MPLX LP Reports Third-Quarter 2015 Financial Results
(Thomson Reuters ONE) -
* Reported adjusted EBITDA of $64.6 million; distributable cash flow of $52.5
million
* Declared distribution of $0.47 per common unit, a 6.8 percent increase over
second-quarter 2015 and a 31.5 percent increase over third-quarter 2014
* MarkWest merger transaction expected to close this year
FINDLAY, Ohio, Oct. 29, 2015 - MPLX LP (NYSE: MPLX) today reported third-quarter
2015 net income attributable to MPLX of $41.5 million, or $0.41 per common
limited partner unit, compared with $29.1 million, or $0.37 per common limited
partner unit, for the third quarter of 2014. Third-quarter 2015 adjusted
earnings before interest, taxes, depreciation and amortization (EBITDA)
attributable to MPLX were $64.6 million and distributable cash flow attributable
to MPLX was $52.5 million.
As announced on Oct. 20, the board of directors of MPLX's general partner
declared a distribution of $0.47 per common unit. This represents an increase of
$0.03 per unit, or 6.8 percent, over the second-quarter 2015 distribution and an
increase of $0.1125 per unit, or 31.5 percent, over the third-quarter 2014
distribution. Since the partnership's initial public offering in October 2012,
the MPLX board has authorized distribution increases for 11 consecutive
quarters, representing a compound annual growth rate of 23.6 percent over the
minimum quarterly distribution established at the partnership's formation.
"Our strong earnings in the third quarter supported a distribution representing
a 31.5 percent increase over the third quarter of last year," said MPLX Chairman
and CEO Gary R. Heminger. "We continue to execute our strategy of accelerating
the growth of the partnership and providing our unitholders an attractive
distribution growth profile over an extended period of time."
"We also look forward to finalizing the combination with MarkWest Energy
Partners, L.P., which we expect to complete later this year," Heminger added,
noting that the transaction will combine MarkWest's (NYSE: MWE) robust organic
growth opportunities with the large and growing $1.6 billion inventory of master
limited partnership (MLP) qualifying EBITDA owned by MPLX's sponsor, Marathon
Petroleum Corporation (NYSE: MPC).
"This growth will also be supported by MPLX's and MPC's strong financial
position, creating a large-cap, diversified MLP," Heminger said. "The strategic
combination of our two partnerships will benefit all unitholders and will also
bring additional value to the producer customers." Heminger also reiterated the
partnership's commitment to maintaining an investment grade credit profile after
the combination.
Heminger noted that at the time MPLX announced the combination with MarkWest,
the partnership provided distribution growth guidance through 2019. "We remain
committed to the growth profile provided in that guidance," Heminger said.
"Given the significant change in MLP valuations and the resultant higher yield
environment the sector has experienced recently, we now expect dropdown
transactions or some form of sponsor support as early as 2016."
Consistent with the previous guidance of a 25 percent compound annual
distribution growth rate for the combined entity through 2017, Heminger said
MPLX expects distribution growth of 25 percent in 2016.
"We are enthusiastic about MPLX's future," Heminger concluded. "We intend to use
our substantial resources to grow the partnership by acquiring assets from MPC
or third parties, developing organic projects, and potential strategic
combinations. The value opportunity for unitholders is compelling, especially
with a strong sponsor that is committed to our success. We will continue to take
a disciplined approach to ensuring the value proposition remains attractive for
the long term."
Discussion of Results
Revenues increased $10.6 million for the third quarter of 2015 compared to the
third quarter of 2014 due to both higher average tariff rates and transported
volumes. MPC and related parties accounted for 91 percent of MPLX's revenue for
the third quarter of 2015, including revenues attributable to volumes shipped by
MPC under joint tariffs with third parties. Net income attributable to MPLX for
the third quarter rose by $12.4 million over the same period in 2014 due to the
acquisition of additional interests in MPLX Pipe Line Holdings LP and increased
revenue in the quarter, offset by $4.3 million of transaction costs associated
with the proposed combination with MarkWest.
