MPLX LP (MPLX) Q4 2019 Earnings Call Transcript

MPLX LP (MPLX) Q4 2019 Earnings Call Transcript

[Operator Instructions] I will now turn the call over to Jim Mallamaci.. Full year adjusted EBITDA was $5.1 billion, including the results of Andeavor Logistics, supporting the return of capital of approximately $3 billion to our unitholders.. As our earnings continue to grow and we continue to be disciplined in our approach to capital investment, we will be targeting positive free cash flow generation after both capital investments and distributions in 2021.. In 2019, our operating cash flow of over $4 billion supports the return of capital of approximately $3 billion to our unitholders.. We funded our growth capital program with retained cash and debt.. Given our attractive growth capital project portfolio, we have historically funded around 50% of our growth needs with debt.. We believe that we will be positioned to pursue incremental capital allocation opportunities, including leverage reduction or unit repurchases, broadening our value-creation options and enhancing long-term flexibility.. As I mentioned last quarter, our first priority following the combination with ANDX was to high grade the combined capital portfolio, and at that time, we announced the 2020 growth capital target of approximately $2 billion.. As you saw on the previous slide, these targeted reductions are an important