MPLX LP (MPLX)

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.

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!

Marathon Petroleum Corp. names Brian Worthington vice president, Investor Relations; Kristina Kazarian to become vice president, Finance and TreasurerMay 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 CorporationMarathon 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: (419) 421-2071
Kristina Kazarian, Vice President, Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Alyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577
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.htmlSOURCE Marathon Petroleum Corporation Original: Marathon Petroleum Corp. names Brian Worthington vice president, Investor Relations; Kristina Kazarian to become vice president, Finance and Treasurer

MPLX LP Reports First-Quarter 2026 Financial ResultsMay 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 billionAdjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic prioritiesDistributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capitalMPLX 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

2025Net income attributable to MPLX LP$912
$1,126Adjusted EBITDA attributable to MPLX LP(a)
1,729

1,757Net cash provided by operating activities
1,347

1,246Distributable cash flow attributable to MPLX LP(a)
1,408

1,486Distribution per common unit(b)$1.0765
$0.9565Distribution coverage(c)
1.3x

1.5xConsolidated total debt to LTM adjusted EBITDA(a)(d)
3.7x

3.3xCash 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 ResultsCrude Oil and Products LogisticsCrude 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
%
ChangeTotal 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 ServicesNatural 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
%
ChangeTotal 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 UpdateMPLX 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.InvestmentDetailsMPLX
OwnershipExpected In-
ServiceHarmon Creek III300 million cubic feet per day (MMcf/d) gas processing plant and 40
thousand barrel per day (mbpd) de-
ethanizer100 %3Q26Bay Runner and Rio
Bravo PipelinesUp to 5.3 billion cubic feet per day
(Bcf/d) of natural gas transport capacity
between Agua Dulce, Texas, and
Brownsville, Texas30 %Bay Runner: 3Q26Rio Bravo: 2029Titan ComplexIncreasing sour gas treating capacity
from 150 MMcf/d to over 400 MMcf/d100 %4Q26BANGL PipelineExpansion from 250 mbpd to 300
mbpd100 %4Q26Blackcomb Pipeline2.5 Bcf/d pipeline connecting Permian
supply to Agua Dulce, Texas34 %4Q26Traverse Pipeline2.5 Bcf/d pipeline designed to
transport natural gas between Agua
Dulce, Texas and Katy, Texas34 %2H27Gulf Coast FractionatorsTwo 150 mbpd fractionation facilities
near MPC's Galveston Bay refinery100 %Frac I: 2028Frac II: 2029Gulf Coast LPG Export
Terminal JV400 mbpd LPG export terminal50 %2028Marcellus Gathering
System ExpansionSupports producer activity near
MPLX's Majorsville gas processing
complex100 %1H28Eiger Express Pipeline3.7 Bcf/d pipeline connecting Permian
supply to Katy, Texas22 %Mid-2028Secretariat II300 MMcf/d gas processing plant in
the Delaware Basin100 %2H28Financial Position and LiquidityAs 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 CallAt 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 LPMPLX 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: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications ManagerNon-GAAP referencesIn 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 StatementsThis 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

2025Revenues and other income:




Operating revenue$1,304
$1,420Operating revenue - related parties
1,502

1,467Income from equity method investments
182

186Other income
50

51  Total revenues and other income
3,038

3,124Costs and expenses:




Operating expenses (including purchased product costs)
918

867Operating expenses - related parties
398

420Depreciation and amortization
358

326General and administrative expenses
114

112Other taxes
36

33  Total costs and expenses
1,824

1,758Income from operations
1,214

1,366Net interest and other financial costs
291

229Income before income taxes
923

1,137Provision for income taxes
1

1Net income
922

1,136Less: Net income attributable to noncontrolling interests
10

10Net 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
$1.10Common – diluted$0.90
$1.10Weighted average limited partner units outstanding:




Common units – basic
1,015

1,020Common units – diluted
1,015

1,020





 





Select Financial Statistics (unaudited)
Three Months Ended March 31,(In millions, except ratio data)
2026

2025Common unit distributions declared by MPLX LP




Common units (LP) – public$395
$357Common units – MPC
697

619  Total LP distribution declared
1,092

976





Other Financial Data




Adjusted EBITDA attributable to MPLX LP(a)
1,729

1,757DCF attributable to MPLX LP(a)$1,408
$1,486Distribution coverage(b)
1.3x

1.5x





Cash Flow Data




Net cash flow provided by (used in):




Operating activities$1,347
$1,246Investing 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,
2025Cash and cash equivalents$1,506
$2,137Total assets
42,933

