MPLX (MPLX) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for MPLX.

Analyst Coverage

Research analysts who have asked questions during MPLX earnings calls.

John Mackay

Goldman Sachs Group, Inc.

9 questions for MPLX

Also covers: AM, ARIS, CQP +16 more

Manav Gupta

UBS Group

9 questions for MPLX

Also covers: ADM, AMTX, BE +35 more

Michael Blum

Wells Fargo & Company

7 questions for MPLX

Also covers: AROC, BE, CQP +15 more

Jeremy Tonet

JPMorgan Chase & Co.

6 questions for MPLX

Also covers: AEE, AEP, AM +45 more

Keith Stanley

Wolfe Research, LLC

6 questions for MPLX

Also covers: DK, DTM, ENB +12 more

Theresa Chen

Barclays PLC

6 questions for MPLX

Also covers: CQP, DINO, DTM +20 more

Burke Sansiviero

Wolfe Research, LLC

2 questions for MPLX

Also covers: KNTK, LNG, SOBO +2 more

Elvira Scotto

RBC Capital Markets

2 questions for MPLX

Also covers: AROC, GEL, USAC +3 more

Neal Dingmann

Truist Securities

2 questions for MPLX

Also covers: APA, CHRD, CIVI +33 more

Berg Sansavero

Wolfe Research

1 question for MPLX

Indraneel Mitra

Bank of America

1 question for MPLX

Also covers: KNTK, PAA, WMB

Neel Mitra

Bank of America

1 question for MPLX

Also covers: KNTK

Latest news

Recent press releases and 8-K filings for MPLX.

MPLX Reports Strong Q4 and Full-Year 2025 Results with Increased Capital Returns and Growth Investments

MPLX

Earnings

Dividends

New Projects/Investments

MPLX reported full-year 2025 Adjusted EBITDA of $7.0 Billion and Distributable Cash Flow of $5.8 Billion.
The company increased its quarterly distribution by 12.5% and returned $4.4 Billion to unitholders in 2025, which included $400 Million in unit repurchases.
For 2026, MPLX has a capital outlook of $2.7 Billion, with approximately $2.4 Billion dedicated to growth projects.
The Consolidated Total Debt to LTM Adjusted EBITDA Ratio stood at 3.7x at the end of 2025.

1 day ago

Presentation

MPLX Reports Q4 2025 Results, Announces 2026 Capital Plan and Distribution Growth

MPLX

Earnings

Dividends

New Projects/Investments

MPLX reported Q4 2025 Adjusted EBITDA of $1.8 billion, a 2% increase from the prior year, and achieved just over $7 billion in Adjusted EBITDA for the full year 2025, marking its fourth consecutive year of mid-single-digit Adjusted EBITDA growth.
The company increased its distribution by 12.5% in 2025, bringing total capital returns to unit holders to $4.4 billion, and expects to maintain this level of distribution growth for two more years.
MPLX plans to invest $2.4 billion in 2026, with 90% directed towards natural gas and NGL services, focusing on projects in the Permian and Marcellus expected to generate mid-teens returns.
Key projects include the $320 million Secretariat II processing plant (expected online in the second half of 2028), the Harmon Creek III complex (expected completion in Q3 2026), and a 400,000 barrel per day LPG export terminal JV (expected online in 2028).
MPLX expects 2026 growth to exceed 2025 and anticipates supporting mid-single-digit EBITDA growth in 2027, while maintaining a strong balance sheet with leverage not exceeding 4.0x and distribution coverage above 1.3 times.

1 day ago

Transcript

MPLX Reports Q4 and Full-Year 2025 Results, Announces 2026 Capital Plan and Distribution Growth

MPLX

Earnings

Dividends

New Projects/Investments

MPLX reported Q4 2025 Adjusted EBITDA of $1.8 billion, a 2% increase year-over-year, and full-year 2025 Adjusted EBITDA of just over $7 billion.
The company announced a $2.4 billion capital plan for 2026 and projects 12.5% distribution growth for two more years, following a similar increase in 2025.
MPLX anticipates growth in 2026 to exceed 2025 and expects mid-single-digit EBITDA growth in 2027, driven by new assets and increased throughput.
Significant projects include the $320 million Secretariat II processing plant (expected H2 2028) and the Harmon Creek III complex (expected Q3 2026).
The company aims to maintain a leverage ratio not above 4.0x and an annual distribution coverage not below 1.3 times.

