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MPLX Reports Q2-18

|About: MPLX LP (MPLX)

MPLX (MPLX) reports Q2-18

Q2-2018 Q1-2018 Q4-2017 Q3-2017 Q2-2017 Q1-2017 Q4-2016 Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 Q3-2013 Q2-2013 Q1-2013
Revenues 1,578 1,420 1,085 980 916 886 714 703 564 609 269 148.6 147.6 137.5 139.1 138.0 133.9 137.3 125.6 123.8 122.2 114.7
Costs 970 863 750 669 636 621 517 496 488 582 219 101.5 90.0 86.3 100.6 93.8 89.6 81.0 89.1 84.0 87.0 79.2
EBITDA 867 760 569 538 474 423 391 375 351 302 286 64.6 70.7 64.2 42.4 40.2 39.9 43.8 28.9 30.5 26.7 25.1
Total DCF dollars 695 603 445 442 387 354 318 285.0 285.0 236.0 227.0 52.5 61.0 57.4 32.1 32.9 36.2 37.3 28.3 31.0 27.2 28.0
GP's DCF dollars 0 0 96 86 74 60 55.0 49.0 46.0 40.0 38.0 8.6 6.8 4.0 2.2 1.5 1.2 1.0 0.5 0.5 0.3 0.4
Preferred Distributions 20.0 16.0 16.0 16.0 17.0 16.0 16.0 16.0 9.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net DCF dollars 675 587 333 320 296 278 247.0 220.0 230.0 196.0 189.0 43.9 54.2 53.4 29.9 31.4 35.0 36.3 27.8 30.5 26.9 27.6
Units 794.000 661.000 407.000 395.000 377.000 367.000 356.000 346.000 331.000 300.000 146.00* 80.400 80.400 80.400 75.700 74.100 74.100 74.000 74.400 74.000 74.000 74.000
DCF/unit $0.8501 $0.8880 $0.8182 $0.8101 $0.7851 $0.7575 $0.6938 $0.6358 $0.6949 $0.6533 $1.2945 $0.5460 $0.6742 $0.6642 $0.3950 $0.4237 $0.4723 $0.4905 $0.3736 $0.4122 $0.3635 $0.3730
Upcoming Distrib. $0.6275 $0.6175 $0.6075 $0.5875 $0.5625 $0.5400 $0.5200 $0.5150 $0.5100 $0.5050 $0.5000 $0.4700 $0.4400 $0.4100 $0.3825 $0.3575 $0.3425 $0.3275 $0.3125 $0.2975 $0.2850 $0.2725
Calculated Coverage 1.35x 1.44x 1.35x 1.38x 1.40x 1.40x 1.33x 1.23x 1.36x 1.29x * 1.16x 1.53x 1.62x 1.03x 1.19x 1.38x 1.50x 1.19x 1.38x 1.27x 1.37x
Reported Coverage 1.36x 1.29x 1.24x 1.33x 1.26x 1.29x 1.25x 1.22x 1.24x 1.18x 1.20x 1.13x 1.47x 1.56x 0.97x 1.18x 1.37x 1.49x 1.19x 1.38x 1.25x 1.36x
Annualized EBITDA 3,468 3,040 2,276 2,152 1,896 1,692 1,564 1,500 1,404 1,208 1,144 258 283 345
Long term debt 11,861 11,862 7,332 7,051 6,667 6,655 4,423 4,412 4,401 4,715 5,225 753 753 757 644
Debt/EBITDA 3.42x 3.90x 3.22x 3.28x 3.52x 3.93x 2.83x 2.94x 3.13x 3.90x 4.57x 2.92x 2.66x 2.14x
Interest Expense 151 130 96 93 74 66 52 51 52 55 20 5.2 6.2 5.3 2.0
Interest Coverage 5.74x 5.85x 5.93x 5.78x 6.41x 6.41x 7.52x 7.35x 6.75x 5.49x 14.30x 12.42x 11.40x 12.11x
Fixed Charge Coverage 5.61x 5.21x 5.08x 5.12x 5.21x 5.16x 5.75x 5.60x 5.75x 5.49x 14.30x 12.42x 11.40x 12.11x

MPLX reported Consolidated total debt to adjusted EBITDA of 3.67x.

This was calculated using face value total debt and LTM pro forma adjusted EBITDA, which is pro forma for acquisitions. Face value total debt includes approximately $482 million of unamortized discount and debt issuance costs as of June 30, 2018. My calculations in the spreadsheet above did not do these adjustments.

Due to MPLX affirming its 2018 distribution growth guidance of 10% - this should mean that the short period of 1 cent per quarter distribution growth is over. (Potentially overly bullish projection upcoming . . . ) This should also mean that MPLX will - in some matter of time - stop selling at a 7% yield and start selling at an approximate 5% yield.

Disclosure: I am/we are long mplx.