[US Market News]

MPLX LP to Report Second-Quarter Results on August 4, 2026

June 16, 2026 6:50 AM
PR Newswire (US)

FINDLAY, Ohio, June 16, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) will host a conference call on Tuesday, August 4, 2026, at 9:30 a.m. EDT to discuss 2026 second-quarter financial results.

Interested parties may listen to the conference call by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at www.mplx.com.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.

Investor Relations Contacts: [phone]
Brian Worthington, Vice President, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-to-report-second-quarter-results-on-august-4-2026-302801480.html

SOURCE MPLX LP

Original: MPLX LP to Report Second-Quarter Results on August 4, 2026

[pete807]

Glad we got aboard and I been adding on the drop recently understanding that between healthy dividends it can be stolen on the push down. It is surprising (not) seeing a major house buy a million shares of anything. Couch change for hem.
I have another "PET" stock. or two. Have a look.

[pos_stock_hoarder]

Great to see. Not just a recommendation but a purchase. That says something.

Only yesterday, one ANALyst on the emails I get from Fidelity gave MPLX a 0.4 on a scale of 10. And extremely strong sell "signal"

I really don't know why Fidelity sends such crap out to their customers. I just had a gut feeling that they were just trying to scarf up some dicounted shares! God bless their clients (I forget the firm that the guy represented). They'll need it!

Ethical....not as such!

[pete807]

[US Market News]

Marathon Petroleum Corp. names Brian Worthington vice president, Investor Relations; Kristina Kazarian to become vice president, Finance and Treasurer

May 11, 2026 4:05 PM
PR Newswire (US)

FINDLAY, Ohio, May 11, 2026 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) announced today that Brian Worthington has been named vice president, Investor Relations. Worthington succeeds Kristina Kazarian, who will become vice president, Finance and Treasurer. Both appointments are effective May 25.

"Over the past six years, Brian has closely engaged with our investment community and developed a deep understanding of our business, positioning him as the ideal choice for this important role," said Maryann Mannen, chairman, president and chief executive officer. "We are pleased that Kristina will expand her responsibilities around capital allocation and treasury activities, bringing a perspective of driving long-term value creation for our shareholders."

Both Worthington and Kazarian will report to Maria Khoury, executive vice president and chief financial officer. In addition to their MPC responsibilities, Worthington and Kazarian will each serve in their new respective capacities for MPLX (NYSE: MPLX), the master limited partnership sponsored by MPC. 

"I look forward to working closely with Brian and Kristina, whose strong partnership will enable clear and consistent engagement with the investment community, support the execution of our strategic objectives, and drive long-term shareholder value," said Khoury.

Worthington joined MPC as part of the Investor Relations team in 2020, bringing 17 years of experience from ConocoPhillips. Kazarian joined MPC in 2018 as vice president, Investor Relations and took on the additional responsibilities of Finance in 2023. Prior to MPC, she spent over a decade in energy roles at Fidelity and leading equity research teams at Deutsche Bank and Credit Suisse.

About Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

Investor Relations Contacts: [phone]
Kristina Kazarian, Vice President, Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-names-brian-worthington-vice-president-investor-relations-kristina-kazarian-to-become-vice-president-finance-and-treasurer-302768467.html

SOURCE Marathon Petroleum Corporation

Original: Marathon Petroleum Corp. names Brian Worthington vice president, Investor Relations; Kristina Kazarian to become vice president, Finance and Treasurer

[US Market News]

MPLX LP Reports First-Quarter 2026 Financial Results

May 5, 2026 6:45 AM
PR Newswire (US)

FINDLAY, Ohio, May 5, 2026 /PRNewswire/ -- 

• Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus
• First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion
• Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities
• Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital

MPLX LP (NYSE: MPLX) today reported first-quarter 2026 net income attributable to MPLX of $912 million, compared with $1,126 million for the first quarter of 2025. The decrease primarily reflects the impacts of derivatives, interest expense, a first-quarter 2025 non-recurring benefit, and depreciation.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,729 million, compared with $1,757 million for the first quarter of 2025. Crude Oil and Products Logistics segment adjusted EBITDA for the first quarter of 2026 was $1,111 million, compared with $1,097 million for the first quarter of 2025. Natural Gas and NGL Services segment adjusted EBITDA for the first quarter of 2026 was $618 million, compared with $660 million for the first quarter of 2025.

During the quarter, MPLX generated $1,347 million in net cash provided by operating activities, $1,408 million of distributable cash flow, and adjusted free cash flow of $549 million. MPLX announced a first-quarter 2026 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.

"We are executing our growth projects anchored in the Permian and Marcellus basins, as we expand the Delaware Basin Sour Gas treating plant to over 400 million cubic feet per day of treating capacity by year end and bring Harmon Creek III into service in the third quarter," said Maryann Mannen, MPLX chairman, president and chief executive officer. "Cash flow from this growth will allow us to reinvest in the business, return capital to unitholders, and is expected to support 12.5% annual distribution growth for two more years."

Financial Highlights (unaudited)

		Three Months Ended  March 31,
(In millions, except per unit and ratio data)		2026			2025
Net income attributable to MPLX LP	$	912		$	1,126
Adjusted EBITDA attributable to MPLX LP(a)		1,729			1,757
Net cash provided by operating activities		1,347			1,246
Distributable cash flow attributable to MPLX LP(a)		1,408			1,486
Distribution per common unit(b)	$	1.0765		$	0.9565
Distribution coverage(c)		1.3x			1.5x
Consolidated total debt to LTM adjusted EBITDA(a)(d)		3.7x			3.3x
Cash paid for common unit repurchases	$	50		$	100

(a)	Non-GAAP measures. See reconciliation in the tables that follow.
(b)	Distributions declared by the board of directors of MPLX's general partner.
(c)	Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.
(d)	Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.

Segment Results

Crude Oil and Products Logistics

Crude Oil and Products Logistics segment adjusted EBITDA for the first quarter of 2026 increased by $14 million compared to the same period in 2025. The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs.

Operating Statistics (unaudited)		Three Months Ended  March 31,
		2026			2025		% Change
Total MPLX
Pipeline throughput (mbpd)		5,702			5,928		(4) %
Average pipeline tariff rates ($ per barrel)	$	1.05		$	1.06		(1) %
Terminal throughput (mbpd)		2,976			3,095		(4) %
Segment adjusted EBITDA (in millions)	$	1,111		$	1,097		1 %

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the first quarter of 2026 decreased by $42 million compared to the same period in 2025. The decrease was driven by a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025, lower natural gas liquids prices, and higher operating expenses, which more than offset growth from equity affiliates and increased volumes.

Operating Statistics (unaudited)		Three Months Ended  March 31,
		2026			2025		% Change
Total MPLX
Gathering throughput (MMcf/d)		6,488			6,516		— %
Natural gas processed (MMcf/d)		9,406			9,781		(4) %
C2 + NGLs fractionated (mbpd)		634			660		(4) %
Segment adjusted EBITDA (in millions)	$	618		$	660		(6) %

Strategic Update

MPLX is investing 90% of its $2.4 billion organic growth capital plan toward opportunities to meet growing natural gas and NGL infrastructure needs. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect the partnership's confidence in the long-term fundamentals of the energy market, offer some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.

