MPLX net income up 6.6%, adding seventh Permian gas processing plant

Aug. 2, 2023
MPLX had second-quarter 2023 net income of $933 million, compared with $875 million for second-quarter 2022. Adjusted earnings rose in both its logistics and storage and gathering and gathering and processing segments.

MPLX LP had second-quarter 2023 net income of $933 million, compared with $875 million for second-quarter 2022. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose in both its logistics and storage (L&S) and gathering and processing (G&P) segments. L&S was up 5.8% at $1.022 billion and G&P 3.7% at $509 million.

Total liquids pipeline throughputs of 6 million b/d increased 1% from second-quarter 2022. Gas gathering volumes averaged 6.2 bcfd, up 9% year-on-year. Processed volumes averaged 8.9 bcfd, a 6% increase versus second-quarter 2022. Fractionated volumes averaged 583,000 b/d, up 9%.

In the L&S segment, MPLX is expanding its natural gas and NGL long-haul and crude gathering pipelines supporting the Permian and Bakken basins. Specifically in the Permian, working with its partners, MPLX is expanding both the Whistler crude pipeline, to 2.5 bcfd from 2 bcfd, and its Agua Dulce Corpus Christi pipeline lateral, targeting September 2023 startup. MPLX is also boosting capacity on its Belvieu Alternative NGL (BANGL) joint venture pipeline to 200,000 b/d, with expected completion in first-half 2025.

MPLX remains focused on the Permian and Marcellus basins in its G&P segment. In the Permian's Delaware basin, MPLX is progressing construction of its sixth natural gas processing plant, the 200-MMcfd Preakness ll, which is expected online first-half 2024. MPLX is also planning to build the 200-MMcfd Secretariat, its seventh processing plant in the basin, with expected startup in second-half 2025. These new plants will bring MPLX processing capacity in Delaware basin to 1.4 bcfd. In the Marcellus, MPLX is progressing construction of its 200-MMcfd Harmon Creek ll processing plant, expected online first-half 2024.

About the Author

Christopher E. Smith | Editor in Chief

Christopher brings 27 years of experience in a variety of oil and gas industry analysis and reporting roles to his work as Editor-in-Chief, specializing for the last 15 of them in midstream and transportation sectors.