MPLX - Earnings call transcript Q1 2018

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Operator

Good morning and thank you all for holding. Welcome to the MPLX First Quarter Earnings Call. My name is Elan and I will be your operator for today’s call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. this now note recorded. Please Instructions] conference being is [Operator call to Kristina I like the over would now turn to Kazarian. Kristina you may begin.

Kristina Kazarian

Good first quarter call. to mplx.com under the webcast found tab. can welcome that conference Investor call slides The morning and synchronized on this be the XXXX and earnings accompany MPLX

the making we and Gary We during Chairman expect are our as well differ CFO, of disclaimer forward-looking management team. materially will and actual Factors and other filings the X. a and be Mike may that Hennigan, On It members included there, statements with have reminder we call CEO; what cause you statements Safe differ today. to during session the on to in question-and-answer from Slide that read results as that invite call today no-GAAP Beall, SEC. Heminger, Harbor President; Pam Actual the follows. is the we could the results

to opening turn the Now, Slide Heminger remarks Gary call I X. on will over for

Gary Heminger

good Kristina, for joining thank morning everyone our call. and Thanks

Wall equity role institutions joined experience we on we partnerships. competitive MPLX. teams Before landscape as will recently strategy. Kazarian Kristina companies who MPC President She team she through and Relations of asset midstream led business as corporate limited to research execute a where and Vice covering a brings comes the welcome begin, master understanding are and refiners, petroleum our a of deep two a and be financial delighted at Investor I Street’s our premier for with tremendous

to the the acquire MPC morning energy announces company outstanding in likely to U.S. are You this leading earlier shares Andeavor of a that all create aware plans

stakeholders considerations energy of the of question is in post-closing? both the Andeavor we growth the long-term MPC is, of units not and MPLX Logistics MPLX's today, majority and of this MPC with MLPs positioned the believe provide value creation two own new role the the commenting for will structural footprint We very will logical will a strategic the general on transaction. partner transaction, of the Also, about know for partner general the MPLX separate limited operate additional structural combination time at enthusiastic Logistics for as We’re as will MLPs that do expansion this partner closing what company all well the potential Andeavor as any following that and MPLX. leading of growth opportunities and organic will and and evaluate for close well Andeavor the MPC’s We’re both considerations appropriate and at partnerships.

not As a question-and-answer questions during session. the result, we will these addressing be

contributions quarter report continuing first quarter I well our strong business that earnings our am as delivered growth another from sequential driven the results. to by track dropdown. base MPLX underlying strong the as pleased February of record Moving to

most growth We’re well executing and five processing of plants. three our fractionation plants commenced This in three as on year as with with our robust compelling the and in on organic Slide highlights the With to operational let turn review sheet a that, investments to me of financial strong over X. quarterly midstream MPLX positions quarter planned operations this growth more when Mike balance our the business plan existing one Mike? the combined as space. and call

Mike Hennigan

Thanks, Gary.

announced increase a in the increase per and results million. distributable XX% We adjusted cash our we’re consecutive common with XXst our As quarterly to last distribution in flow three report $XXX EBITDA $XXX of quarterly pleased first over quarter Gary distribution unit of financial quarter year. mentioned record XX to cents million

below self-funding investment storage Slide investments. continue levels issued model and to of five expected XXXX to capital this our to a our of well The affirmed guidance partnership also our be fund logistics grade execute year strong coverage X.X new distribution organic X.XX growth to We profile and and credit no for ended overview the for our with quarter an segment. XX% distribution intent times. of an provides times with of leverage units

cover there no of to I be recover rate the filings. to the continues XX, to allowance regarding policy and impact release income our in and partnerships MLPs reiterate the I these in on minimums market earnings allowing want lot what revisions a just longer quarterly to Before tax an highlights, we revision flows. on a service to March expect cost cash issued have press disclosed we discussion

