☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-0005456 | |||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
200 E. Hardin Street, | Findlay, | Ohio | 45840 | ||||||||||||||
(Address of principal executive offices) | (Zip code) |
Securities Registered pursuant to Section 12(b) of the Act | ||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Units Representing Limited Partnership Interests | MPLX | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | |||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||
Emerging growth company |
Page | |||||
Barrel | One stock tank barrel, or 42 U.S. gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons | ||||
Bcf/d | One billion cubic feet | ||||
Btu | One British thermal unit, an energy measurement | ||||
Condensate | A natural gas liquid with a low vapor pressure mainly composed of propane, butane, pentane and heavier hydrocarbon fractions | ||||
DCF (a non-GAAP financial measure) | Distributable Cash Flow | ||||
EBITDA (a non-GAAP financial measure) | Earnings Before Interest, Taxes, Depreciation and Amortization | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
Gathering and Processing segment | |||||
LIBOR | London Interbank Offered Rate | ||||
mbpd | Thousand barrels per day | ||||
MMBtu | One million British thermal units, an energy measurement | ||||
MMcf/d | One million cubic feet of natural gas per day | ||||
Natural gas liquids, such as ethane, propane, butanes and natural gasoline | |||||
NYSE | New York Stock Exchange | ||||
Realized derivative gain/loss | The gain or loss recognized when a derivative matures or is settled | ||||
SEC | |||||
Unrealized derivative gain/loss | The gain or loss recognized on a derivative due to changes in fair value prior to the instrument maturing or settling | ||||
VIE | Variable interest entity | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except per unit data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenues and other income: | |||||||||||||||||||||||
Service revenue | $ | 600 | $ | 604 | $ | 1,767 | $ | 1,779 | |||||||||||||||
Service revenue - related parties | 902 | 909 | 2,681 | 2,694 | |||||||||||||||||||
Service revenue - product related | 82 | 41 | 235 | 102 | |||||||||||||||||||
Rental income | 88 | 102 | 286 | 296 | |||||||||||||||||||
Rental income - related parties | 164 | 241 | 574 | 712 | |||||||||||||||||||
Product sales | 448 | 165 | 1,034 | 454 | |||||||||||||||||||
Product sales - related parties | 26 | 37 | 99 | 100 | |||||||||||||||||||
Sales-type lease revenue - related parties | 132 | 38 | 305 | 114 | |||||||||||||||||||
Income/(loss) from equity method investments(1) | 92 | 83 | 228 | (1,012) | |||||||||||||||||||
Other income (loss) | (2) | 2 | 2 | 5 | |||||||||||||||||||
Other income - related parties | 27 | 25 | 82 | 76 | |||||||||||||||||||
Total revenues and other income | 2,559 | 2,247 | 7,293 | 5,320 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues (excludes items below) | 298 | 323 | 864 | 1,006 | |||||||||||||||||||
Purchased product costs | 421 | 152 | 1,035 | 374 | |||||||||||||||||||
Rental cost of sales | 33 | 33 | 97 | 101 | |||||||||||||||||||
Rental cost of sales - related parties | 24 | 32 | 86 | 119 | |||||||||||||||||||
Purchases - related parties | 307 | 297 | 902 | 853 | |||||||||||||||||||
Depreciation and amortization | 324 | 346 | 971 | 992 | |||||||||||||||||||
Impairment expense | — | — | 42 | 2,165 | |||||||||||||||||||
General and administrative expenses | 94 | 96 | 267 | 289 | |||||||||||||||||||
Restructuring expenses | — | 36 | — | 36 | |||||||||||||||||||
Other taxes | 27 | 33 | 93 | 94 | |||||||||||||||||||
Total costs and expenses | 1,528 | 1,348 | 4,357 | 6,029 | |||||||||||||||||||
Income/(loss) from operations | 1,031 | 899 | 2,936 | (709) | |||||||||||||||||||
Related party interest and other financial costs | 2 | — | 4 | 4 | |||||||||||||||||||
Interest expense (net of amounts capitalized of $2 million, $8 million, $12 million and $31 million respectively) | 197 | 207 | 590 | 624 | |||||||||||||||||||
Other financial costs | 21 | 17 | 67 | 49 | |||||||||||||||||||
Income/(loss) before income taxes | 811 | 675 | 2,275 | (1,386) | |||||||||||||||||||
Provision for income taxes | — | 1 | 1 | 1 | |||||||||||||||||||
Net income/(loss) | 811 | 674 | 2,274 | (1,387) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 9 | 9 | 27 | 24 | |||||||||||||||||||
Net income/(loss) attributable to MPLX LP | 802 | 665 | 2,247 | (1,411) | |||||||||||||||||||
Less: Series A preferred unitholders interest in net income | 38 | 20 | 79 | 61 | |||||||||||||||||||
Less: Series B preferred unitholders interest in net income | 10 | 10 | 31 | 31 | |||||||||||||||||||
Limited partners’ interest in net income/(loss) attributable to MPLX LP | $ | 754 | $ | 635 | $ | 2,137 | $ | (1,503) | |||||||||||||||
Per Unit Data (See Note 7) | |||||||||||||||||||||||
Net income/(loss) attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||
Common - basic | $ | 0.74 | $ | 0.61 | $ | 2.07 | $ | (1.43) | |||||||||||||||
Common - diluted | $ | 0.74 | $ | 0.61 | $ | 2.07 | $ | (1.43) | |||||||||||||||
Weighted average limited partner units outstanding: | |||||||||||||||||||||||
Common - basic | 1,024 | 1,046 | 1,030 | 1,054 | |||||||||||||||||||
Common - diluted | 1,025 | 1,047 | 1,030 | 1,054 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions, except per unit data) | 2017 | 2016(1) | 2017 | 2016(1) | |||||||||||
Revenues and other income: | |||||||||||||||
Service revenue | $ | 299 | $ | 250 | $ | 845 | $ | 712 | |||||||
Service revenue - related parties | 276 | 253 | 801 | 676 | |||||||||||
Rental income | 69 | 77 | 208 | 218 | |||||||||||
Rental income - related parties | 70 | 68 | 207 | 172 | |||||||||||
Product sales | 217 | 157 | 611 | 394 | |||||||||||
Product sales - related parties | 2 | 2 | 6 | 8 | |||||||||||
Gain on sale of assets | — | 1 | 1 | 1 | |||||||||||
Income (loss) from equity method investments | 23 | 6 | 29 | (72 | ) | ||||||||||
Other income | 2 | 2 | 5 | 5 | |||||||||||
Other income - related parties | 22 | 22 | 69 | 67 | |||||||||||
Total revenues and other income | 980 | 838 | 2,782 | 2,181 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of revenues (excludes items below) | 129 | 122 | 381 | 329 | |||||||||||
Purchased product costs | 170 | 117 | 441 | 310 | |||||||||||
Rental cost of sales | 19 | 13 | 44 | 42 | |||||||||||
Rental cost of sales - related parties | — | — | 1 | 1 | |||||||||||
Purchases - related parties | 114 | 109 | 330 | 286 | |||||||||||
Depreciation and amortization | 164 | 151 | 515 | 438 | |||||||||||
Impairment expense | — | — | — | 130 | |||||||||||
General and administrative expenses | 59 | 56 | 174 | 172 | |||||||||||
Other taxes | 14 | 12 | 40 | 37 | |||||||||||
Total costs and expenses | 669 | 580 | 1,926 | 1,745 | |||||||||||
Income from operations | 311 | 258 | 856 | 436 | |||||||||||
Related party interest and other financial costs | 1 | — | 1 | 1 | |||||||||||
Interest expense (net of amounts capitalized of $6 million, $7 million, $24 million and $21 million, respectively) | 77 | 51 | 217 | 158 | |||||||||||
Other financial costs | 15 | 13 | 40 | 37 | |||||||||||
Income before income taxes | 218 | 194 | 598 | 240 | |||||||||||
Provision (benefit) for income taxes | 1 | — | 3 | (12 | ) | ||||||||||
Net income | 217 | 194 | 595 | 252 | |||||||||||
Less: Net income attributable to noncontrolling interests | 1 | 2 | 3 | 3 | |||||||||||
Less: Net income attributable to Predecessor | — | 51 | 36 | 149 | |||||||||||
Net income attributable to MPLX LP | 216 | 141 | 556 | 100 | |||||||||||
Less: Preferred unit distributions | 16 | 16 | 49 | 25 | |||||||||||
Less: General partner’s interest in net income attributable to MPLX LP | 86 | 51 | 222 | 136 | |||||||||||
Limited partners’ interest in net income (loss) attributable to MPLX LP | $ | 114 | $ | 74 | $ | 285 | $ | (61 | ) | ||||||
Per Unit Data (See Note 6) | |||||||||||||||
Net income (loss) attributable to MPLX LP per limited partner unit: | |||||||||||||||
Common - basic | $ | 0.29 | $ | 0.22 | $ | 0.75 | $ | (0.19 | ) | ||||||
Common - diluted | 0.29 | 0.21 | 0.75 | (0.19 | ) | ||||||||||
Weighted average limited partner units outstanding: | |||||||||||||||
Common - basic | 394 | 341 | 378 | 324 | |||||||||||
Common - diluted | 395 | 346 | 381 | 324 | |||||||||||
Cash distributions declared per limited partner common unit | $ | 0.5875 | $ | 0.5150 | $ | 1.6900 | $ | 1.5300 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3 | $ | 234 | |||
Receivables, net | 320 | 299 | |||||
Receivables - related parties | 152 | 247 | |||||
Inventories | 64 | 55 | |||||
Other current assets | 32 | 33 | |||||
Total current assets | 571 | 868 | |||||
Equity method investments | 3,997 | 2,471 | |||||
Property, plant and equipment, net | 11,922 | 11,408 | |||||
Intangibles, net | 463 | 492 | |||||
Goodwill | 2,245 | 2,245 | |||||
Long-term receivables - related parties | 18 | 11 | |||||
Other noncurrent assets | 22 | 14 | |||||
Total assets | $ | 19,238 | $ | 17,509 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 152 | $ | 140 | |||
Accrued liabilities | 202 | 232 | |||||
Payables - related parties | 317 | 87 | |||||
Deferred revenue | 3 | 2 | |||||
Deferred revenue - related parties | 42 | 38 | |||||
Accrued property, plant and equipment | 183 | 146 | |||||
Accrued taxes | 44 | 38 | |||||
Accrued interest payable | 64 | 53 | |||||
Other current liabilities | 41 | 27 | |||||
Total current liabilities | 1,048 | 763 | |||||
Long-term deferred revenue | 34 | 12 | |||||
Long-term deferred revenue - related parties | 40 | 19 | |||||
Long-term debt | 6,848 | 4,422 | |||||
Deferred income taxes | 7 | 6 | |||||
Deferred credits and other liabilities | 175 | 177 | |||||
Total liabilities | 8,152 | 5,399 | |||||
Commitments and contingencies (see Note 17) | |||||||
Redeemable preferred units | 1,000 | 1,000 | |||||
Equity | |||||||
Common unitholders - public (289 million and 271 million units issued and outstanding) | 8,457 | 8,086 | |||||
Class B unitholders (0 million and 4 million units issued and outstanding) | — | 133 | |||||
Common unitholder - MPC (95 million and 86 million units issued and outstanding) | 1,302 | 1,069 | |||||
Common unitholder - GP (23 million and 0 units issued and outstanding) | 822 | — | |||||
General partner - MPC (8 million and 7 million units issued and outstanding) | (626 | ) | 1,013 | ||||
Equity of Predecessor | — | 791 | |||||
Accumulated other comprehensive loss | (14 | ) | — | ||||
Total MPLX LP partners’ capital | 9,941 | 11,092 | |||||
Noncontrolling interests | 145 | 18 | |||||
Total equity | 10,086 | 11,110 | |||||
Total liabilities, preferred units and equity | $ | 19,238 | $ | 17,509 |
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016(1) | |||||
(Decrease) increase in cash and cash equivalents | |||||||
Operating activities: | |||||||
Net income | $ | 595 | $ | 252 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Amortization of deferred financing costs | 38 | 34 | |||||
Depreciation and amortization | 515 | 438 | |||||
Impairment expense | — | 130 | |||||
Deferred income taxes | 2 | (16 | ) | ||||
Asset retirement expenditures | (2 | ) | (4 | ) | |||
Gain on disposal of assets | (1 | ) | (1 | ) | |||
(Income) loss from equity method investments | (29 | ) | 72 | ||||
Distributions from unconsolidated affiliates | 136 | 111 | |||||
Changes in: | |||||||
Current receivables | (20 | ) | (43 | ) | |||
Inventories | (3 | ) | (4 | ) | |||
Fair value of derivatives | (3 | ) | 28 | ||||
Current accounts payable and accrued liabilities | 6 | 64 | |||||
Receivables from / liabilities to related parties | 61 | (104 | ) | ||||
All other, net | 43 | 18 | |||||
Net cash provided by operating activities | 1,338 | 975 | |||||
Investing activities: | |||||||
Additions to property, plant and equipment | (1,004 | ) | (943 | ) | |||
Acquisitions, net of cash acquired | (249 | ) | — | ||||
Disposal of assets | 4 | — | |||||
Investments - net related party loans | 80 | 103 | |||||
Investments in unconsolidated affiliates | (690 | ) | (56 | ) | |||
Distributions from unconsolidated affiliates - return of capital | 24 | — | |||||
All other, net | (2 | ) | 4 | ||||
Net cash used in investing activities | (1,837 | ) | (892 | ) | |||
Financing activities: | |||||||
Long-term debt - borrowings | 2,661 | 434 | |||||
- repayments | (251 | ) | (1,312 | ) | |||
Related party debt - borrowings | 829 | 2,215 | |||||
- repayments | (627 | ) | (2,223 | ) | |||
Debt issuance costs | (25 | ) | — | ||||
Net proceeds from equity offerings | 483 | 510 | |||||
Issuance of redeemable preferred units | — | 984 | |||||
Distribution to MPC for acquisition | (1,931 | ) | — | ||||
Distributions to preferred unitholders | (49 | ) | (9 | ) | |||
Distributions to unitholders and general partner | (800 | ) | (612 | ) | |||
Distributions to noncontrolling interests | (4 | ) | (3 | ) | |||
Contributions from noncontrolling interests | 128 | 4 | |||||
Consideration payment to Class B unitholders | (25 | ) | (25 | ) | |||
All other, net | (8 | ) | (2 | ) | |||
Contribution from MPC | — | 225 | |||||
Distributions to MPC from Predecessor | (113 | ) | (104 | ) | |||
Net cash provided by financing activities | 268 | 82 | |||||
Net (decrease) increase in cash and cash equivalents | (231 | ) | 165 | ||||
Cash and cash equivalents at beginning of period | 234 | 43 | |||||
Cash and cash equivalents at end of period | $ | 3 | $ | 208 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net income/(loss) | $ | 811 | $ | 674 | $ | 2,274 | $ | (1,387) | |||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||
Remeasurements of pension and other postretirement benefits related to equity method investments, net of tax | — | — | (2) | (1) | |||||||||||||||||||||||||
Comprehensive income/(loss) | 811 | 674 | 2,272 | (1,388) | |||||||||||||||||||||||||
Less comprehensive income attributable to: | |||||||||||||||||||||||||||||
Noncontrolling interests | 9 | 9 | 27 | 24 | |||||||||||||||||||||||||
Comprehensive income/(loss) attributable to MPLX LP | $ | 802 | $ | 665 | $ | 2,245 | $ | (1,412) |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 39 | $ | 15 | |||||||
Receivables, net | 617 | 452 | |||||||||
Current assets - related parties | 645 | 677 | |||||||||
Inventories | 141 | 118 | |||||||||
Assets held for sale | 20 | 188 | |||||||||
Other current assets | 54 | 65 | |||||||||
Total current assets | 1,516 | 1,515 | |||||||||
Equity method investments | 4,001 | 4,036 | |||||||||
Property, plant and equipment, net | 20,158 | 21,218 | |||||||||
Intangibles, net | 864 | 959 | |||||||||
Goodwill | 7,657 | 7,657 | |||||||||
Right of use assets, net | 282 | 309 | |||||||||
Noncurrent assets - related parties | 1,160 | 672 | |||||||||
Other noncurrent assets | 61 | 48 | |||||||||
Total assets | 35,699 | 36,414 | |||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | 177 | 152 | |||||||||
Accrued liabilities | 332 | 194 | |||||||||
Current liabilities - related parties | 1,706 | 356 | |||||||||
Accrued property, plant and equipment | 66 | 84 | |||||||||
Long-term debt due within one year | 1 | 764 | |||||||||
Accrued interest payable | 188 | 222 | |||||||||
Operating lease liabilities | 61 | 63 | |||||||||
Liabilities held for sale | — | 101 | |||||||||
Other current liabilities | 190 | 150 | |||||||||
Total current liabilities | 2,721 | 2,086 | |||||||||
Long-term deferred revenue | 366 | 314 | |||||||||
Long-term liabilities - related parties | 297 | 283 | |||||||||
Long-term debt | 18,253 | 19,375 | |||||||||
Deferred income taxes | 11 | 12 | |||||||||
Long-term operating lease liabilities | 220 | 244 | |||||||||
Deferred credits and other liabilities | 155 | 115 | |||||||||
Total liabilities | 22,023 | 22,429 | |||||||||
Commitments and contingencies (see Note 19) | 0 | 0 | |||||||||
Series A preferred units | 986 | 968 | |||||||||
Equity | |||||||||||