43,005Total debt(a)
25,634

25,653Total equity$14,297
$14,528Consolidated debt to LTM adjusted EBITDA(b)
3.7x

3.7x





Partnership units outstanding:




MPC-held common units
647

647Public 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
%
ChangeCrude 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
%
ChangeGathering 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
%
ChangeTotal 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
%
ChangeGathering 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
%
ChangeTotal 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

2025Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP$1,111
$1,097Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP
618

660Adjusted EBITDA attributable to MPLX LP
1,729

1,757Depreciation and amortization
(358)

(326)Net interest and other financial costs
(291)

(229)Income from equity method investments
182

186Distributions/adjustments related to equity method investments
(251)

(227)Adjusted EBITDA attributable to noncontrolling interests
11

11Other(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

2025Crude Oil and Products Logistics




Segment adjusted EBITDA$1,111
$1,097Depreciation and amortization
(143)

(133)Income from equity method investments
62

56Distributions/adjustments related to equity method investments
(72)

(72)Other
(21)

(17)





Natural Gas and NGL Services




Segment adjusted EBITDA
618

660Depreciation and amortization
(215)

(193)Income from equity method investments
120

130Distributions/adjustments related to equity method investments
(179)

(155)Adjusted EBITDA attributable to noncontrolling interests
11

11Other
(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

2025Net income$922
$1,136Provision for income taxes
1

1Net interest and other financial costs
291

229Income from operations
1,214

1,366Depreciation and amortization
358

326Income from equity method investments
(182)

(186)Distributions/adjustments related to equity method investments
251

227Other
99

35Adjusted EBITDA
1,740

1,768Adjusted EBITDA attributable to noncontrolling interests
(11)

(11)Adjusted EBITDA attributable to MPLX LP
1,729

1,757Deferred revenue impacts
(1)

(18)Sales-type lease payments, net of income
13

13Adjusted 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

2025LTM Net income$4,738
$4,478
$4,952Provision for income taxes
8

10

8Net interest and other financial costs
1,045

915

983LTM income from operations
5,791

5,403

5,943Depreciation and amortization
1,383

1,292

1,351Income from equity method investments
(693)

(831)

(697)Distributions/adjustments related to equity method investments
986

955

962Gain on equity method investments
(484)

—

(484)Gain on sale of assets
(159)

—

(159)Transaction-related costs(a)
33

—

33Other
176

111

112LTM Adjusted EBITDA
7,033

6,930

7,061Adjusted EBITDA attributable to noncontrolling interests
(44)

(44)

(44)LTM Adjusted EBITDA attributable to MPLX LP
6,989

6,886

7,017Consolidated total debt(b)$26,006
$22,708
$26,006Consolidated 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

2025Net cash provided by operating activities$1,347
$1,246Changes in working capital items
71

230All other, net
(11)

2Adjusted net interest and other financial costs(a)
284

219Other adjustments related to equity method investments
14

39Other
35

32Adjusted EBITDA
1,740

1,768Adjusted EBITDA attributable to noncontrolling interests
(11)

(11)Adjusted EBITDA attributable to MPLX LP
1,729

1,757Deferred revenue impacts
(1)

(18)Sales-type lease payments, net of income
13

13Adjusted 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

2025Net cash provided by operating activities(a)$1,347
$1,246Adjustments 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

7Distributions to noncontrolling interests
(11)

(11)Adjusted free cash flow
549

641Distributions 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

2025Capital Expenditures:




Growth capital expenditures$608
$220Growth capital reimbursements
(35)

(27)Investments in unconsolidated affiliates(a)
237

119Capitalized interest
(19)

(5)Total growth capital expenditures(b)
791

307Maintenance capital expenditures
57

48Maintenance capital reimbursements
(4)

(13)Capitalized interest
(1)

(1)Total maintenance capital expenditures
52

34





Total growth and maintenance capital expenditures
843

341Investments in unconsolidated affiliates(a)
(237)

(119)Growth and maintenance capital reimbursements(c)
39

40(Increase)/Decrease in capital accruals
(90)

(1)Capitalized interest
20

6Additions 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.  View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-first-quarter-2026-financial-results-302762469.htmlSOURCE MPLX LP Original: MPLX LP Reports First-Quarter 2026 Financial Results

MPLX LP Announces Quarterly DistributionApril 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 NoticeConcurrent 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 LPMPLX 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: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



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

Original: MPLX LP Announces Quarterly Distribution

MPLX LP to Report First-Quarter Results on May 5, 2026March 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 LPMPLX 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: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



