MPLX profits soar

MPLX, Marathon Petroleum Corp.'s energy and logistics subsidiary, generated $739 million profit last quarter, compared with a $2.72 billion loss a year earlier, MPLX reported Tuesday. Earnings translated to 68 cents per diluted unit. Revenue rose by 136% from a year earlier to $2.34 billion in the January-March quarter. MPLX's natural gas processing segment generated $251 million operating profit versus a $3.2 billion operating loss a year earlier. MPLX's logistics and storage segment posted $723 million operating profit last quarter, the same as a year earlier. "This quarter, our operating results enabled the return of over $900 million to our unitholders," said Michael J. Hennigan, MPLX chairman and chief executive officer. "Looking forward, we are focused on the aspects of the business within our control. We believe our commitment to lowering our cost structure, driving business efficiencies, and disciplined capital investment on high-return projects will allow our business to continue to generate excess cash flow and return incremental capital to unitholders." Wilin: 419-427-8413