MPLX shares rise as Q3 revenue grows, distribution increased

NEW YORK - MPLX LP (NYSE:MPLX ) shares rose 2% after the midstream energy company reported third-quarter revenue growth and a significant distribution increase, despite missing analyst estimates.

MPLX reported third-quarter revenue of $2.97 billion, up from $2.91 billion a year ago but below the $3.09 billion analyst consensus. Adjusted earnings per unit came in at $1.01, missing estimates of $1.05.

The company announced a 12.5% increase in its quarterly distribution to $0.9565 per unit, or $3.83 on an annualized basis.

"Through the first nine months, adjusted EBITDA grew over 7% year over year," said MPLX President and CEO Maryann Mannen. "Our new processing and fractionation project in the Northeast is expected to deliver incremental EBITDA."

MPLX's Logistics and Storage segment saw adjusted EBITDA rise to $1.16 billion from $1.09 billion last year. The Gathering and Processing segment's adjusted EBITDA increased to $557 million from $505 million.

Total (EPA:TTEF ) pipeline throughput volumes grew 1% YoY to 5.95 million barrels per day. Gathered volumes rose 8% to 6.7 billion cubic feet per day, while processed volumes increased 9% to 9.8 billion cubic feet per day.

The company generated $1.42 billion in net cash from operating activities and $1.45 billion in distributable cash flow during the quarter. MPLX repurchased $76 million of common units in Q3.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com