MPLX LP Q4 Results
Posted: Wed Feb 13, 2019 11:48 am
Q4 results came in below my forecast, but 2018 was a very good year. DCF coverage is more than enough for them to keep increasing distributions quarter-after-quarter. Their goal is to increase distribution by AT LEAST $0.01 each quarter in 2019. Full-year distributions should be $2.70/unit in 2019. I have posted my updated forecast/valuation model for MPLX to the EPG website, but I need to spend more time with their 10K to break out some details. My valuation will end up in the $40 to $42 range. - Dan
FINDLAY, Ohio, Feb. 7, 2019 /PRNewswire/ --
Reported record full-year net income of $1.8 billion and adjusted EBITDA of $3.5 billion, an increase of $1.0 billion and $1.5 billion, respectively, compared to 2017
$2.8 billion in net cash provided by operating activities supported the return of nearly $2.1 billion to unitholders
Maintained capital discipline and improved financial profile by increasing distribution coverage to 1.36x while keeping leverage below 4.0x
MPLX LP (MPLX) today reported fourth quarter 2018 net income attributable to MPLX of $434 million and full-year 2018 net income attributable to MPLX of $1.8 billion, compared with $238 million and $0.8 billion for the fourth quarter and full year 2017, respectively, which was an increase of $1.0 billion on a year-over-year basis. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $3.5 billion for the full year, which was nearly $1.5 billion higher than 2017. The increase was driven by dropdowns in the L&S segment and strong base business performance across both segments.
"2018 was a transformational year for MPLX," said Gary R. Heminger, chairman and chief executive officer. "Our team executed on the strategic vision outlined at the beginning of the year by significantly growing the business, enhancing the stability of the cash flow profile, and simplifying our financial structure.
"Looking forward, we continue to focus on increasing our presence throughout the midstream value chain as well as developing assets that generate third-party revenue. We announced a number of compelling new projects, including anticipated investments in multiple long-haul pipelines and export facilities that we expect to deliver long-term attractive returns for our shareholders and position the company for success in 2019 and beyond."
For the year, the company generated $2.8 billion in net cash provided by operating activities and distributable cash flow of $2.8 billion, returning $2.1 billion to unitholders. Consistent with its self-funding strategy, the company did not issue any public equity in 2018 and ended the year with leverage of 3.9x.
FINDLAY, Ohio, Feb. 7, 2019 /PRNewswire/ --
Reported record full-year net income of $1.8 billion and adjusted EBITDA of $3.5 billion, an increase of $1.0 billion and $1.5 billion, respectively, compared to 2017
$2.8 billion in net cash provided by operating activities supported the return of nearly $2.1 billion to unitholders
Maintained capital discipline and improved financial profile by increasing distribution coverage to 1.36x while keeping leverage below 4.0x
MPLX LP (MPLX) today reported fourth quarter 2018 net income attributable to MPLX of $434 million and full-year 2018 net income attributable to MPLX of $1.8 billion, compared with $238 million and $0.8 billion for the fourth quarter and full year 2017, respectively, which was an increase of $1.0 billion on a year-over-year basis. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $3.5 billion for the full year, which was nearly $1.5 billion higher than 2017. The increase was driven by dropdowns in the L&S segment and strong base business performance across both segments.
"2018 was a transformational year for MPLX," said Gary R. Heminger, chairman and chief executive officer. "Our team executed on the strategic vision outlined at the beginning of the year by significantly growing the business, enhancing the stability of the cash flow profile, and simplifying our financial structure.
"Looking forward, we continue to focus on increasing our presence throughout the midstream value chain as well as developing assets that generate third-party revenue. We announced a number of compelling new projects, including anticipated investments in multiple long-haul pipelines and export facilities that we expect to deliver long-term attractive returns for our shareholders and position the company for success in 2019 and beyond."
For the year, the company generated $2.8 billion in net cash provided by operating activities and distributable cash flow of $2.8 billion, returning $2.1 billion to unitholders. Consistent with its self-funding strategy, the company did not issue any public equity in 2018 and ended the year with leverage of 3.9x.