View original content:https://www.prnewswire.com/news-releases/mplx-lp-to-report-first-quarter-results-on-may-5-2026-302722443.htmlSOURCE MPLX LP

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

MPLX LP files 2025 Form 10-KFebruary 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: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



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

Original: MPLX LP files 2025 Form 10-K

MPLX LP prices $1.5 billion senior notes offeringFebruary 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: prospectus@citi.comBarclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Toll-free: 1-888-603-5847
Email: barclaysprospectus@broadridge.comMUFG Securities Americas Inc.
1221 Avenue of the Americas, 6th Floor
New York, New York 10020
Toll-free: 1-877-649-6848RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, New York 10281
Toll-free: 1-866-375-6829This 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: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications Manager



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

Original: MPLX LP prices $1.5 billion senior notes offering

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

MPLX LP Reports Fourth-Quarter and Full-Year 2025 ResultsFebruary 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 billionFull-year 2025 growth investments of $5.5 billion and capital returned to unitholders of $4.4 billion, delivering on capital return commitmentProgressing natural gas and NGL value chains through construction of Gulf Coast fractionation and export facilities and integration of sour gas treating platformAnnouncing 2026 organic growth capital plan of $2.4 billion, aligned with natural gas and NGL investments driving mid-single digit adjusted EBITDA growthMPLX 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

2024Net income attributable to MPLX LP$1,193
$1,099
$4,912
$4,317Adjusted EBITDA attributable to MPLX LP(a)
1,804

1,762

7,017

6,764Net cash provided by operating activities
1,496

1,675

5,909

5,946Distributable cash flow attributable to MPLX LP(a)
1,417

1,477

5,791

5,697Distribution per common unit(b)$1.0765
$0.9565
$4.0660
$3.6130Distribution coverage(c)
1.3x

1.5x

1.4x

1.5xConsolidated total debt to LTM adjusted EBITDA(d)
3.7x

3.1x

3.7x

3.1xCash 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 ResultsCrude Oil and Products LogisticsCrude 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
%
ChangeTotal 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 ServicesNatural 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
%
ChangeTotal 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 UpdateMPLX'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 InvestmentsSecretariat 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 InvestmentsSecretariat 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 LiquidityAs 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 CallAt 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 LPMPLX 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: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577
Jamal Kheiry, Communications ManagerNon-GAAP referencesIn 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 StatementsThis 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

2024Revenues and other income:










Operating revenue$1,399
$1,376
$5,601
$5,171Operating revenue - related parties
1,495

1,464

5,873

5,733Income from equity method investments
155

171

697

802Gain on equity method investments
—

—

484

20Other income
203

52

343

207  Total revenues and other income
3,252

3,063

12,998

11,933Costs and expenses:










Operating expenses (including purchased product costs)
858

835

3,456

3,203Operating expenses - related parties
419

425

1,665

1,601Depreciation and amortization
355

324

1,351

1,283General and administrative expenses
101

104

446

427Other taxes
36

32

137

131  Total costs and expenses
1,769

1,720

7,055

6,645Income from operations
1,483

1,343

5,943

5,288Net interest and other financial costs
277

229

983

921Income before income taxes
1,206

1,114

4,960

4,367Provision for income taxes
3

5

8

10Net income
1,203

1,109

4,952

4,357Less: Net income attributable to noncontrolling interests
10

10

40

40Net income attributable to MPLX LP
1,193

1,099

4,912

4,317Less: Series A preferred unitholders interest in net income
—

6

—

27Limited 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
$4.21Common – diluted$1.17
$1.07
$4.82
$4.21Weighted average limited partner units outstanding:










Common units – basic
1,017

1,018

1,019

1,016Common 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

2024Common unit distributions declared by MPLX LP










Common units (LP) – public$396
$353
$1,506
$1,339Common 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

6,764DCF attributable to LP unitholders(b)$1,417
$1,471
$5,791
$5,670Distribution 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
$5,946Investing 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,
2024Cash and cash equivalents$2,137
$1,519Total assets
43,005

37,511Total debt(a)
25,653

20,948Redeemable preferred units
—

203Total equity$14,528
$13,807Consolidated debt to LTM adjusted EBITDA(b)
3.7x

3.1x





Partnership units outstanding:




MPC-held common units
647

647Public 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
%
ChangeCrude 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
%
ChangeGathering 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
% ChangeTotal 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
%
ChangeGathering 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
%
ChangeTotal 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

2024Crude Oil and Products Logistics segment adjusted EBITDA
attributable to MPLX LP$1,175
$1,123
$4,547
$4,375Natural Gas and NGL Services segment adjusted EBITDA
attributable to MPLX LP
629

