MPLX (MPLX) Company Report

MPLX reported Q3 2025 Adjusted EBITDA of $1.8 billion and Distributable Cash Flow of $1.5 billion.
The company increased its quarterly distribution by 12.5% for the second consecutive year, marking the fourth consecutive year of double-digit increases, and expects to sustain this level of annual distribution increases over the next couple of years.
MPLX closed on two strategic acquisitions in Q3 2025: the remaining 55% interest in the BANGL NGL Pipeline System and a Delaware Basin sour gas treating business.
The company is advancing several strategic growth projects, including the Eiger Express Pipeline (expected mid-2028), the Harmon Creek III processing plant (expected H2 2026), and the first Gulf Coast Fractionation facility and LPG export terminal (expected 2028).
MPLX maintains a mid-single-digit adjusted EBITDA growth outlook for 2025 and beyond, with 2026 growth expected to exceed 2025, and anticipates that inorganic opportunities will likely be needed to sustain this growth given the size of its EBITDA.

Nov 4, 2025, 2:30 PM

Transcript

MPLX Reports Q3 2025 Financial Results, Announces Distribution Increase and Strategic Acquisitions

MPLX

Earnings

M&A

Dividends

MPLX reported Q3 2025 Adjusted EBITDA attributable to MPLX LP of $1,766 million, a 3% increase year-over-year, and Distributable Cash Flow of $1,468 million, up 2% year-over-year.
The company increased its quarterly distribution by 12.5% for the second consecutive year to $4.31 per unit annualized. In Q3 2025, $1,075 million was returned to unitholders, comprising $975 million in distributions and $100 million in unit repurchases.
Strategic moves include the acquisition of the remaining 55% interest in BANGL for ~$700 million and a Delaware basin sour gas treating business for ~$2.4 billion, alongside the divestiture of Rockies assets for $1 billion.
MPLX is deploying over $5 billion for growth in 2025, with over 90% focused on Natural Gas & NGLs, and issued $4.5 billion in unsecured senior notes in August 2025 to support these initiatives.

Nov 4, 2025, 2:30 PM

Presentation

MPLX Reports Q3 2025 Results, Announces Distribution Increase and Strategic Acquisitions

MPLX

Earnings

Dividends

M&A

MPLX reported adjusted EBITDA of $1.8 billion for Q3 2025 and $5.2 billion year-to-date, representing 4% growth over the same period in the prior year.
The company increased its quarterly distribution by 12.5% for the second consecutive year, with expectations for similar annual increases over the next couple of years, and returned $1.1 billion to unit holders in Q3 2025.
In Q3 2025, MPLX closed on two strategic acquisitions: the remaining 55% interest in the Bangle NGL Pipeline System and a Delaware Basin sour gas treating business.
MPLX maintains a mid-single-digit adjusted EBITDA growth outlook for 2025 and beyond, anticipating stronger growth in 2026 driven by projects like the Bangle expansion, Titan Complex expansion, and the Secretariat processing plant.

Nov 4, 2025, 2:30 PM

Transcript

MPLX Reports Q3 2025 Results, Announces Distribution Increase and Strategic Acquisitions

MPLX

Earnings

Dividends

M&A

MPLX reported Q3 2025 adjusted EBITDA of $1.8 billion and distributable cash flow of $1.5 billion. Year-to-date adjusted EBITDA reached $5.2 billion, reflecting 4% growth over the prior year.
The company increased its quarterly distribution by 12.5% for the second consecutive year, marking the fourth consecutive year of double-digit increases, and expects to sustain this level of annual distribution increases over the next couple of years. MPLX returned $1.1 billion to unitholders in Q3 2025.
MPLX closed on two strategic acquisitions in Q3 2025: the remaining 55% interest in the Bangle NGL Pipeline System and a Delaware Basin sour gas treating business. These acquisitions are expected to enhance Permian operations and contribute to future EBITDA growth.
The company is advancing several strategic growth projects, including the Secretariat processing plant coming online at the end of 2025, the Eiger Express pipeline by mid-2028, and the first Gulf Coast Fractionation facility and LPG export terminal by 2028.
MPLX maintains a mid-single-digit adjusted EBITDA growth outlook for 2025 and beyond, with 2026 growth anticipated to exceed that of 2025.

