Attached files
| file | filename |
|---|---|
| 8-K - 8-K - MPLX LP | form8-k2015quarterlyprofor.htm |
Exhibit 99.1
UNAUDITED QUARTERLY PRO FORMA STATEMENTS OF INCOME
Three months ended March 31, 2015 | ||||||||||||||||
L&S | G&P | |||||||||||||||
MPLX Historical | HSM Adjustments | Total L&S | MWE Historical | MWE Pro Forma Adjustments | Total Pro Forma G&P | Total Pro Forma MPLX | ||||||||||
Revenues and other income: | ||||||||||||||||
Service revenue | 16 | — | 16 | 224 | (2 | ) | 222 | 238 | ||||||||
Service revenue - related parties | 111 | 31 | 142 | — | — | — | 142 | |||||||||
Rental income | — | — | — | 68 | — | 68 | 68 | |||||||||
Rental income - related parties | 4 | 21 | 25 | — | — | — | 25 | |||||||||
Product sales | — | — | — | 175 | (3 | ) | 172 | 172 | ||||||||
Product sales - related parties | — | — | — | — | 3 | 3 | 3 | |||||||||
Other income | 1 | — | 1 | 1 | (3 | ) | (2 | ) | (1 | ) | ||||||
Other income - related parties | 6 | 11 | 17 | — | — | — | 17 | |||||||||
Total revenues and other income | 138 | 63 | 201 | 468 | (5 | ) | 463 | 664 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenues (excludes items below) | 28 | 14 | 42 | 76 | — | 76 | 118 | |||||||||
Purchased product costs | — | — | — | 128 | — | 128 | 128 | |||||||||
Rental cost of revenues | — | — | — | 16 | — | 16 | 16 | |||||||||
Purchases - related parties | 24 | 16 | 40 | — | — | — | 40 | |||||||||
Depreciation and amortization | 12 | 7 | 19 | 135 | (18 | ) | 117 | 136 | ||||||||
Impairment expense | — | — | — | 26 | — | 26 | 26 | |||||||||
General and administrative expenses | 19 | 3 | 22 | 34 | 3 | 37 | 59 | |||||||||
Other taxes | 3 | 1 | 4 | — | — | — | 4 | |||||||||
Total costs and expenses | 86 | 41 | 127 | 415 | (15 | ) | 400 | 527 | ||||||||
Income from operations | 52 | 22 | 74 | 53 | 10 | 63 | 137 | |||||||||
Debt retirement expense | — | — | — | — | — | — | — | |||||||||
Net interest and other financial costs | 6 | — | 6 | 51 | 5 | 56 | 62 | |||||||||
Income before income taxes | 46 | 22 | 68 | 2 | 5 | 7 | 75 | |||||||||
Benefit for income taxes | — | — | — | (4 | ) | 1 | (3 | ) | (3 | ) | ||||||
Net income | 46 | 22 | 68 | 6 | 4 | 10 | 78 | |||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | 15 | (1 | ) | 14 | 14 | ||||||||
Net income (loss) attributable to LPs and GP | 46 | 22 | 68 | (9 | ) | 5 | (4 | ) | 64 | |||||||
Three months ended June 30, 2015 | ||||||||||||||||
L&S | G&P | |||||||||||||||
MPLX Historical | HSM Adjustments | Total L&S | MWE Historical | MWE Pro Forma Adjustments | Total Pro Forma G&P | Total Pro Forma MPLX | ||||||||||
Revenues and other income: | ||||||||||||||||
Service revenue | 16 | — | 16 | 233 | (3 | ) | 230 | 246 | ||||||||
Service revenue - related parties | 119 | 33 | 152 | — | — | — | 152 | |||||||||
Rental income | — | — | — | 70 | (1 | ) | 69 | 69 | ||||||||
Rental income - related parties | 4 | 21 | 25 | — | — | — | 25 | |||||||||
Product sales | — | — | — | 157 | (2 | ) | 155 | 155 | ||||||||
Product sales - related parties | — | — | — | — | 2 | 2 | 2 | |||||||||
Other income | 1 | — | 1 | 1 | (2 | ) | (1 | ) | — | |||||||
Other income - related parties | 6 | 12 | 18 | — | — | — | 18 | |||||||||
Total revenues and other income | 146 | 66 | 212 | 461 | (6 | ) | 455 | 667 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenues (excludes items below) | 31 | 15 | 46 | 76 | — | 76 | 122 | |||||||||
