MPLX LP : MPLX LP Announces First-Quarter 2013 Results

            MPLX LP : MPLX LP Announces First-Quarter 2013 Results



  *Achieved adjusted EBITDA of $25.1 million

  *Generated $28 million of distributable cash flow

  *Agreed to acquire an additional 5 percent interest in MPLX Pipe Line
    Holdings LP on May 1 for $100 million

  *Increased quarterly cash distribution by $0.01 to $0.2725 per unit

FINDLAY, Ohio, April 30, 2013 - MPLX LP (NYSE: MPLX) today reported
first-quarter 2013 net income attributable to MPLX of $17.6 million, or $0.26
per common limited partner unit. Adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA) attributable to MPLX was $25.1 million
and distributable cash flow attributable to MPLX was $28 million.

On April 29, the board of directors declared a distribution of $0.2725 per
unit, or $1.09 per unit on an annualized basis. This represents an increase of
1 cent per unit above the minimum quarterly distribution.

Earlier today, MPLX announced that it has agreed to acquire an additional 5
percent interest in MPLX Pipe Line Holdings LP from a subsidiary of Marathon
Petroleum Corporation (NYSE: MPC) for $100 million. This transaction is
expected to close on May 1 and be immediately accretive to distributable cash
flow. This represents MPLX's first acquisition following its initial public
offering (IPO) in October 2012.

"MPLX is executing on its commitment to increase unitholder value," said MPLX
Chairman and Chief Executive Officer Gary R. Heminger. "We are pleased to
increase our distribution so soon after MPLX's formation and initial public
offering. We believe our May 1 acquisition positions us to support
distribution growth in the near term, and is consistent with our intent to
provide an attractive growth profile over the long term."

Discussion of results

MPLX revenues and other income for the first quarter of 2013 were $114.7
million, driven primarily by total pipeline throughput of 1.99 million barrels
per day. MPC (MPLX's general partner) and related parties accounted for 87
percent of those revenues, including revenues attributable to volumes shipped
by MPC under joint tariffs with third parties, which are treated as
third-party revenue for accounting purposes. After deducting the 49 percent
interest retained by MPC, adjusted EBITDA attributable to MPLX for the first
quarter of 2013 was $25.1 million.

During the first quarter of 2013, MPC did not ship its minimum committed
volumes on certain MPLX pipeline systems. While payments for such deficiencies
are not currently included in determining net income or adjusted EBITDA, they
are considered in arriving at distributable cash flow attributable to MPLX.

As of March 31, 2013, MPLX had $227.9 million of cash and cash equivalents,
primarily consisting of proceeds from the IPO that were retained to prefund
capital projects. MPLX plans to use $100 million of this cash to purchase the
5 percent interest in MPLX Pipe Line Holdings LP. MPLX also has access to a
$500 million unused revolving credit facility available to fund organic growth
opportunities or acquisitions from MPC or from third parties.

Conference call

At 2 p.m. EDT today, MPLX will hold a webcast and conference call to discuss
the reported results and provide an update on operations. Interested parties
may listen to the conference call on MPLX's website at http://www.mplx.com by
clicking on the "First-Quarter 2013 Financial Results" link, found under the
News and Headlines section. Replays of the conference call will be available
on MPLX's website through Thursday, May 16. Information, including the
earnings release and other investor-related material, will also be available
online prior to the webcast and conference call at http://ir.mplx.com.

# # #

About MPLX LP

MPLX is a fee-based, growth-oriented master limited partnership formed in 2012
by Marathon Petroleum Corporation to own, operate, develop and acquire
pipelines and other midstream assets related to the transportation and storage
of crude oil, refined products and other hydrocarbon-based products.
Headquartered in Findlay, Ohio, MPLX's assets consist of a majority equity
interest in a network of common carrier crude oil and products pipeline assets
located in the Midwest and Gulf Coast regions of the United States and a 100
percent interest in a butane storage cavern located in West Virginia.

Investor Relations Contacts:
Pamela Beall (419) 429-5640
Beth Hunter (419) 421-2559

Media Contacts:
Angelia Graves (419) 421-2703
Jamal Kheiry (419) 421-3312

Non-GAAP Financial Information
In addition to our financial information presented in accordance with U.S.
generally accepted accounting principles (GAAP), management utilizes
additional non-GAAP measures to facilitate comparisons of past performance and
future periods. This news release and supporting schedules include the
non-GAAP measures of adjusted EBITDA and distributable cash flow.We believe
certain investors use adjusted EBITDA to evaluate MPLX's financial performance
between periods and to compare MPLX's performance to certain competitors.We
believe certain investors use distributable cash flow to determine the amount
of cash generated from the partnership's operations and available for
distribution to its unitholders. These additional financial measures are
reconciled from the most directly comparable measures as reported in
accordance with GAAP and should be viewed in addition to, and not in lieu of,
our consolidated financial statements and footnotes.

