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.
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.
MPLX owns, leases or has ownership interest in about 2,900 miles of pipeline in nine states.
The company also owns and operates a barge dock facility on the Mississippi River near Wood River, Illinois, and has several tank farms in Patoka, Wood River and Martinsville, Illinois, and Lebanon, Indiana.
MPLX also has a butane storage cavern in Neal, West Virginia, that serves Marathon Petroleum’s refinery in Catlettsburg, Kentucky.