Higher charges for use of its pipelines pumped profits 55 percent higher last quarter, to $28.8 million, for MPLX LP, Marathon Petroleum’s pipeline subsidiary.
Earnings in the April-June quarter amounted to 37 cents per share for the Findlay-based subsidiary, up from 26 cents per share a year earlier, MPLX reported Thursday.
MPLX revenue grew by 10 percent from a year earlier to $133.9 million.
MPLX generated about 90 percent of its revenue from Marathon Petroleum’s use of its pipelines.
On July 22, the MPLX board declared a dividend of 34.25 cents per share, an increase of 20.2 percent over the second-quarter dividend in 2013.
Since the initial public offering in October 2012, the MPLX board has authorized dividend increases for six consecutive quarters.
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