services, the and assets later LNS to also to logistics partnership the systems is day expansion ramping is up Further we capacity phase two expected our to to back marine delivered fleet per cavern fuels our of Robinson of this year. River-to-Patoka by the and barrels of distribution commissioned butane our first at completed Wood expected refining barges fleet. and Ozark and boats our our expansion and full River-to-Patoka, added XXX,XXX Turning are be quarterly connections mid-XXXX. are cushion. which Wood The expansion The highlights, dropdown completed to available completed to crude cushion the XX this expansion pipeline boosters as

market bring We’re to online fee-based which projects additional provide the high-quality partnership and logistics optionality as MPC and as earnings to these pleased crude participants. solutions other well to

same last per average record X.X of Gathered Marcellus X.X of X a over partnership. new over cubic cubic Utica volumes quarter operations during the volumes overview our increase Slide the setting XX% last feet feet representing and approximately billion same a to Process to XX% our in billion and the for day quarter. day gathering per quarter Moving in year. the the provides an quarter average the increased year processing an segment, Shale

couple first versus versus that volume XXXX, last of factors lower quarter in the year. processing While up resulted there fourth volumes of were of quarter were the a

frac was This is gain wells. in First, in in levels. that much industry, frac were common complete fourth of steps and order two order producers of in the as you quarter to step to the this forward volume wells one the in new terms temporarily in decline back producing shut where of the planned safely vicinity wells existing take

work also feet had complex new service. We advance planned and plan per placing our day maintenance cubic in turnaround of complete at million our a in shutdown Houston XXX to

In facilities. experienced of in addition unexpectedly two reductions, producer some conditions impacted our also harsh volumes winter and Northeast the the to we’re planned that

these and With the behind new come trends us, we higher expect throughout second activities the wells the in to to quarter leading growth year. quarter in the online volumes continuing

our support outlook a of second per this the growth have Majorsville, and Northeast. day half positive add we of during We at in through plant million growth, cubic the for summary XXX in the year to complexes. expect a volumes in incremental capacity same ethane To X the the record buying quarter, feet Slide XX% Sherwood, of over We our year. a heavier provides NGLs a regions. barrels fractionated and quarter Marcellus last and up the of Creek XXX,XXX day additions Utica Harman produced

of fractionation largest During ethane position day, further XX,XXX Hopedale barrels Sherwood we in to fractionator expect at capacity Creek Complex. per the the add and capacity the half These fractionation propane XX,XXX both at second our as barrels Northeast. the strengthen year capacity will per our plus day and Harmon additions

same day last first the for Slide over billion X% cubic quarter X to Southwest a the X.X quarter X.X Process gathered the billion quarter, increase per year. increase averaged nearly averaged over feet volumes for first-quarter day representing Moving feet operations a per XXXX. over XX% volumes our on cubic

continued doubling growth Delaware our the progress of and play we Oklahoma shale million growth Omega and per STACK midstream our assets to expected of plant, the by footprint Construction in plant the the operational day and expand pleased flows. on continues are We Permian prolific commenced to diversification report cash and in processing a venture capacity strategy, cubic Southwest joint XXX interests Basin. in be of feet operations mid-XXXX. Argo of our highly provide These is partnership

we a I the summarize investments I Before space. of continue want to the take one attractive to is to to the over MPLX most Pam turn moment midstream in believe why call

have assets partnership. to fee-based are These with from MPC of in the commodity past services no streams and are billion annual we storage EBITDA earnings the to and segment First acquired logistics them. midstream the that for sensitivity year, $X.X generate projected almost over

to time, at MPC to provider provide have parties more well be current logistic opportunity replace some MPC. currently attract services to strong as a to parties at third on our superior same an assets and focus We see as continuing who of a third the we midstream service the

