MPLX LP (MPLX) Q4 Results - Feb 3

[dan_s]

Yesterday MPLX Reported fourth quarter net income attributable to MPLX of $691 million, which compares to my forecast of $640 million.
The company's full-year net loss of $720 million (includes non-cash impairment charges of $3.4 billion)

Reported fourth quarter adjusted EBITDA attributable to MPLX of $1.4 billion and full-year adjusted EBITDA of $5.2 billion

Generated $4.5 billion in net cash provided by operating activities for the full-year 2020, enabling the return of over $3 billion in capital to unitholders

Achieved excess cash flow for 2020 after capital investments and distributions; commenced unit repurchase program

Reduced 2021 growth capital outlook to $800 million, which compares to my 2021 operating cash flow forecast of close to $4 Billion.

MPLX is an very large MLP in our High Yield Income Portfolio that pays quarterly distributions of $0.6875 for annual yield of ~11.4% based on todays unit price.
I have adjusted my forecast/valuation model and my valuation is $29/unit, which compares to Raymond James' PT of $28 and RBC Capitals PT of $29 < Both updated today.
My updated forecast/valuation model has been posted to the EPG website.