Shares of MPLX LP, a leading energy infrastructure company, experienced a significant surge of 5.51% in the 24-hour period leading up to the release of its third-quarter 2024 earnings report on November 5th.
The company reported quarterly earnings per share of $1.01, missing analyst consensus estimates of $1.07. Additionally, MPLX LP reported quarterly sales of $2.972 billion, slightly lower than the expected $3.092 billion, representing a 3.87% miss. Despite the missed estimates, the reported sales figure marked a 2.06% increase compared to the same period last year.
Looking ahead, MPLX LP provided an optimistic outlook, stating that it expects its new plants to bring the company's gas processing capacity in the Northeast to 8.1 billion cubic feet per day and total fractionation capacity to 800,000 barrels per day in the second half of 2026. This expansion plan could have contributed to the positive market sentiment surrounding the stock.
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