MPLX Slips To Loss In Q1

(RTTNews) - MPLX LP (MPLX) reported that its limited partners' interest in net loss attributable to the company for the first-quarter was $2.76 billion or $2.60 per unit compared to net income of $483 million or $0.61 per unit in the prior year.

The latest-quarter results included non-cash impairment charges of $3.4 billion. The charges included a goodwill impairment associated with Marcellus gathering and processing assets, impairments of equity method investments primarily located in the Utica region, and long-lived asset impairments related to assets located in East Texas.

Total revenues and other income were $992 million, down from $2.24 billion last year.

MPLX 2020 capital spending target reduced by over $700 million to about $1.0 billion.

The company also expects to reduce forecasted annual operating expenses by about $200 million, primarily through the deferral of certain expense projects.