News Classic

04.02.2018

Silicon Labs Reports Fourth Quarter 2024 Results

2025.02.04

Wireless IoT leader delivers in-line fourth-quarter results and guides to sequential growth in first quarter

AUSTIN, Texas, Feb. 4, 2025 /PRNewswire/ — Silicon Labs SLAB, a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the fourth quarter, which ended December 28, 2024.

“The Silicon Labs team executed well to close out 2024, with fourth quarter revenue nearly doubling from the same quarter one year ago,” said Matt Johnson, President and Chief Executive Officer at Silicon Labs. “Looking ahead, we expect sequential revenue growth to resume beginning in the first quarter and are encouraged by our 2025 outlook as design wins across several key focus areas continue to ramp into production throughout the year.”

Fourth Quarter Financial Highlights

Revenue was $166 million
Industrial & Commercial revenue for the quarter was $89 million, down 8% sequentially
Home & Life revenue for the quarter was $78 million, up 11% sequentially

Results on a GAAP basis:

GAAP gross margin was 54.3%
GAAP operating expenses were $119 million
GAAP operating loss was $29 million
GAAP diluted loss per share was $(0.73)

Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the below GAAP to Non-GAAP reconciliation tables were as follows:

Non-GAAP gross margin was 54.6%
Non-GAAP operating expenses were $98 million
Non-GAAP operating loss was $7 million
Non-GAAP diluted loss per share was $(0.11)

Business Outlook

The company expects first-quarter revenue to be between $170 to $185 million. The company also estimates the following results:

On a GAAP basis:

GAAP gross margin to be between 54% to 56%
GAAP operating expenses of approximately $128 million to $130 million
GAAP diluted loss per share between $(0.75) to $(1.05)

On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables:

Non-GAAP gross margin to be between 54% to 56%
Non-GAAP operating expenses of approximately $103 million to $105 million
Non-GAAP diluted earnings (loss) per share between $0.01 to $(0.19)

Earnings Webcast and Conference Call

Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 7:30 am CDT today. An audio webcast will be available on Silicon Labs’ website (www.silabs.com) under Investor Relations. In addition, the company will post an audio recording of the event at investor.silabs.com and make a replay available through March 6, 2025.

About Silicon Labs

Silicon Labs SLAB is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: the competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including tariffs or any other policy changes; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs’ business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest; risks that demand and the supply chain may be adversely affected by military conflict (including in the Middle East, and between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs’ distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; the impact of public health crises on the U.S. and global economy; debt-related risks; capital-raising risks; the timing and scope of share repurchases and/or dividends; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs’ products and its networks; risks associated with any material weakness in our internal controls over financial reporting; and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

Silicon Laboratories Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	Three Months Ended		Year Ended
	December 28, 2024	December 30, 2023	December 28, 2024	December 30, 2023
Revenues	$ 166,249	$ 86,845	$ 584,386	$ 782,258
Cost of revenues	76,026	42,919	272,198	321,672
Gross profit	90,223	43,926	312,188	460,586
Operating expenses:
Research and development	82,438	83,404	332,225	337,744
Selling, general and administrative	36,412	33,633	145,453	146,996
Operating expenses	118,850	117,037	477,678	484,740
Operating loss	(28,627)	(73,111)	(165,490)	(24,154)
Other income (expense):
Interest income and other, net	2,978	3,610	11,987	19,165
Interest expense	(260)	(942)	(1,310)	(5,554)
Loss before income taxes	(25,909)	(70,443)	(154,813)	(10,543)
Provision (benefit) for income taxes	(2,086)	(15,536)	36,197	7,943
Equity-method loss	—	(14,880)	—	(16,030)
Net loss	$ (23,823)	$ (69,787)	$ (191,010)	$ (34,516)

Loss per share:
Basic	$ (0.73)	$ (2.19)	$ (5.93)	$ (1.09)
Diluted	$ (0.73)	$ (2.19)	$ (5.93)	$ (1.09)

Weighted-average common shares outstanding:
Basic	32,420	31,848	32,191	31,804
Diluted	32,420	31,848	32,191	31,804

Non-GAAP Financial Measurements

In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements.

The non-GAAP financial measurements do not replace the presentation of Silicon Labs’ GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs’ financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations.

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)

	Three Months Ended December 28, 2024
Non-GAAP Income Statement Items	GAAP Measure	GAAP Percent of Revenue	Stock Compensation Expense	Intangible Asset Amortization	Non-GAAP Measure	Non-GAAP Percent of Revenue
Revenues	$ 166,249

Gross profit	90,223	54.3 %	$ 485	$ —	$ 90,708	54.6 %

Research and development	82,438	49.6 %	10,199	5,437	66,802	40.2 %

Selling, general and administrative	36,412	21.9 %	5,460	—	30,952	18.6 %

Operating expenses	118,850	71.5 %	15,659	5,437	97,754	58.8 %

Operating income (loss)	(28,627)	(17.2 %)	16,144	5,437	(7,046)	(4.2 %)

	Three Months Ended December 28, 2024
Non-GAAP Loss Per Share	GAAP Measure	Stock Compensation Expense*	Intangible Asset Amortization*	Income Tax Adjustments	Non- GAAP Measure
Net income (loss)	$ (23,823)	$ 16,144	$ 5,437	$ (1,221)	$ (3,463)

Diluted shares outstanding	32,420				32,420

Diluted loss per share	$ (0.73)				$ (0.11)

* Represents pre-tax amounts

Unaudited Forward-Looking Statements Regarding Business Outlook
(In millions, except per share data)

	Three Months Ended April 5, 2025
Business Outlook	GAAP Measure	Non-GAAP Adjustments**	Non-GAAP Measure
Gross margin	54% to 56%	— %	54% to 56%

Operating expenses	$128 to $130	$(25)	$103 to $105

Diluted earnings (loss) per share	$(0.75) to $(1.05)	$0.76 to $0.86	$0.01 to $(0.19)

** Non-GAAP adjustments include the following estimates: stock compensation expense of $20.1 million, intangible asset amortization of $5.4 million, and the application of a long-term non-GAAP tax rate of 20%.

Silicon Laboratories Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)

	December 28, 2024	December 30, 2023
Assets
Current assets:
Cash and cash equivalents	$ 281,607	$ 227,504
Short-term investments	100,554	211,720
Accounts receivable, net	54,479	29,295
Inventories	105,639	194,295
Prepaid expenses and other current assets	59,754	75,117
Total current assets	602,033	737,931
Property and equipment, net	132,136	145,890
Goodwill	376,389	376,389
Other intangible assets, net	36,499	59,533
Other assets, net	75,617	123,313
Total assets	$ 1,222,674	$ 1,443,056
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$ 42,448	$ 57,498
Revolving line of credit	—	45,000
Deferred revenue and returns liability	3,073	2,117
Other current liabilities	52,362	58,955
Total current liabilities	97,883	163,570
Other non-current liabilities	44,770	70,804
Total liabilities	142,653	234,374
Commitments and contingencies
Stockholders’ equity:
Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued	—	—
Common stock – $0.0001 par value; 250,000 shares authorized; 31,897 and 31,994 shares issued and outstanding at December 30, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	78,227	16,973
Retained earnings	1,001,721	1,192,731
Accumulated other comprehensive income (loss)	70	(1,025)
Total stockholders’ equity	1,080,021	1,208,682
Total liabilities and stockholders’ equity	$ 1,222,674	$ 1,443,056

Silicon Laboratories Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Year Ended
	December 28, 2024	December 30, 2023
Operating Activities
Net loss	$ (191,010)	$ (34,516)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	25,551	25,707
Amortization of other intangible assets	23,034	25,374
Amortization of debt discount and debt issuance costs	—	960
Stock-based compensation expense	61,503	48,208
Equity-method loss	—	16,030
Deferred income taxes	29,470	(11,815)
Changes in operating assets and liabilities:
Accounts receivable	(25,184)	42,142
Inventories	88,494	(93,398)
Prepaid expenses and other assets	27,362	(10,733)
Accounts payable	(15,155)	(25,644)
Other current liabilities and income taxes	(21,768)	(37,793)
Deferred revenue and returns liability	956	(4,663)
Other non-current liabilities	(17,163)	29,793
Net cash used in operating activities	(13,910)	(30,348)

Investing Activities
Purchases of marketable securities	(73,602)	(103,485)
Sales of marketable securities	54,227	395,565
Maturities of marketable securities	131,858	200,530
Purchases of property and equipment	(11,748)	(22,282)
Proceeds from sale of equity investment	12,382	—
Purchases of other assets	—	(520)
Net cash provided by investing activities	113,117	469,808

Financing Activities
Proceeds from issuance of debt	—	80,000
Payments on debt	(45,000)	(571,157)
Repurchases of common stock	(16)	(217,137)
Payment of taxes withheld for vested stock awards	(16,434)	(18,189)
Proceeds from the issuance of common stock	16,346	14,612
Net cash used in financing activities	(45,104)	(711,871)

Increase (decrease) in cash and cash equivalents	54,103	(272,411)
Cash and cash equivalents at beginning of period	227,504	499,915
Cash and cash equivalents at end of period	$ 281,607	$ 227,504

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SOURCE Silicon Labs

Markets News

Asia Markets Mixed, Europe Edges Higher As China's Tariff Retaliation Sparks Trade Uncertainty – Global Markets Today While US Slept

2025.02.04

On Monday, February 3rd, U.S. markets closed in red, recovering from steeper losses after President Trump delayed tariffs on Mexico for a month following its agreement to deploy 10,000 National Guard troops.