Financial Position and Liquidity
As of Sept. 30, the partnership has full availability under its $1 billion bank
revolving credit facility, as well as $90.4 million of cash and cash
equivalents. On Oct. 27, MPLX amended its revolving credit facility to
accommodate the needs of the partnership following the merger with MarkWest. The
amendment will extend the term to five years from the date of the consummation
of the merger and increases borrowing capacity on the facility to $2 billion.
The amendment is conditioned upon and will become effective only upon the
consummation of the merger. The partnership's current liquidity and ready access
to the capital markets should provide the partnership with sufficient
flexibility to meet its short-term and long-term funding requirements, including
expanding its growing base of distributable cash flow through strategic organic
growth and acquisitions.
Conference Call
At 2 p.m. EDT today, MPLX will hold a webcast and conference call to discuss the
reported results and provide an update on operations. Interested parties may
listen to the conference call on MPLX's website at http://www.mplx.com by
clicking on the "2015 Third-Quarter Financial Results" link in the "News &
Headlines" section. Replays of the conference call will be available on MPLX's
website through Wednesday, Nov. 11. Investor-related materials will also be
available online prior to the webcast and conference call at http://ir.mplx.com.
###
About MPLX LP
MPLX is a fee-based, growth-oriented master limited partnership formed in 2012
by Marathon Petroleum Corporation to own, operate, develop and acquire pipelines
and other midstream assets related to the transportation and storage of crude
oil, refined products and other hydrocarbon-based products. Headquartered in
Findlay, Ohio, MPLX's assets consist of a 99.5 percent equity interest in a
network of common carrier crude oil and products pipeline assets located in the
Midwest and Gulf Coast regions of the United States and a 100 percent interest
in a butane storage cavern located in West Virginia. with approximately 1
million barrels of natural gas liquids storage capacity.
Investor Relations Contacts:
Geri Ewing (419) 421-2071
Teresa Homan (419) 421-2965
Media Contacts:
Chuck Rice (419) 421-2521
Jamal Kheiry (419) 421-3312
In addition to our financial information presented in accordance with U.S.
generally accepted accounting principles (GAAP), management utilizes additional
non-GAAP measures to facilitate comparisons of past performance and future
periods. This news release and supporting schedules include the non-GAAP
measures adjusted EBITDA and distributable cash flow. We believe certain
investors use adjusted EBITDA to evaluate MPLX's financial performance between
periods and to compare MPLX's performance to certain competitors. We believe
certain investors use distributable cash flow to determine the amount of cash
generated from the partnership's operations and available for distribution to
its unitholders. These additional financial measures are reconciled from the
most directly comparable measures as reported in accordance with GAAP and should
be viewed in addition to, and not in lieu of, our consolidated financial
statements and footnotes.
