MPLX's earnings for the third quarter increase as pipeline throughputs rise

The U.S. midstream firm MPLX announced a higher net profit for the third quarter 2024 compared to the previous year on Tuesday, as it transported more energy products via its pipeline system.

The adjusted earnings before taxes, depreciation, and amortization (EBITDA), were $1.7 billion, compared to $1.6 billion at the same period a year earlier.

MPLX’s Logistics and Storage segment saw its adjusted EBITDA rise to $1.16bn, up from $1.09bn in the third quarter 2023.

The average tariff for pipelines has increased to $1.01 a barrel. This is 2% more than the same quarter last year.

Total pipeline throughputs reached 6 million barrels a day (bpd), an increase of 1% compared to the same quarter in 2023. Terminal throughput increased by 1%, reaching 3.3 million bpd.

MPLX’s segment of gathering and processing saw its adjusted EBITDA rise to $557 millions, up from $505 million in the third quarter 2023.

The average volume collected was 6.7 billion cubic foot per day (bcf/d), which is an increase of 8% from the third quarter 2023. (Reporting and editing by Louise Heavens in Houston and Alexandra Hudson.

(source: Reuters)