Trump’s broader tariff strategy, including levies on China and Canada, signals continued market volatility and potential inflationary effects.

In economic news, U.S. construction spending rose 0.5% month-over-month in December, reaching an annualized $2,192 billion after a revised 0.2% increase in November. Meanwhile, the ISM manufacturing PMI improved to 50.9 in January, surpassing expectations of 49.8 and up from a revised 49.2 in December.

Most S&P 500 sectors fell, led by consumer discretionary, tech, and industrials, while utilities and consumer staples gained.

The Dow Jones Industrial Average was down 0.28% and closed at 44,421.91, the S&P 500 closed lower by 0.76% at 5,994.57, and the Nasdaq Composite fell 1.20% to finish at 19,391.96.

Aisa Markets Today

On Tuesday, Japan’s Nikkei 225 closed higher by 0.61% at 38,776.50, led by gains in the Communication, Transport, and Marine Transport sectors.
Australia’s S&P/ASX 200 declined 0.06% at 8,374.00, led by losses in the A-REITs, Consumer Discretionary, and Energy sectors.
India’s Nifty 50 closed higher by 1.48% at 23,707.70, and Nifty 500 rose 1.41%, closing at 21,704.75, led by gains in the Capital Goods, Public Sector Undertakings, and Oil & Gas sectors.
China markets were closed for the Chinese New Year holiday.
Hong Kong’s Hang Seng closed the session higher by 2.83% at 20,789.96.

Eurozone at 05:30 AM ET

The European STOXX 50 was up 0.10%.
Germany’s DAX rose 0.10%.
France’s CAC gained 0.20%.
U.K.’s FTSE index 100 traded lower by 0.16%.

Commodities at 05:30 AM ET

Crude Oil WTI was trading lower by 1.53% at $72.02/bbl, and Brent was down 0.87% at $75.28/bbl.
China imposed tariffs on U.S. crude oil, LNG, and coal, but the impact is limited due to modest imports. U.S. LNG faces challenges, though long-term contracts remain viable.
Crude flows may shift to alternative sources while refiners seek waivers or diversify. U.S. energy exports may reroute to Europe.
Natural Gas declined 3.88% to $3.222.
Gold was trading lower by 0.60% at $2,839.09, Silver was down 0.68% to $32.300, and Copper rose 0.52% to $4.3278.

U.S. Futures at 05:30 AM ET

Dow futures were down 0.26%, S&P 500 futures declined 0.23%, and Nasdaq 100 futures slid 0.13%.
U.S. stock futures fell as Trump’s China tariffs took effect, sparking Beijing’s retaliation. Oil prices dropped, Alphabet’s earnings drew attention, and OPEC+ upheld production cuts.

Forex at 05:30 AM ET

The U.S. dollar index surged 0.13% to 108.55, the USD/JPY rose 0.37% to 155.32, and the USD/AUD rose 0.26% to 1.6098.

Photo by Pavel Bobrovskiy via Shutterstock

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Economics News

Basecoater Market is Expected to Reach USD 766.7 Million by 2034, Growing at a 4.5% CAGR | Fact.MR Report

2025.02.04

Rockville, MD, Feb. 04, 2025 (GLOBE NEWSWIRE) — The Global Basecoater market was valued at US$ 493.7 million in 2024 and has been forecasted to expand at a CAGR of 4.5% to end up at US$ 766.7 Million by 2034.

The roll-to-roll (R2R) coating system market is the production and application of continuous coating systems that deposit materials, whether liquid, powder, or film, onto a flexible substrate such as plastic, metal, or fabric utilizing roll-to-roll technology. Roll-to-roll technology is applied in various industries, such as electronics, packaging, automotive, textiles, and energy, to produce products such as flexible displays, solar panels, and protective coatings.

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Key Takeaways from Market Study

The global Basecoater market is projected to grow at 5% CAGR and reach US$ 766.7 million by 2034
The market created an absolute $ opportunity of US$ 273.0 million between 2024 to 2034
North America is a prominent region that is estimated to hold a market share of 7% in 2034
Predominating market players BN Technology, Kobe Steel Ltd., SCREEN Finetech Solutions Co., Ltd., Buhler Leybold Optics, Lanzhou Vacuum Equipment, Yasui Seiki, Applied Materials, Inc., ULVAC, Intellivation LLC among other.
North America and East Asia are expected to create an absolute $ opportunity of US$ 154.5 million collectively

“Increasing demand of coated products, adoption of base coat products across various industries, and technological advancement in coating process will drive the market” says a Fact.MR analyst.

Key Companies Profiled-

BN Technology, Kobe Steel Ltd., SCREEN Finetech Solutions Co., Ltd., Buhler Leybold Optics, Lanzhou Vacuum Equipment, Yasui Seiki, Applied Materials, Inc., ULVAC, Intellivation LLC,,Hitachi Hightech, GFG Peabody, Ocean International, MR Industries

Market Development

Integration of AI and automation helping manufacturers to find smart coaters very appealing since they can maximize productivity, reduce waste, and guarantee constant quality with the help of AI-powered process control and predictive maintenance.

Sustainable coating materials have been developed and combined with energy-efficient processes and closed-loop systems, it is satisfying the increasing demand for sustainability in manufacturing, thereby providing a niche market for responsible roll-to-roll coater manufacturers.

For instance, in June 2023, Indian Institute of Technology Ropar or IIT Ropar in partnership with Applied Materials India announced to start a Centre of Excellence in Thermal Spray Coatings. The two organizations have planned this strategic cooperation for innovation around thermal spray coating technologies, considered to be core technologies for enhanced performance and lifespan improvement in materials utilized in various applications, including aerospace and automotive in the energy industries.

Industry News:

For instance, in May 2023, Applied Materials, Inc. Launched a mega project to establish an exclusive facility for semiconductor process technology and R&D on manufacturing equipment. The facility will allow dedicated research on semiconductors using industrial scale equipment to better understand industry requirements and accelerate product development.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global Basecoater market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the by Application (Textiles, Papers, Films, Non-Vowels), Type of Coating (Wet Coating, Dry Coating, Others), By Material Type (Polymer-based Coatings, Metal-based Coatings, Ceramic-based Coating, Others) and across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa).

Explore More Related Studies Published by Fact.MR Research:

The global containment tanks market was valued at US$ 6.1 billion in 2024 and will expand at a noteworthy CAGR of 4.7% to end up at US$ 9.6 billion by 2034

The global chloramine filters market was valued at US$ 1,744.3 million in 2024 and will expand at a noteworthy CAGR of 6.5% to end up at US$ 3,274.2 million by 2034.

The global flash dryers market was valued at US$ 1,032.4 million in 2024 and has been projected to expand at a noteworthy CAGR of 3.5% to end up at US$ 1,456.2 million by 2034.

The global formwork plywood market was valued at US$ 6,377.3 million in 2024 and is anticipated to grow at a significant CAGR of 2.1% to reach US$ 7,850.5 million by 2034.

The global light sensor market is valued at US$ 2.03 billion in 2024. The market is forecasted to expand at a CAGR of 7.4% to reach US$ 4.16 billion by 2034, as per the Fact.MR analysis.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

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Finance News

Pfizer beats profit estimates on heart disease drug, COVID vaccine sales

2025.02.04

(Reuters) -U.S. drugmaker Pfizer (PFE) beat Wall Street estimates for fourth-quarter profit on Tuesday, helped by strong sales of its heart disease drug and a smaller-than-feared drop in COVID vaccine sales.

On an adjusted basis, the company earned 63 cents per share for the three months ended Dec. 31, compared with the average analyst estimate of 47 cents per share, according to data compiled by LSEG.

Pfizer is facing investor pressure to show that its recent acquisitions and investments can bring in returns.

After the immense success of its COVID-19 products during the pandemic, the drugmaker has struggled to convince shareholders that it can make up for the potential revenue loss from some top-selling treatments that are expected to go off patent soon.

