MPLX net income rises in fourth qtr, pipeline throughputs flat
By Stephanie Kelly
NEW YORK, Jan 31 (Reuters) - Midstream energy company MPLX LP reported a higher net income for the fourth quarter of 2022 on Tuesday, while its total pipeline throughputs were flat compared to a year earlier.
MPLX reported a net income of $816 million, compared with $830 million for the fourth quarter of 2021. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $1.454 billion, compared with $1.445 billion for the fourth quarter of 2021.
In the company's logistics and storage segment, income from operations rose by $62 million compared to the same period in 2021, driven by higher pipeline tariff rates and contributions from joint ventures. However, higher project related expenses partially offset those gains.
The average tariff rate was $0.89 per barrel for the quarter, an increase of 2% versus the same quarter of 2021, the company said. (Reporting by Stephanie Kelly Editing by Bernadette Baum)