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MPLX LP's (MPLX) CEO Mike Hennigan on Q2 2022 Results - Earnings Call Transcript

Aug. 02, 2022 1:49 PM ETMPLX LP (MPLX), MPLXP9 Comments
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MPLX LP (NYSE:MPLX) Q2 2022 Earnings Conference Call August 2, 2022 9:30 AM ET

Company Participants

Kristina Kazarian – Vice President-Investor Relations

Mike Hennigan – Chief Executive Officer

John Quaid – Chief Financial Officer

Greg Floerke – Executive Vice President and Chief Operating Officer

Tim Aydt – Executive Vice President and Chief Commercial Officer

Conference Call Participants

John Mackay – Goldman Sachs

Michael Blum – Wells Fargo

Brian Reynolds – UBS

Steve McGee – JPMC

Theresa Chen – Barclays

Harry Mateer – Barclays


Welcome to the MPLX Second Quarter 2022 Earnings Call. My name is Sheila and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Kristina Kazarian

Good morning, and welcome to the MPLX second quarter 2022 earnings conference call. The slides that accompany this call can be found on our website at mplx.com, under the Investor tab. Joining me on the call today are Mike Hennigan, Chairman and CEO; John Quaid, CFO; and other members of the executive team. We invite you to read the safe harbor statements and non-GAAP disclaimer on Slide 2. It's a reminder that we will be making forward-looking statements during the call and during the question-and-answer session that follows. Actual results may differ materially from what we expect today. Factors that could cause actual results to differ are included there as well as in our filings with the SEC.

With that, I'll turn the call over to Mike.

Mike Hennigan

Thanks Kristina. Good morning, everyone. Thank you for joining our call. Earlier today, we reported second quarter adjusted EBITDA of $1.5 billion. Our operating results this quarter represented 6% increase

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Comments (9)

Screw the buybacks, that $1b could add a $1 to a special dividend. I want $$ back. Buying back 2 1/2% of outstanding shares doesn't help me.
Based on the comments on the preferreds, might be interesting to look at the price of them if there is a good chance they will be redeemed? Quick capital gain if under par...
PianoCat profile picture
If not special distributions, are we getting distribution raises every quarter? If you buy back units and maintain the same payout ratio, your distribution will have to go up.
@PianoCat Div would only go up .02 a qtr. I'd prefer they use that 1B for buybacks as a special dividend, around a $1. He already said they're raising div in Nov, hopefully stock price goes up & buyback is abandoned in favor of special div
Tom850870 profile picture
As I read this, I thought I was getting a sense that a supplemental distribution was less likely, but he kind of turned that around, and basically ending up saying nothing at all. Which is fine, I'm not a big fan of tossing money out the door, vs. deleveraging. Only, it sounds like they'd rather do buybacks than reduce debt further. If that's the case, go ahead and give me the money. In terms of being in the fossil fuels business, I don't think there is such a thing as being under-leveraged.

Other than that, pretty solid news on the MPC front, getting the contracts renewed without any income hit. And, it looks like cash flow could be rising into the end of the year, with a couple of projects coming online. All positive.
@Tom850870 agree. great management is clear with itself as it are clear with its investors (unit holders) eg MMP. These guys aren’t. Good, not great.
Tom850870 profile picture
@Livejoyfully No, I'm not marking them down, any management and board is going to stay flexible. They probably have some sense of whether they'd do another special distribution or not, but it will depend on where the equity is trading, for one thing.
@Tom850870 Plus rates follow FERC index which is based on PPI so rates went up minimum 4-5.5% on July 1st. I guess rolling over debt to higher/longer terms is standard in oil gas industry.
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