MPLX LP reported strong financial performance for the third quarter and the nine months ended September 30, 2024, with significant increases in revenue and net income compared to the same periods in 2023. Total revenues and other income for Q3 2024 reached $2,972 million, up from $2,912 million in Q3 2023, while net income rose to $1,047 million from $928 million. For the nine months ended September 30, 2024, total revenues and other income increased to $8,870 million from $8,315 million, with net income growing to $3,248 million from $2,822 million.
The growth in revenue was primarily driven by higher pipeline tariff rates, fee escalations, and contributions from recent acquisitions, including the consolidation of Torñado and the Utica Midstream Acquisition. Service revenue from the Logistics and Storage (L&S) segment for Q3 2024 was $1,158 million, an increase from $1,130 million in Q3 2023, while the Gathering and Processing (G&P) segment saw service revenue rise to $617 million from $549 million. The total segment revenues and other income for L&S and G&P also reflected positive trends, with increases of $26 million and $34 million, respectively.
MPLX's income from operations for Q3 2024 was $1,275 million, compared to $1,154 million in Q3 2023, and for the nine months, it increased to $3,945 million from $3,525 million. Adjusted EBITDA for Q3 2024 was $1,714 million, up from $1,596 million in the prior year, while for the nine months, it rose to $5,002 million from $4,646 million.
The company’s strategic developments included the acquisition of an additional 20% interest in BANGL, LLC for $210 million, increasing its total ownership to 45%. Additionally, MPLX completed the Whistler Joint Venture Transaction, which resulted in a $151 million gain. The Utica Midstream Acquisition, completed in March 2024, involved a $625 million investment, enhancing MPLX's interests in joint ventures and gathering assets.
MPLX's cash and cash equivalents as of September 30, 2024, stood at $2,426 million, a significant increase from $1,048 million at the end of 2023. The company also reported a total of $4,271 million in net cash provided by operating activities for the nine months, compared to $3,908 million in the same period in 2023.
The company declared a cash distribution of $974 million, or $0.9565 per common unit, for Q3 2024, reflecting a 12.5% increase from the previous quarter. Total distributions for the nine months ended September 30, 2024, amounted to $2,706 million, up from $2,403 million in 2023.
About MPLX LP
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