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MPLX L.P. (MPLX) filed a Form 8K - Director, Officer or Compensation Filing - with the U.S Securities and Exchange Commission on January 28, 2025.
On January 22, 2025, the board of directors of MPLX GP LLC, the general partner of MPLX LP ("MPLX" or the "Registrant"), appointed Rebecca L. Iten as Vice President and Controller, effective March 3, 2025. In this capacity, Ms. Iten will be the Registrant's principal accounting officer. Ms. Iten will succeed Kelly D. Wright, who will cease to serve as Vice President and Controller of MPLX effective March 3, 2025 to accept a role as Vice President Audit of Marathon Petroleum Corporation ("MPC").
Ms. Iten, 44, has served as Assistant Controller, Operations Accounting of MPC since 2022, having previously served as Director, MPLX Corporate Accounting and Reporting of MPLX GP LLC from 2019 to 2022, Supervisor, Financial Analysis and Reporting from 2016 to 2019, and Advanced Analyst, Accounting from 2013 to 2016. During her 10-year career prior to joining MPC, Ms. Iten held various positions of increasing responsibility at companies in the steel, entertainment and real estate industries, primarily in internal and external reporting.
The Registrant does not directly employ any of the personnel responsible for managing and operating the MPLX business. Rather, MPLX contracts with MPC to provide the necessary personnel, all of whom are directly employed by MPC or one of its wholly owned subsidiaries. Ms. Iten will continue to receive an annual base salary from MPC and participate in MPC's annual cash bonus ("ACB") and long-term incentive ("LTI") programs. Descriptions of the ACB and LTI programs are included in MPLX's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 10-K"). Ms. Iten will also be eligible to participate in MPC's other benefit plans and programs such as health and life insurance, income protection in a circumstance of long-term and short-term disability, and retirement and severance benefits plans, descriptions of which are included in the 2023 10-K.
Other than with respect to the compensation matters described above, there are no arrangements or understandings between Ms. Iten and any other persons pursuant to which Ms. Iten was appointed MPLX's Vice President and Controller. There are no family relationships between Ms. Iten and any director or executive officer of the Registrant. Ms. Iten's husband has been employed with MPC for over 20 years in a non-officer capacity and is compensated by MPC in accordance with its compensation practices applicable to employees with comparable qualifications and responsibilities and holding similar positions.
The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1552000/000155200025000005/mplx-20250122.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1552000/000155200025000005/0001552000-25-000005-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
Baker Hughes Company BKR is set to report fourth-quarter 2024 results on Jan. 30, after the closing bell.
In the last reported quarter, the oilfield service provider’s adjusted earnings of 67 cents per share beat the Zacks Consensus Estimate of 60 cents, driven by better operational performance across its two business segments — Oilfield Services & Equipment and Industrial & Energy Technology.
The bottom-line estimate for the fourth quarter is pegged at 63 cents per share on revenues of $7.1 billion.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 11.0%. This is depicted in the graph below:
Baker Hughes Company Price and EPS Surprise
Baker Hughes Company price-eps-surprise | Baker Hughes Company Quote
Estimate Trend
The Zacks Consensus Estimate for fourth-quarter earnings per share of 63 cents has witnessed one upward revision and two downward revisions in the past 60 days. The consensus estimate implies an increase of almost 23.5% from the year-ago reported number.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $7.1 billion indicates a 3.9% improvement from the year-ago reported figure.
Factors to Consider for BKR
According to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $71.99 per barrel in October, $69.95 in November and $70.12 in December. The crude price environment in the fourth quarter remained favorable for exploration and production activities.
Due to a favorable commodity price environment, Baker Hughes is expected to have witnessed steady demand for its oilfield services in the fourth quarter. The company’s diverse geographic presence is likely to have offset challenges faced in the North American land market. Additionally, rising demand for oilfield services in the expanding offshore energy sector, particularly in regions like Brazil and Africa, is expected to have aided Baker Hughes’ earnings.
Per the data provided by the U.S. Energy Information Administration, natural gas consumption in the United States was higher in the fourth quarter, likely due to higher heating needs in winter. This is likely to have boosted the demand for Baker Hughes’ services related to gas infrastructure projects, contributing positively to its earnings.
The Zacks Consensus Estimate for BKR’s operating income from the Oilfield Services & Equipment business is pegged at $542.8 million, higher than $492 million reported in the year-ago quarter.
Earnings Whispers
Our proven model predicts an earnings beat for Baker Hughes this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is the case here, as you will see below.
Earnings ESP: Baker Hughes has an Earnings ESP of +2.07%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Other Stocks to Consider
Here are some other stocks that you may want to consider, as these, too, have the right combination of elements to post an earnings beat this reporting cycle.
EQT Corporation EQT currently has an Earnings ESP of +4.50% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
EQT is scheduled to release fourth-quarter earnings on Feb. 18. The Zacks Consensus Estimate for earnings is pegged at $0.50 per share, suggesting a 4.17% increase from the prior-year reported figure.
MPLX LP MPLX currently has an Earnings ESP of +0.78% and a Zacks Rank #3.
MPLX is scheduled to release fourth-quarter earnings on Feb. 4. The Zacks Consensus Estimate for earnings is pegged at $1.03 per share, suggesting a 6.36% decline from the prior-year reported figure.