Common unitholders - public (374 million and 391 million units issued and outstanding) | 8,919 | 9,384 | |||||||||
Common unitholders - MPC (647 million and 647 million units issued and outstanding) | 2,944 | 2,792 | |||||||||
Series B preferred units (.6 million and .6 million units issued and outstanding) | 601 | 611 | |||||||||
Accumulated other comprehensive loss | (17) | (15) | |||||||||
Total MPLX LP partners’ capital | 12,447 | 12,772 | |||||||||
Noncontrolling interests | 243 | 245 | |||||||||
Total equity | 12,690 | 13,017 | |||||||||
Total liabilities, preferred units and equity | $ | 35,699 | $ | 36,414 |
Partnership | |||||||||||||||||||||||||||||||||||
(In millions) | Common Unit-holders Public | Class B Unit-holders Public | Common Unit-holder MPC | Common Unit-holder GP | General Partner MPC | Accumulated Other Comprehensive Loss | Non-controlling Interests | Equity of Predecessor(1) | Total | ||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 7,691 | $ | 266 | $ | 465 | $ | — | $ | 819 | $ | — | $ | 13 | $ | 692 | $ | 9,946 | |||||||||||||||||
Distributions to MPC from Predecessor | — | — | — | — | — | — | — | (104 | ) | (104 | ) | ||||||||||||||||||||||||
Contribution from MPC | — | — | 84 | — | 141 | — | — | — | 225 | ||||||||||||||||||||||||||
Contribution of MarkWest Hydrocarbon from MPC | — | — | — | — | (188 | ) | — | — | — | (188 | ) | ||||||||||||||||||||||||
Distribution of MarkWest Hydrocarbon to MPC | — | — | — | — | 565 | — | — | — | 565 | ||||||||||||||||||||||||||
Issuance of units under ATM Program | 499 | — | — | — | 11 | — | — | — | 510 | ||||||||||||||||||||||||||
Net (loss) income | (51 | ) | — | (10 | ) | — | 136 | — | 3 | 149 | 227 | ||||||||||||||||||||||||
Allocation of MPC's net investment at acquisition | — | — | 669 | — | (337 | ) | — | — | (332 | ) | — | ||||||||||||||||||||||||
Distributions to unitholders and general partner | (378 | ) | — | (98 | ) | — | (136 | ) | — | — | — | (612 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 4 | — | 4 | ||||||||||||||||||||||||||
Class B unit conversion | 133 | (133 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Non-cash contribution from MPC | — | — | — | — | — | — | — | 334 | 334 | ||||||||||||||||||||||||||
Equity-based compensation | 6 | — | — | — | — | — | — | — | 6 | ||||||||||||||||||||||||||
Deferred income tax impact from changes in equity | (2 | ) | — | (13 | ) | — | (2 | ) | — | — | — | (17 | ) | ||||||||||||||||||||||
Balance at September 30, 2016 | $ | 7,898 | $ | 133 | $ | 1,097 | $ | — | $ | 1,009 | $ | — | $ | 17 | $ | 739 | $ | 10,893 | |||||||||||||||||
Balance at December 31, 2016 | $ | 8,086 | $ | 133 | $ | 1,069 | $ | — | $ | 1,013 | $ | — | $ | 18 | $ | 791 | $ | 11,110 | |||||||||||||||||
Distributions to MPC from Predecessor | — | — | — | — | — | — | — | (113 | ) | (113 | ) | ||||||||||||||||||||||||
Distributions of cash received from Joint-Interest Acquisition entities to MPC | — | — | — | — | (13 | ) | — | — | — | (13 | ) | ||||||||||||||||||||||||
Issuance of units under ATM Program | 473 | — | — | — | 10 | — | — | — | 483 | ||||||||||||||||||||||||||
Net income | 212 | — | 68 | 5 | 222 | — | 3 | 36 | 546 | ||||||||||||||||||||||||||
Contribution from MPC | — | — | — | — | — | (14 | ) | — | 689 | 675 | |||||||||||||||||||||||||
Allocation of MPC's net investment at acquisition | — | — | 845 | 824 | (266 | ) | — | — | (1,403 | ) | — | ||||||||||||||||||||||||
Distribution to MPC for acquisitions | — | — | (537 | ) | — | (1,394 | ) | — | — | — | (1,931 | ) | |||||||||||||||||||||||
Distributions to unitholders and general partner | (452 | ) | — | (143 | ) | (7 | ) | (198 | ) | — | — | — | (800 | ) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 128 | — | 128 | ||||||||||||||||||||||||||
Class B unit conversion | 133 | (133 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Equity-based compensation | 5 | — | — | — | — | — | — | — | 5 | ||||||||||||||||||||||||||
Balance at September 30, 2017 | $ | 8,457 | $ | — | $ | 1,302 | $ | 822 | $ | (626 | ) | $ | (14 | ) | $ | 145 | $ | — | $ | 10,086 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Increase/(decrease) in cash, cash equivalents and restricted cash | |||||||||||
Operating activities: | |||||||||||
Net income/(loss) | $ | 2,274 | $ | (1,387) | |||||||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||||||||
Amortization of deferred financing costs | 53 | 44 | |||||||||
Depreciation and amortization | 971 | 992 | |||||||||
Impairment expense | 42 | 2,165 | |||||||||
Deferred income taxes | (1) | (1) | |||||||||
Loss on disposal of assets | 4 | 1 | |||||||||
(Income)/loss from equity method investments(1) | (228) | 1,012 | |||||||||
Distributions from unconsolidated affiliates | 361 | 350 | |||||||||
Changes in: | |||||||||||
Current receivables | (162) | 69 | |||||||||
Inventories | (22) | (8) | |||||||||
Fair value of derivatives | 41 | 1 | |||||||||
Current accounts payable and accrued liabilities | 166 | (27) | |||||||||
Current assets/current liabilities - related parties | 94 | 36 | |||||||||
Right of use assets/operating lease liabilities | 2 | (2) | |||||||||
Deferred revenue | 65 | 85 | |||||||||
All other, net | 11 | 6 | |||||||||
Net cash provided by operating activities | 3,671 | 3,336 | |||||||||
Investing activities: | |||||||||||
Additions to property, plant and equipment | (374) | (982) | |||||||||
Disposal of assets | 77 | 54 | |||||||||
Investments in unconsolidated affiliates | (116) | (244) | |||||||||
Distributions from unconsolidated affiliates - return of capital | 36 | 112 | |||||||||
Net cash used in investing activities | (377) | (1,060) | |||||||||
Financing activities: | |||||||||||
Long-term debt - borrowings | 3,000 | 5,990 | |||||||||
- repayments | (4,946) | (5,372) | |||||||||
Related party debt - borrowings | 6,571 | 4,870 | |||||||||
- repayments | (5,201) | (5,464) | |||||||||
Debt issuance costs | — | (23) | |||||||||
Unit repurchases | (465) | — | |||||||||
Distributions to noncontrolling interests | (29) | (26) | |||||||||
Distributions to Series A preferred unitholders | (61) | (61) | |||||||||
Distributions to Series B preferred unitholders | (41) | (41) | |||||||||
Distributions to unitholders and general partner | (2,126) | (2,162) | |||||||||
Contributions from MPC | 31 | 34 | |||||||||
All other, net | (3) | (8) | |||||||||
Net cash used in financing activities | (3,270) | (2,263) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 24 | 13 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 15 | 15 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 39 | $ | 28 |
Partnership | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Common Unit-holders Public | Common Unit-holder MPC | Series B Preferred Unit-holders | Accumulated Other Comprehensive Loss | Non-controlling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 10,800 | $ | 4,968 | $ | 611 | $ | (15) | $ | 249 | $ | 16,613 | |||||||||||||||||||||||||||||
Net (loss)/income (excludes amounts attributable to Series A preferred units) | (1,022) | (1,733) | 11 | — | 8 | (2,736) | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (271) | (446) | (21) | — | — | (738) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (9) | (9) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 225 | — | — | — | 225 | |||||||||||||||||||||||||||||||||||
Other | 2 | — | — | (1) | — | 1 | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 9,509 | 3,014 | 601 | (16) | 248 | 13,356 | |||||||||||||||||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 229 | 388 | 10 | — | 7 | 634 | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (270) | (458) | — | — | — | (728) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (8) | (8) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||
Other | 1 | 1 | — | — | — | 2 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 9,469 | 2,951 | 611 | (16) | 247 | 13,262 | |||||||||||||||||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 236 | 399 | 10 | — | 9 | 654 | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (271) | (445) | (20) | — | — | (736) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (9) | (9) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 13 | — | — | — | 13 | |||||||||||||||||||||||||||||||||||
Wholesale Exchange | — | (90) | — | — | — | (90) | |||||||||||||||||||||||||||||||||||
Other | 2 | (1) | — | — | — | 1 | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 9,436 | $ | 2,827 | $ | 601 | $ | (16) | $ | 247 | $ | 13,095 | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||||||||||||||||||
Partnership | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Common Unit-holders Public | Common Unit-holder MPC | Series B Preferred Unit-holders | Accumulated Other Comprehensive Loss | Non-controlling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 9,384 | $ | 2,792 | $ | 611 | $ | (15) | $ | 245 | $ | 13,017 | |||||||||||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 266 | 443 | 11 | — | 9 | 729 | |||||||||||||||||||||||||||||||||||
Unit Repurchases | (155) | — | — | — | — | (155) | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (269) | (445) | (21) | — | — | (735) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (10) | (10) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||||||||
Other | — | (1) | — | (2) | — | (3) | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 9,226 | 2,796 | 601 | (17) | 244 | 12,850 | |||||||||||||||||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 251 | 423 | 10 | — | 9 | 693 | |||||||||||||||||||||||||||||||||||
Unit Repurchases | (155) | — | — | — | — | (155) | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (262) | (445) | — | — | — | (707) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (10) | (10) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 122 | — | — | — | 122 | |||||||||||||||||||||||||||||||||||
Other | 1 | 1 | — | — | — | 2 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 9,061 | 2,897 | 611 | (17) | 243 | 12,795 | |||||||||||||||||||||||||||||||||||
Net income (excludes amounts attributable to Series A preferred units) | 278 | 476 | 10 | — | 9 | 773 | |||||||||||||||||||||||||||||||||||
Unit Repurchases | (160) | — | — | — | — | (160) | |||||||||||||||||||||||||||||||||||
Distributions to: | |||||||||||||||||||||||||||||||||||||||||
Unitholders | (261) | (445) | (20) | — | — | (726) | |||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | (9) | (9) | |||||||||||||||||||||||||||||||||||
Contributions from: | |||||||||||||||||||||||||||||||||||||||||
MPC | — | 16 | — | — | — | 16 | |||||||||||||||||||||||||||||||||||
Other | 1 | — | — | — | — | 1 | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 8,919 | $ | 2,944 | $ | 601 | $ | (17) | $ | 243 | $ | 12,690 |
(In millions) | Impairment | Footnote Reference | ||||||||||||
Goodwill | $ | 1,814 | 12 | |||||||||||
Equity method investments | 1,264 | 4 | ||||||||||||
Intangibles, net | 177 | 12 | ||||||||||||
Property, plant and equipment, net | 174 | 11 | ||||||||||||
Total impairments | $ | 3,429 |
Three Months Ended September 30, 2016 | |||||||||||||||||||
(In millions, except per unit data) | MPLX LP (Previously Reported) | HST/WHC | MPLXT | Eliminations(1) | MPLX LP (Currently Reported) | ||||||||||||||
Revenues and other income: | |||||||||||||||||||
Service revenue | $ | 250 | $ | — | $ | — | $ | — | $ | 250 | |||||||||
Service revenue - related parties | 153 | 28 | 72 | — | 253 | ||||||||||||||
Rental income | 77 | — | — | — | 77 | ||||||||||||||
Rental income - related parties | 29 | 13 | 26 | — | 68 | ||||||||||||||
Product sales | 157 | — | — | — | 157 | ||||||||||||||
Product sales - related parties | 2 | — | — | — | 2 | ||||||||||||||
Income from equity method investments | 6 | — | — | — | 6 | ||||||||||||||
Gain on sale of assets | 1 | — | — | — | 1 | ||||||||||||||
Other income | 2 | — | — | — | 2 | ||||||||||||||
Other income - related parties | 26 | — | — | (4 | ) | 22 | |||||||||||||
Total revenues and other income | 703 | 41 | 98 | (4 | ) | 838 | |||||||||||||
Costs and expenses: | |||||||||||||||||||
Cost of revenues (excludes items below) | 90 | 10 | 22 | — | 122 | ||||||||||||||
Purchased product costs | 117 | — | — | — | 117 | ||||||||||||||
Rental cost of sales | 11 | 2 | — | — | 13 | ||||||||||||||
Rental cost of sales - related parties | — | 1 | — | (1 | ) | — | |||||||||||||
Purchases - related parties | 84 | 4 | 24 | (3 | ) | 109 | |||||||||||||
Depreciation and amortization | 138 | 4 | 9 | — | 151 | ||||||||||||||
General and administrative expenses | 46 | 2 | 8 | — | 56 | ||||||||||||||
Other taxes | 10 | — | 2 | — | 12 | ||||||||||||||
Total costs and expenses | 496 | 23 | 65 | (4 | ) | 580 | |||||||||||||
Income from operations | 207 | 18 | 33 | — | 258 | ||||||||||||||
Interest expense (net of amounts capitalized) | 51 | — | — | — | 51 | ||||||||||||||
Other financial costs | 13 | — | — | — | 13 | ||||||||||||||
Income before income taxes | 143 | 18 | 33 | — | 194 | ||||||||||||||
Net income | 143 | 18 | 33 | — | 194 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 2 | — | — | — | 2 | ||||||||||||||
Less: Net income attributable to Predecessor | — | 18 | 33 | — | 51 | ||||||||||||||
Net income attributable to MPLX LP | 141 | — | — | — | 141 | ||||||||||||||
Less: Preferred unit distributions | 16 | — | — | — | 16 | ||||||||||||||
Less: General partner’s interest in net income attributable to MPLX LP | 51 | — | — | — | 51 | ||||||||||||||
Limited partners’ interest in net income attributable to MPLX LP | $ | 74 | $ | — | $ | — | $ | — | $ | 74 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
(In millions, except per unit data) | MPLX LP (Previously Reported) | HST/WHC | MPLXT | Eliminations(1) | MPLX LP (Currently Reported) | ||||||||||||||
Revenues and other income: | |||||||||||||||||||
Service revenue | $ | 712 | $ | — | $ | — | $ | — | $ | 712 | |||||||||
Service revenue - related parties | 448 | 82 | 146 | — | 676 | ||||||||||||||
Rental income | 218 | — | — | — | 218 | ||||||||||||||
Rental income - related parties | 84 | 36 | 52 | — | 172 | ||||||||||||||
Product sales | 394 | — | — | — | 394 | ||||||||||||||
Product sales - related parties | 8 | — | — | — | 8 | ||||||||||||||
Loss from equity method investments | (72 | ) | — | — | — | (72 | ) | ||||||||||||
Gain on sale of assets | 1 | — | — | — | 1 | ||||||||||||||
Other income | 5 | — | — | — | 5 | ||||||||||||||
Other income - related parties | 78 | — | — | (11 | ) | 67 | |||||||||||||
Total revenues and other income | 1,876 | 118 | 198 | (11 | ) | 2,181 | |||||||||||||
Costs and expenses: | |||||||||||||||||||
Cost of revenues (excludes items below) | 263 | 24 | 42 | — | 329 | ||||||||||||||
Purchased product costs | 310 | — | — | — | 310 | ||||||||||||||
Rental cost of sales | 39 | 3 | — | — | 42 | ||||||||||||||
Rental cost of sales - related parties | — | 2 | — | (1 | ) | 1 | |||||||||||||
Purchases - related parties | 238 | 13 | 45 | (10 | ) | 286 | |||||||||||||
Depreciation and amortization | 407 | 12 | 19 | — | 438 | ||||||||||||||
Impairment expense | 130 | — | — | — | 130 | ||||||||||||||
General and administrative expenses | 147 | 5 | 20 | — | 172 | ||||||||||||||
Other taxes | 32 | 2 | 3 | — | 37 | ||||||||||||||
Total costs and expenses | 1,566 | 61 | 129 | (11 | ) | 1,745 | |||||||||||||
Income from operations | 310 | 57 | 69 | — | 436 | ||||||||||||||
Related party interest and other financial income | 1 | — | — | — | 1 | ||||||||||||||
Interest expense (net of amounts capitalized) | 158 | — | — | — | 158 | ||||||||||||||
Other financial costs | 37 | — | — | — | 37 | ||||||||||||||
Income before income taxes | 114 | 57 | 69 | — | 240 | ||||||||||||||
Benefit for income taxes | (12 | ) | — | — | — | (12 | ) | ||||||||||||
Net income | 126 | 57 | 69 | — | 252 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 3 | — | — | — | 3 | ||||||||||||||
Less: Net income attributable to Predecessor | 23 | 57 | 69 | — | 149 | ||||||||||||||