The company’s shares fell nearly 8% last year, and were up about 2% in premarket hours following results. They trade at less than half their value at the peak of the COVID-19 pandemic.

Total revenue came in at $17.76 billion for the fourth quarter, compared with estimates of $17.36 billion, according to data compiled by LSEG.

(Reporting by Manas Mishra and Bhanvi Satija in Bengaluru and Michael Erman in New York; Editing by Saumyadeb Chakrabarty)

news

Earnings News

WEC Energy Group posts 2024 results

2025.02.04

MILWAUKEE, Feb. 4, 2025 /PRNewswire/ — WEC Energy Group WEC today reported net income based on generally accepted accounting principles (GAAP) of $1.5 billion, or $4.83 per share, for 2024. This compares to earnings of $1.3 billion, or $4.22 per share, for 2023.

Full-year 2024 earnings include a charge of 6 cents per share related to certain capital expenditures under the Qualifying Infrastructure Plant (QIP) rider that were disallowed by the Illinois Commerce Commission (ICC). Full-year 2023 earnings included a non-cash charge of 41 cents per share related to previous capital investments that were disallowed by the ICC. Excluding these charges, WEC Energy Group’s adjusted earnings for 2024 rose to $4.88 per share — an increase of 5.4 percent over 2023 adjusted earnings of $4.63 per share.

For the fourth quarter of 2024, WEC Energy Group recorded net income based on GAAP of $453.5 million, or $1.43 per share. This compares to earnings of $218.5 million, or 69 cents per share, for the fourth quarter of 2023. Excluding the non-cash charge, WEC Energy Group’s adjusted earnings for the fourth quarter of 2023 totaled $1.10 per share.

Consolidated revenues for the full year were $8.6 billion, down $293.1 million from revenues in 2023.

“We delivered another year of solid results on virtually every meaningful measure — from customer satisfaction, to financial performance to steady execution of our capital plan,” said Scott Lauber, president and CEO. “We have significant growth opportunities ahead. And we will continue to focus on enhancing value for our customers and stockholders.”

For the full year, retail deliveries of electricity — excluding the iron ore mine in Michigan’s Upper Peninsula — were up by 0.5 percent.

Electricity consumption by small commercial and industrial customers was 0.7 percent higher during 2024. Electricity use by large commercial and industrial customers — excluding the iron ore mine — increased by 0.1 percent.

Residential electricity use was up by 0.5 percent.

On a weather-normal basis, retail deliveries of electricity during 2024 — excluding the iron ore mine — increased by 0.1 percent.

Natural gas deliveries in Wisconsin, excluding natural gas used for power generation, decreased by 2.9 percent during 2024. On a weather-normal basis, natural gas deliveries were 0.1 percent lower during the year.

The company reaffirmed its earnings guidance for 2025. Calendar year 2025 earnings are expected to be in a range of $5.17 to $5.27 per share. The midpoint of the range is $5.22 per share. This represents growth of 7.6 percent from the midpoint of the company’s 2024 adjusted guidance of $4.85 per share.

On Jan. 16, the board of directors declared a quarterly cash dividend of 89.25 cents per share on the company’s common stock, an increase of 6.9 percent over the previous dividend rate. This marks the 22^nd consecutive year that the company will reward its shareholders with higher dividends.

Earnings per share listed in this news release are on a fully diluted basis.

Non-GAAP Earnings Measures

A reconciliation of GAAP net income and earnings per share to adjusted net income and earnings per share is included below for the full year ended Dec. 31, 2024 and 2023, as well as for the fourth quarter of 2023. There were no adjustments to GAAP net income or earnings per share in the fourth quarter of 2024.

2024 Reconciliation

		Net Income
*(in millions)*		2024 Full Year
WEC Energy Group GAAP		$ 1,527.2
Loss related to ICC disallowances pre-tax		25.3
Tax impact		(6.9)
WEC Energy Group adjusted net income		$ 1,545.6

		Earnings Per Share
		2024 Full Year
WEC Energy Group GAAP		$ 4.83
Net loss related to ICC disallowances		0.06
WEC Energy Group adjusted earnings per share ⁽¹⁾		$ 4.88

Diluted average shares outstanding (millions)		316.5


⁽¹⁾	Note that WEC Energy Group adjusted earnings per share does not add due to rounding.

2023 Reconciliation

	Net Income
*(in millions)*	2023 Full Year	2023 Q4
WEC Energy Group GAAP	$ 1,331.7	$ 218.5
Impairment related to ICC disallowances pre-tax	178.9	178.9
Tax impact	(49.1)	(49.1)
WEC Energy Group adjusted net income	$ 1,461.5	$ 348.3

	Earnings Per Share
	2023 Full Year	2023 Q4
WEC Energy Group GAAP	$ 4.22	$ 0.69
Impairment related to ICC disallowances	0.41	0.41
WEC Energy Group adjusted earnings per share	$ 4.63	$ 1.10

Diluted averages shares outstanding (millions)	315.9	315.8

We have provided adjusted earnings (non-GAAP earnings) in this news release as a complement to, and not as an alternative to, reported earnings presented in accordance with GAAP.

For 2024, adjusted earnings exclude a charge related to certain capital expenditures under the QIP Rider that were disallowed by the ICC. For 2023, adjusted earnings exclude a non-cash impairment charge related to certain previously incurred capital costs that were disallowed by the ICC. The ICC’s disallowance of costs of this nature is not indicative of WEC Energy Group’s operating performance. Therefore, the company believes that the presentation of adjusted earnings is relevant and useful to investors to understand WEC Energy Group’s operating performance. Management uses such measures internally to evaluate the company’s performance and manage its operations.

Conference call

A conference call is scheduled for 1 p.m. Central time, Tuesday, Feb. 4. The call will review 2024 earnings and the company’s outlook for the future.

All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.

Conference call access also is available at wecenergygroup.com. Under ‘Webcasts,’ select ‘Q4 Earnings.’ In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its 2024 performance. The materials will be available at 6:30 a.m. Central time, Tuesday, Feb. 4.

Replay

A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through Feb. 18, 2025. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.

WEC Energy Group WEC, based in Milwaukee, is one of the nation’s premier energy companies, serving 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in states ranging from South Dakota to Texas.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 34,000 stockholders of record, 7,000 employees and more than $47 billion of assets.

Forward-looking statements

Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management’s expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “objectives,” “plans,” “possible,” “potential,” “projects,” “should,” “targets,” “will” or similar terms or variations of these terms.

Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company’s service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company’s ability to continue to successfully integrate the operations of its subsidiaries; availability of the company’s generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company’s ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; terrorist, physical or cyber security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company’s and its subsidiaries’ ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes resulting from the new U.S. presidential administration, as well as in rate-setting policies or procedures and environmental standards, the enforcement of these laws and regulations and changes in the interpretation of regulations or permit conditions by regulatory agencies; supply chain disruptions; inflation; political or geopolitical developments, including impacts on the global economy, supply chain and fuel prices, generally, from ongoing, escalating, or expanding regional or international conflicts; the impact from any health crises, including epidemics and pandemics; current and future litigation and regulatory investigations, proceedings or inquiries; changes in accounting standards; the financial performance of the American Transmission Company as well as projects in which the company’s energy infrastructure business invests; the ability of the company to obtain additional generating capacity at competitive prices; goodwill and its possible impairment; and other factors described under the heading “Factors Affecting Results, Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations and under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” contained in the company’s Form 10-K for the year ended December 31, 2023, and in subsequent reports filed with the Securities and Exchange Commission. Except as may be required by law, the company expressly disclaims any obligation to publicly update or revise any forward-looking information.