Investment	Details	MPLX Ownership	Expected In- Service
Harmon Creek III	300 million cubic feet per day (MMcf/d) gas processing plant and 40 thousand barrel per day (mbpd) de- ethanizer	100 %	3Q26
Bay Runner and Rio Bravo Pipelines	Up to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas	30 %	Bay Runner: 3Q26 Rio Bravo: 2029
Titan Complex	Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d	100 %	4Q26
BANGL Pipeline	Expansion from 250 mbpd to 300 mbpd	100 %	4Q26
Blackcomb Pipeline	2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas	34 %	4Q26
Traverse Pipeline	2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas and Katy, Texas	34 %	2H27
Gulf Coast Fractionators	Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery	100 %	Frac I: 2028 Frac II: 2029
Gulf Coast LPG Export Terminal JV	400 mbpd LPG export terminal	50 %	2028
Marcellus Gathering System Expansion	Supports producer activity near MPLX's Majorsville gas processing complex	100 %	1H28
Eiger Express Pipeline	3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas	22 %	Mid-2028
Secretariat II	300 MMcf/d gas processing plant in the Delaware Basin	100 %	2H28

Financial Position and Liquidity

As of March 31, 2026, MPLX had $1.5 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.

Effective April 7, 2026, MPLX replaced its previous revolving credit facility with a new five-year, $2.5 billion facility, an increase of $500 million, extending the term to April 2031.

The partnership repurchased $50 million of common units held by the public in the first quarter of 2026. As of March 31, 2026, MPLX had approximately $1.1 billion remaining available under its unit repurchase authorizations.

Conference Call

At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contact: [phone]
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

Non-GAAP references

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.

DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.

Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.

Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.

The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.

Forward-Looking Statements

This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "confidence," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs") or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, rising interest rates or government shutdowns; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products; increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; other risk factors inherent to MPLX's industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

Condensed Consolidated Results of Operations (unaudited)		Three Months Ended  March 31,
(In millions, except per unit data)		2026			2025
Revenues and other income:
Operating revenue	$	1,304		$	1,420
Operating revenue - related parties		1,502			1,467
Income from equity method investments		182			186
Other income		50			51
Total revenues and other income		3,038			3,124
Costs and expenses:
Operating expenses (including purchased product costs)		918			867
Operating expenses - related parties		398			420
Depreciation and amortization		358			326
General and administrative expenses		114			112
Other taxes		36			33
Total costs and expenses		1,824			1,758
Income from operations		1,214			1,366
Net interest and other financial costs		291			229
Income before income taxes		923			1,137
Provision for income taxes		1			1
Net income		922			1,136
Less: Net income attributable to noncontrolling interests		10			10
Net income attributable to MPLX LP	$	912		$	1,126
Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common – basic	$	0.90		$	1.10
Common – diluted	$	0.90		$	1.10
Weighted average limited partner units outstanding:
Common units – basic		1,015			1,020
Common units – diluted		1,015			1,020

 

Select Financial Statistics (unaudited)		Three Months Ended  March 31,
(In millions, except ratio data)		2026			2025
Common unit distributions declared by MPLX LP
Common units (LP) – public	$	395		$	357
Common units – MPC		697			619
Total LP distribution declared		1,092			976
Other Financial Data
Adjusted EBITDA attributable to MPLX LP(a)		1,729			1,757
DCF attributable to MPLX LP(a)	$	1,408		$	1,486
Distribution coverage(b)		1.3x			1.5x
Cash Flow Data
Net cash flow provided by (used in):
Operating activities	$	1,347		$	1,246
Investing activities		(791)			(601)
Financing activities	$	(1,187)		$	370

(a)	Non-GAAP measure. See reconciliation below.
(b)	Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

 

Financial Data (unaudited)
(In millions, except ratio data)		March 31, 2026			December 31, 2025
Cash and cash equivalents	$	1,506		$	2,137
Total assets		42,933			43,005
Total debt(a)		25,634			25,653
Total equity	$	14,297		$	14,528
Consolidated debt to LTM adjusted EBITDA(b)		3.7x			3.7x
Partnership units outstanding:
MPC-held common units		647			647
Public common units		368			368

(a)	There were no borrowings on the loan agreement with MPC as of March 31, 2026 or December 31, 2025. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.
(b)	Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $26,006 million as of March 31, 2026, and $26,006 million as of December 31, 2025.

 

Operating Statistics (unaudited)		Three Months Ended  March 31,
		2026			2025		% Change
Crude Oil and Products Logistics
Pipeline throughput (mbpd)
Crude oil pipelines		3,683			3,908		(6) %
Product pipelines		2,019			2,020		0 %
Total pipelines		5,702			5,928		(4) %
Average tariff rates ($ per barrel)
Crude oil pipelines	$	1.03		$	1.03		— %
Product pipelines		1.09			1.11		(2) %
Total pipelines	$	1.05		$	1.06		(1) %
Terminal throughput (mbpd)		2,976			3,095		(4) %
Barges in operation		320			319		— %
Towboats in operation		30			29		3 %

 

Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(a)		Three Months Ended  March 31,
		2026			2025		% Change
Gathering throughput (MMcf/d)
Marcellus Operations		1,577			1,500		5 %
Utica Operations		—			268		(100) %
Southwest Operations		1,989			1,785		11 %
Bakken Operations		146			175		(17) %
Rockies Operations		—			548		(100) %
Total gathering throughput		3,712			4,276		(13) %
Natural gas processed (MMcf/d)
Marcellus Operations		4,452			4,325		3 %
Utica Operations(b)		—			—		— %
Southwest Operations		1,973			1,879		5 %
Southern Appalachia Operations		190			188		1 %
Bakken Operations		145			174		(17) %
Rockies Operations		—			600		(100) %
Total natural gas processed		6,760			7,166		(6) %
C2 + NGLs fractionated (mbpd)
Marcellus Operations		549			566		(3) %
Utica Operations(b)		—			—		— %
Other		21			30		(30) %
Total C2 + NGLs fractionated		570			596		(4) %

(a)	Includes operating data for entities that have been consolidated into the MPLX financial statements.
(b)	The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.

 

Excluding Divested Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(b)		Three Months Ended  March 31,
		2026			2025		% Change
Total gathering throughput (MMcf/d)		3,712			3,460		7 %
Total natural gas processed (MMcf/d)		6,760			6,566		3 %
Total C2 + NGLs fractionated (mbpd)		570			591		(4) %

(a)	Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.
(b)	Includes operating data for entities that have been consolidated into the MPLX financial statements.