Forward-looking Statements
This press release contains forward-looking statements within the meaning of
the federal securities laws. These forward-looking statements relate to, among
other things, MPLX's expectations, estimates and projections concerning MPLX
business and operations. You can identify forward-looking statements by words
such as "anticipate," "believe," "estimate," "expect," "forecast," "project,"
"could," "may," "should," "would," "will" or other similar expressions that
convey the uncertainty of future events or outcomes. Such forward-looking
statements are not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond MPLX's control and
are difficult to predict. Factors that could cause actual results to differ
materially from those in the forward-looking statements include: the adequacy
of our capital resources and liquidity, including, but not limited to,
availability of sufficient cash flow to pay distributions and execute our
business plan; the timing and extent of changes in commodity prices and demand
for crude oil, refined products, feedstocks or other hydrocarbon-based
products; volatility in and/or degradation of market and industry conditions;
completion of pipeline capacity by our competitors; disruptions due to
equipment interruption or failure, including electrical shortages and power
grid failures; the suspension, reduction or termination of MPC's obligations
under our commercial agreements; our ability to successfully implement our
growth strategy, whether through organic growth or acquisitions; our ability
to successfully complete or realize the strategic benefits of the purchase of
an additional 5 percent interest in MPLX Pipe Line Holdings LP; state and
federal environmental, economic, health and safety, energy and other policies
and regulations; other risk factors inherent to our industry; and the factors
set forth under the heading "Risk Factors" in MPLX's Annual Report on Form
10-K for the year ended December 31, 2012 filed with the Securities and
Exchange Commission (SEC). In addition, the forward-looking statements
included herein could be affected by general domestic and international
economic and political conditions. Unpredictable or unknown factors not
discussed here or in MPLX's Form 10-K could also have material adverse effects
on forward-looking statements. Copies of MPLX's Form 10-K are available on the
SEC website, MPLX's website at http://ir.mplx.com or by contacting MPLX's
Investor Relations Office.

Results of Operations

Factors Affecting Comparability

The following tables present net income attributable to MPLX, adjusted EBITDA
attributable to MPLX and related financial and operational information for the
three-month periods ended March 31, 2013, and March 31, 2012. Prior to the IPO
on Oct. 31, 2012, MPLX results included minority undivided joint interests in
two crude oil pipeline systems that were not contributed to MPLX at the IPO.
One hundred percent of the net income related to the assets that were
contributed to MPLX was included in results for the three months ended March
31, 2012, while results for the three months ended March 31, 2013, reflect
only the 51 percent general partner interest contributed to MPLX by deducting
the 49 percent interest retained by MPC. The Neal, W.Va., butane cavern
financial results are only included in the three months ended March 31, 2013.
Additional differences in revenues and expenses are detailed in the factors
affecting the comparability of our financial results in the Management's
Discussion and Analysis of Financial Condition and Results of Operations
section of MPLX's Annual Report on Form 10-K. The unaudited combined financial
results of MPLX LP Predecessor (Predecessor), our predecessor for accounting
purposes, are presented for the three months ended March 31, 2012. We have not
presented distributable cash flow attributable to MPLX for the three months
ended March 31, 2012, since that period was prior to the IPO.

Results of Operations (unaudited)                    Three Months Ended
                                                          March 31
(In millions, except per-unit data)                 2013            2012
                                                                  Predecessor
Revenues and other income:
 Sales and other operating revenues             $    20.8    $    15.8
 Sales to related parties                               89.1            81.7
 Other income                                            1.2             1.6
 Other income - related parties                     3.6        3.0
   Total revenues and other income                    114.7           102.1
Costs and expenses:
 Cost of revenues (excludes items below)                30.5            38.1
 Purchases from related parties                         21.8             6.3
 Depreciation                                           11.7             9.2
 General and administrative expenses                    13.5             9.9
 Other taxes                                        1.7        3.7
   Total costs and expenses                        79.2        67.2
Income from operations                                    35.5            34.9
 Related party interest and other financial
income                                                       -             0.4
 Interest and other financial income (costs)       (0.2)        -
Income before income taxes                                35.3            35.3
 Provision for income taxes                         -        0.1
Net income                                                35.3            35.2
 Less: Net income attributable to
MPC-retained interest                                 17.7        -
Net income attributable to MPLX LP                    17.6    $    35.2
 Less: General partner's interest in net
income attributable to
 MPLX LP                                            0.4
Limited partners' interest in net income
attributable to MPLX LP                           $    17.2
Net income attributable to MPLX LP per limited
partner unit (basic and diluted):
 Common                                         $    0.26
 Subordinated - MPC                                     0.21
Limited partner units outstanding (basic and
diluted):
 Common units - Public                                  19.9
 Common units - MPC                                     17.1
 Subordinated units - MPC                               37.0