Net income attributable to MPLX LP | 100 | — | — | — | 100 | ||||||||||||||
Less: Preferred unit distributions | 25 | — | — | — | 25 | ||||||||||||||
Less: General partner’s interest in net income attributable to MPLX LP | 136 | — | — | — | 136 | ||||||||||||||
Limited partners’ interest in net loss attributable to MPLX LP | $ | (61 | ) | $ | — | $ | — | $ | — | $ | (61 | ) |
Nine Months Ended September 30, 2016 | |||||||||||||||
(In millions) | MPLX LP (Previously Reported) | HST/WHC | MPLXT | MPLX LP (Currently Reported) | |||||||||||
Increase (decrease) in cash and cash equivalents | |||||||||||||||
Operating activities: | |||||||||||||||
Net income | $ | 126 | $ | 57 | $ | 69 | $ | 252 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Amortization of deferred financing costs | 34 | — | — | 34 | |||||||||||
Depreciation and amortization | 407 | 12 | 19 | 438 | |||||||||||
Impairment expense | 130 | — | — | 130 | |||||||||||
Deferred income taxes | (16 | ) | — | — | (16 | ) | |||||||||
Asset retirement expenditures | (3 | ) | (1 | ) | — | (4 | ) | ||||||||
Gain on disposal of assets | (1 | ) | — | — | (1 | ) | |||||||||
Loss from equity method investments | 72 | — | — | 72 | |||||||||||
Distributions from unconsolidated affiliates | 111 | — | — | 111 | |||||||||||
Changes in: | |||||||||||||||
Current receivables | (44 | ) | 1 | — | (43 | ) | |||||||||
Inventories | (4 | ) | — | — | (4 | ) | |||||||||
Fair value of derivatives | 28 | — | — | 28 | |||||||||||
Current accounts payable and accrued liabilities | 59 | (1 | ) | 6 | 64 | ||||||||||
Receivables from / liabilities to related parties | 15 | 3 | (122 | ) | (104 | ) | |||||||||
All other, net | 18 | 2 | (2 | ) | 18 | ||||||||||
Net cash provided by (used in) operating activities | 932 | 73 | (30 | ) | 975 | ||||||||||
Investing activities: | |||||||||||||||
Additions to property, plant and equipment | (874 | ) | (36 | ) | (33 | ) | (943 | ) | |||||||
Investments - net related party loans | 77 | (37 | ) | 63 | 103 | ||||||||||
Investments in unconsolidated affiliates | (56 | ) | — | — | (56 | ) | |||||||||
All other, net | 4 | — | — | 4 | |||||||||||
Net cash (used in) provided by investing activities | (849 | ) | (73 | ) | 30 | (892 | ) | ||||||||
Financing activities: | |||||||||||||||
Long-term debt - borrowings | 434 | — | — | 434 | |||||||||||
- repayments | (1,312 | ) | — | — | (1,312 | ) | |||||||||
Related party debt - borrowings | 2,215 | — | — | 2,215 | |||||||||||
- repayments | (2,223 | ) | — | — | (2,223 | ) | |||||||||
Net proceeds from equity offerings | 510 | — | — | 510 | |||||||||||
Issuance of redeemable preferred units | 984 | — | — | 984 | |||||||||||
Distributions to preferred unitholders | (9 | ) | — | — | (9 | ) | |||||||||
Distributions to unitholders and general partner | (612 | ) | — | — | (612 | ) | |||||||||
Distributions to noncontrolling interests | (3 | ) | — | — | (3 | ) | |||||||||
Contributions from noncontrolling interests | 4 | — | — | 4 | |||||||||||
Consideration payment to Class B unitholders | (25 | ) | — | — | (25 | ) | |||||||||
All other, net | (2 | ) | — | — | (2 | ) | |||||||||
Contribution from MPC | 225 | — | — | 225 | |||||||||||
Distributions to MPC from Predecessor | (104 | ) | — | — | (104 | ) | |||||||||
Net cash provided by financing activities | 82 | — | — | 82 | |||||||||||
Net increase in cash and cash equivalents | 165 | — | — | 165 | |||||||||||
Cash and cash equivalents at beginning of period | 43 | — | — | 43 | |||||||||||
Cash and cash equivalents at end of period | $ | 208 | $ | — | $ | — | $ | 208 |
Ownership as of | Carrying value at | ||||||||||||||||
September 30, | September 30, | December 31, | |||||||||||||||
(In millions, except ownership percentages) | 2021 | 2021 | 2020 | ||||||||||||||
L&S | |||||||||||||||||
MarEn Bakken Company LLC(1) | 25% | $ | 457 | $ | 465 | ||||||||||||
Illinois Extension Pipeline Company, L.L.C. | 35% | 253 | 254 | ||||||||||||||
LOOP LLC | 41% | 268 | 252 | ||||||||||||||
Andeavor Logistics Rio Pipeline LLC(2) | 67% | 188 | 194 | ||||||||||||||
Minnesota Pipe Line Company, LLC | 17% | 184 | 188 | ||||||||||||||
Whistler Pipeline LLC(2) | 38% | 146 | 185 | ||||||||||||||
Explorer Pipeline Company | 25% | 68 | 72 | ||||||||||||||
W2W Holdings LLC(2)(3) | 50% | 66 | 72 | ||||||||||||||
Other(2) | 115 | 103 | |||||||||||||||
Total L&S | 1,745 | 1,785 | |||||||||||||||
G&P | |||||||||||||||||
MarkWest Utica EMG, L.L.C.(2) | 57% | 682 | 698 | ||||||||||||||
Sherwood Midstream LLC(2) | 50% | 548 | 557 | ||||||||||||||
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C.(2) | 67% | 335 | 307 | ||||||||||||||
MarkWest Torñado GP, L.L.C.(2) | 60% | 223 | 188 | ||||||||||||||
Rendezvous Gas Services, L.L.C.(2) | 78% | 151 | 159 | ||||||||||||||
Sherwood Midstream Holdings LLC(2) | 51% | 138 | 148 | ||||||||||||||
Centrahoma Processing LLC | 40% | 132 | 145 | ||||||||||||||
Other(2) | 47 | 49 | |||||||||||||||
Total G&P | 2,256 | 2,251 | |||||||||||||||
Total | $ | 4,001 | $ | 4,036 |
(In millions) | Three Months Ended September 30, 2017 | Seven Months Ended September 30, 2017 | |||||
Revenues and other income | $ | 19 | $ | 45 | |||
Income from operations | 6 | 17 |
Nine Months Ended September 30, 2017 | |||||||||||||||
(In millions) | MarkWest Utica EMG | Other VIEs | Non-VIEs | Total | |||||||||||
Revenues and other income | $ | 137 | $ | 49 | $ | 178 | $ | 364 | |||||||
Costs and expenses | 72 | 29 | 115 | 216 | |||||||||||
Income from operations | 65 | 20 | 63 | 148 | |||||||||||
Net income | 65 | 19 | 28 | 112 | |||||||||||
Income from equity method investments(1) | 6 | 7 | 16 | 29 |
Nine Months Ended September 30, 2016 | |||||||||||||||
(In millions) | MarkWest Utica EMG | Other VIEs(2) | Non-VIEs | Total | |||||||||||
Revenues and other income | $ | 165 | $ | 13 | $ | 108 | $ | 286 | |||||||
Costs and expenses | 70 | 107 | 80 | 257 | |||||||||||
Income (loss) from operations | 95 | (94 | ) | 28 | 29 | ||||||||||
Net income (loss) | 94 | (94 | ) | 28 | 28 | ||||||||||
Income (loss) from equity method investments(1) | 10 | (88 | ) | 6 | (72 | ) |
September 30, 2017 | |||||||||||||||
(In millions) | MarkWest Utica EMG(1) | Other VIEs | Non-VIEs | Total | |||||||||||
Current assets | $ | 72 | $ | 47 | $ | 379 | $ | 498 | |||||||
Noncurrent assets | 2,092 | 878 | 4,614 | 7,584 | |||||||||||
Current liabilities | 37 | 55 | 492 | 584 | |||||||||||
Noncurrent liabilities | 2 | 12 | 562 | 576 |
December 31, 2016 | |||||||||||||||
(In millions) | MarkWest Utica EMG(1) | Other VIEs | Non-VIEs | Total | |||||||||||
Current assets | $ | 45 | $ | 2 | $ | 40 | $ | 87 | |||||||
Noncurrent assets | 2,173 | 132 | 390 | 2,695 | |||||||||||
Current liabilities | 30 | 4 | 26 | 60 | |||||||||||
Noncurrent liabilities | 2 | 13 | — | 15 |
Nine Months Ended September 30, 2021 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | 565 | $ | 940 | $ | 1,505 | |||||||||||
Costs and expenses | 350 | 427 | 777 | ||||||||||||||
Income from operations | 215 | 513 | 728 | ||||||||||||||
Net income | 172 | 449 | 621 | ||||||||||||||
Income from equity method investments(1) | $ | 120 | $ | 108 | $ | 228 |
Nine Months Ended September 30, 2020 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Revenues and other income | $ | 132 | $ | 933 | $ | 1,065 | |||||||||||
Costs and expenses | 308 | 405 | 713 | ||||||||||||||
(Loss)/income from operations | (176) | 528 | 352 | ||||||||||||||
Net (loss)/income | (230) | 477 | 247 | ||||||||||||||
(Loss)/income from equity method investments(1) | $ | (1,138) | $ | 126 | $ | (1,012) |
September 30, 2021 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Current assets | $ | 328 | $ | 444 | $ | 772 | |||||||||||
Noncurrent assets | 7,426 | 4,907 | 12,333 | ||||||||||||||
Current liabilities | 216 | 254 | 470 | ||||||||||||||
Noncurrent liabilities | $ | 2,448 | $ | 873 | $ | 3,321 |
December 31, 2020 | |||||||||||||||||
(In millions) | VIEs | Non-VIEs | Total | ||||||||||||||
Current assets | $ | 530 | $ | 318 | $ | 848 | |||||||||||
Noncurrent assets | 6,889 | 4,997 | 11,886 | ||||||||||||||
Current liabilities | 323 | 187 | 510 | ||||||||||||||
Noncurrent liabilities | $ | 1,904 | $ | 830 | $ | 2,734 |
(In millions) | Nine Months Ended September 30, 2021 | Year Ended December 31, 2020 | |||||||||
Borrowings | $ | 6,571 | $ | 6,264 | |||||||
Average interest rate of borrowings | 1.345 | % | 2.278 | % | |||||||
Repayments | $ | 5,201 | $ | 6,858 | |||||||
Outstanding balance at end of period(1) | $ | 1,370 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service revenues | |||||||||||||||
MPC | $ | 276 | $ | 253 | $ | 801 | $ | 676 | |||||||
Rental income | |||||||||||||||
MPC | $ | 70 | $ | 68 | $ | 207 | $ | 172 | |||||||
Product sales(1) | |||||||||||||||
MPC | $ | 2 | $ | 2 | $ | 6 | $ | 8 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
MPC | $ | 9 | $ | 10 | $ | 30 | $ | 36 | |||||||
MarkWest Utica EMG | 5 | 5 | 13 | 12 | |||||||||||
Ohio Gathering | 4 | 5 | 12 | 12 | |||||||||||
Other | 4 | 2 | 14 | 7 | |||||||||||
Total | $ | 22 | $ | 22 | $ | 69 | $ | 67 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Purchases - related parties | $ | 17 | $ | 11 | $ | 50 | $ | 29 | |||||||
General and administrative expenses | 9 | 11 | 28 | 33 | |||||||||||
Total | $ | 26 | $ | 22 | $ | 78 | $ | 62 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
MPC | $ | 11 | $ | 14 | $ | 33 | $ | 36 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Purchases - related parties | $ | 97 | $ | 98 | $ | 280 | $ | 257 | |||||||
General and administrative expenses | 25 | 27 | 74 | 75 | |||||||||||
Total | $ | 122 | $ | 125 | $ | 354 | $ | 332 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
MPC | $ | 144 | $ | 242 | |||
MarkWest Utica EMG | 2 | 2 | |||||
Ohio Gathering | 2 | 2 | |||||
Other | 4 | 1 | |||||
Total | $ | 152 | $ | 247 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
MPC | $ | 18 | $ | 11 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
MPC(1) | $ | 277 | $ | 63 | |||
MarkWest Utica EMG | 30 | 24 | |||||
Other | 10 | — | |||||
Total | $ | 317 | $ | 87 |
(In millions) | (In millions) | September 30, 2021 | December 31, 2020 | |||||||||||||||
Current assets - related parties | Current assets - related parties | |||||||||||||||||
Receivables - MPC | Receivables - MPC | $ | 547 | $ | 615 | |||||||||||||
(In millions) | September 30, 2017 | December 31, 2016 | ||||||||||||||||
Minimum volume deficiencies - MPC | $ | 55 | $ | 48 | ||||||||||||||
Project reimbursements - MPC | 27 | 9 | ||||||||||||||||
Receivables - Other | Receivables - Other | 7 | 27 | |||||||||||||||
Prepaid - MPC | Prepaid - MPC | 13 | 4 | |||||||||||||||
Other - MPC | Other - MPC | 2 | 1 | |||||||||||||||
Lease Receivables - MPC | Lease Receivables - MPC | 76 | 30 | |||||||||||||||
Total | $ | 82 | $ | 57 | Total | 645 | 677 | |||||||||||
Noncurrent assets - related parties | Noncurrent assets - related parties | |||||||||||||||||
Long-term receivables - MPC | Long-term receivables - MPC | 32 | 32 | |||||||||||||||
Right of use assets - MPC | Right of use assets - MPC | 230 | 231 | |||||||||||||||
Long-term lease receivables - MPC | Long-term lease receivables - MPC | 857 | 386 | |||||||||||||||
Unguaranteed residual asset - MPC | Unguaranteed residual asset - MPC | 41 | 23 | |||||||||||||||
Total | Total | 1,160 | 672 | |||||||||||||||
Current liabilities - related parties | Current liabilities - related parties | |||||||||||||||||
Payables - MPC | Payables - MPC | 1,577 | 215 | |||||||||||||||
Payables - Other | Payables - Other | 36 | 43 | |||||||||||||||
Operating lease liabilities - MPC | Operating lease liabilities - MPC | 1 | 1 | |||||||||||||||
Deferred revenue - Minimum volume deficiencies - MPC | Deferred revenue - Minimum volume deficiencies - MPC | 43 | 66 | |||||||||||||||
Deferred revenue - Project reimbursements - MPC | Deferred revenue - Project reimbursements - MPC | 48 | 30 | |||||||||||||||
Deferred revenue - Project reimbursements - Other | Deferred revenue - Project reimbursements - Other | 1 | 1 | |||||||||||||||
Total | Total | 1,706 | 356 | |||||||||||||||
Long-term liabilities - related parties | Long-term liabilities - related parties | |||||||||||||||||
Long-term operating lease liabilities - MPC | Long-term operating lease liabilities - MPC | 228 | 229 | |||||||||||||||
Long-term deferred revenue - Project reimbursements - MPC | Long-term deferred revenue - Project reimbursements - MPC | 62 | 47 | |||||||||||||||
Long-term deferred revenue - Project reimbursements - Other | Long-term deferred revenue - Project reimbursements - Other | 7 | 7 | |||||||||||||||
Total | Total | $ | 297 | $ | 283 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income attributable to MPLX LP | $ | 216 | $ | 141 | $ | 556 | $ | 100 | |||||||
Less: Limited partners’ distributions declared on Preferred units(1) | 16 | 16 | 49 | 25 | |||||||||||
General partner’s distributions declared (including IDRs)(1) | 88 | 54 | 229 | 148 | |||||||||||
Limited partners’ distributions declared on common units(1) | 232 | 179 | 648 | 507 | |||||||||||
Undistributed net loss attributable to MPLX LP | $ | (120 | ) | $ | (108 | ) | $ | (370 | ) | $ | (580 | ) |
Three Months Ended September 30, 2017 | |||||||||||||||
(In millions, except per unit data) | General Partner | Limited Partners’ Common Units | Redeemable Preferred Units | Total | |||||||||||
Basic and diluted net income attributable to MPLX LP per unit: | |||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||
Distributions declared (including IDRs) | $ | 88 | $ | 232 | $ | 16 | $ | 336 | |||||||
Undistributed net loss attributable to MPLX LP | (2 | ) | (118 | ) | — | (120 | ) | ||||||||
Net income attributable to MPLX LP(1) | $ | 86 | $ | 114 | $ | 16 | $ | 216 | |||||||
Weighted average units outstanding: | |||||||||||||||
Basic | 8 | 394 | 31 | 433 | |||||||||||
Diluted | 8 | 395 | 31 | 434 | |||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||
Basic | $ | 0.29 | |||||||||||||
Diluted | $ | 0.29 |
Three Months Ended September 30, 2016 | |||||||||||||||
(In millions, except per unit data) | General Partner | Limited Partners’ Common Units | Redeemable Preferred Units | Total | |||||||||||
Basic and diluted net income attributable to MPLX LP per unit: | |||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||
Distributions declared (including IDRs) | $ | 54 | $ | 179 | $ | 16 | $ | 249 | |||||||
Undistributed net loss attributable to MPLX LP | (3 | ) | (105 | ) | — | (108 | ) | ||||||||
Net income attributable to MPLX LP(1) | $ | 51 | $ | 74 | $ | 16 | $ | 141 | |||||||
Weighted average units outstanding: | |||||||||||||||
Basic | 7 | 341 | 31 | 379 | |||||||||||
Diluted | 7 | 346 | 31 | 384 | |||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||
Basic | $ | 0.22 | |||||||||||||
Diluted | $ | 0.21 |
Nine Months Ended September 30, 2017 | |||||||||||||||
(In millions, except per unit data) | General Partner | Limited Partners’ Common Units | Redeemable Preferred Units | Total | |||||||||||
Basic and diluted net income attributable to MPLX LP per unit: | |||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||
Distributions declared (including IDRs) | $ | 229 | $ | 648 | $ | 49 | $ | 926 | |||||||
Undistributed net loss attributable to MPLX LP | (7 | ) | (363 | ) | — | (370 | ) | ||||||||
Net income attributable to MPLX LP(1) | $ | 222 | $ | 285 | $ | 49 | $ | 556 | |||||||
Weighted average units outstanding: | |||||||||||||||
Basic | 8 | 378 | 31 | 417 | |||||||||||
Diluted | 8 | 381 | 31 | 420 | |||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||
Basic | $ | 0.75 | |||||||||||||
Diluted | $ | 0.75 |
Nine Months Ended September 30, 2016 | |||||||||||||||
(In millions, except per unit data) | General Partner | Limited Partners’ Common Units | Redeemable Preferred Units | Total | |||||||||||
Basic and diluted net loss attributable to MPLX LP per unit: | |||||||||||||||