Tables follow

WEC ENERGY GROUP, INC.
CONSOLIDATED INCOME STATEMENTS (Unaudited)	Three Months Ended		Year Ended
	December 31		December 31
*(in millions, except per share amounts)*	2024	2023	2024	2023
Operating revenues	$ 2,284.2	$ 2,217.5	$ 8,599.9	$ 8,893.0

Operating expenses
Cost of sales	738.4	761.1	2,656.0	3,191.2
Other operation and maintenance	539.1	553.9	2,158.0	2,100.5
Impairment related to Illinois Commerce Commission disallowances	—	178.9	12.1	178.9
Depreciation and amortization	344.0	324.5	1,354.5	1,264.2
Property and revenue taxes	71.8	57.7	266.5	250.2
Total operating expenses	1,693.3	1,876.1	6,447.1	6,985.0

Operating income	590.9	341.4	2,152.8	1,908.0

Equity in earnings of transmission affiliates	69.2	45.4	207.5	177.5
Other income, net	49.5	46.8	178.2	177.7
Interest expense	211.9	193.5	815.3	727.4
Gain on debt extinguishments	(16.5)	—	(23.1)	(0.5)
Other expense	(76.7)	(101.3)	(406.5)	(371.7)

Income before income taxes	514.2	240.1	1,746.3	1,536.3
Income tax expense	61.1	21.6	222.0	204.6
Net income	453.1	218.5	1,524.3	1,331.7

Preferred stock dividends of subsidiary	0.3	0.3	1.2	1.2
Net loss attributed to noncontrolling interests	0.7	0.3	4.1	1.2
Net income attributed to common shareholders	$ 453.5	$ 218.5	$ 1,527.2	$ 1,331.7

Earnings per share
Basic	$ 1.43	$ 0.69	$ 4.83	$ 4.22
Diluted	$ 1.43	$ 0.69	$ 4.83	$ 4.22

Weighted average common shares outstanding
Basic	317.1	315.4	316.2	315.4
Diluted	317.5	315.8	316.5	315.9

Dividends per share of common stock	$ 0.8350	$ 0.7800	$ 3.3400	$ 3.1200

WEC ENERGY GROUP, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)	December 31,	December 31,
*(in millions, except share and per share amounts)*	2024	2023
Assets
Current assets
Cash and cash equivalents	$ 9.8	$ 42.9
Accounts receivable and unbilled revenues, net of reserves of $162.8 and $193.5, respectively	1,669.3	1,503.2
Materials, supplies, and inventories	813.2	775.2
Prepaid taxes	214.9	173.9
Other prepayments	82.6	76.8
Other	121.9	223.7
Current assets	2,911.7	2,795.7

Long-term assets
Property, plant, and equipment, net of accumulated depreciation and amortization of $11,611.9 and $11,073.1, respectively	34,645.4	31,581.5
Regulatory assets (December 31, 2024 and December 31, 2023 include $76.5 and $85.9, respectively, related to WEPCo Environmental Trust Finance I, LLC)	3,339.7	3,249.8
Equity investment in transmission affiliates	2,108.9	2,005.9
Goodwill	3,052.8	3,052.8
Pension and OPEB assets	968.5	870.9
Other	336.2	383.1
Long-term assets	44,451.5	41,144.0
Total assets	$ 47,363.2	$ 43,939.7

Liabilities and Equity
Current liabilities
Short-term debt	$ 1,116.6	$ 2,020.9
Current portion of long-term debt (December 31, 2024 and December 31, 2023 include $9.2 and $9.0, respectively, related to WEPCo Environmental Trust Finance I, LLC)	1,729.0	1,264.2
Accounts payable	1,137.1	896.6
Other	859.2	933.1
Current liabilities	4,841.9	5,114.8

Long-term liabilities
Long-term debt (December 31, 2024 and December 31, 2023 include $76.4 and $85.3, respectively, related to WEPCo Environmental Trust Finance I, LLC)	17,178.1	15,366.9
Finance lease obligations	303.3	145.9
Deferred income taxes	5,514.7	4,918.5
Deferred revenue, net	334.6	356.4
Regulatory liabilities	3,958.0	3,697.7
Intangible liabilities	566.8	594.8
Environmental remediation liabilities	445.8	463.7
Asset retirement obligations	580.0	374.2
Other	838.1	835.3
Long-term liabilities	29,719.4	26,753.4

Commitments and contingencies

Common shareholders’ equity
Common stock – $0.01 par value; 650,000,000 shares authorized; 317,680,855 and 315,434,531 shares outstanding, respectively	3.2	3.2
Additional paid in capital	4,315.8	4,115.9
Retained earnings	8,083.8	7,612.8
Accumulated other comprehensive loss	(7.8)	(7.7)
Common shareholders’ equity	12,395.0	11,724.2

Preferred stock of subsidiary	30.4	30.4
Noncontrolling interests	376.5	316.9
Total liabilities and equity	$ 47,363.2	$ 43,939.7

WEC ENERGY GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)	Year Ended
	December 31
*(in millions)*	2024	2023
Operating activities
Net income	$ 1,524.3	$ 1,331.7
Reconciliation to cash provided by operating activities
Depreciation and amortization	1,354.5	1,264.2
Deferred income taxes and ITCs, net	529.0	219.4
Impairment related to Illinois Commerce Commission disallowances	12.1	178.9
Contributions and payments related to pension and OPEB plans	(14.5)	(16.7)
Equity income in transmission affiliates, net of distributions	(57.4)	(33.0)
Net change in transmission regulatory assets and liabilities	(22.8)	19.8
Net loss (gain) on disposition of assets	0.7	(23.8)
Change in –
Accounts receivable and unbilled revenues, net	(161.5)	340.6
Materials, supplies, and inventories	(38.0)	41.9
Collateral on deposit	84.3	22.1
Other current assets	(75.4)	36.3
Accounts payable	99.7	(254.0)
Other current liabilities	11.6	47.5
Other, net	(34.8)	(156.5)
Net cash provided by operating activities	3,211.8	3,018.4

Investing activities
Capital expenditures	(2,781.1)	(2,492.9)
Acquisition of Delilah Solar Energy LLC, net of cash acquired of $0.6	(462.5)	—
Acquisition of Maple Flats Solar Energy Center LLC, net of cash acquired of $0.5	(431.2)	—
Acquisition of West Riverside Energy Center	(97.9)	(95.3)
Acquisition of Red Barn Wind Park	(2.1)	(143.8)
Acquisition of Whitewater Cogeneration Facility	—	(76.0)
Acquisition of Sapphire Sky Wind Energy LLC, net of cash acquired of $0.3	—	(442.6)
Acquisition of Samson I Solar Energy Center LLC, net of cash acquired of $5.2	—	(257.3)
Capital contributions to transmission affiliates	(45.5)	(63.7)
Proceeds from the sale of assets	1.7	32.8
Insurance proceeds received for property damage	6.0	2.5
Other, net	10.1	(21.9)
Net cash used in investing activities	(3,802.5)	(3,558.2)

Financing activities
Exercise of stock options	23.7	6.3
Issuance of common stock, net	163.4	—
Purchase of common stock	(3.2)	(16.6)
Dividends paid on common stock	(1,056.2)	(984.2)
Issuance of long-term debt	4,460.9	2,170.0
Retirement of long-term debt	(2,138.0)	(1,005.4)
Change in commercial paper	(902.8)	373.7
Purchase of additional ownership interest in Samson I Solar Energy Center LLC from noncontrolling interest	(28.1)	—
Payments for debt extinguishment and issuance costs	(45.9)	(14.2)
Other, net	(6.1)	(6.8)
Net cash provided by financing activities	467.7	522.8

Net change in cash, cash equivalents, and restricted cash	(123.0)	(17.0)
Cash, cash equivalents, and restricted cash at beginning of year	165.2	182.2
Cash, cash equivalents, and restricted cash at end of year	$ 42.2	$ 165.2

View original content:https://www.prnewswire.com/news-releases/wec-energy-group-posts-2024-results-302366644.html

SOURCE WEC Energy Group

Economics News

Cyclopentadiene Market to Reach US$ 1,471.0 Million by 2034, Expanding at a 5.7% CAGR | Fact.MR Report

2025.02.04

Rockville, MD, Feb. 04, 2025 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global cyclopentadiene market reached a valuation of US$ 845.0 million in 2024 and is expected to grow at a CAGR of 5.7% during the forecast period of 2024 to 2034.

One of the category of cyclo-alkenes is Cyclopentadiene which is an organic compound. This compound also be classified as an unsaturated hydrocarbon. The IUPAC chemical name of Cyclopentadiene is 1,3 cyclopentadiene. Cyclopentadiene dimerizes to give dicyclopentadiene with the assistance of Diels-Alder Reaction at room temperatures. The commercially available compound is in the liquid state with a colourless appearance and an unpleasant odour. Cyclopentadiene can be obtained from naphtha cracked in the steam and also by distillation from coal tar.

Although cyclopentadiene is one of the first and most popular Diels−Alder dienes, no review has so far been done on the cyclopentadiene cycloaddition. Here, in report both the historical and current applications of cyclopentadiene click reactions emphasizing experimental and theoretical studies of the reactivities and stabilities of cyclopentadiene and cyclopentadiene derivatives.

For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=10607

Key Takeaways from Market Study

The global Cyclopentadiene market is projected to grow at 5.7% CAGR and reach US$ 1,471.0 million by 2034
The market created an absolute $ opportunity of US$ 626.0 million between 2024 to 2034
North America is a prominent region that is estimated to hold a market share of 27.3% in 2034
North America and East Asia are expected to create an absolute $ opportunity of US$ 366.5 million collectively

“Environmental awareness, adoption across various industries, and technological advancement in recycling process will drive the market” says a Fact.MR analyst.