Purchased product costs | — | — | — | 126 | (3 | ) | 123 | 123 | ||||||||
Rental cost of revenues | — | — | — | 12 | — | 12 | 12 | |||||||||
Purchases - related parties | 24 | 16 | 40 | — | — | — | 40 | |||||||||
Depreciation and amortization | 13 | 6 | 19 | 138 | (17 | ) | 121 | 140 | ||||||||
Impairment expense | — | — | — | — | — | — | — | |||||||||
General and administrative expenses(1) | 17 | 3 | 20 | 35 | (2 | ) | 33 | 53 | ||||||||
Other taxes | 3 | 1 | 4 | — | — | — | 4 | |||||||||
Total costs and expenses | 88 | 41 | 129 | 387 | (22 | ) | 365 | 494 | ||||||||
Income from operations | 58 | 25 | 83 | 74 | 16 | 90 | 173 | |||||||||
Debt retirement expense | — | — | — | 118 | — | 118 | 118 | |||||||||
Net interest and other financial costs | 6 | — | 6 | 53 | 6 | 59 | 65 | |||||||||
Income (loss) before income taxes | 52 | 25 | 77 | (97 | ) | 10 | (87 | ) | (10 | ) | ||||||
Benefit for income taxes | — | — | — | (12 | ) | 1 | (11 | ) | (11 | ) | ||||||
Net income (loss) | 52 | 25 | 77 | (85 | ) | 9 | (76 | ) | 1 | |||||||
Less: Net income attributable to noncontrolling interests | — | — | — | 16 | (4 | ) | 12 | 12 | ||||||||
Net income (loss) attributable to LPs and GP | 52 | 25 | 77 | (101 | ) | 13 | (88 | ) | (11 | ) | ||||||
(1) | MPLX Historical column includes a portion of the Pro Forma Adjustments related to general and administrative expense allocations related to the MarkWest merger transaction costs. |
Three months ended September 30, 2015 | ||||||||||||||||
L&S | G&P | |||||||||||||||
MPLX Historical | HSM Adjustments | Total L&S | MWE Historical | MWE Pro Forma Adjustments | Total Pro Forma G&P | Total Pro Forma MPLX | ||||||||||
Revenues and other income: | ||||||||||||||||
Service revenue | 19 | — | 19 | 250 | (2 | ) | 248 | 267 | ||||||||
Service revenue - related parties | 119 | 32 | 151 | — | — | — | 151 | |||||||||
Rental income | — | — | — | 67 | (1 | ) | 66 | 66 | ||||||||
Rental income - related parties | 4 | 21 | 25 | — | — | — | 25 | |||||||||
Product sales | — | — | — | 158 | (1 | ) | 157 | 157 | ||||||||
Product sales - related parties | — | — | — | — | 1 | 1 | 1 | |||||||||
Other income | 2 | 1 | 3 | 6 | (1 | ) | 5 | 8 | ||||||||
Other income - related parties | 6 | 11 | 17 | — | — | — | 17 | |||||||||
Total revenues and other income | 150 | 65 | 215 | 481 | (4 | ) | 477 | 692 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenues (excludes items below) | 42 | 17 | 59 | 83 | — | 83 | 142 | |||||||||
Purchased product costs | — | — | — | 100 | (2 | ) | 98 | 98 | ||||||||
Rental cost of revenues | — | — | — | 12 | — | 12 | 12 | |||||||||
Purchases - related parties | 27 | 16 | 43 | — | — | — | 43 | |||||||||
Depreciation and amortization | 13 | 7 | 20 | 145 | (17 | ) | 128 | 148 | ||||||||
Impairment expense | — | — | — | — | — | — | — | |||||||||
General and administrative expenses(1) | 19 | 4 | 23 | 36 | (4 | ) | 32 | 55 | ||||||||
Other taxes | (1 | ) | — | (1 | ) | — | — | — | (1 | ) | ||||||
Total costs and expenses | 100 | 44 | 144 | 376 | (23 | ) | 353 | 497 | ||||||||
Income from operations | 50 | 21 | 71 | 105 | 19 | 124 | 195 | |||||||||
Debt retirement expense | — | — | — | — | — | — | — | |||||||||
Net interest and other financial costs | 5 | — | 5 | 54 | 7 | 61 | 66 | |||||||||
Income before income taxes | 45 | 21 | 66 | 51 | 12 | 63 | 129 | |||||||||
