MPLX LP Reports Fourth-Quarter and Full-Year 2023 Financial Results

FINDLAY, Ohio, Jan. 30, 2024

• Fourth-quarter net income attributable to MPLX of $1.1 billion and adjusted EBITDA of $1.6 billion
• Full-year 2023 net income attributable to MPLX of $3.9 billion and adjusted EBITDA of $6.3 billion
• Full-year 2023 net cash provided by operating activities of $5.4 billion and distributable cash flow of $5.3 billion
• Returned $3.3 billion of capital to unitholders for the full year, reflecting 10% quarterly distribution increase for second consecutive year
• Advancing Permian growth strategy with acquisition of partner's interest in G&P joint venture
• 2024 capital spending outlook of $1.1 billion

MPLX LP (NYSE: MPLX) today reported fourth-quarter 2023 net income attributable to MPLX of $1,134 million, compared with $816 million for the fourth quarter of 2022. Fourth-quarter 2023 net income includes a $92 million non-cash gain arising from the acquisition of the remaining interest of a Permian basin joint venture.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,623 million, compared with $1,454 million for the fourth quarter of 2022. Logistics and Storage (L&S) segment adjusted EBITDA for the fourth quarter of 2023 was $1,089 million, compared with $979 million for the fourth quarter of 2022. Gathering and Processing (G&P) segment adjusted EBITDA for the fourth quarter of 2023 was $534 million, compared with $475 million for the fourth quarter of 2022.

During the quarter, MPLX generated $1,489 million in net cash provided by operating activities, $1,384 million of distributable cash flow, and adjusted free cash flow of $964 million. MPLX announced a fourth-quarter 2023 distribution of $0.85 per common unit, resulting in distribution coverage of 1.6x for the quarter. The leverage ratio was 3.3x at the end of the quarter.

For the full year 2023, MPLX generated $5,397 million in net cash provided by operating activities, $5,340 million of distributable cash flow, and $4,135 million of adjusted free cash flow, compared to $5,019 million, $4,981 million and $4,069 million, respectively, in 2022.

"In 2023, strong operational performance and contributions from organic growth projects drove nearly 9% growth in MPLX's adjusted EBITDA and over 7% growth in distributable cash flow," said Michael J. Hennigan, MPLX chairman, president and chief executive officer. "This enabled MPLX to return $3.3 billion of capital to unitholders, which included a 10% increase in its quarterly distribution for the second year in a row."

Financial Highlights (unaudited)