639

2,470

2,389Adjusted EBITDA attributable to MPLX LP
1,804

1,762

7,017

6,764Depreciation 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

802Distributions/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

44Other(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

2024Crude Oil and Products Logistics










Segment adjusted EBITDA$1,175
$1,123

4,547

4,375Depreciation and amortization
(139)

(133)

(546)

(526)Income from equity method investments
57

56

243

269Distributions/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

2,389Depreciation and amortization
(216)

(191)

(805)

(757)Income from equity method investments
98

115

454

533Distributions/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

44Other
(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

2024Net income$1,203
$1,109
$4,952
$4,357Provision for income taxes
3

5

8

10Net interest and other financial costs
277

229

983

921Income from operations
1,483

1,343

5,943

5,288Depreciation and amortization
355

324

1,351

1,283Income from equity method investments
(155)

(171)

(697)

(802)Distributions/adjustments related to equity method
investments
255

257

962

928Gain on equity method investments
—

—

(484)

—Gain on sale of assets
(159)

—

(159)

—Transaction-related costs(a)
12

—

33

—Other
24

20

112

111Adjusted EBITDA
1,815

1,773

7,061

6,808Adjusted EBITDA attributable to noncontrolling interests
(11)

(11)

(44)

(44)Adjusted EBITDA attributable to MPLX LP
1,804

1,762

7,017

6,764Deferred revenue impacts
(23)

25

(57)

31Sales-type lease payments, net of income
14

12

62

32Adjusted 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

5,697Preferred 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

2024LTM Net income$4,952
$4,357Provision for income taxes
8

10Net interest and other financial costs
983

921LTM income from operations
5,943

5,288Depreciation and amortization
1,351

1,283Income from equity method investments
(697)

(802)Distributions/adjustments related to equity method investments
962

928Gain on equity method investments
(484)

—Gain on sale of assets
(159)

—Transaction-related costs(a)
33

—Other
112

111LTM Adjusted EBITDA
7,061

6,808Adjusted EBITDA attributable to noncontrolling interests
(44)

(44)LTM Adjusted EBITDA attributable to MPLX LP
7,017

6,764Consolidated total debt(b)$26,006
$21,206Consolidated 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

2024Net cash provided by operating activities$1,496
$1,675
$5,909
$5,946Changes 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

867Other adjustments related to equity method investments
22

27

98

102Transaction-related costs(b)
12

—

33

—Other
32

33

132

139Adjusted EBITDA
1,815

1,773

7,061

6,808Adjusted EBITDA attributable to noncontrolling interests
(11)

(11)

(44)

(44)Adjusted EBITDA attributable to MPLX LP
1,804

1,762

7,017

6,764Deferred revenue impacts
(23)

25

(57)

31Sales-type lease payments, net of income
14

12

62

32Adjusted 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

5,697Preferred 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

2024Net cash provided by operating activities(a)$1,496
$1,675
$5,909
$5,946Adjustments 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

35Distributions to noncontrolling interests
(11)

(11)

(44)

(44)Adjusted free cash flow
1,567

1,324

1,033

3,942Distributions 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

2024Capital Expenditures:










Growth capital expenditures$649
$227
$1,668
$796Growth capital reimbursements
(36)

(51)

(136)

(115)Investments in unconsolidated affiliates(a)
232

50

794

236Return of capital(b)
(150)

(8)

(251)

(12)Capitalized interest
(16)

(4)

(38)

(16)Total growth capital expenditures(c)
679

214

2,037

889Maintenance capital expenditures
104

103

288

254Maintenance 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

1,092Investments in unconsolidated affiliates(a)
(232)

(50)

(794)

(236)Return of capital(b)
150

8

251

12Growth and maintenance capital reimbursements(d)
34

68

168

163(Increase)/Decrease in capital accruals
(39)

(22)

(170)

6Capitalized interest
17

5

42

19Other
—

—

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.htmlSOURCE MPLX LP

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

Look at all the buying EOD!

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

Who is making $$$ ?

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

I feel exactly the same way! GLTU!

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.

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.

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

Holding and reinvesting divvies.
No Brainer. Quiet Giant.

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.

Nice day!

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

Wow what a day

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

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.

Great day today

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

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

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.

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.

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.

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

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

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

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

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?

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

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.

Wow crazy today, down that up

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

I’m sick from this!

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

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.

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.

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.

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

it’s gonna be a long road back.

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

What the heck is going on here????

Strong sock, coronvirus made drop, and slight under profit but tons of cash. Long term.