 

Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(a)		Three Months Ended  March 31,
		2026			2025		% Change
Gathering throughput (MMcf/d)
Marcellus Operations		1,577			1,500		5 %
Utica Operations		2,776			2,438		14 %
Southwest Operations		1,989			1,785		11 %
Bakken Operations		146			175		(17) %
Rockies Operations		—			618		(100) %
Total gathering throughput		6,488			6,516		— %
Natural gas processed (MMcf/d)
Marcellus Operations		6,160			5,975		3 %
Utica Operations		938			965		(3) %
Southwest Operations		1,973			1,879		5 %
Southern Appalachia Operations		190			188		1 %
Bakken Operations		145			174		(17) %
Rockies Operations		—			600		(100) %
Total natural gas processed		9,406			9,781		(4) %
C2 + NGLs fractionated (mbpd)
Marcellus Operations		549			566		(3) %
Utica Operations		64			64		— %
Other		21			30		(30) %
Total C2 + NGLs fractionated		634			660		(4) %

(a)	Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

 

Excluding Divested Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(b)		Three Months Ended  March 31,
		2026			2025		% Change
Total gathering throughput (MMcf/d)		6,488			5,898		10 %
Total natural gas processed (MMcf/d)		9,406			9,181		2 %
Total C2 + NGLs fractionated (mbpd)		634			655		(3) %

(a)	Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.
(b)	Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

 

Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited)		Three Months Ended  March 31,
(In millions)		2026			2025
Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP	$	1,111		$	1,097
Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP		618			660
Adjusted EBITDA attributable to MPLX LP		1,729			1,757
Depreciation and amortization		(358)			(326)
Net interest and other financial costs		(291)			(229)
Income from equity method investments		182			186
Distributions/adjustments related to equity method investments		(251)			(227)
Adjusted EBITDA attributable to noncontrolling interests		11			11
Other(a)		(100)			(36)
Net income	$	922		$	1,136

(a)	Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items.

 

Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited)	Three Months Ended  March 31,
(In millions)		2026			2025
Crude Oil and Products Logistics
Segment adjusted EBITDA	$	1,111		$	1,097
Depreciation and amortization		(143)			(133)
Income from equity method investments		62			56
Distributions/adjustments related to equity method investments		(72)			(72)
Other		(21)			(17)
Natural Gas and NGL Services
Segment adjusted EBITDA		618			660
Depreciation and amortization		(215)			(193)
Income from equity method investments		120			130
Distributions/adjustments related to equity method investments		(179)			(155)
Adjusted EBITDA attributable to noncontrolling interests		11			11
Other		(78)			(18)
Income from operations	$	1,214		$	1,366

 

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Income (unaudited)		Three Months Ended  March 31,
(In millions)		2026			2025
Net income	$	922		$	1,136
Provision for income taxes		1			1
Net interest and other financial costs		291			229
Income from operations		1,214			1,366
Depreciation and amortization		358			326
Income from equity method investments		(182)			(186)
Distributions/adjustments related to equity method investments		251			227
Other		99			35
Adjusted EBITDA		1,740			1,768
Adjusted EBITDA attributable to noncontrolling interests		(11)			(11)
Adjusted EBITDA attributable to MPLX LP		1,729			1,757
Deferred revenue impacts		(1)			(18)
Sales-type lease payments, net of income		13			13
Adjusted net interest and other financial costs(a)		(284)			(219)
Maintenance capital expenditures, net of reimbursements		(53)			(35)
Equity method investment maintenance capital expenditures paid out		(4)			(5)
Other		8			(7)
DCF attributable to MPLX LP	$	1,408		$	1,486

(a)	Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

 

Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)		Last Twelve Months
		March 31,						December 31,
(In millions)		2026			2025			2025
LTM Net income	$	4,738		$	4,478		$	4,952
Provision for income taxes		8			10			8
Net interest and other financial costs		1,045			915			983
LTM income from operations		5,791			5,403			5,943
Depreciation and amortization		1,383			1,292			1,351
Income from equity method investments		(693)			(831)			(697)
Distributions/adjustments related to equity method investments		986			955			962
Gain on equity method investments		(484)			—			(484)
Gain on sale of assets		(159)			—			(159)
Transaction-related costs(a)		33			—			33
Other		176			111			112
LTM Adjusted EBITDA		7,033			6,930			7,061
Adjusted EBITDA attributable to noncontrolling interests		(44)			(44)			(44)
LTM Adjusted EBITDA attributable to MPLX LP		6,989			6,886			7,017
Consolidated total debt(b)	$	26,006		$	22,708		$	26,006
Consolidated total debt to LTM adjusted EBITDA(c)		3.7x			3.3x			3.7x

(a)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.
(b)	Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.
(c)	Also referred to as our leverage ratio.

 

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Cash Provided by Operating Activities (unaudited)		Three Months Ended  March 31,
(In millions)		2026			2025
Net cash provided by operating activities	$	1,347		$	1,246
Changes in working capital items		71			230
All other, net		(11)			2
Adjusted net interest and other financial costs(a)		284			219
Other adjustments related to equity method investments		14			39
Other		35			32
Adjusted EBITDA		1,740			1,768
Adjusted EBITDA attributable to noncontrolling interests		(11)			(11)
Adjusted EBITDA attributable to MPLX LP		1,729			1,757
Deferred revenue impacts		(1)			(18)
Sales-type lease payments, net of income		13			13
Adjusted net interest and other financial costs(a)		(284)			(219)
Maintenance capital expenditures, net of reimbursements		(53)			(35)
Equity method investment maintenance capital expenditures paid out		(4)			(5)
Other		8			(7)
DCF attributable to MPLX LP	$	1,408		$	1,486

(a)	Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

 

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited)		Three Months Ended  March 31,
(In millions)		2026			2025
Net cash provided by operating activities(a)	$	1,347		$	1,246
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities		(791)			(601)
Contributions from MPC		4			7
Distributions to noncontrolling interests		(11)			(11)
Adjusted free cash flow		549			641
Distributions paid to common and preferred unitholders		(1,093)			(978)
Adjusted free cash flow after distributions	$	(544)		$	(337)

(a)	The three months ended March 31, 2026 and March 31, 2025 include working capital builds of $71 million and $230 million, respectively.

 

Capital Expenditures (unaudited)		Three Months Ended  March 31,
(In millions)		2026			2025
Capital Expenditures:
Growth capital expenditures	$	608		$	220
Growth capital reimbursements		(35)			(27)
Investments in unconsolidated affiliates(a)		237			119
Capitalized interest		(19)			(5)
Total growth capital expenditures(b)		791			307
Maintenance capital expenditures		57			48
Maintenance capital reimbursements		(4)			(13)
Capitalized interest		(1)			(1)
Total maintenance capital expenditures		52			34
Total growth and maintenance capital expenditures		843			341
Investments in unconsolidated affiliates(a)		(237)			(119)
Growth and maintenance capital reimbursements(c)		39			40
(Increase)/Decrease in capital accruals		(90)			(1)
Capitalized interest		20			6
Additions to property, plant and equipment	$	575		$	267

(a)	Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
(b)	Total growth capital expenditures for the three months ended March 31, 2025 excludes acquisitions of $235 million, net of cash acquired.
(c)	Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.

 

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SOURCE MPLX LP

Original: MPLX LP Reports First-Quarter 2026 Financial Results

[US Market News]

MPLX LP Announces Quarterly Distribution

April 28, 2026 1:10 PM
PR Newswire (US)

FINDLAY, Ohio, April 28, 2026 /PRNewswire/ -- The board of directors of the general partner of MPLX LP (NYSE: MPLX) has declared a quarterly cash distribution of $1.0765 per common unit for the first quarter of 2026, or $4.31 on an annualized basis. The distribution will be paid on May 15, 2026, to common unitholders of record as of May 8, 2026.

Qualified Tax Notice

Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold MPLX units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees, and not MPLX, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contacts: [phone]
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-announces-quarterly-distribution-302756053.html

SOURCE MPLX LP

Original: MPLX LP Announces Quarterly Distribution

[US Market News]

MPLX LP to Report First-Quarter Results on May 5, 2026

March 23, 2026 4:15 PM
PR Newswire (US)

FINDLAY, Ohio, March 23, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) will host a conference call on Tuesday, May 5, 2026, at 9:30 a.m. EDT to discuss 2026 first-quarter financial results.