Leading Players Driving Innovation in the Cyclopentadiene Market:

Velsicol Chemical; Creasyn Finechem; Kolon Industries; Triveni Chemicals; Hangzhou Dayangchem; Chevron Phillips Chemical; Braskem; Central Drug House(CDH); LyondellBasell Industries; Cymetech; Sinopec Group; Texmark Chemicals; Shell; ORLEN Unipetrol; Dow

Market Development:

Global Cyclopentadiene market key players are focusing on expansion activities, technological advancement, product innovations, strategic partnerships and collaborations, and regulatory compliances to acquire significant share in the industry.

In May 2023, Researchers at Flinders University have discovered a new low-cost material that can be made into lenses for thermal imaging. Its new-look infrared lens shines a light on future technology and manufacturing. After reacting sulfur and cyclopentadiene together, it offered a black plastic with high transparency to infrared light.

Cyclopentadiene Industry News:

The crucial polymer for low power, continuous wave lasers is created from inexpensive elemental sulphur, an industrial waste, and either cyclopentadiene or dicyclopentadiene, according to a new invention announced by a scientist from Photonic Spectra in April 2024. Using different power levels, wavelengths, and beam sizes, the researchers can install spikes, raised spots, pits, channels, and holes on polymer surfaces. With timelines ranging from milliseconds to second order, the installation process was extremely quick.

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=S&rep_id=10607

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global Cyclopentadiene market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study includes essential insights on the basis of the Grade (DCPD Resin, DCPD UPR, and DCPD High Purity), By Type of End Product (Unsaturated Polyester Resin (UPR), Hydrocarbon Resins, Ethylene Propylene Diene Monomer (EPDM) Elastomers, and Cyclic Olefin), By End User Industry (Electronics, Automotive, Construction, and Medical), and across major seven regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).

Check out More Related Studies Published by Fact.MR Research:

The global polyalkylene glycols market continues to grow immensely, driven by expanding applications in the industrial sectors. These versatile polymers, known for their excellent thermal stability, water solubility, and low toxicity profiles, have become indispensable parts in a wide range of manufacturing processes and end use applications.

The global synthetic hydrotalcite market was valued at US$ 377.2 million in 2024 and has been forecasted to expand at a noteworthy CAGR of 4.6% to end up at US$ 591.4 Million by 2034.

The global hollow microspheres market was valued at US$ 2,972.2 million in 2024 and has been forecasted to expand at a noteworthy CAGR of 7.7% to end up at US$ 6,240.7 Million by 2034.

The eutectic aluminum-silicon alloy market was valued at US$ 541.7 million in 2024 and has been forecasted to expand at a CAGR of 5.2% to end up at US$ 899.3 Million by 2034.

The global dye-sensitized solar cell market was valued at US$ 259.2 million in 2024 and has been forecasted to expand at a noteworthy CAGR of 11.2% to end up at US$ 749.3 Million by 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

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Economics News

US Stocks Likely To Open Lower As Trump's Trade War Continues To Impact The Market: 'Volatility Is The Toll We Pay To Invest,' Says Expert

2025.02.04

U.S. stock futures were trading lower on Tuesday after Monday’s decline as the new administration’s tariffs continued to spook the market.

On Monday, Mexico’s president Claudia Sheinbaum reached a deal with President Donald Trump to delay tariffs by increasing Mexico’s military presence on the US border. Later, after a call between Trump and Canadian Prime Minister Justin Trudeau, tariffs on Canada were also suspended for 30 days.

All major index futures were down. Google parent Alphabet Inc. GOOGL GOOG, Advanced Micro Devices Inc. AMD, Pfizer Inc. PFE, PepsiCo Inc. PEP and Spotify Technology SA SPOT are expected to report earnings today.

The 10-year Treasury yield stood at 4.58%, while the two-year yield was at 4.25%. According to the CME Group’s FedWatch tool, there is an 86.5% chance that the Federal Reserve will keep interest rates unchanged for the March meeting.

Futures	Change (+/-)
Nasdaq 100	-0.10%
S&P 500	-0.20%
Dow Jones	-0.24%
Russell 2000	-0.14%

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ were mixed during premarket trading on Tuesday. SPY fell 0.17% to $596.75, and QQQ was up 0.01% to $518.16, according to Benzinga Pro data.

Cues From The Last Session

US stocks declined on Monday following Trump’s tariff announcement which led to the Dow dropping over 665 points intraday.

Owens & Minor Inc. OMI shares fell 35% after lowering revenue guidance, while Tyson Foods Inc. TSN reported strong earnings.

December U.S. construction spending rose 0.5%, and the January ISM manufacturing PMI increased to 50.9.

Most S&P 500 sectors declined, led by consumer discretionary, information technology, and industrials, while utilities and consumer staples gained.

Index	Performance (+/-)	Value
Nasdaq Composite	-1.20%	19,391.96
S&P 500	-0.76%	5,994.57
Dow Jones	-0.28%	44,421.91
Russell 2000	-1.28%	2,258.42

Insights From Analysts

As the market declined following the tariffs and trade wars, Ryan Detrick, the chief market strategist at Carson Research, calmed the investors down by highlighting that every year has scary headlines that pull the stock market down.

He further explained the basic principle of investing in the market by saying “Volatility is the toll we pay to invest”.

Now’s a good time to remember that volatility is the toll we pay to invest.

Each year has scary moments, it is all part of investing. pic.twitter.com/9FezMYHa4M

— Ryan Detrick, CMT (@RyanDetrick) February 3, 2025

Highlighting the tariff impact, economist Jeremy Siegel said that the prospect of new trade barriers introduces another layer of volatility, with markets reacting negatively to the uncertainty.

“History has shown that tariffs are rarely viewed as a net positive for equities, and while they could lead to a temporary bump in inflation and price levels, the Fed is unlikely to respond to a one-time inflationary shock,” he added.

While Mexican and Canadian tariffs were paused, Siegel, who is the senior economist at WisdomTree and a former professor at the University of Pennsylvania added that “Trump’s new tariffs are not smart either economically or politically”.

“The political impact is likely to be very negative for Trump’s program, as the rise in prices (gasoline and some food items) will have high visibility in the mainstream media and put pressure on some legislators,” he added.

See Also: How to Trade Futures

Upcoming Economic Data

Here’s what investors will keep an eye on Tuesday:

December’s job openings and factory orders data will be out at 10:00 a.m., ET

Atlanta Fed President Raphael Bostic will speak again at 11:00 a.m., ET on Tuesday, on the topic of housing.

San Francisco Fed President Daly will speak at 2:00 p.m., ET and Federal Reserve Vice Chairman Philip Jefferson will speak at 7:30 p.m., ET.

Stocks In Focus:

Spotify Technology SA SPOT was up 2.90% in the premarket on Tuesday as it is expected to report its fourth-quarter earnings before the market opens. According to Benzinga’s consensus estimates, the company is expected to report earnings of $2.060 per share on the revenue of $4.15 billion.

PepsiCo Inc. PEP declined 0.19% ahead of its earnings before the opening bell. Analysts expect it to report quarterly earnings of $1.94 per share on revenue of $27.89 billion.

Pfizer Inc. PFE rose 0.53% as Wall Street expects it to report quarterly earnings of 47 cents per share on revenue of $17.40 billion.

Electronic Arts Inc. EA slipped 0.19% ahead of its earnings which will be released after the closing bell. Analysts expect it to report quarterly earnings of $3.08 per share on revenue of $2.32 billion.

UBS Group AG UBS fell 5.58% despite reporting stronger-than-expected earnings for its fourth quarter because it disclosed a share buyback program of up to $3 billion, which failed to impress investors.

NXP Semiconductors NV NXPI was up 0.80% as it posted upbeat earnings and sales results for its fourth quarter on Monday.

Palantir Technologies Inc. PLTR was up 18.77% following better-than-expected fourth-quarter results.

Illumina Inc. ILMN slipped 5.11% and PVH Corp. PVH declined 3.98% as the Chinese Ministry of Commerce added the companies to the unreliable entities list amid the ongoing trade war with the U.S.

Commodities, Gold And Global Equity Markets:

Crude oil futures were trading lower in the early New York session by 1.54% to hover around $72.03 per barrel.

The gold spot index was down by 0.01% to $2,814.48 per ounce. The Dollar Index was down 0.36% at 108.60 level.

Asian markets were mixed on Tuesday as China’s CSI 300 and Australia’s ASX 200 index fell. Whereas Hong Kong’s Hang Seng, South Korea’s Kospi, and Japan’s Nikkei 225 index advanced. European markets were also mixed in trade.

