MPLX LP on Feb. 1 posted fourth-quarter adjusted EBITDA of $569.0 million, up from $391.0 million in the prior-year period.
The S&P Capital IQ consensus adjusted EBITDA estimate was $552.9 million.
The partnership's distributable cash flow in the fourth quarter was $445.0 million, up from $318.0 million a year earlier. MPLX reported net income of $238.0 million, an increase from $133.0 million a year earlier.
For the full year, the partnership reported adjusted EBITDA of $2.00 billion, an increase from $1.42 billion a year prior. The S&P Capital IQ consensus estimate for full-year adjusted EBITDA was $2.00 billion.
Distributable cash flow for the year was $1.63 billion, up from $1.14 billion in the prior year. Net income came to $794.0 million, compared with net income of $233.0 million in the previous year.
"In 2017, MPLX delivered strong results with sequential earnings growth in all four quarters as we executed our strategy to grow the business through increased utilization of our existing assets; an impressive portfolio of organic projects; strategic third-party acquisitions; and strategic actions with our sponsor," said Gary Heminger, chairman and CEO. "These actions have transformed MPLX, nearly doubling the partnership's earnings base and improving the partnership's cost of capital by permanently eliminating the IDR burden."