Interested parties may listen to the conference call by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at www.mplx.com.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com.

Investor Relations Contacts: [phone]
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

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SOURCE MPLX LP

Original: MPLX LP to Report First-Quarter Results on May 5, 2026

[US Market News]

MPLX LP files 2025 Form 10-K

February 26, 2026 4:15 PM
PR Newswire (US)

FINDLAY, Ohio, Feb. 26, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended Dec. 31, 2025. The filing can be viewed through a link on MPLX's website at www.mplx.com by selecting the "SEC Filings" link under the "Investors" tab.

Upon written request, unitholders may receive, free of charge, a hard copy of MPLX's Annual Report on Form 10-K (including complete audited financial statements). Requests should be communicated in writing to MPLX LP, Attention: Investor Relations, 200 E. Hardin Street, Findlay, OH 45840.

About MPLX LP 

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contact: [phone]
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-files-2025-form-10-k-302698954.html

SOURCE MPLX LP

Original: MPLX LP files 2025 Form 10-K

[US Market News]

MPLX LP prices $1.5 billion senior notes offering

February 5, 2026 6:43 PM
PR Newswire (US)

FINDLAY, Ohio, Feb. 5, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1.5 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.0 billion aggregate principal amount of 5.300% senior notes due 2036 and $500 million aggregate principal amount of 6.100% senior notes due 2056.

MPLX intends to use the net proceeds from this offering to repay MPLX's outstanding $1.5 billion aggregate principal amount of 1.750% senior notes due March 2026 at maturity.

The closing of this offering is expected to occur on February 12, 2026, subject to the satisfaction of customary closing conditions.

Citigroup Global Markets Inc., Barclays Capital Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC are acting as joint book-running managers for this offering.

This offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Alternatively, copies may be obtained by contacting the following, which are acting as representatives of the underwriters:

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Toll-free: 1-800-831-9146
Email: [e-mail]

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Toll-free: 1-888-603-5847
Email: [e-mail]

MUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, New York 10020
Toll-free: 1-877-649-6848

RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, New York 10281
Toll-free: 1-866-375-6829

This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins.  

Investor Relations Contacts: [phone]
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

View original content:https://www.prnewswire.com/news-releases/mplx-lp-prices-1-5-billion-senior-notes-offering-302680819.html

SOURCE MPLX LP

Original: MPLX LP prices $1.5 billion senior notes offering

[iHub News]

MPLX tops fourth-quarter forecasts as gas-focused strategy delivers results

February 3, 2026 9:49 AM
IH Market News

MPLX LP (NYSE:MPLX) reported better-than-expected fourth-quarter earnings on Tuesday, with the midstream operator benefiting from sustained investment across its natural gas and natural gas liquids (NGL) assets.

The units edged explained higher in pre-market trading, up about 1.0% following the release.

Net income attributable to MPLX LP reached $1.19 billion, or $1.17 per unit, comfortably ahead of consensus expectations of $1.06 per unit. Quarterly revenue totaled $3.25 billion, slightly above analysts’ forecasts of $3.23 billion. Adjusted EBITDA attributable to MPLX came in at $1.80 billion, compared with $1.76 billion in the same period of 2024.

“In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders,” said Maryann Mannen, MPLX chairman, president and chief executive officer. “In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth.”

Performance across segments was mixed. Adjusted EBITDA in the Crude Oil and Products Logistics business rose by $52 million year on year, largely reflecting a $37 million benefit from a favorable FERC tariff ruling alongside higher rates. By contrast, adjusted EBITDA in the Natural Gas and NGL Services segment declined by $10 million, mainly due to asset sales and weaker NGL pricing.

Looking ahead, MPLX outlined a 2026 capital expenditure plan totaling $2.7 billion, including $2.4 billion earmarked for growth projects. Around 90% of growth capital will be directed toward Natural Gas and NGL Services, with a focus on extending the Permian-to-Gulf Coast integrated value chain and adding processing capacity in both the Permian and Marcellus regions.

The partnership ended 2025 with a solid balance sheet, holding $2.1 billion in cash and a leverage ratio of 3.7x as of December 31. During the fourth quarter, MPLX repurchased $100 million of common units and declared a quarterly distribution of $1.0765 per common unit.

MPLX LP stock price

Original: MPLX tops fourth-quarter forecasts as gas-focused strategy delivers results

[US Market News]

MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results

February 3, 2026 6:30 AM
PR Newswire (US)

FINDLAY, Ohio, Feb. 3, 2026 /PRNewswire/ --

• Full-year 2025 net income attributable to MPLX of $4.9 billion and adjusted EBITDA of $7.0 billion
• Full-year 2025 growth investments of $5.5 billion and capital returned to unitholders of $4.4 billion, delivering on capital return commitment
• Progressing natural gas and NGL value chains through construction of Gulf Coast fractionation and export facilities and integration of sour gas treating platform
• Announcing 2026 organic growth capital plan of $2.4 billion, aligned with natural gas and NGL investments driving mid-single digit adjusted EBITDA growth

MPLX LP (NYSE: MPLX) today reported fourth-quarter 2025 net income attributable to MPLX of $1,193 million, compared with $1,099 million for the fourth quarter of 2024. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,804 million, compared with $1,762 million for the fourth quarter of 2024.

During the quarter, MPLX generated $1,496 million in net cash provided by operating activities, $1,417 million of distributable cash flow, and adjusted free cash flow of $1,567 million. MPLX announced a fourth-quarter 2025 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.

For the full year 2025, MPLX generated $5.9 billion in net cash provided by operating activities, $5.8 billion of distributable cash flow, and $1.0 billion of adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion, respectively, in 2024.

"In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders," said Maryann Mannen, MPLX chairman, president and chief executive officer. "In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth. These opportunities will meet growing demand for natural gas and NGLs, enhance our value chains, and support mid-single digit adjusted EBITDA growth."

Financial Highlights (unaudited)

		Three Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except per unit and ratio data)		2025			2024			2025			2024
Net income attributable to MPLX LP	$	1,193		$	1,099		$	4,912		$	4,317
Adjusted EBITDA attributable to MPLX LP(a)		1,804			1,762			7,017			6,764
Net cash provided by operating activities		1,496			1,675			5,909			5,946
Distributable cash flow attributable to MPLX LP(a)		1,417			1,477			5,791			5,697
Distribution per common unit(b)	$	1.0765		$	0.9565		$	4.0660		$	3.6130
Distribution coverage(c)		1.3x			1.5x			1.4x			1.5x
Consolidated total debt to LTM adjusted EBITDA(d)		3.7x			3.1x			3.7x			3.1x
Cash paid for common unit repurchases	$	100		$	100		$	400		$	326

(a)	Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow.
(b)	Distributions declared by the board of directors of MPLX's general partner.
(c)	DCF attributable to LP unitholders divided by total LP distributions.
(d)	Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.

Segment Results

Crude Oil and Products Logistics

Crude Oil and Products Logistics segment adjusted EBITDA for the fourth quarter of 2025 increased by $52 million compared to the same period in 2024. The increase was primarily driven by a $37 million benefit from a FERC tariff ruling issued in November, as well as higher rates, partially offset by higher project related expenses.