Viper Energy Inc. VNOM currently has an Earnings ESP of +4.71% and a Zacks Rank #2.
Viper Energy is scheduled to release fourth-quarter earnings on Feb. 24. The Zacks Consensus Estimate for earnings is pegged at $0.40 per share, suggesting a 40.3% decline from the prior-year reported figure.
Zacks Investment Research
Shell plc SHEL is set to release fourth-quarter results on Jan. 30. The current Zacks Consensus Estimate for the to-be-reported quarter is earnings of $1.78 per share on revenues of $80.1 billion.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Let’s delve into the factors that might have influenced the integrated energy behemoth’s results in the December quarter. But it’s worth taking a look at SHEL’s previous-quarter performance first.
Highlights of Q3 Earnings & Surprise History
In the last reported quarter, Europe’s largest oil company beat the consensus mark, backed by strong production and higher LNG sales. SHEL had reported earnings per ADS (on a current cost of supplies basis, excluding items — the market’s preferred measure) — of $1.92, well above the Zacks Consensus Estimate of $1.72. However, revenues of $72.5 billion came in 14.3% below the Zacks Consensus Estimate due to weaker commodity prices and a significant drop in the Chemicals and Products’ performance.
Shell beat the Zacks Consensus Estimate for earnings in each of the last four quarters, resulting in an earnings surprise of 15.4%, on average. This is depicted in the graph below:
Shell PLC Unsponsored ADR Price and EPS Surprise
Shell PLC Unsponsored ADR price-eps-surprise | Shell PLC Unsponsored ADR Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for the third-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 19.8% drop year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests essentially no change from the year-ago period.
Factors to Consider
Earlier this month, Shell released a preliminary report for the October-December period, which flagged significant hurdles across its integrated gas, renewables, and oil trading divisions, which are expected to impact overall performance.
Declining Gas Earnings and Production Guidance: Shell has warned of a sharp decline in earnings from its Integrated Gas division compared to the $2.87 billion reported in Q3 2024. This is primarily attributed to the expiry of hedging contracts that shielded the company from volatile market conditions during the Russia-Ukraine conflict. Additionally, natural gas production is projected to fall to 880,000-920,000 barrels of oil equivalent per day from 941,000 in the previous quarter, due to maintenance at Qatar’s Pearl GTL plant. Liquefied natural gas (LNG) volumes are also expected to decline to 6.8-7.2 million metric tons from 7.5 million, reflecting reduced feedgas deliveries and fewer cargoes.
Impairments and Cash Flow Challenges: Shell has announced plans to record a non-cash, post-tax impairment of $1.5 billion to $3 billion, with up to $1.2 billion stemming from its renewables division. This reflects the challenges faced by its offshore wind and energy solutions business, which struggled to achieve consistent profitability in 2024. Adding to the strain, the company anticipates a $1.3 billion hit to cash flow from operations due to emission-permit payments in Germany and the United States, a recurring Q4 expense.
Lower Trading and Seasonal Weakness: Shell’s trading operations in both the Integrated Gas and Oil Products divisions are expected to post significantly weaker results than in Q3. Seasonal declines in demand and the expiration of hedging contracts have weighed on performance, while chemicals margins have remained depressed. These factors contribute to what Shell itself describes as a "soft" quarter, a sentiment echoed by market analysts who anticipate earnings downgrades.
What Does Our Model Say?
The proven Zacks model does not conclusively show that Shell is likely to beat estimates in the fourth quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -18.69%.
Zacks Rank: SHEL currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
While an earnings beat looks uncertain for Shell, here are some firms from the energy space that you may want to consider on the basis of our model:
Energy Transfer ET has an Earnings ESP of +9.09% and a Zacks Rank #3. The firm is scheduled to release earnings on Feb. 11.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Notably, the Zacks Consensus Estimate for Energy Transfer’s 2025 earnings per share indicates 6.1% year-over-year growth. Valued at around $71.6 billion, ET has gained 59.9% in a year.
Helmerich & Payne HP has an Earnings ESP of +4.57% and a Zacks Rank #3. The firm is scheduled to release earnings on Feb. 5.
Helmerich & Payne beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 14.9%. Valued at around $3.5 billion, HP has gained 3.3% in a year.
MPLX LP MPLX has an Earnings ESP of +0.78% and a Zacks Rank #3. The firm is scheduled to release earnings on Feb. 4.
Notably, the Zacks Consensus Estimate for Chevron’s 2025 earnings per share indicates 3.5% year-over-year growth. Valued at around $52.9 billion, MPLX has gained 49.5% in a year.
Zacks Investment Research
MPLX LP Announces Quarterly Distribution
PR Newswire
FINDLAY, Ohio, Jan. 22, 2025
FINDLAY, Ohio, Jan. 22, 2025 /PRNewswire/ — The board of directors of the general partner of MPLX LP has declared a quarterly cash distribution of $0.9565 per common unit for the fourth quarter of 2024, or $3.826 on an annualized basis. The distribution will be paid on Feb. 14, 2025, to common unitholders of record as of Feb. 3, 2025.
Qualified Tax Notice
Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold MPLX units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not MPLX, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.
Investor Relations Contacts: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager
View original content:https://www.prnewswire.com/news-releases/mplx-lp-announces-quarterly-distribution-302357709.html
SOURCE MPLX LP
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