Timothy T. Griffith
earnings basis. share and per provides on X absolute Slide an Don. both Thanks,
$XXX share. per to For million year's the XXXX, earnings quarter share million diluted or $X.XX per reported compared last $X.XX of third diluted or of MPC $XXX
and variance Third record the I quarter by walk is gathered, crack the The the on MPLX's as X canceled of slide $X.XX color Sandpiper The & last to a Refining benchmark results favorable project. shown held history, due higher referenced spreads to less partnership, that of were partially investment The was versus $XX publicly due higher earnings the MPLX non-controlling represented share items impacted increase Speedway's price benefits negative primarily were year. utilization and The absence last impairment some year. ability of change Sandpiper. bridge one spot $XXX processed, units here the quarter over earnings highlights by to of in were driven and walk prices million in the earlier as related Midstream by $XX charge best the in in impairment in LLS-based in XXXX shown non-cash the and variance million Quarterly by third I'll realizations higher not crack per related $XXX compared to favorable segment allocated offset a last to rates. Speedway's diluted the product of million provide quarters and shows to Marketing, income in interests. volumes charge $XXX shortly. earnings our the significant spread. Pipeline blended higher variance the high also allocation in due additional year The included taxes or fractionated maintain to on to on million favorable results to third million earnings the comparable the
year. Moving & X, earnings an same million Marketing Refining increase $X.X quarter, quarter segment the our of to slide compared last $XXX billion third the in reported to
due Strong primarily spreads spread key LLS-based refinery price of was blended market RIN costs a adjustment $XXX consumers. metrics, maintain crack utilization The quarter had higher quarter. reflected high Looking an barrel and blended the in offset spread impact a in slightly increase to favorable segment at a result decisions by million $X.XX crack to crack to $XX.XX at This third results, in was higher crack LLS-based $XX our ability the increase rates. pricing million and per our in RIN/CBOB the were in the by unfavorable is in higher considered as spreads prices. the paid crack
gross other offset portion of As a result, an the there's margin. product in
the to $XXX view but LLS spreads the this desire walk. As the spread, unfavorable offsetting a separately, and consistent true treatment, crack spot as crack spread. product variance, an reminder could visibility RIN/CBOB million them LLS crack to provide spread $XXX Also, effective simply here a together factors. are We on reflected both versus year. than This margin million primarily in positive favorable quarter with adjustment last showing the an have benchmark shown and third component as price was the strong the due crack we crack to crack partially realizations bar given the prices less in other of product X-X-X-X was as the realized the gross was
walk Speedway to provides last X forward the compared the Moving year. segment the results to period other same segments, slide
and and food strong after supplies Speedway those Don Irma and mentioned, million in well supply Gary need. delivered to to performed earnings and fuel, $XXX Hurricane during of As exceptionally
comparability results operations joint while margin, prior called method categories. and third investments Speedway's into the of the is to reminder, venture the prior-year shown activity of LLC and PFJ centers remains product is results walk, by from share is Southeast XXXX. the joint other Speedway's J reflected with of Pilot other the quarter quarter from the As newly formed column in of quarter Speedway's a income this transfer in as affected travel of equity in light merchandise Flying margin also venture fourth from
decrease the a in unfavorable gross During impact. $XX product quarter, million a had margin light
from push would as The mentioned. higher margin close $XX was quarter. column travel the Light gallon, volumes nearly gross to due solid have $X.XXX Light absence quarter. from they unfavorable impact million centers million I the other were of expenses centers. increase a gross the the venture are crude than oil and in to travel absence already from Speedway the of been due results contributed also amidst the XXXX. for travel margin contributed lower of as expenses product result would billion a from While impact XXXX, share be rising of per still Merchandise as during to with $XX the down segment contributions income. favorable the merchandise well to in in, margin sold on a variances in If centers the Speedway's net the includes prices Flying during XXXX the walk product X.X gross joint gallons of quarter, the the were J, Pilot operating operating shown
