MPLX names new Vice President and Controller

MPLX LP (NYSE:MPLX), a pipeline transportation company with a market capitalization of $52.5 billion, announced the appointment of Rebecca L. Iten as its new Vice President and Controller, according to an 8-K filing with the Securities and Exchange Commission. The appointment will be effective on Monday, March 3, 2025. According to InvestingPro data, MPLX maintains strong financial health with a robust 57% gross profit margin.

Ms. Iten will succeed Kelly D. Wright, who is transitioning to a new role as Vice President Audit of Marathon Petroleum Corporation (NYSE:MPC). Her new role at MPLX will make her the principal accounting officer of the company. The leadership change comes as MPLX approaches its next earnings release on February 4, 2025. InvestingPro subscribers can access detailed analysis and 10+ additional ProTips about MPLX’s financial outlook.

With a background in various industries, including steel, entertainment, and real estate, Iten brings a wealth of experience to MPLX. She has been part of MPC since 2013 and has held roles of increasing responsibility, including Assistant Controller, Operations Accounting since 2022, and Director, MPLX Corporate Accounting and Reporting from 2019 to 2022.

The company clarified that MPLX does not directly employ the personnel responsible for managing and operating the business. Instead, it contracts with MPC for personnel services. Accordingly, Ms. Iten will continue to receive her salary from MPC and will participate in MPC’s compensation programs, which include annual cash bonuses and long-term incentives. This arrangement has proven successful, as MPLX has maintained consistent dividend payments for 13 consecutive years, currently offering a significant 7.5% dividend yield.

The 8-K filing also notes that there are no familial relationships between Ms. Iten and any director or executive officer of MPLX, nor are there any arrangements or understandings between Ms. Iten and any other persons related to her appointment. Her husband has been employed with MPC for over 20 years in a non-officer capacity.

This management change comes as part of the regular business operations and is detailed in the company’s SEC filing. The information provided is based on a press release statement from MPLX LP.

In other recent news, MPLX LP has exhibited a robust financial performance in recent quarters. The company reported a record adjusted EBITDA of $1.7 billion, marking a 7% increase year-over-year.

This strong performance has been recognized by several analyst firms. Citi maintained a neutral rating on MPLX, expecting a fourth-quarter 2024 EBITDA of $1.695 billion. The firm also anticipates a potential increase in MPLX’s capital expenditures to maintain its target EBITDA growth rate.

Truist Securities raised its MPLX stock target to $55, citing the company’s strategic positioning in the Permian and Marcellus regions and the anticipated growth from new Gas Processing & Logistics (G&P) and Liquids & Storage (L&S) projects. RBC Capital and Goldman Sachs also raised their price targets for MPLX, reflecting the company’s strong third-quarter performance and the announcement of new projects.

Analysts at Goldman Sachs anticipate that MPLX’s performance will exceed consensus estimates relative to its mid-single-digit growth target. This follows the company’s announcement of a significant 12.5% increase in distributions and the unveiling of plans for a new development in the Marcellus Shale region.

These recent developments highlight MPLX’s strategic focus on growth in the Permian and Marcellus basins, its commitment to expanding gas processing capacity, and the maintenance of financial flexibility. The company also plans to retire $1.65 billion in senior notes due in late 2024 and early 2025.

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