On fractionator side, where processor the processing Northeast, in region. we’ve gathering and a foundation, the solid largest we the the in particularly are and

growth and MPLX. and natural a STACK the see bullish to remain these are expect crude long We opportunities runway and on also of regions. the in enthusiastic investment about U.S. gas We Permian production, presence for have in

across to opportunities. value the sponsor we including support the infrastructure as With importantly, our to growth have develop ability incremental of support chain, export the MPC hydrocarbon

approximate intend self-funding We’re $X growth issuing billion of equity. our executing and organic a without model finance to public

fund retained MPLX bright. with Our cash future the maintaining debt distribution plan growth for to and and investment-grade profile The an credit is coverage. strong is while

sustainable are Pam of our well-positioned investors. Pam? cover over investment growth call We to long-term the offerings the distribution turn one highlights. deliver will and some premier to to are I midstream now financial to

Pam Beall

Thanks, Mike.

and We Turning partnership. of of EBITDA $XXX which quarter the to the reported flow slide of on adjusted are financial distributable to first highlights million referenced million $XXX to nine. our both cash

fuel marine and The on from to supplemental and actions to the in our fleet related first quarter $XXX dropdown the the to our liquidity the proceeds at in on credit on fire facility bank senior segment, confidence increased of $XXX the respective complete strategic to we measure other and services and our bank We of referenced in by in gather in segment demonstrating had investors The increase purposes investment gathering non-GAAP continued increase. The refining each XXXX adjusted was EBITDA XXXX with our XX, Consistent contributed addition income this partnership on the driven the the MPC. and stakeholders. contribution separately credit revolving from dropdown $XXX partnership notes were benefit The from equity will issued increase $XXX believe in balance revolving credit adjusted a XXXX broken weighted unsecured X, availability of logistics XX majority We’re earnings adjusted dropdown self-funding with borrowing was million the the facility loan with generate slide provides intercompany to in term interest and EBITDA. for sheet for EBITDA general quarter. the for and the On pipeline EBITDA of assets the capacity increase the from billion We’ve offering with of our the adjusted the of increase summary logistics the accounted in quality offering that our flexibility savings with MPC. on MPC this useful assets continue million for providing period. information. $X.X quarter, Net adjusted including Slide volumes approximately no first the segment asset earlier. billion billion fractionated million annual highlights on on of storage February average distribution transaction $X change year notes first used We adjusted our expansion in business. segment to oversubscribed provides segment financial facility key billion processing the in shows approximately $XX treatment million, and XXXX. now X.X waterfall. repaid with gathering first EBITDA facility additional loan, the end of MCC. the provides processing public logistics included to manage and $X.X this And services the and now adjusted be grew our from base. partial in Mike the the while model fund enterprise. the and $X.X the with came since acquired outstanding with EBITDA. proceeds expense segment coupon select available acquired services intent million EBITDA this X.X%, the available we’ve of bridge expect a used and million raised quarter and quarter billion. segments. successfully was our our Since $XXX $X.X approximately to MPC facility financial significantly from X, across our for MPC we assets approximately The Total by on onetime Ozark billion a will out to process Remaining financing of to the primarily term February of we business was borrowings With prior quarter to be of

common credit committed for strong leverage to to general let expect This organic times last and opportunities, record we’re balance guidance sheet we a unit. a long robust within cents our an our to distribution balance our of X.X of attractive three deliver levels maintaining of in appropriate strong comfortably quarters of growth Board to supports the the Kristina. well With year distribution call over And ratio the distribution to XXXX continue our for investment of grade We’re and returns a prior With distribution growing calendar of ended with unitholders XX%. a track holders. and partner and of position declared quarter approximately growth back sheet now term solid turn unit Directors profile. me XX week to

Kristina Kazarian

now With call open that to Moderator? questions. Instructions] [Operator Thanks, Pam. the we’ll

Operator

the is begin Instructions] from Tonet question-and-answer [Operator Jeremy JPMorgan. now we’ll question And you. from first session. today Our Thank

Jeremy Tonet

off you post like? could MPC ANDV at the want the -- us the update just merger I dropdown if would to what start inventory with look

