MPLX Names C. Kristopher Hagedorn as CFO in Leadership Shift
MPLX LP MPLX, a leading energy infrastructure company, announced the appointment of C. Kristopher Hagedorn as the new executive vice president and chief financial officer (CFO) of its general partner, effective Jan 1, 2024. The announcement was made by Michael J. Hennigan, chairman, president and CEO of the general partner of MPLX.
Hagedorn, who currently serves as senior vice president and controller of Marathon Petroleum Corporation MPC, will step into his role as MPLX’s CFO, succeeding John Quaid. Quaid was named the executive vice president and CFO of MPC last week.
Hagedorn will play a crucial role in advancing MPLX's commitment to growing distributable cash flow, reinvesting in the business and returning capital to unitholders. Hennigan expressed confidence in Hagedorn's ability, stating that the latter’s robust financial background and expertise in midstream operations align with the company’s continued obligations.
Hagedorn's journey with MPLX dates back to 2017 when he served as vice president and controller before taking on his recent position as senior vice president and controller of MPC since 2021. MPLX expressed confidence in Hagedorn's ability to steer the company through its next phase of growth and strategic initiatives.
According to the company, Hagedorn will report directly to Hennigan as part of his new responsibilities and serve as a valuable member of the board of directors of the general partner of MPLX.
Zacks Rank & Key Picks
MPLX currently has a Zack Rank #3 (Hold).
A couple of better-ranked stocks in the energy sector are The Williams Companies, Inc. WMB and Sunoco LP SUN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand, thanks to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape with its $4.5-billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
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