1 day ago

Transcript

MPLX Reports Strong 2025 Adjusted EBITDA and Outlines $2.4 Billion Capital Plan for 2026

MPLX

Earnings

Dividends

New Projects/Investments

MPLX reported Adjusted EBITDA of just over $7 billion for the full year 2025, marking its fourth consecutive year of mid-single-digit, three-year Adjusted EBITDA growth CAGR. For Q4 2025, Adjusted EBITDA increased 2% to $1.8 billion, while Distributable Cash Flow decreased 4% to $1.4 billion.
The company returned $4.4 billion to unitholders in 2025, including a 12.5% increase in its distribution, and expects this level of distribution growth for two more years. MPLX ended Q4 2025 with a cash balance of $2.1 billion and aims to maintain leverage at or below 4.0x.
MPLX plans to invest $2.4 billion in its 2026 capital plan, with 90% allocated to natural gas and NGL services in the Permian and Marcellus, targeting mid-teens returns. Key projects include the Secretariat II processing plant (online H2 2028), Bengal pipeline expansion (online Q4 2026), a 400,000 barrel per day LPG export terminal JV (online 2028), and Harmon Creek III complex (online Q3 2026).
The company anticipates growth in 2026 to exceed 2025 and expects mid-single-digit EBITDA growth in 2027 as new assets come online and ramp up.

1 day ago

Transcript

MPLX LP Reports Q4 and Full-Year 2025 Results, Outlines 2026 Capital Plan

MPLX

Earnings

New Projects/Investments

Dividends

MPLX LP reported full-year 2025 net income attributable to MPLX of $4.9 billion and adjusted EBITDA of $7.0 billion. For the fourth quarter of 2025, net income was $1,193 million and adjusted EBITDA was $1,804 million.
The company returned $4.4 billion to unitholders in full-year 2025, including $400 million in common unit repurchases, and announced a fourth-quarter 2025 distribution of $1.0765 per common unit.
MPLX announced a 2026 organic growth capital plan of $2.4 billion, part of a total $2.7 billion capital spending outlook for 2026, primarily focused on natural gas and NGL value chains to drive mid-single digit adjusted EBITDA growth.
Key new and ongoing investments include the Secretariat II gas processing plant (expected H2 2028), Marcellus Gathering System Expansion (expected H1 2028), and Gulf Coast Fractionators and LPG Export Terminal (anticipated 2028-2029).

1 day ago

8-K

MPLX Reports Fourth-Quarter and Full-Year 2025 Results

MPLX

Earnings

Guidance Update

New Projects/Investments

MPLX reported full-year 2025 net income attributable to MPLX of $4.9 billion and adjusted EBITDA of $7.0 billion.
For the full year 2025, the company made growth investments of $5.5 billion and returned $4.4 billion to unitholders.
In the fourth quarter of 2025, net income attributable to MPLX was $1,193 million and adjusted EBITDA was $1,804 million.
MPLX announced a 2026 organic growth capital plan of $2.4 billion, primarily focused on natural gas and NGL investments, which are expected to drive mid-single digit adjusted EBITDA growth.
The company declared a fourth-quarter 2025 distribution of $1.0765 per common unit and maintained a leverage ratio of 3.7x at year-end 2025.

1 day ago

Press Release

MPLX Reports Strong Q4 2025 Results and Outlines 2026 Growth Investments

MPLX

Earnings

Dividends

New Projects/Investments

MPLX reported strong fourth-quarter 2025 results, with GAAP EPS of $1.17 and revenue of $3.25 billion, representing a 6.2% year-over-year increase.
For Q4 2025, the company generated $1.804 billion in adjusted EBITDA and $1.417 billion of distributable cash flow, contributing to a full-year 2025 distributable cash flow of $5.8 billion.
MPLX returned more than $4 billion to unitholders in 2025 and announced a Q4 distribution of $1.0765 per common unit.
The company plans to invest $2.4 billion in organic growth capital through 2026, focusing on natural gas and NGL value chains to support mid-single-digit adjusted EBITDA growth.

2 days ago

Morningstar

MPLX Announces Quarterly Distribution

MPLX

Dividends

The board of directors of MPLX LP has declared a quarterly cash distribution of $1.0765 per common unit for the fourth quarter of 2025, which is $4.31 on an annualized basis.
This distribution will be paid on Feb. 17, 2026, to common unitholders of record as of Feb. 9, 2026.
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.

7 days ago

Press Release

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

MPLX

Earnings

Dividends

New Projects/Investments

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.