Read Next:

Earnings News

MPLX LP Progresses Gulf Coast NGL Strategy and Reports Full-Year 2024 Results

2025.02.04

FINDLAY, Ohio, Feb. 4, 2025 /PRNewswire/ —

Progresses Gulf Coast NGL strategy with announcement of fractionation complex and export terminal
Full-year 2024 net income attributable to MPLX of $4.3 billion and adjusted EBITDA of $6.8 billion, up 10% and 8%, respectively, year over year
$3.9 billion of capital returned to unitholders in 2024, reflecting 12.5% quarterly distribution increase and $326 million of unit repurchases
2025 capital spending outlook of $2.0 billion, anticipating mid-teen returns

MPLX LP MPLX today reported fourth-quarter 2024 net income attributable to MPLX of $1,099 million, compared with $1,134 million for the fourth quarter of 2023. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,762 million, compared with $1,623 million for the fourth quarter of 2023.

During the quarter, MPLX generated $1,675 million in net cash provided by operating activities, $1,477 million of distributable cash flow, and adjusted free cash flow of $1,324 million. MPLX announced a fourth-quarter 2024 distribution of $0.9565 per common unit, resulting in distribution coverage of 1.5x for the quarter. The leverage ratio was 3.1x at the end of the quarter.

For the full year 2024, MPLX generated $5.9 billion in net cash provided by operating activities, $5.7 billion of distributable cash flow, and $3.9 billion of adjusted free cash flow, compared to $5.4 billion, $5.3 billion, and $4.1 billion, respectively, in 2023.

“In 2024, we achieved 8% adjusted EBITDA growth,” said Maryann Mannen, MPLX president and chief executive officer. “As part of our 2025 plan, we are executing our Gulf Coast NGL strategy and other growth projects anchored in the Permian and Marcellus basins. We continue to anticipate mid-teen returns on these projects, which will support mid-single digit adjusted EBITDA growth. This growth is expected to allow us to reinvest in the business and support annual distribution increases in the future.”

Financial Highlights (unaudited)


		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per unit and ratio data)		2024		2023		2024		2023
Net income attributable to MPLX LP^(a)	$	1,099	$	1,134	$	4,317	$	3,928
Adjusted EBITDA attributable to MPLX LP^(b)		1,762		1,623		6,764		6,269
Net cash provided by operating activities		1,675		1,489		5,946		5,397
Distributable cash flow attributable to MPLX LP^(b)		1,477		1,384		5,697		5,340
Distribution per common unit^(c)	$	0.9565	$	0.8500	$	3.6130	$	3.2500
Distribution coverage^(d)		1.5x		1.6x		1.5x		1.6x
Consolidated total debt to LTM adjusted EBITDA^(e)		3.1x		3.3x		3.1x		3.3x
Cash paid for common unit repurchases	$	100	$	—	$	326	$	—


(a)	The twelve months ended December 31, 2024 includes a $151 million gain from the closing of the strategic transaction combining the Whistler and Rio Bravo natural gas assets. The three and twelve months ended December 31, 2023 include a $92 million gain associated with the acquisition of the remaining interest in a Permian basin joint venture.
(b)	Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow.
(c)	Distributions declared by the board of directors of MPLX’s general partner.
(d)	DCF attributable to LP unitholders divided by total LP distributions.
(e)	Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.

Segment Results

MPLX revised its reporting segments to Crude Oil and Products Logistics (formerly Logistics and Storage) and Natural Gas and NGL Services (formerly Gathering and Processing) to better reflect the value chains and growth strategy of MPLX’s operations.

With the change, certain equity method investments serving natural gas and NGL customers were moved from the Crude Oil and Products Logistics segment into the Natural Gas and NGL Services segment.

All prior periods have been recast for comparability.


(In millions)		Three Months Ended December 31,				Twelve Months Ended December 31,
Segment adjusted EBITDA attributable to MPLX LP (unaudited)		2024		2023		2024		2023
Crude Oil and Products Logistics	$	1,123	$	1,063	$	4,375	$	4,134
Natural Gas and NGL Services		639		560		2,389		2,135

Crude Oil and Products Logistics

Crude Oil and Products Logistics segment adjusted EBITDA for the fourth quarter of 2024 increased by $60 million compared to the same period in 2023. The increase was primarily driven by higher rates and throughputs.

Total pipeline throughputs were 5.9 million barrels per day (bpd) in the fourth quarter, an increase of 1% versus the same quarter of 2023. The average pipeline tariff rate was $1.06 per barrel for the quarter, an increase of 9% versus the same quarter of 2023. Terminal throughput was 3.1 million bpd for the quarter, an increase of 3% versus the same quarter of 2023.

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the fourth quarter of 2024 increased by $79 million compared to the same period in 2023, primarily due to increased volumes, including contributions from recently acquired assets in the Utica and Permian basins and growth from equity affiliates.

In the fourth quarter of 2024:

Gathered volumes averaged 6.7 billion cubic feet per day (bcf/d), an 8% increase from the fourth quarter of 2023.
Processed volumes averaged 9.9 bcf/d, a 6% increase versus the fourth quarter of 2023.
Fractionated volumes averaged 683 thousand bpd, a 14% increase versus the fourth quarter of 2023.

In the Marcellus:

Gathered volumes averaged 1.5 bcf/d in the fourth quarter, a 3% increase versus the fourth quarter of 2023.
Processed volumes averaged 6.0 bcf/d in the fourth quarter, a 1% decrease versus the fourth quarter of 2023.
Fractionated volumes averaged 588 thousand bpd in the fourth quarter, a 12% increase versus the fourth quarter of 2023.

Strategic Update

In Natural Gas and NGL Services, MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support expected increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand. Updates on Natural Gas and NGL Services projects include:

Newly Announced

A Gulf Coast fractionation complex consisting of two, 150 thousand bpd fractionation facilities adjacent to Marathon Petroleum’s MPC Galveston Bay refinery. The fractionation facilities are expected in service in 2028 and 2029. MPLX is contracting with MPC to purchase offtake from the fractionation complex, which MPC intends to market globally.
A strategic partnership with ONEOK, Inc. OKE to develop a 400 thousand bpd LPG export terminal and an associated pipeline, which is anticipated in service in 2028.
The BANGL NGL pipeline partners have sanctioned an expansion from 250 thousand bpd to 300 thousand bpd, which is anticipated to come online in the second half of 2026. This pipeline will enable liquids to reach MPLX’s Gulf Coast fractionation complex.

Ongoing

The Blackcomb and Rio Bravo pipelines are progressing with an expected in-service date in the second half of 2026. These pipelines are designed to transport natural gas from the Permian to domestic and export markets along the Gulf Coast.
Secretariat, a 200 million cubic feet per day (mmcf/d) processing plant is expected online in the fourth quarter of 2025. This plant will bring MPLX’s gas processing capacity in the Permian basin to 1.4 bcf/d.
Harmon Creek III, a 300 mmcf/d processing plant and 40 thousand bpd de-ethanizer, is expected online in the second half of 2026. This complex will bring MPLX’s processing capacity in the Northeast to 8.1 bcf/d and fractionation capacity to 800 thousand bpd.

In Crude Oil and Products Logistics, MPLX is expanding its crude gathering pipelines in the Permian and Bakken basins, and investing in projects targeted at the expansion or de-bottlenecking of assets.

2025 Capital Outlook

MPLX’s capital spending outlook for 2025 is $2.0 billion, consisting of:

$1.45 billion of Natural Gas and NGL Services growth capital
$250 million of Crude Oil and Products Logistics growth capital
$300 million of maintenance capital

Financial Position and Liquidity

As of Dec. 31, 2024, MPLX had $1.5 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX’s leverage ratio was 3.1x, while the stability of cash flows supports leverage in the range of 4.0x.

The partnership repurchased $100 million of common units held by the public in the fourth quarter of 2024. As of Dec. 31, 2024, MPLX had approximately $520 million remaining available under its unit repurchase authorization.

Conference Call

At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX’s website at www.mplx.com. A replay of the webcast will be available on MPLX’s website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.

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 Contact: (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

Non-GAAP references

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable.

DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.

Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.

Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.

The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.

Forward-Looking Statements

This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance (“ESG”) goals and targets, including those related to greenhouse gas emissions, biodiversity, diversity, equity and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG goals and targets are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “anticipate,” “believe,” “commitment,” “could,” “design,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids (“NGLs”) or renewables, or taxation; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewables; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG goals and targets within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties or minimum inventory requirements on companies operating in the energy industry in California or other jurisdictions; other risk factors inherent to MPLX’s industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC’s Annual Reports on Form 10-K for the year ended Dec. 31, 2023, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX’s website at http://ir.mplx.com or by contacting MPLX’s Investor Relations office. Copies of MPC’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC’s website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC’s Investor Relations office.


