MPLX (MPLX) Q4 2023 earnings summary

Executive summary

• FY23 Adjusted EBITDA was $6.3B, up 8.6%, and DCF was $5.340B, up 7.2% YoY.

• FY23 net income attributable was $3.928B; operating cash flow was $5.397B.

• Returned $3.3B to unitholders in FY23, including a 10% quarterly distribution increase for the second consecutive year.

Financial highlights

• Q4 Adjusted EBITDA was $1.623B vs. $1.454B; DCF was $1.384B, up 9% YoY.

• Q4 net income attributable was $1.134B vs. $816M; diluted EPS was $1.10 vs. $0.78.

• FY adjusted free cash flow was $4.135B vs. $4.069B in 2022; Q4 adjusted free cash flow was $964M vs. $1.093B.

• FY GAAP revenues and other income were $11.281B vs. $11.613B; income from operations was $4.900B vs. $4.911B.

Outlook and guidance

• 2024 capital spending outlook: $1.1B, comprising $950M growth and $150M maintenance; excludes $100M for the share of Bakken Pipeline JV debt due in 2024.

• Growth plans include Whistler expansion to 2.5 Bcf/d, BANGL expansion, Permian and Bakken gathering expansions, and G&P projects Preakness II, Harmon Creek II and Secretariat.

• ADCC lateral is expected in service in Q3 2024; BANGL expansion to 200,000 bpd in H1 2025.

• Preakness II is expected online early Q2 2024, Harmon Creek II at end-Q1 2024 and Secretariat in H2 2025, lifting Delaware Basin processing capacity to 1.4 Bcf/d.