic activity and resulted in a decline in the demand for the midstream services we provide. Macroeconomic conditions and global geopolitical events have also resulted in significant price volatility related to those aforementioned products.

The overall deterioration in the economy and the environment in which MPLX and our customers operate, as well as a sustained decrease in unit price, were considered triggering events resulting in impairments of the carrying value of certain assets. During the first quarter of 2020 we recognized impairments related to goodwill, certain equity method investments and certain long-lived assets (including intangibles), within our G&P segment. Many of our producer customers have continued to refine and update production forecasts in response to the current environment, which has impacted their current and expected future demand for our services, including the future utilization of our assets. Additionally, certain of our contracts have commodity price exposure, including NGL prices, which have experienced increased volatility as noted above. The table below provides information related to the impairments recognized during the first quarter of 2020 as well as the corresponding footnote where additional information can be found.
(In millions)
 
Impairment
 
Footnote Reference
Goodwill
 
$
1,814

 
12
Equity method investments
 
1,264

 
4
Intangibles, net