Nov 4, 2025, 2:30 PM

Transcript

MPLX Reports Strong Q3 2025 Results and Raises Distribution

MPLX

Earnings

Dividends

M&A

MPLX reported strong third-quarter 2025 financial results, with net income of $1.545 billion ($1.52 per share) and revenue increasing 21.9% year-over-year to $3.62 billion.
The company increased its quarterly distribution by 12.5% to an annualized $4.31 per unit, supported by $1.5 billion in distributable cash flow.
Strategic initiatives include a $2.4 billion acquisition of a sour gas treating business and a planned $1 billion divestiture of Rockies assets, alongside investments in processing capacity and pipeline projects.
Adjusted EBITDA attributable to the partnership reached $1.766 billion, with a leverage ratio of 3.7x at the end of the quarter.

Nov 4, 2025, 1:27 PM

Morningstar

MPLX and MARA Announce Collaboration for West Texas Power Generation and Data Centers

MPLX

New Projects/Investments

MPLX LP and MARA Holdings, Inc. have signed a Letter of Intent for MPLX to supply natural gas to MARA's planned integrated power generation facilities and data center campuses in West Texas.
MARA will build multiple power generation facilities and data centers near MPLX processing facilities, with an initial capacity of 400 MW and potential to scale up to 1.5 GW.
Under the terms, MARA will own and operate the power generating facilities and data centers, while MPLX will supply natural gas and receive electricity under a tolling agreement.
This collaboration aims to create additional in-basin demand for natural gas and enhance MPLX's value chain, while MARA leverages local natural gas for high-performance data centers, with a future transition to AI/HPC workloads.
The proposed transaction is subject to the negotiation and execution of definitive agreements, regulatory approvals, and due diligence.

Nov 4, 2025, 11:55 AM

Press Release

MPLX LP Reports Strong Q3 2025 Financial Results, Increases Distribution, and Optimizes Portfolio

MPLX

Earnings

Dividends

M&A

MPLX LP reported net income attributable to MPLX of $1,545 million and Adjusted EBITDA attributable to MPLX of $1,766 million for the third quarter of 2025.
The company increased its quarterly distribution by 12.5% for the second consecutive year, reaching $1.0765 per common unit for Q3 2025, and returned $1.1 billion of capital.
Strategic portfolio optimization included the acquisition of a Delaware basin sour gas treating business for $2.4 billion and the announced divestiture of Rockies gathering and processing assets for $1.0 billion.
MPLX's leverage ratio stood at 3.7x at the end of the third quarter of 2025.

Nov 4, 2025, 11:35 AM

8-K

MPLX Reports Third-Quarter 2025 Financial Results and Increased Quarterly Distribution

MPLX

Earnings

Dividends

M&A

MPLX reported third-quarter 2025 net income attributable to MPLX of $1.5 billion and Adjusted EBITDA attributable to MPLX of $1.8 billion.
The company increased its quarterly distribution by 12.5% for the second consecutive year, reaching an annualized distribution of $4.31 per unit, and returned $1.1 billion of capital, including $100 million in common unit repurchases.
Strategic portfolio optimization included the acquisition of a Delaware basin sour gas treating business for $2.4 billion and the announced divestiture of Rockies gathering and processing assets for $1.0 billion.
MPLX announced the Eiger Express natural gas pipeline project, with a capacity of 2.5 billion cubic feet per day, expected in service in mid-2028.

Nov 4, 2025, 11:30 AM

Press Release

MPLX Increases Quarterly Distribution

MPLX

Dividends

Earnings

MPLX LP announced a 12.5% increase in its quarterly distribution to $1.0765 per common unit, or $4.31 annually, payable on November 14, 2025.
The company reported strong profitability with $11.29 billion in revenue, a 40.75% operating margin, and a 38.17% net margin.
Despite strong profitability, MPLX faces financial stress indicators including a high dividend payout ratio of 0.88, a debt-to-equity ratio of 1.57, and an Altman Z-Score of 2.06.
MPLX's stock valuation is near historical highs with a P/E ratio of 12.02.

Oct 28, 2025, 4:23 PM

Morningstar

MPLX LP Increases Quarterly Distribution

MPLX

Dividends

MPLX LP has declared a quarterly cash distribution of $1.0765 per common unit for the third quarter of 2025.
This represents a 12.5% increase, or $0.12 per common unit, over the second quarter 2025 distribution, amounting to $4.31 on an annualized basis.
The distribution will be paid on November 14, 2025, to common unitholders of record as of November 7, 2025.
For non-U.S. investors, 100% of the Partnership's distributions are considered attributable to income effectively connected with a U.S. trade or business and are subject to federal income tax withholding at the highest applicable effective tax rate.

Oct 28, 2025, 2:35 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for MPLX.

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