Net income (loss) attributable to MPLX LP: | |||||||||||||||
Distributions declared (including IDRs) | $ | 148 | $ | 507 | $ | 25 | $ | 680 | |||||||
Undistributed net loss attributable to MPLX LP | (12 | ) | (568 | ) | — | (580 | ) | ||||||||
Net income (loss) attributable to MPLX LP(1) | $ | 136 | $ | (61 | ) | $ | 25 | $ | 100 | ||||||
Weighted average units outstanding: | |||||||||||||||
Basic | 7 | 324 | 16 | 347 | |||||||||||
Diluted | 7 | 324 | 16 | 347 | |||||||||||
Net loss attributable to MPLX LP per limited partner unit: | |||||||||||||||
Basic | $ | (0.19 | ) | ||||||||||||
Diluted | $ | (0.19 | ) |
(In units) | Common | Class B | General Partner | Total | |||||||
Balance at December 31, 2016 | 357,193,288 | 3,990,878 | 7,371,105 | 368,555,271 | |||||||
Unit-based compensation awards(1) | 183,509 | — | 3,745 | 187,254 | |||||||
Issuance of units under the ATM Program(2) | 13,846,998 | — | 282,591 | 14,129,589 | |||||||
Contribution of HST/WHC/MPLXT(3) | 12,960,376 | — | 264,497 | 13,224,873 | |||||||
Contribution of the Joint-Interest Acquisition(3) | 18,511,134 | — | 377,778 | 18,888,912 | |||||||
Class B conversion(4) | 4,350,057 | (3,990,878 | ) | 7,330 | 366,509 | ||||||
Balance at September 30, 2017 | 407,045,362 | — | 8,307,046 | 415,352,408 |
Balance at September 30, 2021 | 1,021,427,850 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net income attributable to MPLX LP | $ | 216 | $ | 141 | $ | 556 | $ | 100 | |||||||
Less: Preferred unit distributions | 16 | 16 | 49 | 25 | |||||||||||
General partner's IDRs and other | 83 | 49 | 216 | 137 | |||||||||||
Net income (loss) attributable to MPLX LP available to general and limited partners | $ | 117 | $ | 76 | $ | 291 | $ | (62 | ) | ||||||
General partner's two percent GP Interest in net income (loss) attributable to MPLX LP | $ | 3 | $ | 2 | $ | 6 | $ | (1 | ) | ||||||
General partner's IDRs and other | 83 | 49 | 216 | 137 | |||||||||||
General partner's GP Interest in net income attributable to MPLX LP | $ | 86 | $ | 51 | $ | 222 | $ | 136 |
(Per common unit) | 2021 | 2020 | |||||||||
March 31, | $ | 0.6875 | $ | 0.6875 | |||||||
June 30, | 0.6875 | 0.6875 | |||||||||
September 30, | $ | 1.2800 | $ | 0.6875 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Common and preferred unit distributions: | |||||||||||||||||||||||
Common unitholders, includes common units of general partner (1) | $ | 1,305 | $ | 715 | $ | 2,717 | $ | 2,158 | |||||||||||||||
Series A preferred unit distributions (1) | 38 | 20 | 79 | 61 | |||||||||||||||||||
Series B preferred unit distributions | 10 | 10 | 31 | 31 | |||||||||||||||||||
Total cash distributions declared | $ | 1,353 | $ | 745 | $ | 2,827 | $ | 2,250 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
General partner's distributions: | |||||||||||||||
General partner's distributions on general partner units | $ | 7 | $ | 5 | $ | 18 | $ | 13 | |||||||
General partner's distributions on IDRs | 81 | 49 | 211 | 135 | |||||||||||
Total distribution on general partner units and IDRs | $ | 88 | $ | 54 | $ | 229 | $ | 148 | |||||||
Common and preferred unit distributions: | |||||||||||||||
Common unitholders, includes common units of general partner | $ | 232 | $ | 179 | $ | 648 | $ | 507 | |||||||
Preferred unit distributions | 16 | 16 | 49 | 25 | |||||||||||
Total cash distributions declared | $ | 336 | $ | 249 | $ | 926 | $ | 680 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income/(loss) attributable to MPLX LP | $ | 802 | $ | 665 | $ | 2,247 | $ | (1,411) | |||||||||||||||
Less: Distributions declared on Series A preferred units(1) | 38 | 20 | 79 | 61 | |||||||||||||||||||
Distributions declared on Series B preferred units | 10 | 10 | 31 | 31 | |||||||||||||||||||
Limited partners’ distributions declared on MPLX common units (including common units of general partner)(1) | 1,305 | 715 | 2,717 | 2,158 | |||||||||||||||||||
Undistributed net loss attributable to MPLX LP | $ | (551) | $ | (80) | $ | (580) | $ | (3,661) |
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(In millions, except per unit data) | Limited Partners’ Common Units | Series A Preferred Units | Series B Preferred Units | Total | |||||||||||||||||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit | |||||||||||||||||||||||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||||||||||||||||||||||
Distributions declared(1) | $ | 1,305 | $ | 38 | $ | 10 | $ | 1,353 | |||||||||||||||||||||||||||
Undistributed net loss attributable to MPLX LP | (551) | — | — | (551) | |||||||||||||||||||||||||||||||
Net income attributable to MPLX LP(2) | $ | 754 | $ | 38 | $ | 10 | $ | 802 | |||||||||||||||||||||||||||
Weighted average units outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 1,024 | ||||||||||||||||||||||||||||||||||
Diluted | 1,025 | ||||||||||||||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.74 | |||||||||||||||||||||||||||||||||
Diluted | $ | 0.74 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||
(In millions, except per unit data) | Limited Partners’ Common Units | Series A Preferred Units | Series B Preferred Units | Total | |||||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit | |||||||||||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||||||||||
Distributions declared | $ | 715 | $ | 20 | $ | 10 | $ | 745 | |||||||||||||||
Undistributed net loss attributable to MPLX LP | (80) | — | — | (80) | |||||||||||||||||||
Net income attributable to MPLX LP(1) | $ | 635 | $ | 20 | $ | 10 | $ | 665 | |||||||||||||||
Weighted average units outstanding: | |||||||||||||||||||||||
Basic | 1,046 | ||||||||||||||||||||||
Diluted | 1,047 | ||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||
Basic | $ | 0.61 | |||||||||||||||||||||
Diluted | $ | 0.61 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
(In millions, except per unit data) | Limited Partners’ Common Units | Series A Preferred Units | Series B Preferred Units | Total | |||||||||||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit | |||||||||||||||||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||||||||||||||||
Distributions declared(1) | $ | 2,717 | $ | 79 | $ | 31 | $ | 2,827 | |||||||||||||||||||||
Undistributed net loss attributable to MPLX LP | (580) | — | — | (580) | |||||||||||||||||||||||||
Net income attributable to MPLX LP(2) | $ | 2,137 | $ | 79 | $ | 31 | $ | 2,247 | |||||||||||||||||||||
Weighted average units outstanding: | |||||||||||||||||||||||||||||
Basic | 1,030 | ||||||||||||||||||||||||||||
Diluted | 1,030 | ||||||||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||||||||
Basic | $ | 2.07 | |||||||||||||||||||||||||||
Diluted | $ | 2.07 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
(In millions, except per unit data) | Limited Partners’ Common Units | Series A Preferred Units | Series B Preferred Units | Total | |||||||||||||||||||
Basic and diluted net income attributable to MPLX LP per unit | |||||||||||||||||||||||
Net income attributable to MPLX LP: | |||||||||||||||||||||||
Distributions declared | $ | 2,158 | $ | 61 | $ | 31 | $ | 2,250 | |||||||||||||||
Undistributed net loss attributable to MPLX LP | (3,661) | — | — | (3,661) | |||||||||||||||||||
Net (loss)/income attributable to MPLX LP(1) | $ | (1,503) | $ | 61 | $ | 31 | $ | (1,411) | |||||||||||||||
Weighted average units outstanding: | |||||||||||||||||||||||
Basic | 1,054 | ||||||||||||||||||||||
Diluted | 1,054 | ||||||||||||||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||||||||||||||
Basic | $ | (1.43) | |||||||||||||||||||||
Diluted | $ | (1.43) |
(In millions) | Redeemable Series A Preferred Units | ||||
Balance at December 31, 2020 | $ | 968 | |||
Net income allocated (1) | 79 | ||||
Distributions received by Series A preferred unitholders | (61) | ||||
Balance at September 30, 2021 | $ | 986 |
(In millions) | Redeemable Preferred Units | ||
Balance at December 31, 2016 | $ | 1,000 | |
Net income | 49 | ||
Distributions received by Preferred unitholders | (49 | ) | |
Balance at September 30, 2017 | $ | 1,000 |
Three Months Ended September 30, 2017 | |||||||||||
(In millions) | L&S | G&P | Total | ||||||||
Revenues and other income: | |||||||||||
Segment revenues | $ | 378 | $ | 669 | $ | 1,047 | |||||
Segment other income | 11 | 1 | 12 | ||||||||
Total segment revenues and other income | 389 | 670 | 1,059 | ||||||||
Costs and expenses: | |||||||||||
Segment cost of revenues | 176 | 276 | 452 | ||||||||
Segment operating income before portion attributable to noncontrolling interests and Predecessor | 213 | 394 | 607 | ||||||||
Segment portion attributable to noncontrolling interests and Predecessor | — | 45 | 45 | ||||||||
Segment operating income attributable to MPLX LP | $ | 213 | $ | 349 | $ | 562 |
Three Months Ended September 30, 2016 | |||||||||||
(In millions) | L&S | G&P | Total | ||||||||
Revenues and other income: | |||||||||||
Segment revenues | $ | 339 | $ | 567 | $ | 906 | |||||
Segment other income | 12 | 1 | 13 | ||||||||
Total segment revenues and other income | 351 | 568 | 919 | ||||||||
Costs and expenses: | |||||||||||
Segment cost of revenues | 153 | 239 | 392 | ||||||||
Segment operating income before portion attributable to noncontrolling interests and Predecessor | 198 | 329 | 527 | ||||||||
Segment portion attributable to noncontrolling interests and Predecessor | 74 | 36 | 110 | ||||||||
Segment operating income attributable to MPLX LP | $ | 124 | $ | 293 | $ | 417 |
Nine Months Ended September 30, 2017 | |||||||||||
(In millions) | L&S | G&P | Total | ||||||||
Revenues and other income: | |||||||||||
Segment revenues | $ | 1,095 | $ | 1,869 | $ | 2,964 | |||||
Segment other income | 35 | 2 | 37 | ||||||||
Total segment revenues and other income | 1,130 | 1,871 | 3,001 | ||||||||
Costs and expenses: | |||||||||||
Segment cost of revenues | 500 | 781 | 1,281 | ||||||||
Segment operating income before portion attributable to noncontrolling interests and Predecessor | 630 | 1,090 | 1,720 | ||||||||
Segment portion attributable to noncontrolling interests and Predecessor | 53 | 119 | 172 | ||||||||
Segment operating income attributable to MPLX LP | $ | 577 | $ | 971 | $ | 1,548 |
Nine Months Ended September 30, 2016 | |||||||||||
(In millions) | L&S | G&P | Total | ||||||||
Revenues and other income: | |||||||||||
Segment revenues | $ | 901 | $ | 1,595 | $ | 2,496 | |||||
Segment other income | 42 | 1 | 43 | ||||||||
Total segment revenues and other income | 943 | 1,596 | 2,539 | ||||||||
Costs and expenses: | |||||||||||
Segment cost of revenues | 392 | 662 | 1,054 | ||||||||
Segment operating income before portion attributable to noncontrolling interests and Predecessor | 551 | 934 | 1,485 | ||||||||
Segment portion attributable to noncontrolling interests and Predecessor | 216 | 113 | 329 | ||||||||
Segment operating income attributable to MPLX LP | $ | 335 | $ | 821 | $ | 1,156 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Reconciliation to Income from operations: | |||||||||||||||
L&S segment operating income attributable to MPLX LP | $ | 213 | $ | 124 | $ | 577 | $ | 335 | |||||||
G&P segment operating income attributable to MPLX LP | 349 | 293 | 971 | 821 | |||||||||||
Segment operating income attributable to MPLX LP | 562 | 417 | 1,548 | 1,156 | |||||||||||
Segment portion attributable to unconsolidated affiliates | (47 | ) | (41 | ) | (125 | ) | (130 | ) | |||||||
Segment portion attributable to Predecessor | — | 74 | 53 | 216 | |||||||||||
Income (loss) from equity method investments | 23 | 6 | 29 | (72 | ) | ||||||||||
Other income - related parties | 13 | 11 | 38 | 29 | |||||||||||
Unrealized derivative (losses) gains(1) | (17 | ) | (2 | ) | 2 | (23 | ) | ||||||||
Depreciation and amortization | (164 | ) | (151 | ) | (515 | ) | (438 | ) | |||||||
Impairment expense | — | — | — | (130 | ) | ||||||||||
General and administrative expenses | (59 | ) | (56 | ) | (174 | ) | (172 | ) | |||||||
Income from operations | $ | 311 | $ | 258 | $ | 856 | $ | 436 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Reconciliation to Total revenues and other income: | |||||||||||||||
Total segment revenues and other income | $ | 1,059 | $ | 919 | $ | 3,001 | $ | 2,539 | |||||||
Revenue adjustment from unconsolidated affiliates | (107 | ) | (100 | ) | (287 | ) | (303 | ) | |||||||
Income (loss) from equity method investments | 23 | 6 | 29 | (72 | ) | ||||||||||
Other income - related parties | 13 | 11 | 38 | 29 | |||||||||||
Unrealized derivative (losses) gains related to product sales(1) | (8 | ) | 2 | 1 | (12 | ) | |||||||||
Total revenues and other income | $ | 980 | $ | 838 | $ | 2,782 | $ | 2,181 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Reconciliation to Net income attributable to noncontrolling interests and Predecessor: | |||||||||||||||
Segment portion attributable to noncontrolling interests and Predecessor | $ | 45 | $ | 110 | $ | 172 | $ | 329 | |||||||
Portion of noncontrolling interests and Predecessor related to items below segment income from operations | (21 | ) | (39 | ) | (84 | ) | (157 | ) | |||||||
Portion of operating income attributable to noncontrolling interests of unconsolidated affiliates | (23 | ) | (18 | ) | (49 | ) | (20 | ) | |||||||
Net income attributable to noncontrolling interests and Predecessor | $ | 1 | $ | 53 | $ | 39 | $ | 152 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
L&S segment capital expenditures | $ | 120 | $ | 188 | $ | 353 | $ | 369 | |||||||
G&P segment capital expenditures | 333 | 183 | 957 | 668 | |||||||||||
Total segment capital expenditures | 453 | 371 | 1,310 | 1,037 | |||||||||||
Less: Capital expenditures for Partnership-operated, non-wholly-owned subsidiaries in G&P segment | 101 | 34 | 306 | 94 | |||||||||||
Total capital expenditures | $ | 352 | $ | 337 | $ | 1,004 | $ | 943 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
Cash and cash equivalents | $ | 3 | $ | 234 | |||
L&S | 4,520 | 2,978 | |||||
G&P | 14,715 | 14,297 | |||||
Total assets | $ | 19,238 | $ | 17,509 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
NGLs | $ | 3 | $ | 2 | |||
Line fill | 9 | 9 | |||||
Spare parts, materials and supplies | 52 | 44 | |||||
Total inventories | $ | 64 | $ | 55 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
Natural gas gathering and NGL transportation pipelines and facilities | $ | 5,101 | $ | 4,748 | |||
Processing, fractionation and storage facilities(1) | 3,753 | 3,547 | |||||
Pipelines and related assets | 2,181 | 1,799 | |||||
Barges and towing vessels | 484 | 479 | |||||
Terminals and related assets(1) | 794 | 759 | |||||
Land, building, office equipment and other | 755 | 757 | |||||
Construction-in-progress | 986 | 1,013 | |||||
Total | 14,054 | 13,102 | |||||
Less accumulated depreciation | 2,132 | 1,694 | |||||
Property, plant and equipment, net | $ | 11,922 | $ | 11,408 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||
Significant other observable inputs (Level 2) | |||||||||||||||
Commodity contracts | $ | — | $ | — | $ | — | $ | — | |||||||
Significant unobservable inputs (Level 3) | |||||||||||||||
Commodity contracts | — | (5 | ) | — | (6 | ) | |||||||||
Embedded derivatives in commodity contracts | — | (52 | ) | — | (54 | ) | |||||||||
Total carrying value in Consolidated Balance Sheets | $ | — | $ | (57 | ) | $ | — | $ | (60 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
L&S | |||||||||||||||||||||||
Service revenue | $ | 983 | $ | 989 | $ | 2,928 | $ | 2,924 | |||||||||||||||
Rental income | 172 | 249 | 597 | 737 | |||||||||||||||||||
Product related revenue | 3 | 9 | 11 | 49 | |||||||||||||||||||
Sales-type lease revenue - related parties | 132 | 38 | 305 | 114 | |||||||||||||||||||
Income from equity method investments | 41 | 36 | 112 | 126 | |||||||||||||||||||
Other income | 15 | 13 | 46 | 40 | |||||||||||||||||||
Total segment revenues and other income(1) | 1,346 | 1,334 | 3,999 | 3,990 | |||||||||||||||||||