This press release contains forward-looking statements within the meaning of
federal securities laws regarding MPLX LP ("MPLX") and Marathon Petroleum
Corporation ("MPC"). These forward-looking statements relate to, among other
things, expectations, estimates and projections concerning the business and
operations of MPLX and MPC. You can identify forward-looking statements by words
such as "anticipate," "believe," "estimate," "objective," "expect," "forecast,"
"guidance," "imply," "plan," "project," "potential," "could," "may," "should,"
"would," "will" or other similar expressions that convey the uncertainty of
future events or outcomes. Such forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties and other factors,
some of which are beyond the companies' control and are difficult to predict. In
addition to other factors described herein that could cause MPLX's results to
differ materially from those implied in these forward-looking statements,
negative capital market conditions, including a persistence or increase of the
current yield on common units, which is higher than historical yields, could
adversely affect MPLX's ability to meet its distribution growth guidance,
particularly with respect to the later years of such guidance. Factors that
could cause MPLX's actual results to differ materially from those implied in the
forward-looking statements include: the ability to complete the proposed merger
of MPLX and MarkWest Energy Partners, L.P. ("MWE") on anticipated terms and
timetable; the ability to obtain approval of the transaction by the unitholders
of MWE and satisfy other conditions to the closing of the transaction
contemplated by the merger agreement; risk that the synergies from the MPLX/MWE
transaction may not be fully realized or may take longer to realize than
expected; disruption from the MPLX/MWE transaction making it more difficult to
maintain relationships with customers, employees or suppliers; risks relating to
any unforeseen liabilities of MWE or MPLX, as applicable; the adequacy of MPLX's
and MWE's respective capital resources and liquidity, including, but not limited
to, availability of sufficient cash flow to pay distributions, and the ability
to successfully execute their business plans and implement their growth
strategies; the timing and extent of changes in commodity prices and demand for
crude oil, refined products, feedstocks or other hydrocarbon-based products;
volatility in and/or degradation of market and industry conditions; completion
of pipeline capacity by competitors; disruptions due to equipment interruption
or failure, including electrical shortages and power grid failures; the
suspension, reduction or termination of MPC's obligations under MPLX's
commercial agreements; each company's ability to successfully implement its
growth plan, whether through organic growth or acquisitions; modifications to
earnings and distribution growth objectives; federal and state environmental,
economic, health and safety, energy and other policies and regulations; changes
to MPLX's capital budget; other risk factors inherent to MPLX or MWE's industry;
and the factors set forth under the heading "Risk Factors" in MPLX's Annual
Report on Form 10-K for the year ended Dec. 31, 2014, filed with the Securities
and Exchange Commission (SEC); and the factors set forth under the heading "Risk
Factors" in MWE's Annual Report on Form 10-K for the year ended Dec. 31, 2014,
and Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed
with the SEC. These risks, as well as other risks associated with MPLX, MWE and
the proposed transaction are also more fully discussed in the preliminary joint
proxy statement and prospectus included in the registration statement on Form S-
4 filed with the SEC by MPLX on August 18, 2015, as amended. Factors that could
cause MPC's actual results to differ materially from those implied in the
forward-looking statements include: risks described above relating to the
MPLX/MWE proposed merger; changes to the expected construction costs and timing
of pipeline projects; volatility in and/or degradation of market and industry
conditions; the availability and pricing of crude oil and other feedstocks;
slower growth in domestic and Canadian crude supply; an easing or lifting of the
U.S. crude oil export ban; completion of pipeline capacity to areas outside the
U.S. Midwest; consumer demand for refined products; transportation logistics;
the reliability of processing units and other equipment; MPC's ability to
successfully implement growth opportunities; modifications to MPLX earnings and
distribution growth objectives; federal and state environmental, economic,
health and safety, energy and other policies and regulations; MPC's ability to
successfully integrate the acquired Hess retail operations and achieve the
strategic and other expected objectives relating to the acquisition; changes to
MPC's capital budget; other risk factors inherent to MPC's industry; and the
factors set forth under the heading "Risk Factors" in MPC's Annual Report on
Form 10-K for the year ended Dec. 31, 2014, filed with SEC. In addition, the
forward-looking statements included herein could be affected by general domestic
and international economic and political conditions. Unpredictable or unknown
factors not discussed here, in MPLX's Form 10-K, in MPC's Form 10-K, or in MWE's
Form 10-K could also have material adverse effects on forward-looking
statements. Copies of MPLX's Form 10-K are available on the SEC website, MPLX's
website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
Copies of MPC's Form 10-K are available on the SEC website, MPC's website at
http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations
office. Copies of MWE's Form 10-K are available on the SEC website, MWE's
website at http://investor.markwest.com or by contacting MWE's Investor
Relations office.
