Results
2MPLX LP Reports Third-Quarter 2026 Financial Results; Announces Increase to Quarterly Distribution of 12.5%
3Increased quarterly distribution 12.5% for the third consecutive year, to $4.84 per unit annualized
Third-quarter net income attributable to MPLX of $1.2 billion and net cash provided by operating activities of $1.5 billion
Adjusted EBITDA attributable to MPLX of $1.9 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital
Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant began operations in August; progressing expansion and integration of Permian sour gas treating facility
5FINDLAY, Ohio, Nov. 3, 2026 - MPLX LP (NYSE: MPLX) today reported third-quarter 2026 net income attributable to MPLX of $1,164 million, compared with $1,545 million for the third quarter of 2025.
7Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,859 million, compared with $1,766 million for the third quarter of 2025, an increase of $93 million or 5.3%.
6Third-quarter 2026 results include $77 million of expenses related to incentive compensation programs, as compared to $40 million in the third quarter of 2025, reducing EBITDA growth by 2%.
Crude Oil and Products Logistics segment adjusted EBITDA for the third quarter of 2026 was $1,204 million, compared with $1,137 million for the third quarter of 2025.
Natural Gas and NGL Services segment adjusted EBITDA for the third quarter of 2026 was $655 million, compared with $629 million for the third quarter of 2025.
During the quarter, MPLX generated $1,477 million in net cash provided by operating activities, $1,537 million of distributable cash flow, and adjusted free cash flow of $447 million.
MPLX announced a third-quarter 2026 distribution of $1.2111 per common unit, resulting in distribution coverage of 1.3x for the quarter.
The leverage ratio was 3.8x at the end of the quarter.
"Our third-quarter results reflect strong execution and the continued progression of our integrated natural gas and NGL value chain growth strategy.
4The durability of our cash flows enabled us to increase our quarterly distribution by 12.5% for the third consecutive year," said Maryann Mannen, MPLX chairman, president and chief executive officer.
"MPLX is positioned to meet global demand for U.S. energy and deliver mid-single digit adjusted EBITDA growth as utilization increases across our system and key growth projects enter service."
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.
Crude Oil and Products Logistics
Crude Oil and Products Logistics segment adjusted EBITDA for the third quarter of 2026 increased by $67 million compared to the same period in 2025.
The increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by higher operating expenses, including incentive compensation.
Natural Gas and NGL Services
Natural Gas and NGL Services segment adjusted EBITDA for the third quarter of 2026 increased by $26 million compared to the same period in 2025.
8The increase was driven by increased volumes, including growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets in 2025 and higher operating expenses, including incentive compensation.
Strategic Updates
In conjunction with MPC’s announced sale of its St. Paul Park and Mandan refineries, MPLX announced the sale of associated logistics assets for $750 million, representing a 9x multiple on forecast 2027 adjusted EBITDA.
The proceeds are expected to be redeployed in support of MPLX’s growth plans, anchored in the Permian and Marcellus basins.
The transaction is expected to close at the end of 2026.
MPLX is investing $2.9 billion of organic growth capital toward opportunities to meet global demand for U.S. energy, with over 90% allocated to natural gas and NGL infrastructure.
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-Service
Secretariat I200 million cubic feet per day (MMcf/d) gas processing plant in the Delaware Basin100%Placed in service April 2026
Harmon Creek III300 MMcf/d gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer in the Marcellus100%Placed in service August 2026
Bay Runner and Bay Runner Twin 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: 4Q26 Bay Runner Twin: 2029
BANGL PipelineExpanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast100%4Q26
Titan ComplexIncreasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin100%4Q26
Blackcomb Pipeline2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas34%4Q26; Began commissioning July 2026
Traverse Pipeline2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas34%2H27
Gulf Coast FractionatorsTwo 150 mbpd fractionation facilities near MPC’s Galveston Bay refinery100%Frac I: 2028 Frac II: 2029
Gulf Coast LPG Export Terminal JV400 mbpd LPG export terminal located in the Port of Texas City, Texas50%2028
Marcellus Gathering System ExpansionSupports producer activity near MPLX’s Majorsville gas processing complex100%1H28
Eiger Express Pipeline3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas22%Mid-2028
Secretariat II300 MMcf/d gas processing plant in the Delaware Basin100%2H28
Solitude Pipeline SystemTwo 2.25 Bcf/d pipelines connecting Permian supply to Katy, Texas10%Phase I: 2H29 Phase II: 2030
Financial Position and Liquidity
As of September 30, 2026, MPLX had $1.3 billion in cash, $2.5 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 3.8x, while the stability of cash flows supports leverage in the range of 4.0x.
On August 24, 2026, MPLX issued $2.25 billion of senior notes in an underwritten public offering.
On September 23, 2026, MPLX redeemed all of its outstanding $1.25 billion senior notes due March 2027.
1On October 30, 2026, MPLX and MPC amended the intercompany loan agreement to increase the borrowing capacity from $1.5 billion to $2.5 billion and extended the term from July 31, 2029, to October 30, 2031.
The partnership repurchased $50 million of common units held by the public in the third quarter of 2026.
As of September 30, 2026, MPLX had approximately $1.0 billion remaining available under its unit repurchase authorizations.
Interested parties may listen by visiting MPLX's website at www.mplx.com.
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.
Brian Worthington, Vice President, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations
Jamal Kheiry, Communications Director
Non-GAAP references
In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance.
This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations.
Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures.
We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.
DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders.
We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions.
In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders.
We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.
Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance.
We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital.
We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests.
We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders.
We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.
Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.
The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities.
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 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.
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.
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.
(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.
(a) There were no borrowings on the loan agreement with MPC as of September 30, 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 $27,005 million as of September 30, 2026 , and $26,006 million as of December 31, 2025.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
(a) The three months ended September 30, 2026 and September 30, 2025 include working capital builds of $54 million and $40 million, respectively.
The nine months ended September 30, 2026 and September 30, 2025 include working capital dra ws of $136 million and $43 million, respe ctively.
(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) Return of capital for the three and nine months ended September 30, 2026 exclude $32 million in connection with the sale of ownership interest in a joint venture.
Return of capital for the three and nine months ended September 30, 2025 exclude special distributions of $21 million and $42 million, respectively, received in exchange for the contribution of assets to a joint venture.
(c) Total growth capital expenditures for the three and nine months ended September 30, 2025 exclude acquisitions of $3,079 and $3,314, net of cash acquired, 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.
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