Segment Adjusted EBITDA(2) | 904 | 893 | 2,747 | 2,604 | |||||||||||||||||||
Restructuring expenses | — | 27 | — | 27 | |||||||||||||||||||
Capital expenditures | 85 | 118 | 220 | 410 | |||||||||||||||||||
Investments in unconsolidated affiliates | 9 | 4 | 31 | 132 | |||||||||||||||||||
G&P | |||||||||||||||||||||||
Service revenue | 519 | 524 | 1,520 | 1,549 | |||||||||||||||||||
Rental income | 80 | 94 | 263 | 271 | |||||||||||||||||||
Product related revenue | 553 | 234 | 1,357 | 607 | |||||||||||||||||||
Income/(loss) from equity method investments | 51 | 47 | 116 | (1,138) | |||||||||||||||||||
Other income | 10 | 14 | 38 | 41 | |||||||||||||||||||
Total segment revenues and other income(1) | 1,213 | 913 | 3,294 | 1,330 | |||||||||||||||||||
Segment Adjusted EBITDA(2) | 485 | 442 | 1,368 | 1,252 | |||||||||||||||||||
Restructuring expenses | — | 9 | — | 9 | |||||||||||||||||||
Capital expenditures | 69 | 131 | 135 | 375 | |||||||||||||||||||
Investments in unconsolidated affiliates | $ | 23 | $ | 18 | $ | 85 | $ | 112 |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
Segment assets | |||||||||||
Cash and cash equivalents | $ | 39 | $ | 15 | |||||||
L&S | 20,729 | 20,938 | |||||||||
G&P | 14,931 | 15,461 | |||||||||
Total assets | $ | 35,699 | $ | 36,414 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||
(In millions) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | |||||||||||
Fair value at beginning of period | $ | 2 | $ | (43 | ) | $ | (6 | ) | $ | (54 | ) | ||||
Total losses (realized and unrealized) included in earnings(1) | (10 | ) | (12 | ) | (3 | ) | (4 | ) | |||||||
Settlements | 3 | 3 | 4 | 6 | |||||||||||
Fair value at end of period | $ | (5 | ) | $ | (52 | ) | $ | (5 | ) | $ | (52 | ) | |||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to liabilities still held at end of period | $ | (7 | ) | $ | (10 | ) | $ | (4 | ) | $ | (4 | ) |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||
(In millions) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | |||||||||||
Fair value at beginning of period | $ | (4 | ) | $ | (40 | ) | $ | 7 | $ | (32 | ) | ||||
Total gains (losses) (realized and unrealized) included in earnings(1) | 2 | (6 | ) | (5 | ) | (17 | ) | ||||||||
Settlements | (1 | ) | 2 | (6 | ) | 5 | |||||||||
Netting adjustment(2) | — | — | 1 | — | |||||||||||
Fair value at end of period | $ | (3 | ) | $ | (44 | ) | $ | (3 | ) | $ | (44 | ) | |||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to liabilities still held at end of period | $ | — | $ | (4 | ) | $ | (4 | ) | $ | (15 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Reconciliation to Net income/(loss): | |||||||||||||||||||||||
L&S Segment Adjusted EBITDA | $ | 904 | $ | 893 | $ | 2,747 | $ | 2,604 | |||||||||||||||
G&P Segment Adjusted EBITDA | 485 | 442 | 1,368 | 1,252 | |||||||||||||||||||
Total reportable segments | 1,389 | 1,335 | 4,115 | 3,856 | |||||||||||||||||||
Depreciation and amortization(1) | (324) | (346) | (971) | (992) | |||||||||||||||||||
Provision for income taxes | — | (1) | (1) | (1) | |||||||||||||||||||
Amortization of deferred financing costs | (18) | (15) | (53) | (44) | |||||||||||||||||||
Non-cash equity-based compensation | (1) | (4) | (6) | (12) | |||||||||||||||||||
Impairment expense | — | — | (42) | (2,165) | |||||||||||||||||||
Net interest and other financial costs | (200) | (223) | (618) | (647) | |||||||||||||||||||
Gain on extinguishment of debt | (2) | 14 | 10 | 14 | |||||||||||||||||||
Income/(loss) from equity method investments | 92 | 83 | 228 | (1,012) | |||||||||||||||||||
Distributions/adjustments related to equity method investments | (129) | (130) | (371) | (369) | |||||||||||||||||||
Unrealized derivative losses(2) | (2) | (10) | (41) | (1) | |||||||||||||||||||
Restructuring expenses | — | (36) | — | (36) | |||||||||||||||||||
Other | (3) | (3) | (5) | (5) | |||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | 9 | 10 | 29 | 27 | |||||||||||||||||||
Net income/(loss) | $ | 811 | $ | 674 | $ | 2,274 | $ | (1,387) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
(In millions) | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||
Long-term debt | $ | 7,619 | $ | 6,869 | $ | 4,953 | $ | 4,422 | |||||||
SMR liability | 106 | 92 | 108 | 96 |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
NGLs | $ | 10 | $ | 5 | |||||||
Line fill | 24 | 13 | |||||||||
Spare parts, materials and supplies | 107 | 100 | |||||||||
Total inventories | $ | 141 | $ | 118 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | Gross PP&E | Accumulated Depreciation | Net PP&E | Gross PP&E | Accumulated Depreciation | Net PP&E | |||||||||||||||||||||||||||||||||||
L&S | $ | 12,296 | $ | 3,108 | $ | 9,188 | $ | 12,813 | $ | 2,997 | $ | 9,816 | |||||||||||||||||||||||||||||
G&P | 14,115 | 3,145 | 10,970 | 14,062 | 2,660 | 11,402 | |||||||||||||||||||||||||||||||||||
Total | $ | 26,411 | $ | 6,253 | $ | 20,158 | $ | 26,875 | $ | 5,657 | $ | 21,218 |
(In millions) | L&S | G&P | Total | ||||||||||||||
Gross goodwill as of December 31, 2019 | $ | 7,722 | $ | 3,141 | $ | 10,863 | |||||||||||
Accumulated impairment losses | — | (1,327) | (1,327) | ||||||||||||||
Balance as of December 31, 2019 | 7,722 | 1,814 | 9,536 | ||||||||||||||
Impairment losses | — | (1,814) | (1,814) | ||||||||||||||
Wholesale Exchange (Note 3) | (65) | — | (65) | ||||||||||||||
Balance as of December 31, 2020 | 7,657 | — | 7,657 | ||||||||||||||
Balance as of September 30, 2021 | 7,657 | — | 7,657 | ||||||||||||||
Gross goodwill as of September 30, 2021 | 7,657 | 3,141 | 10,798 | ||||||||||||||
Accumulated impairment losses | — | (3,141) | (3,141) | ||||||||||||||
Balance as of September 30, 2021 | $ | 7,657 | $ | — | $ | 7,657 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
Significant unobservable inputs (Level 3) | |||||||||||||||||||||||
Embedded derivatives in commodity contracts | $ | — | $ | (104) | $ | — | $ | (63) | |||||||||||||||
Total carrying value on Consolidated Balance Sheets | $ | — | $ | (104) | $ | — | $ | (63) |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
(In millions) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | |||||||||||||||||||||||||||||||
Fair value at beginning of period | $ | — | $ | (102) | $ | — | $ | (51) | |||||||||||||||||||||||||||
Total losses (realized and unrealized) included in earnings(1) | — | (7) | — | (12) | |||||||||||||||||||||||||||||||
Settlements | — | 5 | — | 2 | |||||||||||||||||||||||||||||||
Fair value at end of period | — | (104) | — | (61) | |||||||||||||||||||||||||||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to liabilities still held at end of period | $ | — | $ | (6) | $ | — | $ | (11) |
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||
(In millions) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | Commodity Derivative Contracts (net) | Embedded Derivatives in Commodity Contracts (net) | |||||||||||||||||||
Fair value at beginning of period | $ | — | $ | (63) | $ | — | $ | (60) | |||||||||||||||
Total losses (realized and unrealized) included in earnings(1) | — | (52) | — | (5) | |||||||||||||||||||
Settlements | — | 11 | — | 4 | |||||||||||||||||||
Fair value at end of period | — | (104) | — | (61) | |||||||||||||||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to liabilities still held at end of period | $ | — | $ | (44) | $ | — | $ | (2) |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In millions) | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Outstanding debt(1) | $ | 20,553 | $ | 18,350 | $ | 22,951 | $ | 20,244 |
(In millions) | September 30, 2017 | December 31, 2016 | ||||||||||||||
Derivative contracts not designated as hedging instruments and their balance sheet location | Asset | Liability | Asset | Liability | ||||||||||||
Commodity contracts(1) | ||||||||||||||||
Other current assets / other current liabilities | $ | — | $ | (15 | ) | $ | — | $ | (13 | ) | ||||||
Other noncurrent assets / deferred credits and other liabilities | — | (42 | ) | — | (47 | ) | ||||||||||
Total | $ | — | $ | (57 | ) | $ | — | $ | (60 | ) |
September 30, 2017 | |||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||
(In millions) | Gross Amount | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount of Assets in the Consolidated Balance Sheets | Gross Amount | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount of Liabilities in the Consolidated Balance Sheets | |||||||||||||||||
Current | |||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | — | $ | (5 | ) | $ | — | $ | (5 | ) | |||||||||
Embedded derivatives in commodity contracts | — | — | — | (10 | ) | — | (10 | ) | |||||||||||||||
Total current derivative instruments | — | — | — | (15 | ) | — | (15 | ) | |||||||||||||||
Non-current | |||||||||||||||||||||||
Commodity contracts | — | — | — | — | — | — | |||||||||||||||||
Embedded derivatives in commodity contracts | — | — | — | (42 | ) | — | (42 | ) | |||||||||||||||
Total non-current derivative instruments | — | — | — | (42 | ) | — | (42 | ) | |||||||||||||||
Total derivative instruments | $ | — | $ | — | $ | — | $ | (57 | ) | $ | — | $ | (57 | ) |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Derivative contracts not designated as hedging instruments and their balance sheet location | Asset | Liability | Asset | Liability | |||||||||||||||||||
Commodity contracts(1) | |||||||||||||||||||||||
Other current assets / Other current liabilities | $ | — | $ | (15) | $ | — | $ | (7) | |||||||||||||||
Other noncurrent assets / Deferred credits and other liabilities | — | (89) | — | (56) | |||||||||||||||||||
Total | $ | — | $ | (104) | $ | — | $ | (63) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Purchased product costs | |||||||||||||||||||||||
Realized loss | $ | (5) | $ | (2) | $ | (11) | $ | (4) | |||||||||||||||
Unrealized loss | (2) | (10) | (41) | (1) | |||||||||||||||||||
Purchased product costs derivative loss | (7) | (12) | (52) | (5) | |||||||||||||||||||
Total derivative loss | $ | (7) | $ | (12) | $ | (52) | $ | (5) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Product sales | |||||||||||||||
Realized (loss) gain | $ | (2 | ) | $ | — | $ | (3 | ) | $ | 6 | |||||
Unrealized (loss) gain | (8 | ) | 2 | 1 | (12 | ) | |||||||||
Total derivative (loss) gain related to product sales | (10 | ) | 2 | (2 | ) | (6 | ) | ||||||||
Purchased product costs | |||||||||||||||
Realized loss(1) | (2 | ) | (1 | ) | (6 | ) | (4 | ) | |||||||
Unrealized (loss) gain | (9 | ) | (3 | ) | 1 | (12 | ) | ||||||||
Total derivative loss related to purchased product costs | (11 | ) | (4 | ) | (5 | ) | (16 | ) | |||||||
Cost of revenues | |||||||||||||||
Realized loss(1) | — | — | — | (2 | ) | ||||||||||
Unrealized (loss) gain | — | (1 | ) | — | 1 | ||||||||||
Total derivative loss related to cost of revenues | — | (1 | ) | — | (1 | ) | |||||||||
Total derivative losses | $ | (21 | ) | $ | (3 | ) | $ | (7 | ) | $ | (23 | ) |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
MPLX LP: | |||||||||||
Bank revolving credit facility | $ | — | $ | 175 | |||||||
Floating rate senior notes | — | 1,000 | |||||||||
Fixed rate senior notes | 18,532 | 19,240 | |||||||||
Consolidated subsidiaries: | |||||||||||
MarkWest | 23 | 23 | |||||||||
ANDX | 45 | 87 | |||||||||
Financing lease obligations | 9 | 11 | |||||||||
Total | 18,609 | 20,536 | |||||||||
Unamortized debt issuance costs | (105) | (116) | |||||||||
Unamortized discount/premium | (250) | (281) | |||||||||
Amounts due within one year | (1) | (764) | |||||||||
Total long-term debt due after one year | $ | 18,253 | $ | 19,375 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
MPLX LP: | |||||||
Bank revolving credit facility due 2022 | $ | 420 | $ | — | |||
Term loan facility due 2019 | — | 250 | |||||
5.500% senior notes due February 2023 | 710 | 710 | |||||
4.500% senior notes due July 2023 | 989 | 989 | |||||
4.875% senior notes due December 2024 | 1,149 | 1,149 | |||||
4.000% senior notes due February 2025 | 500 | 500 | |||||
4.875% senior notes due June 2025 | 1,189 | 1,189 | |||||
4.125% senior notes due March 2027 | 1,250 | — | |||||
5.200% senior notes due March 2047 | 1,000 | — | |||||
Consolidated subsidiaries: | |||||||
MarkWest - 4.500% - 5.500% senior notes, due 2023-2025 | 63 | 63 | |||||
MPL - capital lease obligations due 2020 | 7 | 8 | |||||
Total | 7,277 | 4,858 | |||||
Unamortized debt issuance costs | (27 | ) | (7 | ) | |||
Unamortized discount | (401 | ) | (428 | ) | |||
Amounts due within one year | (1 | ) | (1 | ) | |||
Total long-term debt due after one year | $ | 6,848 | $ | 4,422 |
Three Months Ended September 30, 2021 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 87 | $ | 513 | $ | 600 | |||||||||||
Service revenue - related parties | 896 | 6 | 902 | ||||||||||||||
Service revenue - product related | — | 82 | 82 | ||||||||||||||
Product sales | 1 | 447 | 448 | ||||||||||||||
Product sales - related parties | 2 | 24 | 26 | ||||||||||||||
Total revenues from contracts with customers | $ | 986 | $ | 1,072 | 2,058 | ||||||||||||
Non-ASC 606 revenue(1) | 501 | ||||||||||||||||
Total revenues and other income | $ | 2,559 |
Three Months Ended September 30, 2020 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 87 | $ | 517 | $ | 604 | |||||||||||
Service revenue - related parties | 902 | 7 | 909 | ||||||||||||||
Service revenue - product related | — | 41 | 41 | ||||||||||||||
Product sales | 7 | 158 | 165 | ||||||||||||||
Product sales - related parties | 2 | 35 | 37 | ||||||||||||||
Total revenues from contracts with customers | $ | 998 | $ | 758 | 1,756 | ||||||||||||
Non-ASC 606 revenue(1) | 491 | ||||||||||||||||
Total revenues and other income | $ | 2,247 |
Nine Months Ended September 30, 2021 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 262 | $ | 1,505 | $ | 1,767 | |||||||||||
Service revenue - related parties | 2,666 | 15 | 2,681 | ||||||||||||||
Service revenue - product related | — | 235 | 235 | ||||||||||||||
Product sales | 3 | 1,031 | 1,034 | ||||||||||||||
Product sales - related parties | 8 | 91 | 99 | ||||||||||||||
Total revenues from contracts with customers | $ | 2,939 | $ | 2,877 | 5,816 | ||||||||||||
Non-ASC 606 revenue(1) | 1,477 | ||||||||||||||||
Total revenues and other income | $ | 7,293 |
Nine Months Ended September 30, 2020 | |||||||||||||||||
(In millions) | L&S | G&P | Total | ||||||||||||||
Revenues and other income: | |||||||||||||||||
Service revenue | $ | 248 | $ | 1,531 | $ | 1,779 | |||||||||||
Service revenue - related parties | 2,676 | 18 | 2,694 | ||||||||||||||
Service revenue - product related | — | 102 | 102 | ||||||||||||||
Product sales | 39 | 415 | 454 | ||||||||||||||
Product sales - related parties | 10 | 90 | 100 | ||||||||||||||
Total revenues from contracts with customers | $ | 2,973 | $ | 2,156 | 5,129 | ||||||||||||
Non-ASC 606 loss(1) | 191 | ||||||||||||||||
Total revenues and other income | $ | 5,320 |
(In millions) | Balance at December 31, 2020(1) | Additions/ (Deletions) | Revenue Recognized(2) | Balance at September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Contract assets | $ | 40 | $ | (21) | $ | 1 | $ | 20 | |||||||||||||||||||||||||||||||||
Long-term contract assets | 2 | — | — | 2 | |||||||||||||||||||||||||||||||||||||
Deferred revenue | 37 | 40 | (27) | 50 | |||||||||||||||||||||||||||||||||||||
Deferred revenue - related parties | 91 | 59 | (77) | 73 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue | 119 | 11 | — | 130 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue - related parties | 48 | (12) | — | 36 | |||||||||||||||||||||||||||||||||||||
Long-term contract liability | $ | 6 | $ | — | $ | — | $ | 6 |
(In millions) | Balance at December 31, 2019(1) | Additions/ (Deletions) | Revenue Recognized(2) | Balance at September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Contract assets | $ | 39 | $ | (9) | $ | (1) | $ | 29 | |||||||||||||||||||||||||||||||||
Deferred revenue | 23 | 16 | (6) | 33 | |||||||||||||||||||||||||||||||||||||
