MPLX (MPLX) Q4 2024 earnings summary

Executive summary

• Achieved full-year 2024 adjusted EBITDA of $6.8B, up 8% year-over-year, with a 7% CAGR since 2021 and strong utilization in Marcellus and Permian basins.

• Returned $3.9B to unitholders, including a 12.5% increase in quarterly distribution and $326M in unit repurchases.

• Invested $1.7B in organic growth and strategic acquisitions, including $0.8B in growth projects and $0.9B in bolt-on assets.

• Advanced Gulf Coast NGL strategy with new fractionation complex and export terminal projects.

• Placed 400 MMcf/d of new processing capacity into service.

Financial highlights

• Q4 2024 adjusted EBITDA was $1.8B, up 9% year-over-year; distributable cash flow was $1.5B, up 7%.

• Full-year distributable cash flow reached $5.7B, with adjusted free cash flow at $3.9B.

• Distribution per common unit for 2024 was $3.6130, with a 1.5x coverage ratio.

• Retired $1.15B of senior notes in Q4 and ended the year with $1.5B in cash.

• Leverage ratio improved to 3.1x from 3.3x year-over-year.

Outlook and guidance

• 2025 capital expenditure outlook is $2.0B, with $1.7B for growth and $0.3B for maintenance, focused on high-return projects in Natural Gas & NGL Services.

• Targeting mid-single-digit adjusted EBITDA growth and mid-teen returns on Gulf Coast NGL strategy.

• Anticipates continued annual distribution increases, supported by robust growth opportunities and financial flexibility.