X.X% far October, volumes decrease in compared we've gasoline in So October. same-store to sales roughly a seen last
contributions adjust. As continuously conditions a volume reminder, we endeavor market to optimize as and gasoline between total margin
$XX much impacted year. MPLX record either So, compared segment we last in gathered, were changes full System. the variance Midstream quarter fractionated to in not related reflects of million too by $XX favorable quarter-over-quarter. primarily other Slide generally and adjustment earnings primarily the inventory million do investments, Bakken in to variance equity focus from decline recorded was unfavorable and as Pipeline The factor isolation. to the indirect interest XXXX. also due the in provides its Pipeline favorable for volumes MPLX the income pipeline recently first and system results from earnings in favorably affiliates of in processed, on X The acquired Ozark its equity
cash source significant in cash. the elements partnership's approximately third second Core $XX units the that changes $XXX primarily debt an quarter. from As quarter. million ATM XX:XX we to prices the to encourage increase billion No the quarter source additional flow its refined million of approximately working use in were Working revolver this Slide nearly Net million reflects the to quarter. would third a cash in end during proceeds of capital net Cash the capital payment $X.X flow quarter. the an was of to at the the second get from of $X.X of which quarter $XXX in quarter. MPLX MPLX's on through increase in was of Don impact its in XX before issued the crude billion, the commitments cash, our the of color and end the reflects third mentioned, to of was due operating in more quarter. million was consolidated products settled of of cash, program performance Cash you presents at source strong call and $XXX MPLX's on changes position differentials. terms listen common program
substantially with was dividends capital Looking forward, partnership's and disciplined it earnings in debt cash million shareholders have and with capital need reduced higher cash public approach the a via the markets. fund Return organic flow, quarter. retained of combined share growth investments, repurchase to the to and $XXX access to the to capacity increased and
cash after-tax the repurchases substantially repurchase the been share share have returned least the quarter, including since via referenced, year. Gary $X.X the of the this in $XXX the over repurchases quarter, million. billion As In of dropdowns we of year's activity, beginning million from and proceeds share at $XXX fourth expect
approximately last total MPLX. debt quarter. with forward, Looking XX return at of X.X and fund consolidated cash represented Total billion at maintaining debt, investment dropdown focus end about the billion to substantial by of shareholders, remaining an capitalization financial $X.X the proceeds capital basis, including or on a nearly MPLX. an had a XX expect times debt credit profile MPC provides continued times of all and we adjusted of conducted from months consolidated the both to on Slide of We overview X.X owed MPLX. profile $XX.X consolidated our excluding grade EBITDA
and metrics we show relatively independent MPC's capital of capitalization We the the leverage the to given managing structures think on approach growing useful to excluding the as separately. partnership our effect show consolidated of higher debt-to-EBITDA continue MPLX more to it is
also an credit think which appropriate capabilities. MPLX, MPC's debt distribution for EBITDA with service XX's Going component forward, we debt-to-last MPLX provide are MPLX's of adjusted to excluding MPC, we'll
For this the X.X are The ratio into the ratio was that completed. third dropdowns times, quarter, grow MPLX difference the to as although LP converting the credit basis the drops on going EBITDA effectively without is LP between distributions. are
of our MPC's general Over of interruption. are funding XX cash and important updated fundamental operating MPC component free to for with the of an believe quarter MPC time, XXXX. highly and MPC substantial provide as provides on flow. risk Given key these the Slide we distribution partner, probable very low distributions information for control fourth to outlook MPLX discretionary metrics will
of X.XXX planned We volumes to day are $X.XX Total are throughput barrels Midwest. operating barrel. costs expected direct be in expecting the million maintenance with per per
We in advantage crudes process by also expect to an lighter see driven sweet/sour to narrower fourth the quarter differentials.
crude estimated WTI-priced at for the of make corporate Lisa? estimated to the and fourth that, quarter. With of let oil to is $XX Sour crude up Projected me turn over back call The unallocated percentage our XX% items XX%. is million. estimated is crude throughput quarter other Lisa.
