MPLX LP (NYSE: MPLX) reported Q3 EPS of $0.61, $0.03 better than the analyst estimate of $0.58. Revenue for the quarter came in at $2.25 billion versus the consensus estimate of $2.07 billion.

• Reported net income attributable to MPLX of $665 million, including a charge of $36 million, and adjusted EBITDA attributable to MPLX of $1.3 billion
• Generated $1.2 billion in net cash provided by operating activities and reported distribution coverage of 1.44x
• Maintained quarterly distribution of $0.6875 per common unit
• On-track to achieve forecasted 2020 reductions in capital spending of over $700 million and operating expense of approximately $200 million
• Reiterate expectation of achieving positive free cash flow, after capital investments and distributions, for 2021
• Announces Board authorization of a unit repurchase program for up to $1 billion of common units held by the public

"Our performance during the third quarter highlights the resiliency and stability of our underlying businesses," said Michael J. Hennigan, chairman, president, and chief executive officer. "In addition to the proactive steps we took earlier this year to reduce capital spending and operating expenses, we took additional necessary steps to reduce our cost structure. The difficult decision to reduce our workforce was not made lightly, and we are committed to treating employees with integrity and respect.

"We continue to believe that we can generate stable EBITDA to support our goal of achieving positive free cash flow, after capital investments and distributions, for 2021, allowing us the financial flexibility to repurchase units or reduce debt. With this in mind, we have obtained board authorization to repurchase up to $1 billion of units."

For earnings history and earnings-related data on MPLX LP (MPLX) click here.