Additional Information
This communication may be deemed to be solicitation material in respect of the
proposed transaction. In connection with the proposed transaction, a
registration statement on Form S-4, as amended, has been filed with the SEC and
includes a preliminary proxy statement of MWE. MPLX and MWE may file additional
amendments to these filings before they become effective. INVESTORS AND SECURITY
HOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, INCLUDING THE PRELIMINARY PROXY
STATEMENT/PROSPECTUS AND, WHEN AVAILABLE, THE DEFINITIVE PROXY
STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The final
proxy statement/prospectus will be mailed to unitholders of MWE. Investors and
security holders will be able to obtain the documents free of charge at the
SEC's website, www.sec.gov, from MPLX LP at its website, http://ir.mplx.com, or
200 E. Hardin Street, Findlay, Ohio 45840, Attention: Corporate Secretary, or
from MWE at its website, http://investor.markwest.com, or 1515 Arapahoe Street,
Tower 1, Suite 1600, Denver, CO 80202, Attention: Corporate Secretary.
Participants in Solicitation
MPLX and MWE and their respective directors and executive officers may be deemed
to be participants in the solicitation of proxies in respect of the proposed
merger. Information concerning MPLX participants is set forth in MPLX's Form 10-
K for the year ended December 31, 2014, as filed with the SEC on February
27, 2015, and MPLX's current report on Form 8-K, as filed with the SEC on March
9, 2015. Information concerning MWE's participants is set forth in the proxy
statement, dated April 23, 2015, for MWE's 2015 Annual Meeting of Common
Unitholders as filed with the SEC on Schedule 14A and MWE's current reports on
Form 8-K, as filed with the SEC on May 5, 2015, May 19, 2015 and June 8, 2015.
Additional information regarding the interests of participants of MPLX and MWE
in the solicitation of proxies in respect of the proposed merger are included in
the registration statement and proxy statement/prospectus and other relevant
materials filed with the SEC. These documents may be obtained free of charge
from MPLX or MWE using the contact information above.
Non-Solicitation
This communication shall not constitute an offer to sell or the solicitation of
an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of securities shall
be made except by means of a prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
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Results of Operations
(unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
(In millions, except per unit
data) 2015 2014 2015 2014
----------- ----------- ----------- ----------
Revenues and other income:
Sales and other operating
revenues $ 18.2 $ 16.6 $ 50.2 $ 52.2
Sales to related parties 122.7 114.1 360.7 336.0
Loss on sale of assets - - (0.2 ) -
Other income 1.4 1.5 4.2 4.1
Other income - related parties 6.3 5.8 18.8 16.9
----------- ----------- ----------- ----------
Total revenues and other
income 148.6 138.0 433.7 409.2
Costs and expenses:
Cost of revenues (excludes
items below) 41.9 40.6 101.4 102.9
Purchases from related parties 26.5 23.7 75.1 71.4
Depreciation 12.7 12.5 38.1 37.5
General and administrative
expenses 21.1 15.3 57.7 47.1
Other taxes (0.7 ) 1.7 5.5 5.5
----------- ----------- ----------- ----------
Total costs and expenses 101.5 93.8 277.8 264.4
----------- ----------- ----------- ----------
Income from operations 47.1 44.2 155.9 144.8
Net interest and other
financial costs 5.2 1.1 16.7 3.0
----------- ----------- ----------- ----------
Income before income taxes 41.9 43.1 139.2 141.8
Provision for income taxes 0.1 - 0.1 0.1
----------- ----------- ----------- ----------
Net income 41.8 43.1 139.1 141.7
Less: Net income attributable
to MPC-retained interest 0.3 14.0 0.8 49.6
----------- ----------- ----------- ----------
