MPLX LP’s pipeline utilization remains high, while its terminal volumes are in “record territory,” as demand for refined products stays strong, the company said in its first quarter earnings call on May 3.
MPLX, which operates midstream energy infrastructure and provides fuel distribution services, also said it will advance projects focused on expansion and reducing bottlenecks including on crude and natural gas long-haul pipelines supporting the Permian Basin and Bakken.
The company, formed in 2012 by Marathon Petroleum Corp. (MPC), is in the process of finalizing agreements to renew and extend several pipeline contracts it has with MPC for 10 years, it said.
MPLX’s total pipeline throughputs were 5.3 million bbl/d in the first quarter, 4% higher than the same quarter of 2021, it said. Its processed volumes averaged 8.3 Bcf/d, a 1% decrease versus the first quarter last year.
The company’s income from operations for its gathering and processing segment increased for the quarter by $46 million, versus the same time last year.
MPLX will continue to add crude gathering infrastructure in the Permian Basin, which is in Texas and New Mexico, and the Bakken, located primarily in North Dakota.
Construction is continuing on the company’s 200 MMcf/d Torñado-2 processing plant in the Delaware Basin in the Permian, expected to come online in the second half of 2022, the company said.
In the Marcellus Shale region, the 68,000 bbl/d Smithburg “de-ethanizer” is expected to come online in the second half of 2022 as well, the company said.
Recommended Reading
Talos Ups Buybacks, Pays Down Debt Post $1.29B QuarterNorth Deal
2024-07-22 - Talos Energy said it repaid $325 million in debt since closing its $1.29 billion cash-and-stock acquisition of E&P QuarterNorth in March.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Atlas Energy Solutions Elects CEO John Turner to Board
2024-08-27 - In electing CEO John Turner to its board, Atlas Energy Solutions increased the size of its board of directors from eight to nine members.
Baker Hughes Updates Leadership to Deliver on Growth Strategy
2024-09-04 - Baker Hughes’ updates to its leadership team will go into effect on Oct. 1.
ISS, Glass Lewis Push Crescent, SilverBow Shareholders to Vote for Merger
2024-07-19 - Proxy Advisory firms Institutional Shareholder Services and Glass Lewis also recommend that Crescent Energy shareholders vote for the approval of the issuance of shares on Crescent Class A common stock.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.