Provision for income taxes | — | — | — | 2 | 1 | 3 | 3 | |||||||||
Net income | 45 | 21 | 66 | 49 | 11 | 60 | 126 | |||||||||
Less: Net income attributable to noncontrolling interests | 1 | — | 1 | 20 | (4 | ) | 16 | 17 | ||||||||
Net income attributable to LPs and GP | 44 | 21 | 65 | 29 | 15 | 44 | 109 | |||||||||
(1) | MPLX Historical column includes a portion of the Pro Forma Adjustments related to general and administrative expense allocations related to the MarkWest merger transaction costs. |
Three months ended December 31, 2015 | ||||||||||||||||
L&S | G&P | |||||||||||||||
MPLX Historical(1) | HSM Adjustments | Total L&S(1) | MWE Historical(1) | MWE Pro Forma Adjustments | Total Pro Forma G&P(1) | Total Pro Forma MPLX | ||||||||||
Revenues and other income: | ||||||||||||||||
Service revenue | 15 | — | 15 | 237 | (1 | ) | 236 | 251 | ||||||||
Service revenue - related parties | 116 | 32 | 148 | — | — | — | 148 | |||||||||
Rental income | — | — | — | 66 | (1 | ) | 65 | 65 | ||||||||
Rental income - related parties | 4 | 22 | 26 | — | — | — | 26 | |||||||||
Product sales | — | — | — | 143 | (1 | ) | 142 | 142 | ||||||||
Product sales - related parties | — | — | — | 1 | 1 | 2 | 2 | |||||||||
Other income | 1 | — | 1 | 6 | (1 | ) | 5 | 6 | ||||||||
Other income - related parties | 7 | 10 | 17 | 2 | — | 2 | 19 | |||||||||
Total revenues and other income | 143 | 64 | 207 | 455 | (3 | ) | 452 | 659 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of revenues (excludes items below) | 42 | 12 | 54 | 87 | — | 87 | 141 | |||||||||
Purchased product costs | — | — | — | 93 | (2 | ) | 91 | 91 | ||||||||
Rental cost of revenues | 1 | — | 1 | 15 | — | 15 | 16 | |||||||||
Purchases - related parties | 27 | 16 | 43 | — | — | — | 43 | |||||||||
Depreciation and amortization | 14 | 7 | 21 | 140 | (7 | ) | 133 | 154 | ||||||||
Impairment expense | — | — | — | — | — | — | — | |||||||||
General and administrative expenses(2) | 17 | 4 | 21 | 87 | (64 | ) | 23 | 44 | ||||||||
Other taxes | 3 | 1 | 4 | 2 | — | 2 | 6 | |||||||||
Total costs and expenses | 104 | 40 | 144 | 424 | (73 | ) | 351 | 495 | ||||||||
Income from operations | 39 | 24 | 63 | 31 | 70 | 101 | 164 | |||||||||
Debt retirement expense | — | — | — | — | — | — | — | |||||||||
Net interest and other financial costs | 19 | — | 19 | 48 | (1 | ) | 47 | 66 | ||||||||
Income (loss) before income taxes | 20 | 24 | 44 | (17 | ) | 71 | 54 | 98 | ||||||||
Provision (benefit) for income taxes(3) | — | 1 | 1 | (2 | ) | 4 | 2 | 3 | ||||||||
Net income (loss) | 20 | 23 | 43 | (15 | ) | 67 | 52 | 95 | ||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | 16 | (4 | ) | 12 | 12 | ||||||||
Net income (loss) attributable to LPs and GP | 20 | 23 | 43 | (31 | ) | 71 | 40 | 83 | ||||||||
(1) | MPLX Historical for the three months ended December 31, 2015 has been adjusted to exclude the 28 days of MarkWest activity originally reported. Conversely, this activity has been added back to the MWE Historical column. As such, this table shows the fourth quarter pro forma activity for each segment. |
(2) | MPLX Historical column includes a portion of the Pro Forma Adjustments related to general and administrative expense allocations related to the MarkWest merger transaction costs. |
(3) | HSM Adjustment column includes $2 million in HSM Pro Forma Adjustments. |