Net income attributable to MPLX
LP 41.5 29.1 138.3 92.1
Less: General partner's
interest in net income
attributable to MPLX LP 8.6 1.5 19.4 3.7
----------- ----------- ----------- ----------
Limited partners' interest in
net income attributable to MPLX
LP $ 32.9 $ 27.6 $ 118.9 $ 88.4
----------- ----------- ----------- ----------
Per Unit Data
Net income attributable to MPLX
LP per limited partner unit:
Common - basic $ 0.41 $ 0.37 $ 1.42 $ 1.16
Common - diluted 0.41 0.37 1.42 1.16
Subordinated - basic and diluted - 0.37 1.36 1.16
Weighted average limited partner
units outstanding:
Common units - basic 80.4 37.1 55.9 37.0
Common units - diluted 80.4 37.1 55.9 37.1
Subordinated units - basic and
diluted - 37.0 24.5 37.0
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Other Financial Information
(unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
(In millions, except per 2015 2014 2015 2014
unit and ratio data)
------------ ------------ ------------ -----------
Quarterly distribution
declared per unit $ 0.4700 $ 0.3575 $ 1.3200 $ 1.0275
Volume deficiency credits
attributable to MPLX LP((a)) $ 9.6 $ 7.9 $ 28.7 $ 25.5
Adjusted EBITDA attributable
to MPLX LP((b)) $ 64.6 $ 40.2 $ 199.5 $ 123.9
Distributable cash flow
attributable to MPLX LP $ 52.5 $ 32.9 $ 170.9 $ 106.4
Distribution declared:
Limited partner units -
public $ 11.0 $ 7.2 $ 30.9 $ 20.5
Limited partner units -
MPC 26.7 19.2 75.1 55.5
General partner units -
MPC 1.0 0.5 2.5 1.5
Incentive distribution
rights - MPC 7.8 1.0 16.5 1.9
------------ ------------ ------------ -----------
Total distribution
declared $ 46.5 $ 27.9 $ 125.0 $ 79.4
------------ ------------ ------------ -----------
Coverage ratio 1.13x 1.18x 1.37x 1.34x
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(a) Current period revenue related to volume deficiency credits generated in
prior periods that are included in adjusted EBITDA but not distributable cash
flow.
(b) In the third quarter of 2015, we revised adjusted EBITDA to exclude
acquisition costs on a prospective basis.
-------------------------------------------------------------------------------
Reconciliation of Adjusted EBITDA
attributable to MPLX LP and
Distributable Cash Flow
attributable to MPLX LP to Net
Income (unaudited)
Three Months Nine Months Ended
Ended September 30
September 30
(In millions) 2015 2014 2015 2014
---------- ---------- ----------- ----------
Net Income $ 41.8 $ 43.1 $ 139.1 $ 141.7
Less: Net income attributable to
MPC-retained interest 0.3 14.0 0.8 49.6
---------- ---------- ----------- ----------
Net income attributable to MPLX LP 41.5 29.1 138.3 92.1
Plus: Net income attributable to
MPC-retained interest 0.3 14.0 0.8 49.6
Depreciation 12.7 12.5 38.1 37.5
Provision for income taxes 0.1 - 0.1 0.1
Non-cash equity-based
compensation 0.8 0.5 2.2 1.4
Net interest and other financial
costs 5.2 1.1 16.7 3.0
Acquisition costs 4.3 - 4.3 -
---------- -------- ----------- --------
Adjusted EBITDA 64.9 57.2 200.5 183.7
Less: Adjusted EBITDA attributable
to MPC-retained
interest 0.3 17.0 1.0 59.8
---------- ---------- ----------- ----------
Adjusted EBITDA attributable to
MPLX LP((a)) 64.6 40.2 199.5 123.9
Plus: Current period deferred
revenue for committed
volume deficiencies((b)) 10.7 7.8 32.5 22.4
Less: Net interest and other
financial costs 5.2 1.4 16.7 3.5
Income taxes paid 0.1 - 0.1 -
Maintenance capital expenditures
paid 7.9 5.8 15.6 10.9
Volume deficiency credits((c)) 9.6 7.9 28.7 25.5
---------- ---------- ----------- ----------
Distributable cash flow
attributable to MPLX LP $ 52.5 $ 32.9 $ 170.9 $ 106.4
---------- ---------- ----------- ----------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Reconciliation of Adjusted EBITDA attributable to MPLX
LP and Distributable Cash Flow attributable to MPLX LP
to Net Cash Provided by Operating Activities (unaudited)
Nine Months Ended