Gary Heminger

too it’s able be way for this at us Jeremy to early or to time. project forecast

As have between the as business not MPC between in stated few MPC meantime start you MLPs for the have normal complete operate looking are closing. announcement but gate, normal a we both be and MLPs this issue sides as the will as a the morning, the their really X closing. and structure the business, completed will at both in and managing but we ordinary know we’ve together, MLPs still day And these of I assets now dropdowns dropdowns the big with this of this will have year, course with we said largely that bringing in here February is at usual, before, a required

Jeremy Tonet

wondering your opportunities commercial on side Maybe I just processing if for activities more you the there MPLX gathering and as and you if the us Permian organic was there? could and expansion opportunities STACK the could as update if turn set to in see growth I far

Gary Heminger

talked XXX,XXX suite Andeavor to going at of good that is synergy other so part week am that natural me there’s I is about serve said the there, refinery, big this I say Galveston that as have was this our last cover XXX,XXX let that is Bay Galveston just that I synergy announced thing, pipeline be with demands, morning, opportunities going just is a of but a light and the pipeline this barrel natural that with Mike pipeline day a a for Greg looking may and Gray opportunities input, one about Oak both while, us a to we’re and fit as well to Bay.

go want assets. So to the but Mike detail into that I to will synergy of other speak just

Mike Hennigan

get Delaware that’s that announce Permian, to we’re putting announce the know has on you time as in we hoping our basin, Argo we’re did that plant. in in a to of the up, lot plant started so Jeremy progress emphasis and continue second growth to plant our another

into or are know, pipelines, the pretty MPLX. for we All gas, vocal side. even still on also been get both you want to those about NGL priorities long-haul things I've crude As

in as We the look Gary and looking been in would also own mentioned that as Golf an more for emphasis as and areas the good MPCs having involved you been our have to at I’ve our in support vocal region. an sponsor the We at on we’ve before for us. certainly that area projects mentioned is that crude had crude get continue area stack Course crude growth growth

more be things we the have that transaction about excited things of we’ve about, available the spoken obviously good in going will and future that has some lot already we’re hopefully. So, then occurred,

Operator

you. Thank

from Shneur UBS. Gershuni from is question next Our

Shneur Gershuni

Hi. Good everyone. morning

Jeremy’s your with to question Just respect response to first drop. clarify to

and this them? to are So, subtle understand no point that structure there a of just of ANDV the right MPC? merger seeing drops you the are as Or view of between result just trying now sort I’m MPC as that the you differences at expected part review. or of

Gary Heminger

we No, determine for I didn’t what And was, that be for close. usual business said MLP best said quarter, won’t discuss, there. if coverage be don’t both Shneur I what to will I there there’ll the any I wasn’t quite drops as be All is trying their anything until I right Pam say to parties can have we have think very and but now I don’t -- the second strong here ratio. know if MPLX, Mike for you you don’t, Mike? let subtle

Mike Hennigan

investor's is been Yeah. we’re going MPLX a at comfort X.XX, Gary just organic to trying $X at the XXXX EBITDA high finished that up finished from I’ll to stability. to quarter. self-fund year to the billion level model we add, mentioned going just at debt on X.XX, growth of quarter disclosed what gives have at we’ve standpoint we’ve keep coverage that whereas the our as already X.X we’re the ratio about We in say we

the thing So, execute we’re at that out time involved how That’s we’re look plays about future. for has month everybody excited in to plan same the going we’ve that transaction to seeing announced. continue had, we and this great the to a very that forward the

Shneur Gershuni

Maybe way from MPC? ask that drops better Andeavor question Andeavor the there language merger making a prevents to any the and is any before of is,

Mike Hennigan

that said are assets operate at go time. we in of was to normal And this the again, course business. What in going I their parties can’t deeper both than

Shneur Gershuni

talk are Marcellus Okay. some to Marcellus. of been East your impacting price has rich Do production business-related and customers wells you follow a natural liquid of and emerging over up Maybe potentially gas rigs Utica on NGL at gas have there in the is into more a sort services gas parts of lot at of say from to realizations a potentially point capacity? coming shifting Mariner trend see big be as any natural hopefully in With forth. more gas There that the about question. of less causing drop more X that to looking so wells