Other Financial Information (unaudited)              Three Months Ended
                                                         March 31
(In millions, except per-unit and ratio data)        2013          2012
                                                                Predecessor
Quarterly distribution declared per unit            $  0.2725           N/A
Adjusted EBITDA attributable to MPLX LP           $    25.1 $    44.1
Distributable cash flow attributable to MPLX LP   $    28.0           N/A
Distribution declared:
    Limited partner units - Public           $     5.4           N/A
    Limited partner units - MPC                    14.7           N/A
    General partner units - MPC                  0.4      N/A
         Total distribution declared    $    20.5      N/A
Coverage ratio                                           1.37x

Reconciliation of Adjusted EBITDA attributable
to MPLX LP and Distributable Cash Flow
attributable to MPLX LP to Net Income
(unaudited)                                          Three Months Ended
                                                         March 31
(In millions)                                      2013            2012
                                                               Predecessor
Net Income                                      $35.3     $    35.2
Less: Net income attributable to MPC-retained
interest                                        17.7        -
Net income attributable to MPLX LP                       17.6             35.2
Add:  Net income attributable to MPC-retained
interest                                                 17.7                -
     Depreciation                                   11.7              9.2
     Provision for income taxes                        -              0.1
     Non-cash equity-based compensation              0.2                -
Less: Net interest and other financial income
(costs)                                        (0.2)         0.4
Adjusted EBITDA                                          47.4             44.1
Less: Adjusted EBITDA attributable to
MPC-retained interest                           22.3         -
Adjusted EBITDA attributable to MPLX LP                  25.1       $   44.1
Less: Cash interest paid, net                             0.2
     Income taxes paid                                 -
     Maintenance capital expenditures
paid                                                      1.5
Plus: Increase (decrease) in deferred revenue
for committed volume deficiencies                4.6
Distributable cash flow attributable to MPLX
LP                                               $28.0

Reconciliation of Adjusted EBITDA attributable to
MPLX LP and Distributable Cash Flow attributable
to MPLX LP to Net Cash Provided by Operating
Activities (unaudited)                                 Three Months Ended
                                                           March 31
(In millions)                                         2013          2012
                                                                Predecessor
Net cash provided by operating activities            $46.7     $   50.4
Less: Net interest and other financial income
(costs)                                                  (0.2)             0.4
    Changes in working capital items                (2.3)             6.6
    All other, net                                    2.4             0.4
Plus: Non-cash equity based compensation                   0.2               -
    Current income tax expense                          -             0.1
    Asset retirement expenditures             0.4        1.0
Adjusted EBITDA                                           47.4            44.1
Less: Adjusted EBITDA attributable to MPC-retained
interest                                            22.3        -
Adjusted EBITDA attributable to MPLX LP                   25.1     $   44.1
Less: Cash interest paid, net                              0.2
     Income taxes paid                                  -
     Maintenance capital expenditures paid            1.5
Plus: Increase (decrease) in deferred revenue for
committed
     volume deficiencies                      4.6
Distributable cash flow attributable to MPLX LP      $28.0

Selected Operating Data (unaudited)                   Three Months Ended
                                                           March 31
                                                      2013        2012
                                                               Predecessor
Pipeline throughput (thousands of barrels per day):
 Crude oil pipelines                                    1,076       1,121
 Product pipelines                                    917     917
   Total                                               1,993       2,038
Average tariff rates ($ per barrel)
 Crude oil pipelines                                  $ 0.59     $ 0.52
 Product pipelines                                       0.52        0.49
 Total pipelines                                         0.56        0.50

Selected Financial Data (unaudited)           Three Months Ended March 31
(In millions)                                     2013           2012
                                                            Predecessor
Capital Expenditures:
 Maintenance                               $     2.2 $     2.7
 Expansion                                       10.4       16.9
   Total capital expenditures                       12.6           19.6
   Less: Increase in capital accruals                3.0            1.0
       Asset retirement expenditures       0.4       1.0
Additions to property, plant and equipment    $     9.2   $    17.6

Balance Sheet Data (unaudited)                    March 31       December 31
(In millions, except ratio data)                    2013             2012
Cash and cash equivalents                     $      227.9 $    216.7
Total assets                                            1,311.9        1,301.3
Long-term debt^(a)                                         11.1           11.3
Total equity                                            1,236.2        1,226.8
Consolidated Total Debt to Consolidated
EBITDA ratio
  (covenant basis)                                       0.1            0.1

(a)  Including amounts due within one year

MPLX LP 2013 1Q Results

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(ii) they are solely responsible for the content, accuracy and originality of
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information contained therein.

Source: MPLX LP via Thomson Reuters ONE
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