Operating Statistics (unaudited)		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2025			2024		% Change			2025			2024		% Change
Total MPLX
Pipeline throughput (mbpd)		5,908			5,857		1 %			5,965			5,782		3 %
Terminal throughput (mbpd)		3,078			3,128		(2) %			3,132			3,131		— %
Average tariff rates ($ per barrel)	$	1.06		$	1.06		— %		$	1.06		$	1.02		4 %
Segment adjusted EBITDA (in millions)	$	1,175		$	1,123		5 %		$	4,547		$	4,375		4 %

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the fourth quarter of 2025 decreased by $10 million compared to the same period in 2024. The decrease was driven by a $23 million reduction associated with the divestiture of non-core gathering and processing assets, and a reduction for lower natural gas liquids prices, which more than offset contributions from recently acquired assets and higher volumes.

Operating Statistics (unaudited)		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2025			2024		% Change			2025			2024		% Change
Total MPLX
Gathering throughput (MMcf/d)		6,848			6,734		2 %			6,709			6,579		2 %
Natural gas processed (MMcf/d)		9,827			9,934		(1) %			9,856			9,663		2 %
C2 + NGLs fractionated (mbpd)		666			683		(2) %			660			654		1 %
Segment adjusted EBITDA (in millions)	$	629		$	639		(2) %		$	2,470		$	2,389		3 %

Strategic Update

MPLX's capital spending outlook for 2026 is $2.7 billion, consisting of $2.4 billion of growth and $300 million of maintenance.

Natural Gas and NGL Services investments account for 90% of MPLX's growth capital spending. MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand.

Crude Oil and Products Logistics investments account for 10% of MPLX's growth capital spending. MPLX is advancing Permian gathering infrastructure and pursuing opportunities to expand and optimize assets that support Marathon Petroleum's (NYSE: MPC) fuels value chains, further strengthening our strategic relationship.

Newly Announced Investments

• Secretariat II: Consists of a 300 million cubic feet per day (MMcf/d) gas processing plant which will increase MPLX's processing capacity in the Permian basin to 1.7 billion cubic feet per day (Bcf/d); expected in service in the second half of 2028.
• Marcellus Gathering System Expansion: Consists of a compressor station, over 30 miles of pipelines, supporting well connections, and de-bottlenecking activities at MPLX's Majorsville gas processing complex. Expected in service in the first half of 2028.

Ongoing Investments

• Secretariat I: A 200 MMcf/d gas processing plant, began commissioning in January 2026. The plant increases MPLX's gas processing capacity in the Permian to 1.4 Bcf/d, with volumes expected to ramp through 2026.
• Harmon Creek III: Consists of a 300 MMcf/d gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the third quarter of 2026.
• Titan Complex (Northwind): The second sour gas treating plant is anticipated to be fully online in the fourth quarter of 2026, which will increase sour gas treating capacity in the Permian to over 400 MMcf/d from its acquired level of 150 MMcf/d.
• BANGL Pipeline: Expansion from 250 mbpd to 300 mbpd; supporting MPLX's Gulf Coast fractionators. Expected in service in the fourth quarter of 2026.
• Bay Runner and Rio Bravo Pipelines: Designed to transport up to 5.3 Bcf/d of natural gas from the Agua Dulce hub in Texas to export markets via the Gulf Coast. Bay Runner Pipeline is expected to be in service in the third quarter of 2026, and the Rio Bravo Pipeline is expected to be in service in 2029.
• Blackcomb Pipeline: A 2.5 Bcf/d pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. The pipeline provides shippers with flexible market access and is expected in service in the fourth quarter of 2026.
• Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between Agua Dulce and the Katy area. The pipeline creates optionality for shippers to access multiple premium markets and is expected in service in the second half of 2027.
• Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery. These fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.
• Gulf Coast LPG Export Terminal: Constructing a 400 mbpd LPG export terminal in an advantaged location for global market access, and an associated pipeline, which is anticipated in service in 2028; a strategic partnership with ONEOK.
• Eiger Express Pipeline: A 3.7 Bcf/d pipeline designed to transport natural gas from the Permian basin to Katy, Texas, with connectivity to Agua Dulce via the Traverse pipeline. Expected in service in mid-2028.

Financial Position and Liquidity

As of December 31, 2025, MPLX had $2.1 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.

The partnership repurchased $100 million of common units held by the public in the fourth quarter of 2025. As of December 31, 2025, MPLX had approximately $1.1 billion remaining available under its unit repurchase authorizations.

Conference Call

At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contact: [phone]
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: [phone]
Jamal Kheiry, Communications Manager

Non-GAAP references

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions. 

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.

DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.

Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.

Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.

The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. 

For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.

Forward-Looking Statements

This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs") or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream"); the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; other risk factors inherent to MPLX's industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

 

Condensed Consolidated Results of Operations (unaudited)		Three Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except per unit data)		2025			2024			2025			2024
Revenues and other income:
Operating revenue	$	1,399		$	1,376		$	5,601		$	5,171
Operating revenue - related parties		1,495			1,464			5,873			5,733
Income from equity method investments		155			171			697			802
Gain on equity method investments		—			—			484			20
Other income		203			52			343			207
Total revenues and other income		3,252			3,063			12,998			11,933
Costs and expenses:
Operating expenses (including purchased product costs)		858			835			3,456			3,203
Operating expenses - related parties		419			425			1,665			1,601
Depreciation and amortization		355			324			1,351			1,283
General and administrative expenses		101			104			446			427
Other taxes		36			32			137			131
Total costs and expenses		1,769			1,720			7,055			6,645
Income from operations		1,483			1,343			5,943			5,288
Net interest and other financial costs		277			229			983			921
Income before income taxes		1,206			1,114			4,960			4,367
Provision for income taxes		3			5			8			10
Net income		1,203			1,109			4,952			4,357
Less: Net income attributable to noncontrolling interests		10			10			40			40
Net income attributable to MPLX LP		1,193			1,099			4,912			4,317
Less: Series A preferred unitholders interest in net income		—			6			—			27
Limited partners' interest in net income attributable to MPLX LP	$	1,193		$	1,093		$	4,912		$	4,290
Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common – basic	$	1.17		$	1.07		$	4.82		$	4.21
Common – diluted	$	1.17		$	1.07		$	4.82		$	4.21
Weighted average limited partner units outstanding:
Common units – basic		1,017			1,018			1,019			1,016
Common units – diluted		1,017			1,019			1,019			1,017

 

Select Financial Statistics (unaudited)		Three Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except ratio data)		2025			2024			2025			2024
Common unit distributions declared by MPLX LP
Common units (LP) – public	$	396		$	353		$	1,506		$	1,339
Common units – MPC		696			619			2,632			2,339
Total LP distribution declared		1,092			972			4,138			3,678
Preferred unit distributions(a)
Series A preferred unit distributions		—			6			—			27
Total preferred unit distributions		—			6			—			27
Other Financial Data
Adjusted EBITDA attributable to MPLX LP(b)		1,804			1,762			7,017			6,764
DCF attributable to LP unitholders(b)	$	1,417		$	1,471		$	5,791		$	5,670
Distribution coverage(c)		1.3x			1.5x			1.4x			1.5x
Cash Flow Data
Net cash flow provided by (used in):
Operating activities	$	1,496		$	1,675		$	5,909		$	5,946
Investing activities		78			(349)			(4,856)			(1,995)
Financing activities	$	(1,202)		$	(2,233)		$	(435)		$	(3,480)

(a)	Series A preferred unitholders receive the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.
(b)	Non-GAAP measure. See reconciliation below.
(c)	DCF attributable to LP unitholders divided by total LP distributions.

