MPLX LP’s MPLX units rose 17% since it reported better-than-expected third-quarter results on Nov 2. The partnership expects to generate positive free cash flows in 2021.It reported third-quarter adjusted earnings of 61 cents per unit, beating the Zacks Consensus Estimate of 59 cents. The bottom line was in line with the year-ago figure.Revenues of $2,247 million decreased from third-quarter 2019 sales of $2,280 million. However, the top line beat the Zacks Consensus Estimate of $2,020 million.The better-than-expected results were supported by higher average tariff rates and lower operating costs. Contributions from the gathering and processing business on the back of higher volumes from the new plants also aided the outperformance. The positives were partially offset by lower terminal throughput volumes.MPLX LP Price, Consensus and EPS Surprise MPLX LP price-consensus-eps-surprise-chart | MPLX LP QuoteKey DevelopmentsThe partnership started a unit buyback program of $1 billion. The firm plans to use free cash flow to support the repurchase program.Segmental HighlightsMPLX’s adjusted EBITDA from the Logistics and Storage segment increased from $766 million a year ago to $893 million. The year-over-year upside was attributed to higher average tariff rates, minimum volume commitments and decreased operating costs. The positives were partially offset by lower terminal throughput.Adjusted EBITDA from the Gathering and Processing segment was recorded at $442 million, up from $399 million in the prior-year quarter. The outperformance was driven by higher volumes from new plants, partially negated by production curtailments.Costs and ExpensesTotal costs and expenses for the quarter were recorded at $1,348 million, marginally down from the year-ago level of $1,354 million. Expenses related to operations declined to $508 million from $573 million in the prior-year quarter.Cash FlowDistributable cash flow available to limited partners in third-quarter 2020 was $1,067 million, providing 1.44X distribution coverage, up from $1,027 million in the year-ago quarter. Distribution per unit was 68.75 cents for the reported quarter, representing an increase from the year-ago quarter’s 67.75 cents.Net cash flow from operating activities for the quarter under review increased to $1,222 million from $1,036 million recorded in the corresponding period of 2019.Balance SheetAs of Sep 30, 2020, the partnership’s cash and cash equivalents were $28 million, down from $67 million at second quarter-end. Its total long-term debt amounted to $20.3 billion, while debt to capitalization was 60.8%.OutlookThe partnership is on track to lower capital budget for 2020 by more than $700 million. It also plans to reduce 2020 operating expenses by roughly $200 million. MPLX continues to expect positive free cash flows in 2021, after capital expenditure and distribution payments.Zacks Rank & Stocks to ConsiderMPLX currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Matador Resources Company MTDR, Antero Resources Corporation AR and Global Partners LP GLP, each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Matador Resources’ bottom line for 2021 is expected to surge 187% year over year.Antero Resources’ bottom line for 2021 is expected to rise 30.5% year over year.Global Partners’ bottom line for 2020 is expected to rise 150.5% year over year.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Partners LP (GLP): Free Stock Analysis Report MPLX LP (MPLX): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Antero Resources Corporation (AR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research