Condensed Consolidated Results of Operations (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except per unit data)		2024		2023		2024		2023
Revenues and other income:
Operating revenue	$	1,376	$	1,226	$	5,171	$	4,877
Operating revenue – related parties		1,464		1,449		5,733		5,557
Income from equity method investments^(a)		171		162		802		600
Other income^(b)		52		129		227		247
Total revenues and other income		3,063		2,966		11,933		11,281
Costs and expenses:
Operating expenses (including purchased product costs)		835		764		3,203		3,081
Operating expenses – related parties		425		393		1,601		1,577
Depreciation and amortization		324		306		1,283		1,213
General and administrative expenses		104		99		427		379
Other taxes		32		29		131		131
Total costs and expenses		1,720		1,591		6,645		6,381
Income from operations		1,343		1,375		5,288		4,900
Net interest and other financial costs		229		222		921		923
Income before income taxes		1,114		1,153		4,367		3,977
Provision for income taxes		5		9		10		11
Net income		1,109		1,144		4,357		3,966
Less: Net income attributable to noncontrolling interests		10		10		40		38
Net income attributable to MPLX LP		1,099		1,134		4,317		3,928
Less: Series A preferred unitholders interest in net income		6		23		27		94
Less: Series B preferred unitholders interest in net income		—		—		—		5
Limited partners’ interest in net income attributable to MPLX LP	$	1,093	$	1,111	$	4,290	$	3,829

Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common – basic	$	1.07	$	1.10	$	4.21	$	3.80
Common – diluted	$	1.07	$	1.10	$	4.21	$	3.80
Weighted average limited partner units outstanding:
Common units – basic		1,018		1,002		1,016		1,001
Common units – diluted		1,019		1,003		1,017		1,002


(a)	The twelve months ended December 31, 2024 includes a $151 million gain from the closing of the strategic transaction combining the Whistler and Rio Bravo natural gas assets (the “Whistler Joint Venture Transaction”).
(b)	The three and twelve months ended December 31, 2023 include a $92 million gain associated with the acquisition of the remaining interest in a Permian basin joint venture.


Select Financial Statistics (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions, except ratio data)		2024		2023		2024		2023
Common unit distributions declared by MPLX LP
Common units (LP) – public	$	353	$	303	$	1,339	$	1,152
Common units – MPC		619		550		2,339		2,104
Total GP and LP distribution declared		972		853		3,678		3,256

Preferred unit distributions^(a)
Series A preferred unit distributions		6		23		27		94
Series B preferred unit distributions		—		—		—		5
Total preferred unit distributions		6		23		27		99

Other Financial Data
Adjusted EBITDA attributable to MPLX LP^(b)		1,762		1,623		6,764		6,269
DCF attributable to LP unitholders^(b)	$	1,471	$	1,361	$	5,670	$	5,241
Distribution coverage^(c)		1.5x		1.6x		1.5x		1.6x

Cash Flow Data
Net cash flow provided by (used in):
Operating activities	$	1,675	$	1,489	$	5,946	$	5,397
Investing activities		(349)		(525)		(1,995)		(1,252)
Financing activities	$	(2,233)	$	(876)	$	(3,480)	$	(3,335)


(a)	Includes MPLX distributions declared on the Series A preferred units as well as distributions earned on the Series B preferred units. Series A preferred unitholders receive the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Series B preferred unitholders received a fixed distribution of $68.75 per unit, per annum, payable semi-annually in arrears. The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A and Series B preferred units are not available to common unitholders.
(b)	Non-GAAP measure. See reconciliation below.
(c)	DCF attributable to LP unitholders divided by total LP distribution declared.


Financial Data (unaudited)
(In millions, except ratio data)		December 31, 2024		December 31, 2023
Cash and cash equivalents	$	1,519	$	1,048
Total assets		37,511		36,529
Total debt^(a)		20,948		20,431
Redeemable preferred units		203		895
Total equity	$	13,807	$	12,689
Consolidated debt to LTM adjusted EBITDA^(b)		3.1x		3.3x

Partnership units outstanding:
MPC-held common units		647		647
Public common units		370		356

(a)	There were no borrowings on the loan agreement with MPC as of December 31, 2024, or December 31, 2023. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.
(b)	Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $21,206 million as of December 31, 2024, and $20,706 million as of December 31, 2023.


Operating Statistics (unaudited)		Three Months Ended December 31,					Twelve Months Ended December 31,
Operating Statistics (unaudited)		2024		2023	% Change		2024		2023	% Change
Crude Oil and Products Logistics
Pipeline throughput (mbpd)
Crude oil pipelines		3,831		3,701	4 %		3,785		3,772	— %
Product pipelines		2,026		2,078	(3) %		1,997		2,040	(2) %
Total pipelines		5,857		5,779	1 %		5,782		5,812	(1) %

Average tariff rates ($ per barrel)
Crude oil pipelines	$	1.08	$	0.98	10 %	$	1.03	$	0.96	7 %
Product pipelines		1.03		0.96	7 %		1.00		0.90	11 %
Total pipelines	$	1.06	$	0.97	9 %	$	1.02	$	0.94	9 %

Terminal throughput (mbpd)		3,128		3,023	3 %		3,131		3,130	— %

Barges at period-end		319		305	5 %		319		305	5 %
Towboats at period-end		29		29	— %		29		29	— %


Natural Gas and NGL Services Operating Statistics (unaudited) – Consolidated^(a)	Three Months Ended December 31,			Twelve Months Ended December 31,
	2024	2023	% Change	2024	2023	% Change
Gathering throughput (MMcf/d)
Marcellus Operations	1,538	1,495	3 %	1,521	1,389	10 %
Utica Operations	338	—	— %	264	—	— %
Southwest Operations	1,788	1,442	24 %	1,698	1,369	24 %
Bakken Operations	185	182	2 %	183	165	11 %
Rockies Operations	552	505	9 %	560	474	18 %
Total gathering throughput	4,401	3,624	21 %	4,226	3,397	24 %

Natural gas processed (MMcf/d)
Marcellus Operations	4,383	4,392	— %	4,366	4,179	4 %
Utica Operations^(b)	—	—	— %	—	—	— %
Southwest Operations	2,020	1,537	31 %	1,844	1,466	26 %
Southern Appalachia Operations	206	207	— %	215	216	— %
Bakken Operations	183	182	1 %	182	163	12 %
Rockies Operations	596	515	16 %	616	483	28 %
Total natural gas processed	7,388	6,833	8 %	7,223	6,507	11 %

C2 + NGLs fractionated (mbpd)
Marcellus Operations	588	523	12 %	565	530	7 %
Utica Operations^(b)	—	—	— %	—	—	— %
Southern Appalachia Operations	12	12	— %	12	11	9 %
Bakken Operations	19	22	(14) %	20	20	— %
Rockies Operations	5	3	67 %	5	3	67 %
Total C2 + NGLs fractionated	624	560	11 %	602	564	7 %

(a)	Includes operating data for entities that have been consolidated into the MPLX financial statements.
(b)	The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.


Natural Gas and NGL Services Operating Statistics (unaudited) – Operated^(a)	Three Months Ended December 31,			Twelve Months Ended December 31,
	2024	2023	% Change	2024	2023	% Change
Gathering throughput (MMcf/d)
Marcellus Operations	1,538	1,495	3 %	1,521	1,389	10 %
Utica Operations	2,608	2,196	19 %	2,544	2,338	9 %
Southwest Operations	1,788	1,762	1 %	1,698	1,772	(4) %
Bakken Operations	185	182	2 %	183	165	11 %
Rockies Operations	615	617	— %	633	593	7 %
Total gathering throughput	6,734	6,252	8 %	6,579	6,257	5 %

Natural gas processed (MMcf/d)
Marcellus Operations	6,006	6,041	(1) %	5,974	5,773	3 %
Utica Operations	923	653	41 %	832	564	48 %
Southwest Operations	2,020	1,777	14 %	1,844	1,772	4 %
Southern Appalachia Operations	206	207	— %	215	216	— %
Bakken Operations	183	182	1 %	182	163	12 %
Rockies Operations	596	515	16 %	616	483	28 %
Total natural gas processed	9,934	9,375	6 %	9,663	8,971	8 %

C2 + NGLs fractionated (mbpd)
Marcellus Operations	588	523	12 %	565	530	7 %
Utica Operations	59	39	51 %	52	33	58 %
Southern Appalachia Operations	12	12	— %	12	11	9 %
Bakken Operations	19	22	(14) %	20	20	— %
Rockies Operations	5	3	67 %	5	3	67 %
Total C2 + NGLs fractionated	683	599	14 %	654	597	10 %


(a)	Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.


Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)		2024		2023		2024		2023
Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP	$	1,123	$	1,063	$	4,375	$	4,134
Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP		639		560		2,389		2,135
Adjusted EBITDA attributable to MPLX LP		1,762		1,623		6,764		6,269
Depreciation and amortization		(324)		(306)		(1,283)		(1,213)
Net interest and other financial costs		(229)		(222)		(921)		(923)
Income from equity method investments		171		162		802		600
Distributions/adjustments related to equity method investments		(257)		(223)		(928)		(774)
Gain on sales-type leases and equity method investments		—		92		—		92
Adjusted EBITDA attributable to noncontrolling interests		11		11		44		42
Garyville incident response recoveries (costs)		—		47		—		(16)
Other^(a)		(25)		(40)		(121)		(111)
Net income	$	1,109	$	1,144	$	4,357	$	3,966


(a)	Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.


Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)		2024		2023		2024		2023
Crude Oil and Products Logistics
Segment adjusted EBITDA	$	1,123	$	1,063		4,375		4,134
Depreciation and amortization		(133)		(131)		(526)		(530)
Income from equity method investments		56		79		269		270
Distributions/adjustments related to equity method investments		(97)		(97)		(347)		(307)
Garyville incident response recoveries (costs)		—		47		—		(16)
Other		(15)		(12)		(55)		(39)

Natural Gas and NGL Services
Segment adjusted EBITDA		639		560		2,389		2,135
Depreciation and amortization		(191)		(175)		(757)		(683)
Income from equity method investments		115		83		533		330
Distributions/adjustments related to equity method investments		(160)		(126)		(581)		(467)
Gain on sales-type leases and equity method investments		—		92		—		92
Adjusted EBITDA attributable to noncontrolling interests		11		11		44		42
Other		(5)		(19)		(56)		(61)

Income from operations	$	1,343	$	1,375	$	5,288	$	4,900


Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Income (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)		2024		2023		2024		2023
Net income	$	1,109	$	1,144	$	4,357	$	3,966
Provision for income taxes		5		9		10		11
Net interest and other financial costs		229		222		921		923
Income from operations		1,343		1,375		5,288		4,900
Depreciation and amortization		324		306		1,283		1,213
Income from equity method investments		(171)		(162)		(802)		(600)
Distributions/adjustments related to equity method investments		257		223		928		774
Gain on sales-type leases and equity method investments		—		(92)		—		(92)
Garyville incident response (recoveries) costs		—		(47)		—		16
Other		20		31		111		100
Adjusted EBITDA		1,773		1,634		6,808		6,311
Adjusted EBITDA attributable to noncontrolling interests		(11)		(11)		(44)		(42)
Adjusted EBITDA attributable to MPLX LP		1,762		1,623		6,764		6,269
Deferred revenue impacts		25		32		31		97
Sales-type lease payments, net of income		12		3		32		12
Adjusted net interest and other financial costs^(a)		(216)		(209)		(867)		(859)
Maintenance capital expenditures, net of reimbursements		(86)		(57)		(206)		(150)
Equity method investment maintenance capital expenditures paid out		(7)		(4)		(18)		(15)
Other		(13)		(4)		(39)		(14)
DCF attributable to MPLX LP		1,477		1,384		5,697		5,340
Preferred unit distributions^(b)		(6)		(23)		(27)		(99)
DCF attributable to LP unitholders	$	1,471	$	1,361	$	5,670	$	5,241


(a)	Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
(b)	Includes MPLX distributions declared on the Series A preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders.


Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)		Last Twelve Months
		December 31,
(In millions)		2024		2023
LTM Net income	$	4,357	$	3,966
Provision for income taxes		10		11
Net interest and other financial costs		921		923
LTM income from operations		5,288		4,900
Depreciation and amortization		1,283		1,213
Income from equity method investments		(802)		(600)
Distributions/adjustments related to equity method investments		928		774
Gain on sales-type leases and equity method investments		—		(92)
Garyville incident response costs		—		16
Other		111		100
LTM Adjusted EBITDA		6,808		6,311
Adjusted EBITDA attributable to noncontrolling interests		(44)		(42)
LTM Adjusted EBITDA attributable to MPLX LP		6,764		6,269
Consolidated total debt^(a)	$	21,206	$	20,706
Consolidated total debt to LTM adjusted EBITDA^(b)		3.1x		3.3x


(a)	Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.
(b)	Also referred to as our leverage ratio.


Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Cash Provided by Operating Activities (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)		2024		2023		2024		2023
Net cash provided by operating activities	$	1,675	$	1,489	$	5,946	$	5,397
Changes in working capital items		(186)		(93)		(241)		(169)
All other, net		8		31		(5)		39
Loss on extinguishment of debt		—		—		—		9
Adjusted net interest and other financial costs^(a)		216		209		867		859
Other adjustments related to equity method investments		27		13		102		38
Garyville incident response (recoveries) costs		—		(47)		—		16
Other		33		32		139		122
Adjusted EBITDA		1,773		1,634		6,808		6,311
Adjusted EBITDA attributable to noncontrolling interests		(11)		(11)		(44)		(42)
Adjusted EBITDA attributable to MPLX LP		1,762		1,623		6,764		6,269
Deferred revenue impacts		25		32		31		97
Sales-type lease payments, net of income		12		3		32		12
Adjusted net interest and other financial costs^(a)		(216)		(209)		(867)		(859)
Maintenance capital expenditures, net of reimbursements		(86)		(57)		(206)		(150)
Equity method investment maintenance capital expenditures paid out		(7)		(4)		(18)		(15)
Other		(13)		(4)		(39)		(14)
DCF attributable to MPLX LP		1,477		1,384		5,697		5,340
Preferred unit distributions^(b)		(6)		(23)		(27)		(99)
DCF attributable to LP unitholders	$	1,471	$	1,361	$	5,670	$	5,241


(a)	Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
(b)	Includes MPLX distributions declared on the Series A preferred units, as well as cash distributions earned by the Series B preferred units (as the Series B preferred units are declared and payable semi-annually). The Series B preferred units were redeemed effective February 15, 2023. Cash distributions declared/to be paid to holders of the Series A preferred units and Series B preferred units are not available to common unitholders.


Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)		2024		2023		2024		2023
Net cash provided by operating activities^(a)	$	1,675	$	1,489	$	5,946	$	5,397
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities^(b)		(349)		(525)		(1,995)		(1,252)
Contributions from MPC		9		11		35		31
Distributions to noncontrolling interests		(11)		(11)		(44)		(41)
Adjusted free cash flow		1,324		964		3,942		4,135
Distributions paid to common and preferred unitholders		(980)		(877)		(3,603)		(3,296)
Adjusted free cash flow after distributions	$	344	$	87	$	339	$	839


(a)	The three months ended December 31, 2024 and December 31, 2023 include working capital draws of $186 million and $93 million, respectively. The twelve months ended December 31, 2024 and December 31, 2023 include working capital draws of $241 million and $169 million, respectively.
(b)	The twelve months ended months ended December 31, 2024 includes $622 million, net of cash acquired, related to the purchase of additional ownership interest in existing joint ventures and gathering assets in the Utica, $210 million and $18 million related to the acquisition of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC, respectively, a contribution of $92 million to fund our share of a debt repayment by a joint venture and a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction.


Capital Expenditures (unaudited)		Three Months Ended December 31,				Twelve Months Ended December 31,
(In millions)		2024		2023		2024		2023
Capital Expenditures:
Growth capital expenditures	$	227	$	283	$	796	$	838
Growth capital reimbursements		(51)		(46)		(115)		(165)
Investments in unconsolidated affiliates^(a)		50		8		236		98
Return of capital		(8)		(3)		(12)		(3)
Capitalized interest		(4)		(4)		(16)		(14)
Total growth capital expenditures^(b)		214		238		889		754
Maintenance capital expenditures		103		68		254		181
Maintenance capital reimbursements		(17)		(11)		(48)		(31)
Capitalized interest		(1)		—		(3)		(1)
Total maintenance capital expenditures		85		57		203		149

Total growth and maintenance capital expenditures		299		295		1,092		903
Investments in unconsolidated affiliates^(a)		(50)		(8)		(236)		(98)
Return of capital		8		3		12		3
Growth and maintenance capital reimbursements^(c)		68		57		163		196
(Increase)/Decrease in capital accruals		(22)		(76)		6		(82)
Capitalized interest		5		4		19		15
Additions to property, plant and equipment	$	308	$	275	$	1,056	$	937


(a)	Investments in unconsolidated affiliates for the twelve months ended December 31, 2024 exclude $210 million and $18 million related to the acquisition of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC, respectively. Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
(b)	Total growth capital expenditures for the twelve months ended December 31, 2024 exclude $622 million of acquisitions, net of cash acquired, and a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction. Total growth capital expenditures for the three and twelve months ended December 31, 2023 exclude $246 million of acquisitions.
(c)	Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.

View original content:https://www.prnewswire.com/news-releases/mplx-lp-progresses-gulf-coast-ngl-strategy-and-reports-full-year-2024-results-302367296.html

SOURCE MPLX LP

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