 

Financial Data (unaudited)
(In millions, except ratio data)		December 31, 2025			December 31, 2024
Cash and cash equivalents	$	2,137		$	1,519
Total assets		43,005			37,511
Total debt(a)		25,653			20,948
Redeemable preferred units		—			203
Total equity	$	14,528		$	13,807
Consolidated debt to LTM adjusted EBITDA(b)		3.7x			3.1x
Partnership units outstanding:
MPC-held common units		647			647
Public common units		368			370

(a)	There were no borrowings on the loan agreement with MPC as of December 31, 2025 or December 31, 2024. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.
(b)	Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $26,006 million as of December 31, 2025, and $21,206 million as of December 31, 2024.

 

Operating Statistics (unaudited)		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2025			2024		% Change			2025			2024		% Change
Crude Oil and Products Logistics
Pipeline throughput (mbpd)
Crude oil pipelines		3,811			3,831		(1) %			3,899			3,785		3 %
Product pipelines		2,097			2,026		4 %			2,066			1,997		3 %
Total pipelines		5,908			5,857		1 %			5,965			5,782		3 %
Average tariff rates ($ per barrel)
Crude oil pipelines	$	1.05		$	1.08		(3) %		$	1.06		$	1.03		3 %
Product pipelines		1.08			1.03		5 %			1.08			1.00		8 %
Total pipelines	$	1.06		$	1.06		— %		$	1.06		$	1.02		4 %
Terminal throughput (mbpd)		3,078			3,128		(2) %			3,132			3,131		— %
Barges in operation		322			319		1 %			322			319		1 %
Towboats in operation		30			29		3 %			30			29		3 %

 

Natural Gas and NGL Services  Operating Statistics (unaudited) - Consolidated(a)		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2025			2024		% Change			2025			2024		% Change
Gathering throughput (MMcf/d)
Marcellus Operations		1,602			1,538		4 %			1,526			1,521		— %
Utica Operations		—			338		(100) %			66			264		(75) %
Southwest Operations		1,900			1,788		6 %			1,826			1,698		8 %
Bakken Operations		146			185		(21) %			160			183		(13) %
Rockies Operations		244			552		(56) %			465			560		(17) %
Total gathering throughput		3,892			4,401		(12) %			4,043			4,226		(4) %
Natural gas processed (MMcf/d)
Marcellus Operations		4,617			4,383		5 %			4,431			4,366		1 %
Utica Operations(b)		—			—		— %			—			—		— %
Southwest Operations		1,933			2,020		(4) %			1,904			1,844		3 %
Southern Appalachia Operations		202			206		(2) %			191			215		(11) %
Bakken Operations		145			183		(21) %			159			182		(13) %
Rockies Operations		277			596		(54) %			518			616		(16) %
Total natural gas processed		7,174			7,388		(3) %			7,203			7,223		— %
C2 + NGLs fractionated (mbpd)
Marcellus Operations		573			588		(3) %			566			565		— %
Utica Operations(b)		—			—		— %			—			—		— %
Other		26			36		(28) %			29			37		(22) %
Total C2 + NGLs fractionated		599			624		(4) %			595			602		(1) %

(a)	Includes operating data for entities that have been consolidated into the MPLX financial statements.
(b)	The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.

 

Excluding Divestiture Assets(a),  Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(b)		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025			2024		%  Change			2025			2024		% Change
Total gathering throughput (MMcf/d)		3,648			3,511		4 %			3,512			3,402		3 %
Total natural gas processed (MMcf/d)		6,897			6,792		2 %			6,685			6,607		1 %
Total C2 + NGLs fractionated (mbpd)		597			619		(4) %			591			597		(1) %

(a)	Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.
(b)	Includes operating data for entities that have been consolidated into the MPLX financial statements.

 

Natural Gas and NGL Services  Operating Statistics (unaudited) - Operated(a)		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025			2024		% Change			2025			2024		% Change
Gathering throughput (MMcf/d)
Marcellus Operations		1,602			1,538		4 %			1,526			1,521		— %
Utica Operations		2,924			2,608		12 %			2,672			2,544		5 %
Southwest Operations		1,900			1,788		6 %			1,826			1,698		8 %
Bakken Operations		146			185		(21) %			160			183		(13) %
Rockies Operations		276			615		(55) %			525			633		(17) %
Total gathering throughput		6,848			6,734		2 %			6,709			6,579		2 %
Natural gas processed (MMcf/d)
Marcellus Operations		6,312			6,006		5 %			6,123			5,974		2 %
Utica Operations		958			923		4 %			961			832		16 %
Southwest Operations		1,933			2,020		(4) %			1,904			1,844		3 %
Southern Appalachia Operations		202			206		(2) %			191			215		(11) %
Bakken Operations		145			183		(21) %			159			182		(13) %
Rockies Operations		277			596		(54) %			518			616		(16) %
Total natural gas processed		9,827			9,934		(1) %			9,856			9,663		2 %
C2 + NGLs fractionated (mbpd)
Marcellus Operations		573			588		(3) %			566			565		— %
Utica Operations		67			59		14 %			65			52		25 %
Other		26			36		(28) %			29			37		(22) %
Total C2 + NGLs fractionated		666			683		(2) %			660			654		1 %

(a)	Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

 

Excluding Divestiture Assets(a),  Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(b)		Three Months Ended December 31,								Twelve Months Ended December 31,
		2025			2024		% Change			2025			2024		% Change
Total gathering throughput (MMcf/d)		6,572			6,119		7 %			6,184			5,946		4 %
Total natural gas processed (MMcf/d)		9,550			9,338		2 %			9,338			9,047		3 %
Total C2 + NGLs fractionated (mbpd)		664			678		(2) %			656			649		1 %

(a)	Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.
(b)	Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

 

Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited)		Three Months Ended December 31,						Twelve Months Ended December 31,
(In millions)		2025			2024			2025			2024
Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP	$	1,175		$	1,123		$	4,547		$	4,375
Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP		629			639			2,470			2,389
Adjusted EBITDA attributable to MPLX LP		1,804			1,762			7,017			6,764
Depreciation and amortization		(355)			(324)			(1,351)			(1,283)
Net interest and other financial costs		(277)			(229)			(983)			(921)
Income from equity method investments		155			171			697			802
Distributions/adjustments related to equity method investments		(255)			(257)			(962)			(928)
Gain on equity method investments		—			—			484			—
Gain on sale of assets		159			—			159			—
Transaction-related costs(a)		(12)			—			(33)			—
Adjusted EBITDA attributable to noncontrolling interests		11			11			44			44
Other(b)		(27)			(25)			(120)			(121)
Net income	$	1,203		$	1,109		$	4,952		$	4,357

(a)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.
(b)	Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items.