Deferred revenue - related parties | 53 | 77 | (60) | 70 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue | 90 | 25 | — | 115 | |||||||||||||||||||||||||||||||||||||
Long-term deferred revenue - related parties | $ | 55 | $ | (7) | $ | — | $ | 48 | |||||||||||||||||||||||||||||||||
(In millions) | |||||
2021 | $ | 476 | |||
2022 | 1,795 | ||||
2023 | 1,656 | ||||
2024 | 1,524 | ||||
2025 and thereafter | 4,484 | ||||
Total revenue on remaining performance obligations(1),(2),(3) | $ | 9,935 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Net cash provided by operating activities included: | |||||||||||
Interest paid (net of amounts capitalized) | $ | 627 | $ | 631 | |||||||
Income taxes paid | 2 | 1 | |||||||||
Non-cash investing and financing activities: | |||||||||||
Net transfers of property, plant and equipment (to)/from materials and supplies inventories | 1 | (1) | |||||||||
Fair value of common units redeemed for Wholesale Exchange | $ | — | $ | 340 | |||||||
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Net cash provided by operating activities included: | |||||||
Interest paid (net of amounts capitalized) | $ | 207 | $ | 158 | |||
Non-cash investing and financing activities: | |||||||
Net transfers of property, plant and equipment from materials and supplies inventories | $ | 6 | $ | (4 | ) | ||
Contribution of fixed assets to joint venture(1) | 337 | — |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Decrease in capital accruals | $ | (19) | $ | (197) | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||
(In millions) | Related Party | Third Party | Related Party | Third Party | |||||||||||||||||||
Operating leases: | |||||||||||||||||||||||
Operating lease revenue(1) | $ | 139 | $ | 56 | $ | 208 | $ | 70 | |||||||||||||||
Sales-type leases: | |||||||||||||||||||||||
Profit/(loss) recognized at the commencement date | — | — | — | — | |||||||||||||||||||
Interest income (Sales-type lease revenue- fixed minimum) | 133 | — | 37 | — | |||||||||||||||||||
Interest income (Revenue from variable lease payments) | $ | — | $ | — | $ | 1 | $ | — |
Nine Months Ended September 30, | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||
(In millions) | 2017 | 2016 | (In millions) | Related Party | Third Party | Related Party | Third Party | |||||||||||||||||||||||
Increase in capital accruals | $ | 55 | $ | — | ||||||||||||||||||||||||||
Operating leases: | Operating leases: | |||||||||||||||||||||||||||||
Operating lease revenue(1) | Operating lease revenue(1) | $ | 485 | $ | 192 | $ | 589 | $ | 199 | |||||||||||||||||||||
Sales-type leases: | Sales-type leases: | |||||||||||||||||||||||||||||
Profit/(loss) recognized at the commencement date | Profit/(loss) recognized at the commencement date | — | — | — | — | |||||||||||||||||||||||||
Interest income (Sales-type lease revenue- fixed minimum) | Interest income (Sales-type lease revenue- fixed minimum) | 305 | — | 113 | — | |||||||||||||||||||||||||
Interest income (Revenue from variable lease payments) | Interest income (Revenue from variable lease payments) | $ | — | $ | — | $ | 1 | $ | — |
(In millions) | Related Party | ||||||||||||||||
2021 | $ | 136 | |||||||||||||||
2022 | 543 | ||||||||||||||||
2023 | 544 | ||||||||||||||||
2024 | 538 | ||||||||||||||||
2025 | 525 | ||||||||||||||||
2026 and thereafter | 1,018 | ||||||||||||||||
Total minimum future rentals | 3,304 | ||||||||||||||||
Less: present value discount | 2,371 | ||||||||||||||||
Lease receivable | $ | 933 |
Number of Units | Weighted Average Fair Value | |||||
Outstanding at December 31, 2016 | 1,173,411 | $ | 33.09 | |||
Granted | 653,721 | 36.36 | ||||
Settled | (288,584 | ) | 33.50 | |||
Forfeited | (113,107 | ) | 34.59 | |||
Outstanding at September 30, 2017 | 1,425,441 | 34.39 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Total revenues and other income | $ | 980 | $ | 838 | $ | 142 | $ | 2,782 | $ | 2,181 | $ | 601 | |||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues (excludes items below) | 129 | 122 | 7 | 381 | 329 | 52 | |||||||||||||||||
Purchased product costs | 170 | 117 | 53 | 441 | 310 | 131 | |||||||||||||||||
Rental cost of sales | 19 | 13 | 6 | 44 | 42 | 2 | |||||||||||||||||
Rental cost of sales - related parties | — | — | — | 1 | 1 | — | |||||||||||||||||
Purchases - related parties | 114 | 109 | 5 | 330 | 286 | 44 | |||||||||||||||||
Depreciation and amortization | 164 | 151 | 13 | 515 | 438 | 77 | |||||||||||||||||
Impairment expense | — | — | — | — | 130 | (130 | ) | ||||||||||||||||
General and administrative expenses | 59 | 56 | 3 | 174 | 172 | 2 | |||||||||||||||||
Other taxes | 14 | 12 | 2 | 40 | 37 | 3 | |||||||||||||||||
Total costs and expenses | 669 | 580 | 89 | 1,926 | 1,745 | 181 | |||||||||||||||||
Income from operations | 311 | 258 | 53 | 856 | 436 | 420 | |||||||||||||||||
Related party interest and other financial costs | 1 | — | 1 | 1 | 1 | — | |||||||||||||||||
Interest expense, net of amounts capitalized | 77 | 51 | 26 | 217 | 158 | 59 | |||||||||||||||||
Other financial costs | 15 | 13 | 2 | 40 | 37 | 3 | |||||||||||||||||
Income before income taxes | 218 | 194 | 24 | 598 | 240 | 358 | |||||||||||||||||
Provision (benefit) for income taxes | 1 | — | 1 | 3 | (12 | ) | 15 | ||||||||||||||||
Net income | 217 | 194 | 23 | 595 | 252 | 343 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 1 | 2 | (1 | ) | 3 | 3 | — | ||||||||||||||||
Less: Net income attributable to Predecessor | — | 51 | (51 | ) | 36 | 149 | (113 | ) | |||||||||||||||
Net income attributable to MPLX LP | $ | 216 | $ | 141 | $ | 75 | $ | 556 | $ | 100 | $ | 456 | |||||||||||
Adjusted EBITDA attributable to MPLX LP(1) | $ | 538 | $ | 375 | $ | 163 | $ | 1,435 | $ | 1,028 | $ | 407 | |||||||||||
DCF(1) | 442 | 301 | 141 | 1,183 | 822 | 361 | |||||||||||||||||
DCF attributable to GP and LP unitholders(1) | 426 | 285 | 141 | 1,134 | 797 | 337 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
Revenues and other income: | |||||||||||||||||||||||||||||||||||
Total revenues and other income(1) | $ | 2,559 | $ | 2,247 | $ | 312 | $ | 7,293 | $ | 5,320 | $ | 1,973 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of revenues (excludes items below) | 298 | 323 | (25) | 864 | 1,006 | (142) | |||||||||||||||||||||||||||||
Purchased product costs | 421 | 152 | 269 | 1,035 | 374 | 661 | |||||||||||||||||||||||||||||
Rental cost of sales | 33 | 33 | — | 97 | 101 | (4) | |||||||||||||||||||||||||||||
Rental cost of sales - related parties | 24 | 32 | (8) | 86 | 119 | (33) | |||||||||||||||||||||||||||||
Purchases - related parties | 307 | 297 | 10 | 902 | 853 | 49 | |||||||||||||||||||||||||||||
Depreciation and amortization | 324 | 346 | (22) | 971 | 992 | (21) | |||||||||||||||||||||||||||||
Impairment expense | — | — | — | 42 | 2,165 | (2,123) | |||||||||||||||||||||||||||||
General and administrative expenses | 94 | 96 | (2) | 267 | 289 | (22) | |||||||||||||||||||||||||||||
Restructuring expenses | — | 36 | (36) | — | 36 | (36) | |||||||||||||||||||||||||||||
Other taxes | 27 | 33 | (6) | 93 | 94 | (1) | |||||||||||||||||||||||||||||
Total costs and expenses | 1,528 | 1,348 | 180 | 4,357 | 6,029 | (1,672) | |||||||||||||||||||||||||||||
Income/(loss) from operations | 1,031 | 899 | 132 | 2,936 | (709) | 3,645 | |||||||||||||||||||||||||||||
Related party interest and other financial costs | 2 | — | 2 | 4 | 4 | — | |||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | 197 | 207 | (10) | 590 | 624 | (34) | |||||||||||||||||||||||||||||
Other financial costs | 21 | 17 | 4 | 67 | 49 | 18 | |||||||||||||||||||||||||||||
Income/(loss) before income taxes | 811 | 675 | 136 | 2,275 | (1,386) | 3,661 | |||||||||||||||||||||||||||||
Provision for income taxes | — | 1 | (1) | 1 | 1 | — | |||||||||||||||||||||||||||||
Net income/(loss) | 811 | 674 | 137 | 2,274 | (1,387) | 3,661 | |||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 9 | 9 | — | 27 | 24 | 3 | |||||||||||||||||||||||||||||
Net income/(loss) attributable to MPLX LP | 802 | 665 | 137 | 2,247 | (1,411) | 3,658 | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP(2) | 1,389 | 1,335 | 54 | 4,115 | 3,856 | 259 | |||||||||||||||||||||||||||||
DCF attributable to GP and LP unitholders(2) | $ | 1,143 | $ | 1,032 | $ | 111 | $ | 3,468 | $ | 3,075 | $ | 393 | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net income: | |||||||||||||||||||||||
Net income | $ | 217 | $ | 194 | $ | 23 | $ | 595 | $ | 252 | $ | 343 | |||||||||||
Depreciation and amortization | 164 | 151 | 13 | 515 | 438 | 77 | |||||||||||||||||
Provision (benefit) for income taxes | 1 | — | 1 | 3 | (12 | ) | 15 | ||||||||||||||||
Amortization of deferred financing costs | 13 | 11 | 2 | 38 | 34 | 4 | |||||||||||||||||
Non-cash equity-based compensation | 4 | 3 | 1 | 10 | 9 | 1 | |||||||||||||||||
Impairment expense | — | — | — | — | 130 | (130 | ) | ||||||||||||||||
Net interest and other financial costs | 80 | 53 | 27 | 220 | 162 | 58 | |||||||||||||||||
(Income) loss from equity method investments | (23 | ) | (6 | ) | (17 | ) | (29 | ) | 72 | (101 | ) | ||||||||||||
Distributions from unconsolidated subsidiaries | 70 | 33 | 37 | 136 | 111 | 25 | |||||||||||||||||
Distributions of cash received from Joint-Interest Acquisition entities to MPC | (13 | ) | — | (13 | ) | (13 | ) | — | (13 | ) | |||||||||||||
Other adjustments to equity method investment distributions | 8 | — | 8 | 8 | — | 8 | |||||||||||||||||
Unrealized derivative losses (gains)(1) | 17 | 2 | 15 | (2 | ) | 23 | (25 | ) | |||||||||||||||
Acquisition costs | 2 | — | 2 | 6 | (1 | ) | 7 | ||||||||||||||||
Adjusted EBITDA | 540 | 441 | 99 | 1,487 | 1,218 | 269 | |||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (2 | ) | (2 | ) | — | (5 | ) | (3 | ) | (2 | ) | ||||||||||||
Adjusted EBITDA attributable to Predecessor(2) | — | (64 | ) | 64 | (47 | ) | (187 | ) | 140 | ||||||||||||||
Adjusted EBITDA attributable to MPLX LP | 538 | 375 | 163 | 1,435 | 1,028 | 407 | |||||||||||||||||
Deferred revenue impacts | 8 | 1 | 7 | 25 | 8 | 17 | |||||||||||||||||
Net interest and other financial costs | (80 | ) | (53 | ) | (27 | ) | (220 | ) | (162 | ) | (58 | ) | |||||||||||
Maintenance capital expenditures | (24 | ) | (25 | ) | 1 | (59 | ) | (58 | ) | (1 | ) | ||||||||||||
Other | — | (2 | ) | 2 | — | (2 | ) | 2 | |||||||||||||||
Portion of DCF adjustments attributable to Predecessor(2) | — | 5 | (5 | ) | 2 | 8 | (6 | ) | |||||||||||||||
DCF | 442 | 301 | 141 | 1,183 | 822 | 361 | |||||||||||||||||
Preferred unit distributions | (16 | ) | (16 | ) | — | (49 | ) | (25 | ) | (24 | ) | ||||||||||||
DCF attributable to GP and LP unitholders | $ | 426 | $ | 285 | $ | 141 | $ | 1,134 | $ | 797 | $ | 337 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net income: | |||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 811 | $ | 674 | $ | 137 | $ | 2,274 | $ | (1,387) | $ | 3,661 | |||||||||||||||||||||||
Provision for income taxes | — | 1 | (1) | 1 | 1 | — | |||||||||||||||||||||||||||||
Amortization of deferred financing costs | 18 | 15 | 3 | 53 | 44 | 9 | |||||||||||||||||||||||||||||
Loss/(Gain) on extinguishment of debt | 2 | (14) | 16 | (10) | (14) | 4 | |||||||||||||||||||||||||||||
Net interest and other financial costs | 200 | 223 | (23) | 618 | 647 | (29) | |||||||||||||||||||||||||||||
Income/(loss) from operations | 1,031 | 899 | 132 | 2,936 | (709) | 3,645 | |||||||||||||||||||||||||||||
Depreciation and amortization | 324 | 346 | (22) | 971 | 992 | (21) | |||||||||||||||||||||||||||||
Non-cash equity-based compensation | 1 | 4 | (3) | 6 | 12 | (6) | |||||||||||||||||||||||||||||
Impairment expense | — | — | — | 42 | 2,165 | (2,123) | |||||||||||||||||||||||||||||
(Income)/loss from equity method investments | (92) | (83) | (9) | (228) | 1,012 | (1,240) | |||||||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 129 | 130 | (1) | 371 | 369 | 2 | |||||||||||||||||||||||||||||
Unrealized derivative losses(1) | 2 | 10 | (8) | 41 | 1 | 40 | |||||||||||||||||||||||||||||
Restructuring expenses | — | 36 | (36) | — | 36 | (36) | |||||||||||||||||||||||||||||
Other | 3 | 3 | — | 5 | 5 | — | |||||||||||||||||||||||||||||
Adjusted EBITDA | 1,398 | 1,345 | 53 | 4,144 | 3,883 | 261 | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (9) | (10) | 1 | (29) | (27) | (2) | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP | 1,389 | 1,335 | 54 | 4,115 | 3,856 | 259 | |||||||||||||||||||||||||||||
Deferred revenue impacts | 14 | 29 | (15) | 76 | 92 | (16) | |||||||||||||||||||||||||||||
Sales-type lease payments, net of income (2) | 14 | — | 14 | 68 | — | 68 | |||||||||||||||||||||||||||||
Net interest and other financial costs | (200) | (223) | 23 | (618) | (647) | 29 | |||||||||||||||||||||||||||||
Maintenance capital expenditures | (35) | (41) | 6 | (81) | (108) | 27 | |||||||||||||||||||||||||||||
Maintenance capital expenditures reimbursements | 14 | 11 | 3 | 31 | 31 | — | |||||||||||||||||||||||||||||
Equity method investment capital expenditures paid out | (1) | (5) | 4 | (4) | (16) | 12 | |||||||||||||||||||||||||||||
Restructuring expenses | — | (36) | 36 | — | (36) | 36 | |||||||||||||||||||||||||||||
Other | (4) | (3) | (1) | (9) | — | (9) | |||||||||||||||||||||||||||||
DCF | 1,191 | 1,067 | 124 | 3,578 | 3,172 | 406 | |||||||||||||||||||||||||||||
Preferred unit distributions | (48) | (35) | (13) | (110) | (97) | (13) | |||||||||||||||||||||||||||||
DCF attributable to GP and LP unitholders | $ | 1,143 | $ | 1,032 | $ | 111 | $ | 3,468 | $ | 3,075 | $ | 393 | |||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | (In millions) | 2021 | 2020 | Variance | |||||||||||||||||||||
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net cash provided by operating activities: | Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to GP and LP unitholders from Net cash provided by operating activities: | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,338 | $ | 975 | $ | 363 | Net cash provided by operating activities | $ | 3,671 | $ | 3,336 | $ | 335 | |||||||||||||||
Changes in working capital items | (41 | ) | 59 | (100 | ) | Changes in working capital items | (184) | (154) | (30) | |||||||||||||||||||
All other, net | (43 | ) | (18 | ) | (25 | ) | All other, net | (11) | (6) | (5) | ||||||||||||||||||
Non-cash equity-based compensation | 10 | 9 | 1 | Non-cash equity-based compensation | 6 | 12 | (6) | |||||||||||||||||||||
Net gain on disposal of assets | 1 | 1 | — | |||||||||||||||||||||||||
Net loss on disposal of assets | Net loss on disposal of assets | (4) | (1) | (3) | ||||||||||||||||||||||||
Gain on extinguishment of debt | Gain on extinguishment of debt | (10) | (14) | 4 | ||||||||||||||||||||||||
Net interest and other financial costs | 220 | 162 | 58 | Net interest and other financial costs | 618 | 647 | (29) | |||||||||||||||||||||
Current income taxes | 1 | 4 | (3 | ) | Current income taxes | 2 | 2 | — | ||||||||||||||||||||
Asset retirement expenditures | 2 | 4 | (2 | ) | ||||||||||||||||||||||||
Unrealized derivative (gains) losses(1) | (2 | ) | 23 | (25 | ) | |||||||||||||||||||||||
Acquisition costs | 6 | (1 | ) | 7 | ||||||||||||||||||||||||
Distributions of cash received from Joint-Interest Acquisition entities to MPC | (13 | ) | — | (13 | ) | |||||||||||||||||||||||
Unrealized derivative losses(1) | Unrealized derivative losses(1) | 41 | 1 | 40 | ||||||||||||||||||||||||
Restructuring expenses | Restructuring expenses | — | 36 | (36) | ||||||||||||||||||||||||
Other adjustments to equity method investment distributions | 8 | — | 8 | Other adjustments to equity method investment distributions | 10 | 19 | (9) | |||||||||||||||||||||
Other | Other | 5 | 5 | — | ||||||||||||||||||||||||
Adjusted EBITDA | 1,487 | 1,218 | 269 | Adjusted EBITDA | 4,144 | 3,883 | 261 | |||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (5 | ) | (3 | ) | (2 | ) | Adjusted EBITDA attributable to noncontrolling interests | (29) | (27) | (2) | ||||||||||||||||||
