|
|
|
|
||
MPLX posts higher Q1 adjusted EBITDA YOY, trims 2020 spending budget from SNL Energy Finance Daily MPLX posts higher Q1 adjusted EBITDA YOY, trims 2020 spending budgetByline: S&P Global Market Intelligence MPLX LP on May 5 posted a first-quarter adjusted EBITDA attributable to the partnership of $1.29 billion, up from $1.26 billion in the same period last year. The S&P Global Market Intelligence consensus estimate of adjusted EBITDA for the first quarter was $1.28 billion. The partnership's distributable cash flow in the first quarter was $1.08 billion, an increase from $1.02 billion in the prior-year period. MPLX reported a net loss of $2.72 billion, compared with a net income of $503 million a year earlier. The results include noncash impairment charges of $3.4 billion, which include a goodwill impairment associated with Marcellus gathering and processing assets, impairments of equity method investments primarily in the Utica region and long-lived asset impairments related to assets in east Texas. The midstream company also reduced its capital spending target for 2020 by more than $700 million, to about $1.0 billion. MPLX cut its growth capital spending target for the year by over $600 million, to about $900 million. |
return to message board, top of board |