 

Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited)	Three Months Ended  December 31,						Twelve Months Ended  December 31,
(In millions)		2025			2024			2025			2024
Crude Oil and Products Logistics
Segment adjusted EBITDA	$	1,175		$	1,123			4,547			4,375
Depreciation and amortization		(139)			(133)			(546)			(526)
Income from equity method investments		57			56			243			269
Distributions/adjustments related to equity method investments		(85)			(97)			(318)			(347)
Other		(19)			(15)			(70)			(55)
Natural Gas and NGL Services
Segment adjusted EBITDA		629			639			2,470			2,389
Depreciation and amortization		(216)			(191)			(805)			(757)
Income from equity method investments		98			115			454			533
Distributions/adjustments related to equity method investments		(170)			(160)			(644)			(581)
Gain on equity method investments		—			—			484			—
Gain on sale of assets		159			—			159			—
Transaction-related costs(a)		(12)			—			(33)			—
Adjusted EBITDA attributable to noncontrolling interests		11			11			44			44
Other		(5)			(5)			(42)			(56)
Income from operations	$	1,483		$	1,343		$	5,943		$	5,288

(a)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.

 

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Income (unaudited)		Three Months Ended December 31,						Twelve Months Ended December 31,
(In millions)		2025			2024			2025			2024
Net income	$	1,203		$	1,109		$	4,952		$	4,357
Provision for income taxes		3			5			8			10
Net interest and other financial costs		277			229			983			921
Income from operations		1,483			1,343			5,943			5,288
Depreciation and amortization		355			324			1,351			1,283
Income from equity method investments		(155)			(171)			(697)			(802)
Distributions/adjustments related to equity method investments		255			257			962			928
Gain on equity method investments		—			—			(484)			—
Gain on sale of assets		(159)			—			(159)			—
Transaction-related costs(a)		12			—			33			—
Other		24			20			112			111
Adjusted EBITDA		1,815			1,773			7,061			6,808
Adjusted EBITDA attributable to noncontrolling interests		(11)			(11)			(44)			(44)
Adjusted EBITDA attributable to MPLX LP		1,804			1,762			7,017			6,764
Deferred revenue impacts		(23)			25			(57)			31
Sales-type lease payments, net of income		14			12			62			32
Adjusted net interest and other financial costs(b)		(270)			(216)			(950)			(867)
Maintenance capital expenditures, net of reimbursements		(106)			(86)			(256)			(206)
Equity method investment maintenance capital expenditures paid out		(8)			(7)			(20)			(18)
Other		6			(13)			(5)			(39)
DCF attributable to MPLX LP		1,417			1,477			5,791			5,697
Preferred unit distributions(c)		—			(6)			—			(27)
DCF attributable to LP unitholders	$	1,417		$	1,471		$	5,791		$	5,670

(a)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.
(b)	Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
(c)	Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

 

Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)		Last Twelve Months
		December 31,
(In millions)		2025			2024
LTM Net income	$	4,952		$	4,357
Provision for income taxes		8			10
Net interest and other financial costs		983			921
LTM income from operations		5,943			5,288
Depreciation and amortization		1,351			1,283
Income from equity method investments		(697)			(802)
Distributions/adjustments related to equity method investments		962			928
Gain on equity method investments		(484)			—
Gain on sale of assets		(159)			—
Transaction-related costs(a)		33			—
Other		112			111
LTM Adjusted EBITDA		7,061			6,808
Adjusted EBITDA attributable to noncontrolling interests		(44)			(44)
LTM Adjusted EBITDA attributable to MPLX LP		7,017			6,764
Consolidated total debt(b)	$	26,006		$	21,206
Consolidated total debt to LTM adjusted EBITDA(c)		3.7x			3.1x

(a)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.
(b)	Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.
(c)	Also referred to as our leverage ratio.

 

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Cash Provided by Operating Activities (unaudited)		Three Months Ended  December 31,						Twelve Months Ended  December 31,
(In millions)		2025			2024			2025			2024
Net cash provided by operating activities	$	1,496		$	1,675		$	5,909		$	5,946
Changes in working capital items		(22)			(186)			(65)			(241)
All other, net		5			8			1			(5)
Loss on extinguishment of debt		—			—			3			—
Adjusted net interest and other financial costs(a)		270			216			950			867
Other adjustments related to equity method investments		22			27			98			102
Transaction-related costs(b)		12			—			33			—
Other		32			33			132			139
Adjusted EBITDA		1,815			1,773			7,061			6,808
Adjusted EBITDA attributable to noncontrolling interests		(11)			(11)			(44)			(44)
Adjusted EBITDA attributable to MPLX LP		1,804			1,762			7,017			6,764
Deferred revenue impacts		(23)			25			(57)			31
Sales-type lease payments, net of income		14			12			62			32
Adjusted net interest and other financial costs(a)		(270)			(216)			(950)			(867)
Maintenance capital expenditures, net of reimbursements		(106)			(86)			(256)			(206)
Equity method investment maintenance capital expenditures paid out		(8)			(7)			(20)			(18)
Other		6			(13)			(5)			(39)
DCF attributable to MPLX LP		1,417			1,477			5,791			5,697
Preferred unit distributions(c)		—			(6)			—			(27)
DCF attributable to LP unitholders	$	1,417		$	1,471		$	5,791		$	5,670

(a)	Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
(b)	Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.
(c)	Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

 

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited)		Three Months Ended  December 31,						Twelve Months Ended  December 31,
(In millions)		2025			2024			2025			2024
Net cash provided by operating activities(a)	$	1,496		$	1,675		$	5,909		$	5,946
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities(b)		78			(349)			(4,856)			(1,995)
Contributions from MPC		4			9			24			35
Distributions to noncontrolling interests		(11)			(11)			(44)			(44)
Adjusted free cash flow		1,567			1,324			1,033			3,942
Distributions paid to common and preferred unitholders		(1,095)			(980)			(4,024)			(3,603)
Adjusted free cash flow after distributions	$	472		$	344		$	(2,991)		$	339

(a)

The three months ended December 31, 2025 and December 31, 2024 include working capital draws of $22 million and $186 million, respectively. The twelve months ended December 31, 2025 and December 31, 2024 include working capital draws of $65 million and $241 million, respectively.

(b)

The twelve months ended December 31, 2025 includes $2.4 billion for the acquisition of Northwind Midstream, $703 million for the acquisition of the remaining 55% interest of BANGL LLC, $235 million for the acquisition of Whiptail Midstream, LLC, $151 million for the purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline, a $49 million capital contribution to WPC Parent, LLC to redeem Enbridge's special membership interest in the Rio Bravo Pipeline project, and $971 million received from the sale of our Rockies gathering and processing operations.