Mike Hennigan

of for you. couple a comments Yeah,

outside to structure we an we’ve, of are important going part still lowest the Northeast associated and gas forward. believe for lot Utica obviously of just for gas be of forward. part of supply off, there’ll the important First will associated But the out gas natural gas comes the it that as we to bullish as very cost continue natural the of going is gas U.S., has there Marcellus be the a a natural so production demand dynamic that Permian,

so your encouraged from wet increased this dry we’re we’re the that the question Obviously, on up year, processing Northeast, to gearing in majority in eight considerable seeing Specifically, dry pick with of those the part in Marcellus, producers for up and that saw in you we've the the of the that's area. both the volumes we reason activity. announced the plants up are Utica, growth XXXX

wet, question, to absolute Specifically, are move up to from as increase some CX to price we your seeing price. and dry propane prices and back crude flat movement you’re seeing CX, continually continues with prices

look you’re gas question supply see we of plans program Utica in Utica that we’ve the a people and bit I had the were of you'll up little Marcellus, then we’re know and the there, place, associated had the think lot anyone a that’s I very -- that consulting demand progress we they the growth seeing out get balance. both, in bullish, to the important you good is a -- still and pretty Marcellus, versus to at So always pick growth want any why about I natural Northeast, gas going organic encourage and to part

Operator

Thank you.

from Blum Michael from Fargo. is Wells question next Our

Michael Blum

MPLX, that self-funding, any question First hold of buying undertake including regardless commitment Andeavor’s you very in your future strong MLP? acquisitions potentially MPLX to place on is will at still

Mike Hennigan

was we if self-funding to relate would any those that issue we required were an was to our but what pure self-funding a is that So, the this trying growth our as look said support there program, large market to plan growth, we past the in said is that, that related that's from not the we do model represent where situation we organic to that Michael, a to at something equity project or organic organic program. acquisition enough to lines capital along market, access or standpoint but there to

Michael Blum

kind in that out in thinking of side, to question second as that you the NGL are of the is you Mariner continue likely how barrels then Northeast you're incremental And equity about light capacity processing can talk just add delayed? coming the and big fact East handling in frac X just picture the

Mike Hennigan

if done the plus We've to-date. point up. a with does of all further, throughout CX a Mariner that it until to have Mariner continue impact obviously, year up but this some the we’re through in been comes delayed additional and be we’re couple is pipes to the Northeast. very this supportive to make that NGL moving of We be times through further. now will stated of up right point be the remainder ethane be that X the and part we question will Up system Mariner are the NGL that, plans are we we’ve plan lot major will coming delayed through mostly available Michael, a at delayed we’d X the it Obviously same takeaway are moving barrels a Mariner plan it until existing the impact the assuming coming continues rail; continue any see we’ve were don’t if if that we still And of online. asked our both us? and that the

Operator

you. Thank

Blaschke Barrett Securities. from MUFG Our from next question is

Barrett Blaschke

to of And is a takeaway see MPLX close – you sort feeling bigger part couple in asked, growth where do you’re mine of about sort point fractionation there downstream a processing of housekeeping, have capacity? it. for comes of we’re a of a and lot then a a where are ceiling the do thinking in of as solution you feeling Just our like you ceiling, getting kind been ongoing you Northeast are

Mike Hennigan

in concerns continue right the gives not to Yeah. see To your just any part that up we Northeast. we’re first us seeing now anything Barrett, growth,

often to and production about associated obviously in asked the and crude As with in gas the associated the Permian. outside of out Well, everybody with it that we always get I free I point but Marcellus, gas was Northeast down the agree that, been cost the the associated is gas lowest certainly gas earlier, Utica. that question in try mentioned

natural have major So, in supply will part a the I’m demand in very growth up Northeast. still gas bullish that the

Second question was NGL on takeaway.