Adjusted EBITDA attributable to Predecessor(2) | (47 | ) | (187 | ) | 140 | |||||||||||||||||||||||
Adjusted EBITDA attributable to MPLX LP | 1,435 | 1,028 | 407 | Adjusted EBITDA attributable to MPLX LP | 4,115 | 3,856 | 259 | |||||||||||||||||||||
Deferred revenue impacts | 25 | 8 | 17 | Deferred revenue impacts | 76 | 92 | (16) | |||||||||||||||||||||
Sales-type lease payments, net of income (2) | Sales-type lease payments, net of income (2) | 68 | — | 68 | ||||||||||||||||||||||||
Net interest and other financial costs | (220 | ) | (162 | ) | (58 | ) | Net interest and other financial costs | (618) | (647) | 29 | ||||||||||||||||||
Maintenance capital expenditures | (59 | ) | (58 | ) | (1 | ) | Maintenance capital expenditures | (81) | (108) | 27 | ||||||||||||||||||
Maintenance capital expenditures reimbursements | Maintenance capital expenditures reimbursements | 31 | 31 | — | ||||||||||||||||||||||||
Equity method investment capital expenditures paid out | Equity method investment capital expenditures paid out | (4) | (16) | 12 | ||||||||||||||||||||||||
Restructuring expenses | Restructuring expenses | — | (36) | 36 | ||||||||||||||||||||||||
Other | — | (2 | ) | 2 | Other | (9) | — | (9) | ||||||||||||||||||||
Portion of DCF adjustments attributable to Predecessor(2) | 2 | 8 | (6 | ) | ||||||||||||||||||||||||
DCF | 1,183 | 822 | 361 | DCF | 3,578 | 3,172 | 406 | |||||||||||||||||||||
Preferred unit distributions | (49 | ) | (25 | ) | (24 | ) | Preferred unit distributions | (110) | (97) | (13) | ||||||||||||||||||
DCF attributable to GP and LP unitholders | $ | 1,134 | $ | 797 | $ | 337 | DCF attributable to GP and LP unitholders | $ | 3,468 | $ | 3,075 | $ | 393 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Revenues and other income: | |||||||||||||||||||||||
Segment revenues | $ | 378 | $ | 339 | $ | 39 | $ | 1,095 | $ | 901 | $ | 194 | |||||||||||
Segment other income | 11 | 12 | (1 | ) | 35 | 42 | (7 | ) | |||||||||||||||
Total segment revenues and other income | 389 | 351 | 38 | 1,130 | 943 | 187 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Segment cost of revenues | 176 | 153 | 23 | 500 | 392 | 108 | |||||||||||||||||
Segment operating income before portion attributable to noncontrolling interests and Predecessor | 213 | 198 | 15 | 630 | 551 | 79 | |||||||||||||||||
Segment portion attributable to noncontrolling interests and Predecessor | — | 74 | (74 | ) | 53 | 216 | (163 | ) | |||||||||||||||
Segment operating income attributable to MPLX LP | $ | 213 | $ | 124 | $ | 89 | $ | 577 | $ | 335 | $ | 242 |
(In millions) | |||
December 31, 2017 | $ | 8 | |
March 31, 2018 | 11 | ||
June 30, 2018 | 11 | ||
September 30, 2018 | 10 | ||
December 31, 2018 | 4 | ||
March 31, 2019 | 3 | ||
June 30, 2019 | 4 | ||
September 30, 2019 | 4 | ||
Total | $ | 55 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Revenues and other income: | |||||||||||||||||||||||
Segment revenues | $ | 669 | $ | 567 | $ | 102 | $ | 1,869 | $ | 1,595 | $ | 274 | |||||||||||
Segment other income | 1 | 1 | — | 2 | 1 | 1 | |||||||||||||||||
Total segment revenues and other income | 670 | 568 | 102 | 1,871 | 1,596 | 275 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Segment cost of revenues | 276 | 239 | 37 | 781 | 662 | 119 | |||||||||||||||||
Segment operating income before portion attributable to noncontrolling interests | 394 | 329 | 65 | 1,090 | 934 | 156 | |||||||||||||||||
Segment portion attributable to noncontrolling interests | 45 | 36 | 9 | 119 | 113 | 6 | |||||||||||||||||
Segment operating income attributable to MPLX LP | $ | 349 | $ | 293 | $ | 56 | $ | 971 | $ | 821 | $ | 150 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
Service revenue | $ | 983 | $ | 989 | $ | (6) | $ | 2,928 | $ | 2,924 | $ | 4 | |||||||||||||||||||||||
Rental income | 172 | 249 | (77) | 597 | 737 | (140) | |||||||||||||||||||||||||||||
Product related revenue | 3 | 9 | (6) | 11 | 49 | (38) | |||||||||||||||||||||||||||||
Sales-type lease revenue | 132 | 38 | 94 | 305 | 114 | 191 | |||||||||||||||||||||||||||||
Income from equity method investments | 41 | 36 | 5 | 112 | 126 | (14) | |||||||||||||||||||||||||||||
Other income | 15 | 13 | 2 | 46 | 40 | 6 | |||||||||||||||||||||||||||||
Total segment revenues and other income | 1,346 | 1,334 | 12 | 3,999 | 3,990 | 9 | |||||||||||||||||||||||||||||
Cost of revenues | 164 | 173 | (9) | 451 | 601 | (150) | |||||||||||||||||||||||||||||
Purchases - related parties | 232 | 219 | 13 | 675 | 629 | 46 | |||||||||||||||||||||||||||||
Depreciation and amortization | 131 | 164 | (33) | 414 | 440 | (26) | |||||||||||||||||||||||||||||
General and administrative expenses | 48 | 55 | (7) | 140 | 159 | (19) | |||||||||||||||||||||||||||||
Restructuring expenses | — | 27 | (27) | — | 27 | (27) | |||||||||||||||||||||||||||||
Other taxes | 19 | 19 | — | 57 | 53 | 4 | |||||||||||||||||||||||||||||
Segment income from operations | 752 | 677 | 75 | 2,262 | 2,081 | 181 | |||||||||||||||||||||||||||||
Depreciation and amortization | 131 | 164 | (33) | 414 | 440 | (26) | |||||||||||||||||||||||||||||
Income from equity method investments | (41) | (36) | (5) | (112) | (126) | 14 | |||||||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 58 | 55 | 3 | 174 | 169 | 5 | |||||||||||||||||||||||||||||
Restructuring expenses | — | 27 | (27) | — | 27 | (27) | |||||||||||||||||||||||||||||
Non-cash equity-based compensation | 1 | 3 | (2) | 4 | 8 | (4) | |||||||||||||||||||||||||||||
Other | 3 | 3 | — | 5 | 5 | — | |||||||||||||||||||||||||||||
Segment adjusted EBITDA(1) | 904 | 893 | 11 | 2,747 | 2,604 | 143 | |||||||||||||||||||||||||||||
Capital expenditures | 85 | 118 | (33) | 220 | 410 | (190) | |||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 9 | $ | 4 | $ | 5 | $ | 31 | $ | 132 | $ | (101) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Reconciliation to Income from operations: | |||||||||||||||||||||||
L&S segment operating income attributable to MPLX LP | $ | 213 | $ | 124 | $ | 89 | $ | 577 | $ | 335 | $ | 242 | |||||||||||
G&P segment operating income attributable to MPLX LP | 349 | 293 | 56 | 971 | 821 | 150 | |||||||||||||||||
Segment operating income attributable to MPLX LP | 562 | 417 | 145 | 1,548 | 1,156 | 392 | |||||||||||||||||
Segment portion attributable to unconsolidated affiliates | (47 | ) | (41 | ) | (6 | ) | (125 | ) | (130 | ) | 5 | ||||||||||||
Segment portion attributable to Predecessor | — | 74 | (74 | ) | 53 | 216 | (163 | ) | |||||||||||||||
Income (loss) from equity method investments | 23 | 6 | 17 | 29 | (72 | ) | 101 | ||||||||||||||||
Other income - related parties | 13 | 11 | 2 | 38 | 29 | 9 | |||||||||||||||||
Unrealized derivative (losses) gains(1) | (17 | ) | (2 | ) | (15 | ) | 2 | (23 | ) | 25 | |||||||||||||
Depreciation and amortization | (164 | ) | (151 | ) | (13 | ) | (515 | ) | (438 | ) | (77 | ) | |||||||||||
Impairment expense | — | — | — | — | (130 | ) | 130 | ||||||||||||||||
General and administrative expenses | (59 | ) | (56 | ) | (3 | ) | (174 | ) | (172 | ) | (2 | ) | |||||||||||
Income from operations | $ | 311 | $ | 258 | $ | 53 | $ | 856 | $ | 436 | $ | 420 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Reconciliation to Total revenues and other income: | |||||||||||||||||||||||
Total segment revenues and other income | $ | 1,059 | $ | 919 | $ | 140 | $ | 3,001 | $ | 2,539 | $ | 462 | |||||||||||
Revenue adjustment from unconsolidated affiliates | (107 | ) | (100 | ) | (7 | ) | (287 | ) | (303 | ) | 16 | ||||||||||||
Income (loss) from equity method investments | 23 | 6 | 17 | 29 | (72 | ) | 101 | ||||||||||||||||
Other income - related parties | 13 | 11 | 2 | 38 | 29 | 9 | |||||||||||||||||
Unrealized derivative (losses) gains related to product sales(1) | (8 | ) | 2 | (10 | ) | 1 | (12 | ) | 13 | ||||||||||||||
Total revenues and other income | $ | 980 | $ | 838 | $ | 142 | $ | 2,782 | $ | 2,181 | $ | 601 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||
Reconciliation to Net income attributable to noncontrolling interests and Predecessor: | |||||||||||||||||||||||
Segment portion attributable to noncontrolling interests and Predecessor | $ | 45 | $ | 110 | $ | (65 | ) | $ | 172 | $ | 329 | $ | (157 | ) | |||||||||
Portion of noncontrolling interests and Predecessor related to items below segment income from operations | (21 | ) | (39 | ) | 18 | (84 | ) | (157 | ) | 73 | |||||||||||||
Portion of operating income attributable to noncontrolling interests of unconsolidated affiliates | (23 | ) | (18 | ) | (5 | ) | (49 | ) | (20 | ) | (29 | ) | |||||||||||
Net income attributable to noncontrolling interests and Predecessor | $ | 1 | $ | 53 | $ | (52 | ) | $ | 39 | $ | 152 | $ | (113 | ) |
Fee-Based | Percent-of-Proceeds(1) | Keep-Whole(2) | ||||||
L&S | 100 | % | — | % | — | % | ||
G&P(3) | 86 | % | 12 | % | 2 | % | ||
Total | 92 | % | 7 | % | 1 | % |
Fee-Based | Percent-of-Proceeds(1) | Keep-Whole(2) | ||||||
L&S | 100 | % | — | % | — | % | ||
G&P(3) | 87 | % | 11 | % | 2 | % | ||
Total | 93 | % | 6 | % | 1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
Service revenue | $ | 519 | $ | 524 | $ | (5) | $ | 1,520 | $ | 1,549 | $ | (29) | |||||||||||||||||||||||
Rental income | 80 | 94 | (14) | 263 | 271 | (8) | |||||||||||||||||||||||||||||
Product related revenue | 553 | 234 | 319 | 1,357 | 607 | 750 | |||||||||||||||||||||||||||||
Income/(loss) from equity method investments(1) | 51 | 47 | 4 | 116 | (1,138) | 1,254 | |||||||||||||||||||||||||||||
Other income | 10 | 14 | (4) | 38 | 41 | (3) | |||||||||||||||||||||||||||||
Total segment revenues and other income | 1,213 | 913 | 300 | 3,294 | 1,330 | 1,964 | |||||||||||||||||||||||||||||
Cost of revenues | 191 | 215 | (24) | 596 | 625 | (29) | |||||||||||||||||||||||||||||
Purchased product costs | 421 | 152 | 269 | 1,035 | 374 | 661 | |||||||||||||||||||||||||||||
Purchases - related parties | 75 | 78 | (3) | 227 | 224 | 3 | |||||||||||||||||||||||||||||
Depreciation and amortization | 193 | 182 | 11 | 557 | 552 | 5 | |||||||||||||||||||||||||||||
Impairment expense | — | — | — | 42 | 2,165 | (2,123) | |||||||||||||||||||||||||||||
General and administrative expenses | 46 | 41 | 5 | 127 | 130 | (3) | |||||||||||||||||||||||||||||
Restructuring expenses | — | 9 | (9) | — | 9 | (9) | |||||||||||||||||||||||||||||
Other taxes | 8 | 14 | (6) | 36 | 41 | (5) | |||||||||||||||||||||||||||||
Segment income/(loss) from operations | 279 | 222 | 57 | 674 | (2,790) | 3,464 | |||||||||||||||||||||||||||||
Depreciation and amortization | 193 | 182 | 11 | 557 | 552 | 5 | |||||||||||||||||||||||||||||
Impairment expense | — | — | — | 42 | 2,165 | (2,123) | |||||||||||||||||||||||||||||
(Income)/loss from equity method investments | (51) | (47) | (4) | (116) | 1,138 | (1,254) | |||||||||||||||||||||||||||||
Distributions/adjustments related to equity method investments | 71 | 75 | (4) | 197 | 200 | (3) | |||||||||||||||||||||||||||||
Restructuring expenses | — | 9 | (9) | — | 9 | (9) | |||||||||||||||||||||||||||||
Unrealized derivative losses(2) | 2 | 10 | (8) | 41 | 1 | 40 | |||||||||||||||||||||||||||||
Non-cash equity-based compensation | — | 1 | (1) | 2 | 4 | (2) | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to noncontrolling interests | (9) | (10) | 1 | (29) | (27) | (2) | |||||||||||||||||||||||||||||
Segment Adjusted EBITDA(3) | 485 | 442 | 43 | 1,368 | 1,252 | 116 | |||||||||||||||||||||||||||||
Capital expenditures | 69 | 131 | (62) | 135 | 375 | (240) | |||||||||||||||||||||||||||||
Investments in unconsolidated affiliates | $ | 23 | $ | 18 | $ | 5 | $ | 85 | $ | 112 | $ | (27) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Reconciliation of net operating margin to income from operations: | |||||||||||||||
Segment revenues | $ | 1,047 | $ | 906 | $ | 2,964 | $ | 2,496 | |||||||
Purchased product costs | (170 | ) | (117 | ) | (441 | ) | (310 | ) | |||||||
Total derivative loss related to purchased product costs | 11 | 4 | 5 | 16 | |||||||||||
Other | (1 | ) | — | (5 | ) | (5 | ) | ||||||||
Net operating margin | 887 | 793 | 2,523 | 2,197 | |||||||||||
Revenue adjustment from unconsolidated affiliates(2) | (107 | ) | (100 | ) | (287 | ) | (303 | ) | |||||||
Realized derivative loss related to purchased product costs(1) | (2 | ) | (1 | ) | (6 | ) | (4 | ) | |||||||
Other | 2 | 1 | 6 | 4 | |||||||||||
Unrealized derivative (losses) gains(1) | (17 | ) | (2 | ) | 2 | (23 | ) | ||||||||
Income (loss) from equity method investments | 23 | 6 | 29 | (72 | ) | ||||||||||
Other income | 2 | 2 | 5 | 5 | |||||||||||
Other income - related parties | 22 | 22 | 69 | 67 | |||||||||||
Cost of revenues (excludes items below) | (129 | ) | (122 | ) | (381 | ) | (329 | ) | |||||||
Rental cost of sales | (19 | ) | (13 | ) | (44 | ) | (42 | ) | |||||||
Rental cost of sales - related parties | — | — | (1 | ) | (1 | ) | |||||||||
Purchases - related parties | (114 | ) | (109 | ) | (330 | ) | (286 | ) | |||||||
Depreciation and amortization | (164 | ) | (151 | ) | (515 | ) | (438 | ) | |||||||
Impairment expense | — | — | — | (130 | ) | ||||||||||
General and administrative expenses | (59 | ) | (56 | ) | (174 | ) | (172 | ) | |||||||
Other taxes | (14 | ) | (12 | ) | (40 | ) | (37 | ) | |||||||
Income from operations | $ | 311 | $ | 258 | $ | 856 | $ | 436 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
L&S | |||||||||||||||
Pipeline throughput (mbpd)(1) | |||||||||||||||
Crude oil pipelines | 2,046 | 1,775 | 1,901 | 1,665 | |||||||||||
Product pipelines | 1,131 | 992 | 1,051 | 989 | |||||||||||
Total pipelines | 3,177 | 2,767 | 2,952 | 2,654 | |||||||||||
Average tariff rates ($ per barrel)(1)(2) | |||||||||||||||
Crude oil pipelines | $ | 0.54 | $ | 0.55 | $ | 0.57 | $ | 0.57 | |||||||
Product pipelines | 0.75 | 0.69 | 0.74 | 0.67 | |||||||||||
Total pipelines | 0.62 | 0.60 | 0.63 | 0.61 | |||||||||||
Terminal throughput (mbpd) | 1,496 | 1,517 | 1,470 | 1,510 | |||||||||||
Marine Assets (number in operation)(3) | |||||||||||||||
Barges | 232 | 217 | 232 | 217 | |||||||||||
Towboats | 18 | 18 | 18 | 18 | |||||||||||
G&P | |||||||||||||||
Gathering Throughput (MMcf/d) | |||||||||||||||
Marcellus Operations | 1,005 | 946 | 965 | 922 | |||||||||||
Utica Operations(4) | 1,324 | 916 | 1,065 | 936 | |||||||||||
Southwest Operations(5) | 1,400 | 1,444 | 1,385 | 1,455 | |||||||||||
Total gathering throughput | 3,729 | 3,306 | 3,415 | 3,313 | |||||||||||
Natural Gas Processed (MMcf/d) | |||||||||||||||
Marcellus Operations | 3,986 | 3,273 | 3,778 | 3,166 | |||||||||||
Utica Operations(4) | 1,000 | 1,050 | 982 | 1,068 | |||||||||||
Southwest Operations | 1,331 | 1,339 | 1,310 | 1,209 | |||||||||||
Southern Appalachian Operations | 264 | 244 | 266 | 248 | |||||||||||
Total natural gas processed | 6,581 | 5,906 | 6,336 | 5,691 | |||||||||||
C2 + NGLs Fractionated (mbpd) | |||||||||||||||
Marcellus Operations(6) | 326 | 274 | 310 | 254 | |||||||||||
Utica Operations(4)(6) | 39 | 41 | 40 | 43 | |||||||||||
Southwest Operations | 18 | 19 | 19 | 17 | |||||||||||
Southern Appalachian Operations(7) | 14 | 14 | 15 | 16 | |||||||||||
Total C2 + NGLs fractionated(8) | 397 | 348 | 384 | 330 | |||||||||||
Pricing Information | |||||||||||||||
Natural Gas NYMEX HH ($ per MMBtu) | $ | 2.96 | $ | 2.80 | $ | 3.05 | $ | 2.34 | |||||||
C2 + NGL Pricing ($ per gallon)(9) | $ | 0.66 | $ | 0.46 | $ | 0.62 | $ | 0.44 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
L&S | |||||||||||||||||||||||
Pipeline throughput (mbpd) | |||||||||||||||||||||||
Crude oil pipelines | 3,440 | 3,077 | 3,399 | 3,007 | |||||||||||||||||||
Product pipelines | 2,061 | 1,613 | 2,008 | 1,701 | |||||||||||||||||||
Total pipelines | 5,501 | 4,690 | 5,407 | 4,708 | |||||||||||||||||||
Average tariff rates ($ per barrel)(1) | |||||||||||||||||||||||
Crude oil pipelines | $ | 0.97 | $ | 0.96 | $ | 0.96 | $ | 0.96 | |||||||||||||||
Product pipelines | 0.79 | 0.85 | 0.78 | 0.82 | |||||||||||||||||||