 

Capital Expenditures (unaudited)		Three Months Ended  December 31,						Twelve Months Ended  December 31,
(In millions)		2025			2024			2025			2024
Capital Expenditures:
Growth capital expenditures	$	649		$	227		$	1,668		$	796
Growth capital reimbursements		(36)			(51)			(136)			(115)
Investments in unconsolidated affiliates(a)		232			50			794			236
Return of capital(b)		(150)			(8)			(251)			(12)
Capitalized interest		(16)			(4)			(38)			(16)
Total growth capital expenditures(c)		679			214			2,037			889
Maintenance capital expenditures		104			103			288			254
Maintenance capital reimbursements		2			(17)			(32)			(48)
Capitalized interest		(1)			(1)			(4)			(3)
Total maintenance capital expenditures		105			85			252			203
Total growth and maintenance capital expenditures		784			299			2,289			1,092
Investments in unconsolidated affiliates(a)		(232)			(50)			(794)			(236)
Return of capital(b)		150			8			251			12
Growth and maintenance capital reimbursements(d)		34			68			168			163
(Increase)/Decrease in capital accruals		(39)			(22)			(170)			6
Capitalized interest		17			5			42			19
Other		—			—			22			—
Additions to property, plant and equipment	$	714		$	308		$	1,808		$	1,056

(a)	Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the twelve months ended December 31, 2025, and December 31, 2024 exclude payments associated with purchases of equity interests in unconsolidated affiliates totaling $213 million and $228 million, respectively.
(b)	Return of capital for the twelve months ended December 31, 2025 excludes special distributions of $42 million received in exchange for the contribution of assets to a joint venture. Return of capital for the twelve months ended December 31, 2024 excludes a $134 million cash distribution received in connection with the Whistler joint venture transaction.
(c)	Total growth capital expenditures for the twelve months ended December 31, 2025 and December 31, 2024 exclude $3,316 million and $622 million of acquisitions, net of cash acquired, respectively, and a $134 million cash distribution received in 2024 in connection with the formation of a new joint venture to combine the Whistler Pipeline and Rio Bravo pipeline project. Total growth capital expenditures also exclude purchases of additional equity interests in unconsolidated affiliates of $213 million and $228 million for the years ended December 31, 2025 and December 31, 2024, respectively.
(d)	Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.

 

View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-fourth-quarter-and-full-year-2025-results-302677445.html

SOURCE MPLX LP

Original: MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results

[otterman]

Look at all the buying EOD!

[copytele]

$RIBT and I have good connections there , barely legal,

[peterquinnvet]

Who is making $$$ ?

Check this out;
https://www.marketwatch.com/investing/stock/mplx

[Spumoni]

I feel exactly the same way! GLTU!

[olivernoyes]

SOOOOooo glad I bought this at the height of the COVID dip for peanuts in March 2020. It makes up for all the bags I'm holding in the cannabis sector. lol

The quarterly dividend checks can't be beat either. Like a free printing press for money.

[olivernoyes]

Wow, I've held my shares for almost a year now and today (for a brief period) I had a double, before it pulled back a bit. I think I'll be holding onto this one for a long time to come.

[makinbacon1]

Hopefully this natural gas company should get a boost for all the new green deals being suggested to eliminate all the fossil fuels

[rcaselli]

Holding and reinvesting divvies.
No Brainer. Quiet Giant.

[olivernoyes]

Well, this has definitely done well for me so far. I bought about 5 days too early in March @ $13 but that still means I ended 2020 up 66.53%. Not bad. Plus a substantial divi to boot. Can't wait to see what 2021 brings! Happy New Year everyone (anyone)? Quiet board.

[Spumoni]

Nice day!

[rcaselli]

What’s going on here with MPLX. Been a buyer since $11-$13 but can’t explain this continuation.

[G-lupo]

Wow what a day

[Subsea1]

What do you think is going to happen with MPLX stock price when crude drops, the pipelines start storing crude and dividends are canceled?

[olivernoyes]

I thought I got a deal when I got in at $13. Little did I know I could wait a week and get it below $7.

Then today up $3/share

Whiplash! It's crazy.

Looking at things now though I have a feeling it's going to get MUCH worse, before it gets better. But I'm thinking long term, and if they don't drop their dividend then after 4.75 yrs I've recouped my cost through divis and then free cash flow from there, regardless of share price. That's how I'm viewing it. A future revenue stream.

My theory is blown however if they suspend the divi. we'll see. Time will tell. I'm in no hurry, and grateful for in at $13 vs. 20s-30s.

[G-lupo]

Great day today

[ElleDe]

Yes i was surprised to see it go that low as well....

[Spumoni]

Good for you. I never thought this would ever trade this low especially below $10 a share! If I were you I would wait it out a while to see if it can climb back up. This is sickening! GLTU

[ElleDe]

I couldn't buy in, at least not right now. Something about a 1 time agreement that I had to call to speak with a rep about...never encountered that with other stocks.
Hold times have been ridiculous lately...after an hour i gave up. will try again another time.

[G-lupo]

I don’t mind these prices, it doesn’t have a lot of debt, and has good cash build up. I think it can weather the storm fine, and be a great long term investment. Especially if gets back to $25-30 a share with 6% dividend. It would make your dividend about 20% from what originally paid.

At times this stock goes up when market goes down just like end of day today it went back up while market dropped 1k points. Keeps bounce up from $10, resistance I don’t know , just a guess. But yeah oil got hit hard.

[Spumoni]

It’s all tied into oil and right now and for the unforeseeable future you will not see it bounce back so fast. But if you have a year or two to wait and since it pays a dividend I would buy it.

[ElleDe]

Nothing is guaranteed I guess. so even at this low price point, u don't think its worth going in?

[Spumoni]

Thanks you too. The funny thing is I wanted to be more conservative so I bought this stock. Ha go figure!

[ElleDe]

Sorry to hear....seems like everyone is losing $ everywhere right now.
Thank you and gltu

[Spumoni]

Don’t buy I lost half my money since January 4th. Stay away! Unless you want to wait it out 8 - 10 months hoping that it will come back. At this point that is what I am doing. At least for now the dividend it good. GLTU

[ElleDe]

Marathon Petroleum (MPC) to Divest MPLX Assets, Reduce Debt: https://finance.yahoo.com/news/marathon-petroleum-mpc-divest-mplx-210209105.html

Im seeing this as a hold and sell everywhere...makes me think twice before buying. Thoughts?

[Spumoni]

You did good at either price. Just be patient, GLTU!

[olivernoyes]

I placed an order this morning for 1500 shares @ $13.35 and during the freefall it got filled at $13.00. I was thinking I did awesome. Now, after hours I'm already down a buck. Ugh. Guess I didn't wait long enough before jumping in. But damn!! A 20% dividend yield? How could I NOT jump in. If they don't slash the divi my shares will be free in a little over 4 years, then free cash flow baby...

"Wait until there's blood in the streets." - Buffet.

[G-lupo]

Wow crazy today, down that up

[Spumoni]

Not too sure this is still a bargain. I lost a lot of money here!

[Spumoni]

I’m sick from this!

[G-lupo]

Bad day for energy , when is time to buy the cheapies up

[Spumoni]

Hope you’re right, the whole weekend is coronavirus! This is unprecedented, I’m hoping for a miracle to bring this stock back to normal levels by May 1. Earnings though on April 30th.

[G-lupo]

Same happen to me last year I bought at 31 went to $35 felt good than dropped to $25, dollar cost averaged went to $29 went to sell and dropped off and hasn’t returned. Dividend easing the pin. But stock has so much free cash and good books. Once scare gone and it will jump back.

[Spumoni]

I wasn’t prepared to wait, ha. Picked this up first week in January and two weeks later was up close to 10%. Thankfully we have the dividends to ease the pain. GLTU.

[G-lupo]

I think by end of year back to $25 plus dividends. They have good cash flow.

[Spumoni]

it’s gonna be a long road back.

[G-lupo]

Because travel is down, as soon as corona virus is behind us this is going to jump up 75%

[Spumoni]

What the heck is going on here????