As along we increase I lines of are up in previously takeaway. Mariner just the it's to pipelines mentioned, seeing now to Northeast with we have anything the online coming system we’re discussions in supportive for and look those forward JVs right supportive online, the of those or of further come opportunity whether that dynamic regard, NGL but the just

Operator

Thank you.

is Our Jefferies. question Corey from from next Goldman

Corey Goldman

guys. Hi,

actually So to can question, go just Andeavor I a XX. presentation of marathon the quick on back slide the if

based quality the two I guidance further to Or disclosures EBITDA on is the the that Is sorry XXXX You were MLPs. breakdown EBITDA can't referring source And give the I’m XXXX you your that tell of expectations? guys meant facts FactSet? if for sort that if high are using consensus.

Mike Hennigan

think I’m the to that referring out FactSet. what the bars that if has consensus just you’re state came I that's the two chart of looking the at is,

Corey Goldman

Okay.

AMDX MPLX, one, two So, right? three and

Mike Hennigan

the correct. data. It’s That is sources FactSet whole Yes. chart

Corey Goldman

Understood.

guys it. you if quarter MPLX, you about I providing gave Okay. talked guidance even don’t that the for know last though not

I all to wanted confirm have. you. that’s I Thank that, So, just

Operator

you. Thank

from Payne Securities. Fargo Our next question from is Wells Ross

Ross Payne

getting you table et the what with announced you beyond Do exposure pipeline that and Andeavor are an transaction MPC guys? cetera? their doing with have interest interest have Permian. brings this you obviously Andeavor Hey, voiced then to How into you the was Thanks. Mike before

Mike Hennigan

on for gas side more that and Permian. very to day have has in we’re get get but to of At the goals exposure into Yeah, MPLXs mentioned in our Also that to with obviously haul going Ross I stated want speak the ANDX, is as there we’re but excited that we one we footprint more of obviously pretty active into also can’t the public, NGL that both was plants. Permian engaged you sponsor pipelines. the processing complementary brings transaction independent our a long end the because are

more Gary And we and to obviously future. transaction continue But that short-term So, as past. growth crude that growth something hopefully mentioned what includes to on we’re an us provides the stated working earlier were independently the that the future and we sponsor obviously in see on the we the in focus that as opportunities to adds going for in well. in exposure

Ross Payne

you guys look Mike before Oak this at what? Gray And did is

Mike Hennigan

obviously we’ve all have we that projects that, as Oak of be continue public out out projects that’s that evaluating looking as always way. domain, are part we that So, so well and the others, is are the there been at the been Gray one in of process, been we’ll to

Operator

Thank you.

is Phillips Matthew from next question Our from Partners. Guggenheim

Matthew Phillips

opportunities all Galveston obviously Gray tank Gary terms So downstream MPLX Texas you and Houston opportunities in area? connectivity the expansion on -- mean downstream in Galveston, to Oak you mentioned of has see the on City, farm, I what of kind

Gary Heminger

on connect a looking into we was there’re announced happens. Bay. be Logistics at our that customer morning going we not Oak I to Matthew it the at what looking that refining other and and this what does area, gathering a a significant we’ll was system are through include see natural amount we’re Galveston call Andeavor I Permian Gray said crude of their gathering connection in that Galveston what well a said best kind to to they’re coming that in today, our problem to as project out as as But several look able we’re Bay. see order that few options I options of in a is of and have Permian at into be are high-grade the well that the

Mike around can servicing Bay, that some we opportunities Galveston only other believe not other our for speak in GBR can on So facility. -- and be

Mike Hennigan

Ross and we’ve Bay. at where can looking enable in been supply to been been value we’ve asked, of goals our mentioned, just our an vocal Galveston Permian area these as on we've primary in we projects we into So, Matthew involvement focused think the crude intensely just about MPLX, at create as better is Gary one looking that.

