Earnings Miss: MPLX LP (MPLX Quick QuoteMPLX - Free Report) reported second quarter adjusted earnings of 55 cents per unit, missing the Zacks Consensus Estimate of 60 cents.

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate of earnings for the quarter has seen no movement in the last seven days.

Before posting Q2 earnings, MPLX LP delivered negative surprises in two of the prior four quarters. Overall, the partnership has an average negative earnings surprise of 4.2% in the trailing four quarters. 

Revenues Miss: MPLX LP posted revenues of $1,629 million, missing the Zacks Consensus Estimate of $1,644 million.

Key Stats: MPLX’s operating income from Logistics and Storage segment witnessed a jump of 12% from the prior-year quarter to $486 million.

Operating income from Gathering and Processing segment decreased to $173 million from $174 million in the prior-year quarter.

Notably, the partnership successfully closed the Andeavor Logistics acquisition on Jul 30, 2019.

Zacks Rank: Currently, MPLX LP carries a Zacks Rank #1 (Strong Buy) which is subject to change following the earnings announcement.

(You can see the complete list of today’s Zacks #1 Rank stocks here.)

Check back later for our full write up on this MPLX LP earnings report later!

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