Total pipelines | $ | 0.90 | $ | 0.93 | $ | 0.89 | $ | 0.91 | |||||||||||||||
Terminal throughput (mbpd) | 3,046 | 2,701 | 2,884 | 2,696 | |||||||||||||||||||
Marine Assets (number in operation)(2) | |||||||||||||||||||||||
Barges | 299 | 301 | 299 | 301 | |||||||||||||||||||
Towboats | 23 | 23 | 23 | 23 |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||
MPLX LP(3) | MPLX LP Operated(4) | MPLX LP(3) | MPLX LP Operated(4) | ||||||||||||||||||||
G&P | |||||||||||||||||||||||
Gathering Throughput (MMcf/d) | |||||||||||||||||||||||
Marcellus Operations | 1,373 | 1,373 | 1,312 | 1,312 | |||||||||||||||||||
Utica Operations | — | 1,798 | — | 1,816 | |||||||||||||||||||
Southwest Operations | 1,339 | 1,516 | 1,413 | 1,479 | |||||||||||||||||||
Bakken Operations | 147 | 147 | 130 | 130 | |||||||||||||||||||
Rockies Operations | 439 | 585 | 481 | 659 | |||||||||||||||||||
Total gathering throughput | 3,298 | 5,419 | 3,336 | 5,396 | |||||||||||||||||||
Natural Gas Processed (MMcf/d) | |||||||||||||||||||||||
Marcellus Operations | 4,099 | 5,638 | 4,222 | 5,706 | |||||||||||||||||||
Utica Operations | — | 464 | — | 530 | |||||||||||||||||||
Southwest Operations(6) | 1,312 | 1,480 | 1,377 | 1,439 | |||||||||||||||||||
Southern Appalachian Operations | 236 | 236 | 227 | 227 | |||||||||||||||||||
Bakken Operations | 146 | 146 | 129 | 129 | |||||||||||||||||||
Rockies Operations | 419 | 419 | 481 | 481 | |||||||||||||||||||
Total natural gas processed | 6,212 | 8,383 | 6,436 | 8,512 | |||||||||||||||||||
C2 + NGLs Fractionated (mbpd) | |||||||||||||||||||||||
Marcellus Operations(5) | 487 | 487 | 477 | 477 | |||||||||||||||||||
Utica Operations(5) | — | 25 | — | 30 | |||||||||||||||||||
Southwest Operations(6) | — | — | 21 | 21 | |||||||||||||||||||
Southern Appalachian Operations(7) | 12 | 12 | 11 | 11 | |||||||||||||||||||
Bakken Operations | 25 | 25 | 25 | 25 | |||||||||||||||||||
Rockies Operations | 4 | 4 | 3 | 3 | |||||||||||||||||||
Total C2 + NGLs fractionated(8) | 528 | 553 | 537 | 567 |
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||
MPLX LP(3) | MPLX LP Operated(4) | MPLX LP(3) | MPLX LP Operated(4) | ||||||||||||||||||||
G&P | |||||||||||||||||||||||
Gathering Throughput (MMcf/d) | |||||||||||||||||||||||
Marcellus Operations | 1,324 | 1,324 | 1,372 | 1,372 | |||||||||||||||||||
Utica Operations | — | 1,633 | — | 1,840 | |||||||||||||||||||
Southwest Operations | 1,356 | 1,487 | 1,445 | 1,491 | |||||||||||||||||||
Bakken Operations | 149 | 149 | 137 | 137 | |||||||||||||||||||
Rockies Operations | 450 | 602 | 523 | 706 | |||||||||||||||||||
Total gathering throughput | 3,279 | 5,195 | 3,477 | 5,546 | |||||||||||||||||||
Natural Gas Processed (MMcf/d) | |||||||||||||||||||||||
Marcellus Operations | 4,167 | 5,640 | 4,177 | 5,582 | |||||||||||||||||||
Utica Operations | — | 492 | — | 587 | |||||||||||||||||||
Southwest Operations(6) | 1,311 | 1,436 | 1,479 | 1,543 | |||||||||||||||||||
Southern Appalachian Operations | 229 | 229 | 231 | 231 | |||||||||||||||||||
Bakken Operations | 148 | 148 | 137 | 137 | |||||||||||||||||||
Rockies Operations | 430 | 430 | 512 | 512 | |||||||||||||||||||
Total natural gas processed | 6,285 | 8,375 | 6,536 | 8,592 | |||||||||||||||||||
C2 + NGLs Fractionated (mbpd) | |||||||||||||||||||||||
Marcellus Operations(5) | 484 | 484 | 466 | 466 | |||||||||||||||||||
Utica Operations(5) | — | 26 | — | 32 | |||||||||||||||||||
Southwest Operations(6) | 3 | 3 | 16 | 16 | |||||||||||||||||||
Southern Appalachian Operations(7) | 12 | 12 | 12 | 12 | |||||||||||||||||||
Bakken Operations | 23 | 23 | 25 | 25 | |||||||||||||||||||
Rockies Operations | 4 | 4 | 4 | 4 | |||||||||||||||||||
Total C2 + NGLs fractionated(8) | 526 | 552 | 523 | 555 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Pricing Information | |||||||||||||||||||||||
Natural Gas NYMEX HH ($ per MMBtu) | $ | 4.31 | $ | 2.13 | $ | 3.34 | $ | 1.92 | |||||||||||||||
C2 + NGL Pricing ($ per gallon)(9) | $ | 0.96 | $ | 0.45 | $ | 0.81 | $ | 0.40 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | 3,671 | $ | 3,336 | |||||||
Investing activities | (377) | (1,060) | |||||||||
Financing activities | (3,270) | (2,263) | |||||||||
Total | $ | 24 | $ | 13 |
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Net cash provided by (used in): | |||||||
Operating activities | $ | 1,338 | $ | 975 | |||
Investing activities | (1,837 | ) | (892 | ) | |||
Financing activities | 268 | 82 | |||||
Total | $ | (231 | ) | $ | 165 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
(In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,182 | $ | 1,222 | $ | 3,671 | $ | 3,336 | ||||||||||||||||||||||||||||||
Adjustments to reconcile net cash provided by operating activities to free cash flow | ||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (132) | (283) | (377) | (1,060) | ||||||||||||||||||||||||||||||||||
Contributions from MPC | 14 | 14 | 31 | 34 | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (9) | (9) | (29) | (26) | ||||||||||||||||||||||||||||||||||
Free cash flow | 1,055 | 944 | 3,296 | 2,284 | ||||||||||||||||||||||||||||||||||
Distributions to common and preferred unitholders | (745) | (757) | (2,228) | (2,264) | ||||||||||||||||||||||||||||||||||
Excess cash flow | $ | 310 | $ | 187 | $ | 1,068 | $ | 20 |
(In millions) | September 30, 2021 | December 31, 2020 | |||||||||
MPLX LP: | |||||||||||
Bank revolving credit facility | $ | — | $ | 175 | |||||||
Floating rate senior notes | — | 1,000 | |||||||||
Fixed rate senior notes | 18,532 | 19,240 | |||||||||
Consolidated subsidiaries: | |||||||||||
MarkWest | 23 | 23 | |||||||||
Andeavor Logistics LP | 45 | 87 | |||||||||
Financing lease obligations | 9 | 11 | |||||||||
Total | 18,609 | 20,536 | |||||||||
Unamortized debt issuance costs | (105) | (116) | |||||||||
Unamortized discount/premium | (250) | (281) | |||||||||
Amounts due within one year | (1) | (764) | |||||||||
Total long-term debt due after one year | $ | 18,253 | $ | 19,375 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
MPLX LP: | |||||||
Bank revolving credit facility due 2022 | $ | 420 | $ | — | |||
Term loan facility due 2019 | — | 250 | |||||
5.500% senior notes due February 2023 | 710 | 710 | |||||
4.500% senior notes due July 2023 | 989 | 989 | |||||
4.875% senior notes due December 2024 | 1,149 | 1,149 | |||||
4.000% senior notes due February 2025 | 500 | 500 | |||||
4.875% senior notes due June 2025 | 1,189 | 1,189 | |||||
4.125% senior notes due March 2027 | 1,250 | — | |||||
5.200% senior notes due March 2047 | 1,000 | — | |||||
Consolidated subsidiaries: | |||||||
MarkWest - 4.500% - 5.500%, due 2023-2025 | 63 | 63 | |||||
MPL - capital lease obligations due 2020 | 7 | 8 | |||||
Total | 7,277 | 4,858 | |||||
Unamortized debt issuance costs | (27 | ) | (7 | ) | |||
Unamortized discount | (401 | ) | (428 | ) | |||
Amounts due within one year | (1 | ) | (1 | ) | |||
Total long-term debt due after one year | $ | 6,848 | $ | 4,422 |
Rating Agency | Rating | |||||||
Moody’s | ||||||||
Standard & Poor’s | ||||||||
Fitch | BBB (stable outlook) | |||||||
September 30, 2021 | |||||||||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | ||||||||||||||
Bank revolving credit facility due 2024(1) | $ | 3,500 | $ | — | $ | 3,500 | |||||||||||
MPC Loan Agreement | 1,500 | (1,370) | 130 | ||||||||||||||
Total liquidity | $ | 5,000 | $ | (1,370) | 3,630 | ||||||||||||
Cash and cash equivalents | 39 | ||||||||||||||||
Total liquidity | $ | 3,669 |
September 30, 2017 | |||||||||||
(In millions) | Total Capacity | Outstanding Borrowings | Available Capacity | ||||||||
MPLX LP - bank revolving credit facility expiring 2022(1) | $ | 2,250 | $ | (423 | ) | $ | 1,827 | ||||
MPC Investment - loan agreement | 500 | (202 | ) | 298 | |||||||
Total liquidity | $ | 2,750 | $ | (625 | ) | $ | 2,125 | ||||
Cash and cash equivalents | 3 | ||||||||||
Total liquidity | $ | 2,128 |
(In units) | |||||||||||||||||
Balance at December 31, 2020 | 1,038,777,978 | ||||||||||||||||
Unit-based compensation awards | 213,727 | ||||||||||||||||
Units redeemed in Unit Repurchase Program | (17,563,855) | ||||||||||||||||
Balance at September 30, 2021 | 1,021,427,850 |
(In units) | Common | Class B | General Partner | Total | |||||||
Balance at December 31, 2016 | 357,193,288 | 3,990,878 | 7,371,105 | 368,555,271 | |||||||
Unit-based compensation awards | 183,509 | — | 3,745 | 187,254 | |||||||
Issuance of units under the ATM Program | 13,846,998 | — | 282,591 | 14,129,589 | |||||||
Contribution of HST/WHC/MPLXT | 12,960,376 | — | 264,497 | 13,224,873 | |||||||
Contribution of the Joint-Interest Acquisition | 18,511,134 | — | 377,778 | 18,888,912 | |||||||
Class B conversion | 4,350,057 | (3,990,878 | ) | 7,330 | 366,509 | ||||||
Balance at September 30, 2017 | 407,045,362 | — | 8,307,046 | 415,352,408 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except per unit data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Distribution declared: | |||||||||||||||||||||||
Limited partner units - public (1) | $ | 476 | $ | 270 | $ | 998 | $ | 810 | |||||||||||||||
Limited partner units - MPC (1) | 829 | 445 | 1,719 | 1,348 | |||||||||||||||||||
Total LP distribution declared | 1,305 | 715 | 2,717 | 2,158 | |||||||||||||||||||
Series A preferred units (1) | 38 | 20 | 79 | 61 | |||||||||||||||||||
Series B preferred units | 10 | 10 | 31 | 31 | |||||||||||||||||||
Total distribution declared | 1,353 | 745 | 2,827 | 2,250 | |||||||||||||||||||
Quarterly cash distributions declared per limited partner common unit | $ | 1.2800 | $ | 0.6875 | $ | 2.6550 | $ | 2.0625 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Distribution declared: | |||||||||||||||
Limited partner units - public | $ | 170 | $ | 135 | $ | 481 | $ | 393 | |||||||
Limited partner units - MPC | 54 | 44 | 152 | 114 | |||||||||||
Limited partner units - GP | 8 | — | 15 | — | |||||||||||
General partner units - MPC | 7 | 5 | 18 | 13 | |||||||||||
IDRs - MPC | 81 | 49 | 211 | 135 | |||||||||||
Total GP & LP distribution declared | 320 | 233 | 877 | 655 | |||||||||||
Redeemable preferred units | 16 | 16 | 49 | 25 | |||||||||||
Total distribution declared | $ | 336 | $ | 249 | $ | 926 | $ | 680 | |||||||
Cash distributions declared per limited partner common unit | $ | 0.5875 | $ | 0.5150 | $ | 1.6900 | $ | 1.5300 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2021 | 2020 | |||||||||
Capital expenditures: | |||||||||||
Growth capital expenditures | $ | 274 | $ | 677 | |||||||
Growth capital reimbursements | — | (2) | |||||||||
Investments in unconsolidated affiliates | 116 | 244 | |||||||||
Return of capital | (36) | (112) | |||||||||
Capitalized interest | (11) | (31) | |||||||||
Total growth capital expenditures | 343 | 776 | |||||||||
Maintenance capital expenditures | 81 | 108 | |||||||||
Maintenance capital reimbursements | (31) | (31) | |||||||||
Capitalized interest | (1) | — | |||||||||
Total maintenance capital expenditures | 49 | 77 | |||||||||
Total growth and maintenance capital expenditures | 392 | 853 | |||||||||
Investments in unconsolidated affiliates(1) | (116) | (244) | |||||||||
Return of capital(1) | 36 | 112 | |||||||||
Growth and maintenance capital reimbursements(2) | 31 | 33 | |||||||||
Decrease in capital accruals | 19 | 197 | |||||||||
Capitalized interest | 12 | 31 | |||||||||
Additions to property, plant and equipment, net(1) | $ | 374 | $ | 982 |
Nine Months Ended September 30, | |||||||
(In millions) | 2017 | 2016 | |||||
Capital expenditures: | |||||||
Maintenance | $ | 59 | $ | 58 | |||
Expansion | 1,002 | 889 | |||||
Total capital expenditures | 1,061 | 947 | |||||
Less: Increase in capital accruals | 55 | — | |||||
Asset retirement expenditures | 2 | 4 | |||||
Additions to property, plant and equipment | 1,004 | 943 | |||||
Capital expenditures of unconsolidated subsidiaries(1) | 306 | 94 | |||||
Total gross capital expenditures | 1,310 | 1,037 | |||||
Less: Joint venture partner contributions(2) | 132 | 45 | |||||
Total capital expenditures, net | 1,178 | 992 | |||||
Less: Maintenance capital | 60 | 58 | |||||
Total growth capital | $ | 1,118 | $ | 934 |
Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Total revenues and other income (1) | 48 | % | 55 | % | |||||||
Total costs and expenses | 26 | % | 31 | % |
WTI Crude Swaps | Volumes (Bbl/d) | WAVG Price (Per Bbl) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 200 | $ | 54.25 | $ | 42 |
Natural Gas Swaps | Volumes (MMBtu/d) | WAVG Price (Per MMBtu) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 1,832 | $ | 3.03 | $ | (30 | ) | |||||
2018 | 2,542 | $ | 2.78 | $ | 4 |
Ethane Swaps | Volumes (Gal/d) | WAVG Price (Per Gal) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 54,600 | $ | 0.27 | $ | (47 | ) |
Propane Swaps | Volumes (Gal/d) | WAVG Price (Per Gal) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 119,932 | $ | 0.61 | $ | (3,164 | ) | |||||
2018 | 16,925 | $ | 0.64 | $ | (506 | ) |
IsoButane Swaps | Volumes (Gal/d) | WAVG Price (Per Gal) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 10,730 | $ | 0.81 | $ | (236 | ) | |||||
2018 | 1,655 | $ | 0.80 | $ | (38 | ) |
Normal Butane Swaps | Volumes (Gal/d) | WAVG Price (Per Gal) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 31,622 | $ | 0.75 | $ | (823 | ) | |||||
2018 | 4,595 | $ | 0.75 | $ | (120 | ) |
Natural Gasoline Swaps | Volumes (Gal/d) | WAVG Price (Per Gal) | Fair Value (in thousands) | ||||||||
2017 (Oct - Dec) | 41,827 | $ | 1.13 | $ | (346 | ) | |||||
2018 | 3,089 | $ | 1.18 | $ | (20 | ) |
(In millions) | Fair value as of September 30, 2021(1) | Change in Fair Value(2) | Change in Income Before Income Taxes for the Nine Months Ended September 30, 2021(3) | ||||||||||||||
Outstanding debt | |||||||||||||||||
Fixed-rate | $ | 20,553 | $ | 1,881 | N/A | ||||||||||||
Variable-rate(4) | $ | — | $ | — | $ | 9 |
(In millions) | Fair value as of September 30, 2017(1) | Change in Fair Value(2) | Change in Income Before Income Taxes for the Nine Months Ended September 30, 2017(3) | ||||||||
Long-term debt | |||||||||||
Fixed-rate | $ | 7,199 | $ | 575 | N/A | ||||||
Variable-rate | $ | 420 | N/A | $ | 2 |
Period | Total Number of Units Purchased | Average Price Paid per Unit(1) | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Units that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
7/01/2021-7/31/2021 | 1,578,870 | $ | 28.55 | 1,578,870 | $ | 611,620,731 | ||||||||||||||||||||
8/01/2021-8/31/2021 | 1,990,647 | $ | 28.06 | 1,990,647 | $ | 555,771,983 | ||||||||||||||||||||
9/01/2021-9/30/2021 | 2,064,340 | $ | 28.62 | 2,064,340 | $ | 496,699,570 | ||||||||||||||||||||
Total | 5,633,857 | $ | 28.40 | 5,633,857 |
Incorporated by Reference From | ||||||||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | SEC File No. | Filed Herewith | Furnished Herewith | |||||||||||||||||||||||||||||||||||||
2.1† | 8-K | 2.1 | 5/8/2019 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
3.1 | S-1 | 3.1 | 7/2/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
3.2 | S-1/A | 3.2 | 10/9/2012 | 333-182500 | ||||||||||||||||||||||||||||||||||||||||
3.3 | 8-K | 3.1 | 2/3/2021 | 001-35714 | ||||||||||||||||||||||||||||||||||||||||
10.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document: The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Incorporated by Reference | |||||||||||||||
Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | SEC File No. | Filed Herewith | Furnished Herewith | ||||||||
8-K | 2.1 | 9/1/2017 | 001-35714 | ||||||||||||
S-1 | 3.1 | 7/2/2012 | 333-182500 | ||||||||||||
S-1/A | 3.2 | 10/9/2012 | 333-182500 | ||||||||||||
10-Q | 3.3 | 10/31/2016 | 001-35714 | ||||||||||||
10-K | 3.4 | 2/24/2017 | 001-35714 | ||||||||||||
8-K | 10.1 | 7/27/2017 | 001-35714 | ||||||||||||
X | |||||||||||||||
X | |||||||||||||||
X | |||||||||||||||
X |
MPLX LP | |||||||||||
MPLX GP LLC | |||||||||||
Its general partner | |||||||||||
Date: | By: | /s/ | |||||||||