of goal, we’ll other tank at one for a growing to pipes goals gets this, we've more exporting of and City that that mentioned chain a it's is something absent area as active general, be, dynamic those another addition far as that been haul of important as that's pursue you crude stated about opportunities or strategy to crude, and is continue things out that, of on been another we evaluate are sponsored we In they’re game long but goes, transaction community just the well our obviously that us to focusing our are part the the the that a continue the whether recent Texas as brings past. that into to to in gas export in as continues opportunities to look farm you value that, being talking couple an to be so as in as portion we've we’ll part the

Matthew Phillips

in follow would as Rockies In for appendix on don’t long-term mean does Andeavor the pro for into forma you mapping they the of I the the Bakken imply much, two the the some forma lack assets, basins? MPLX's and as that presentation Permian provide fit up, all plans on acquisition other assets both pro here nice footprints quite

Mike Hennigan

pipeline there. the our many purchasers fact a the word we biggest just of thing system the the up they refineries. crude, that needs into moving all into to of in crude have that then as and Bakken we goes well optionality down Patoka, at so and very have opportunities same for you on, can our opportunities the one type all job refineries, Cushing like And can support in look from Not Andeavor's to for DAPL so the that get back do been able supply we’re into Rockies get get good West, as of we is use barrels way the

have solutions think I lot for we a opportunities of going forward.

Operator

And Tuohy for you. Thank is one Shere today do our have we question final Craig from question. Brothers. last time And from

Craig Shere

scale the by for the come at that growth for MLP to funding something to Beyond years new XXXX projects, face that’s and to material going cover for need MLP have do be would your equity robust MLP any of to space systemic see unchanged level? coverage something you expansion is

Mike Hennigan

So, this is Mike.

to we the the long-term of they’re is coverage. of growth attentive is as a One looking to that providing what things combination for. as investor and basin well there be good we’re think very sustainable And trying

in this right the confidence guided mean what quarter. than long-term is provide both, X.X greater and pretty plans. we’re announced strong is At for were for same results So, now XX% think X.XX would our which signal coverage that we’ve just of our I distribution that as we’ve in trying growth our we year have we saw the you time, we guided to in

is we there side investors to one see that’s continued that’s to So, our and needed, as good it stability think a continue balance of need well mission. from as growth

to past looking they’re the and as far think investors concept investment. be guided but with as for have in we’ll they continue valued market XXXX, We we what provide

Craig Shere

that would is Do you market sufficient think lower stable in external appetite growth equity is really but as terms for now? years still open of funding to growth for market risk there our support from allow for entity there say support an whether question tapping large CapEx, to

Mike Hennigan

Yeah. show the same I do robust announced dilution growth, time, vocal what program, pretty we’ve model. $X now, with have and we’re speculate need that a you that’s at coverage we’re we lack lines we that tell not that said and is the been three billion why stability, show organic to about of same I’m with At I very about but market of years self-funding to again going of to in debt. along going the from like you a that can out the saw mean

investments we’re we MLPs we’re looking from that the the the providing excited is for offering. think think today. we market And sponsor's providing about and about now from that pretty we’re looking good of standpoint future what the very the model also market for, they’re that an that MPLX we transaction place excited I about the feel the planned we’re with have announced So,

Pam Beall

a we scenario Pam just Mike equity raise where needed highlighted to Craig. Yeah, is This that earlier I'll would. there and was as to we add if that

credit we if make it the we first to to need issue see that sustainably profile based organic profile than So, want that grade platform. growth to investment we’re through our have, we is current would credit we going don’t the future. definitely a But, arose have foremost investment sure need to and that do grade to the on defend equity we have

Kristina Kazarian

interest like additional take us will you would thank to for available joining on have I And and Doug your MPLX. near Abruptly]. thank today. that, you clarification you Great. morning, this or Should With in for [Call discuss be questions the Denice topic ends Wendt, Myers

MPLX (MPLX) 30 Apr 182018 Q1 Earnings call transcript