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MPLX LP (MPLX - Free Report) reported first-quarter earnings of 78 cents per unit, beating the Zacks Consensus Estimate by a penny. The bottom line improved from the year-ago earnings of 68 cents.
Total quarterly revenues of $2,610 million surpassed the Zacks Consensus Estimate of $2,373 million. Also, the top line increased from the prior-year quarter’s $2,339 million.
The strong quarterly results of MPLX were supported by increased contributions from logistics and storage operations, as well as the gathering and processing business.
MPLX’s adjusted EBITDA from the Logistics and Storage segment increased from $896 million a year ago to $904 million. Higher pipeline throughputs aided the segment. Total pipeline throughputs for the first quarter were 5.3 million barrels per day (bpd), marking a 4% increase from the year-ago period.
Adjusted EBITDA from the Gathering and Processing segment was recorded at $489 million, up from $456 million in the prior-year quarter. The segment benefited from a spike in natural gas liquid prices. Gathered volumes averaged 5.3 billion cubic feet per day (Bcf/d), suggesting a 4% increase from the year-ago period. Processed volumes of 8.3 Bcf/d marked a 1% decline from the year-ago quarter.
Costs and Expenses
For first-quarter 2022, total costs and expenses of MPLX were $1,550 million, up from the year-ago quarter’s $1,365 million.
Cash Flow
Distributable cash flow attributable to MPLX for first-quarter 2022 was $1,210 million, providing 1.65X distribution coverage, up from $1,137 million in the year-ago quarter. Distribution per unit was 70.5 cents for the reported quarter.
Free cash flow for the quarter under review decreased to $850 million from $1,031 million recorded in the corresponding period of 2021.
Balance Sheet
As of Mar 31, 2022, the partnership’s cash and cash equivalents were $42 million. Its total debt amounted to $20.1 billion.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. ConocoPhillips has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, ConocoPhillips is likely to see earnings growth of 140.1%.
Marathon Oil is a leading oil and natural gas exploration and production company. Marathon Oil has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Marathon Oil is likely to see earnings growth of 197.5%.
In the United States, Occidental Petroleum is among the largest oil producers. Occidental Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Occidental Petroleum is likely to see earnings growth of 264.3%.
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MPLX LP (MPLX) Q1 Earnings & Revenues Surpass Estimates
MPLX LP (MPLX - Free Report) reported first-quarter earnings of 78 cents per unit, beating the Zacks Consensus Estimate by a penny. The bottom line improved from the year-ago earnings of 68 cents.
Total quarterly revenues of $2,610 million surpassed the Zacks Consensus Estimate of $2,373 million. Also, the top line increased from the prior-year quarter’s $2,339 million.
The strong quarterly results of MPLX were supported by increased contributions from logistics and storage operations, as well as the gathering and processing business.
MPLX LP Price, Consensus and EPS Surprise
MPLX LP price-consensus-eps-surprise-chart | MPLX LP Quote
Segmental Highlights
MPLX’s adjusted EBITDA from the Logistics and Storage segment increased from $896 million a year ago to $904 million. Higher pipeline throughputs aided the segment. Total pipeline throughputs for the first quarter were 5.3 million barrels per day (bpd), marking a 4% increase from the year-ago period.
Adjusted EBITDA from the Gathering and Processing segment was recorded at $489 million, up from $456 million in the prior-year quarter. The segment benefited from a spike in natural gas liquid prices. Gathered volumes averaged 5.3 billion cubic feet per day (Bcf/d), suggesting a 4% increase from the year-ago period. Processed volumes of 8.3 Bcf/d marked a 1% decline from the year-ago quarter.
Costs and Expenses
For first-quarter 2022, total costs and expenses of MPLX were $1,550 million, up from the year-ago quarter’s $1,365 million.
Cash Flow
Distributable cash flow attributable to MPLX for first-quarter 2022 was $1,210 million, providing 1.65X distribution coverage, up from $1,137 million in the year-ago quarter. Distribution per unit was 70.5 cents for the reported quarter.
Free cash flow for the quarter under review decreased to $850 million from $1,031 million recorded in the corresponding period of 2021.
Balance Sheet
As of Mar 31, 2022, the partnership’s cash and cash equivalents were $42 million. Its total debt amounted to $20.1 billion.
Zacks Rank & Other Stocks to Consider
MPLX currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space include ConocoPhillips (COP - Free Report) , Marathon Oil (MRO - Free Report) and Occidental Petroleum (OXY - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. ConocoPhillips has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, ConocoPhillips is likely to see earnings growth of 140.1%.
Marathon Oil is a leading oil and natural gas exploration and production company. Marathon Oil has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Marathon Oil is likely to see earnings growth of 197.5%.
In the United States, Occidental Petroleum is among the largest oil producers. Occidental Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.
In 2022, Occidental Petroleum is likely to see earnings growth of 264.3%.