{"id":22800,"date":"2014-05-20T08:16:16","date_gmt":"2014-05-20T12:16:16","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=22800"},"modified":"2014-05-20T08:16:16","modified_gmt":"2014-05-20T12:16:16","slug":"mplx-lp-nysemplx-continued-to-progress","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/mplx-lp-nysemplx-continued-to-progress-22800","title":{"rendered":"MPLX LP (NYSE:MPLX) Continued To Progress"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 05\/20\/2014 (wallstreetpr) \u2013\u00a0<strong>MPLX LP (NYSE:MPLX)<\/strong> today reported its first quarter 2014 results with net income of $34.2 million with and $0.41 per common limited partner unit versus $17.6 million and $0.26 per common limited partner unit a year\u2019s ego.<\/p>\n<p style=\"text-align: justify;\"><b>Top line growth<\/b><\/p>\n<p style=\"text-align: justify;\">MPLX\u2019s total revenues in the first quarter of 2014 (1Q2014) increased by ~20% to $137.3 million, from $114.7 million in the first quarter of 2013 (1Q2013). The rise was due to increase pipeline tariff rates and revenue recognized as a result of volume deficiency credits that partly offset the decrease in throughput volumes to 1.8 million barrels per day (1Q2013: ~2 million barrels per day). Marathon Petroleum (MPC) and related parties shipped under the joint tariff plan.<\/p>\n<p style=\"text-align: justify;\"><b>Improved bottom line and distributable cash flow<\/b><\/p>\n<p style=\"text-align: justify;\">The increasing revenues drove the Company\u2019s adjusted EBITDA considerably to $43.8 million from $25.1 million in 1Q2013. It also increased the distributable cash flow for a period to $37.7 million (1Q2013: $28 million). The Directors declared a distribution of $0.3275 per unit, up by 20.2% over prior year period.<\/p>\n<p style=\"text-align: justify;\">In March, MPLX LP (NYSE:MPLX)\u00a0increased its interest to 69% in Pipe Line Holdings while acquiring additional 13% stake for $310 million, including $40 million of cash and $270 million of borrowing.<\/p>\n<p style=\"text-align: justify;\">So, higher revenue coupled with the ownership over Pipe Line Holdings improved the net income to $34.2 million (1Q2013: $17.6 million).<\/p>\n<p style=\"text-align: justify;\">In 1Q2014, the Company reported lower capital expenditure of $5.1 million versus $9.2 million in 1Q2013.<\/p>\n<p style=\"text-align: justify;\"><b>Financially sound to support future growth<\/b><\/p>\n<p style=\"text-align: justify;\">MPLX LP (NYSE:MPLX)\u00a0is financially flexible to manage and grow its asset base. As of march 31, 2014, MPLX has total assets of $1.2 billion including cash and cash equivalents of $40.6 million, $821.1 million as total equity and long-term debt of $280.4 million. MPLX has a leverage ratio of 2.2x as of March 31, 2014.<\/p>\n<p style=\"text-align: justify;\">Strong liquidity position supports the Company to pursue growth opportunities that will help to expand its base of distributable cash flow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 05\/20\/2014 (wallstreetpr) \u2013\u00a0MPLX LP (NYSE:MPLX) today reported its first quarter 2014 results with net income of $34.2 million with and $0.41 per common [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[6736,6737],"stock_ticker":[],"class_list":["post-22800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-mplx-lp-nysemplx","tag-nysemplx","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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