MPLX LP had first-quarter 2024 net income of $1.005 billion, compared with $943 million for first-quarter 2023, and adjusted earnings of $1.635 billion, compared with $1.519 billion for first-quarter 2023.
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 $1.098 billion, up from $1.026 billion in the year-ago quarter. G&P ended first-quarter 2024 at $537 million, compared with $493 million for first-quarter 2023. During the quarter, MPLX generated $1.291 billion in net cash provided by operating activities.
Total pipeline throughputs decreased 6% year-over-year at 5.3 million b/d in the first quarter. Terminal throughput was 2.9 million b/d for the quarter, a decrease of 5% versus the same quarter of 2023. Gathered volumes averaged 6.2 bcfd, a 2% decrease from first-quarter 2023. Processed volumes increased 9% compared with the year-ago period to average 9.4 bcfd. Fractionated volumes averaged 632,000 b/d, a 7% increase versus first-quarter 2023.
In the L&S segment, MPLX is expanding its natural gas and natural gas liquids long-haul and crude gathering pipelines supporting the Permian and Bakken basins. In the Permian, MPLX and partners are making progress on the Agua Dulce Corpus Christi (ADCC) Pipeline lateral, which is expected to be in service in this year’s third quarter. The expansion of the Belvieu Alternative NGL (BANGL) joint venture pipeline to a capacity of 200,000 b/d is expected to be complete in first-half 2025.
MPLX remains focused on the Permian and Marcellus basins in its G&P segment.
In the Marcellus, the 200 MMcfd Harmon Creek ll processing plant was placed into operation in this year’s first quarter.
In the Delaware basin in the Permian, the 200 MMcfd Preakness ll processing plant is approaching startup. MPLX is constructing its seventh processing plant in the basin, the 200 MMcfd Secretariat, which is expected online in second-half 2025. These new plants will bring MPLX processing capacity in the Delaware basin to 1.4 bcfd.