September 30
(In millions) 2015 2014
----------- ----------
Net cash provided by operating activities $ 184.9 $ 190.3
Less: Changes in working capital items 6.4 12.1
All other, net 1.8 -
Plus: Non-cash equity-based compensation 2.2 1.4
Net loss on disposal of assets (0.2 ) -
Net interest and other financial costs 16.7 3.0
Current income taxes expense 0.1 0.1
Asset retirement expenditures 0.7 1.0
Acquisition costs 4.3 -
----------- ----------
Adjusted EBITDA 200.5 183.7
Less: Adjusted EBITDA attributable to MPC-retained
interest 1.0 59.8
----------- ----------
Adjusted EBITDA attributable to MPLX LP((a)) 199.5 123.9
Plus: Current period deferred revenue for committed
volume deficiencies((b)) 32.5 22.4
Less: Net interest and other financial costs 16.7 3.5
Income taxes paid 0.1 -
Maintenance capital expenditures paid 15.6 10.9
Volume deficiency credits((c)) 28.7 25.5
----------- ----------
Distributable cash flow attributable to MPLX LP $ 170.9 $ 106.4
----------- ----------
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(a) In the third quarter of 2015, we revised adjusted EBITDA to exclude
acquisition costs on a prospective basis.
(b) Deficiency payments included in distributable cash flow that are not
included in net income or adjusted EBITDA.
(c) Current period revenue related to volume deficiency credits generated in
prior periods that are included in adjusted EBITDA but not distributable cash
flow.
-------------------------------------------------------------------------------
Select Operating Data
(unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2015 2014 2015 2014
----------- ----------- ----------- ----------
Pipeline throughput (thousands
of barrels per day):
Crude oil pipelines 1,135 1,048 1,091 1,034
Product pipelines 896 839 907 843
----------- ----------- ----------- ----------
Total 2,031 1,887 1,998 1,877
Average tariff rates ($ per
barrel):
Crude oil pipelines $ 0.66 $ 0.64 $ 0.66 $ 0.65
Product pipelines 0.65 0.63 0.64 0.61
Total pipelines 0.66 0.64 0.65 0.64
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Select Financial Data (unaudited)
Three Months Nine Months Ended
Ended September 30
September 30
(In millions) 2015 2014 2015 2014
---------- ---------- ----------- ---------
Capital Expenditures((a)):
Maintenance $ 9.7 $ 9.0 $ 17.2 $ 17.4
Expansion 53.0 30.4 122.1 36.6
---------- ---------- ----------- ---------
Total capital expenditures 62.7 39.4 139.3 54.0
Less: Increase (decrease) in
capital accruals 4.7 5.4 17.5 5.9
Asset retirement expenditures 0.4 0.1 0.7 1.0
---------- ---------- ----------- ---------
Additions to property, plant and
equipment $ 57.6 $ 33.9 $ 121.1 $ 47.1
---------- ---------- ----------- ---------
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(a) Excludes acquisitions of additional interests in MPLX Pipe Line Holdings
LP.
-------------------------------------------------------------------------------
Select Balance Sheet Data (unaudited)
Sept. 30 June 30
(In millions, except ratio data) 2015 2015
------------- ------------
Cash and cash equivalents $ 90.4 $ 130.4
Total assets 1,391.1 1,382.6
Long term debt((a)) 753.3 753.4
Total equity 493.1 492.4
Consolidated total debt to consolidated EBITDA
(covenant basis) 3.1x 3.1x
Partnership units outstanding:
General partner units 1.6 1.6
MPC-held limited partner units 57.0 57.0
Public limited partner units 23.4 23.4
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(a) Includes amounts due within one year.
MPLX 3Q 2015 Results:
http://hugin.info/155038/R/1962361/715714.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MPLX LP via GlobeNewswire
[HUG#1962361]
Datum: 29.10.2015 - 12:13 Uhr
Sprache: Deutsch
News-ID 430512
Anzahl Zeichen: 36712
contact information:
Town:
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Kategorie:
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