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MPLX posts gains in adjusted EBITDA, distributions in Q1 with MarkWest

MPLX LPreported a first-quarter net loss attributable to the partnership of $60million, or a loss of 33 cents per unit, compared to net income of $46 million,or 46 cents per unit, during the year-ago period.

The first-quarter 2016 results included a noncash impairmentcharge of $129 million for a portion of the goodwill recorded in connectionwith the acquisition of MarkWest, according to MPLX's April 28 earningsrelease.

Adjusted EBITDA attributable to MPLX was $302 million,compared to $64 million during the same period in 2015. Distributable cash flowattributable to the partnership was $236 million, compared to $57 millionduring the corresponding period of 2015. The first-quarter adjusted EBITDA andadjusted DCF results excluded the impairment charge.

MPLX's earnings figures for the quarter included theoperations of MarkWest EnergyPartners LP for the first full quarter following the partnerships'merger.

"Our growth in distributable cash flow resulted in astrong distribution coverage ratio of 1.18 times. We are on track to achieve a12 to 15 percent distribution growth rate for 2016, and we expect adouble-digit distribution growth rate in 2017," MPLX Chairman and CEO GaryHeminger said in a statement.

Excluding the impairment charge, MPLX expects its 2016adjusted net income to be in the range of $325 million to $485 million and itsDCF to be in the range of $970 million to $1.10 billion.