MPLX LP (MPLX) Tops Q2 EPS by 9c, Revenues Beat

MPLX LP (NYSE: MPLX) reported Q2 EPS of $0.58, $0.09 better than the analyst estimate of $0.49. Revenue for the quarter came in at $2.08 billion versus the consensus estimate of $1.98 billion.

• Reported net income attributable to MPLX of $648 million and adjusted EBITDA attributable to MPLX of $1.2 billion
• Generated $1.1 billion in net cash provided by operating activities and reported distribution coverage of 1.39x
• Maintained quarterly distribution of $0.6875 per common unit
• On-track to reduce forecasted 2020 capital spending by over $700 million and operating expense by approximately $200 million
• Maintaining goal to achieve positive free cash flow, after capital investments and distributions, for 2021

"The challenges created by the COVID pandemic continued during our second quarter," said Michael J. Hennigan, president and chief executive officer. "Significantly lower levels of demand for crude and refined products decreased the need for our logistics and storage services, while production curtailments in response to lower prices pressured the gathering and processing systems we operate. However, the progress we made on the proactive steps we announced last quarter helped offset some of these challenges. We continue to believe we will be able to generate a stable level of EBITDA to support our goal of achieving positive free cash flow, after capital investments and distributions, for 2021."

For earnings history and earnings-related data on MPLX LP (MPLX) click here.

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