-
Increased 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
FINDLAY, Ohio, Nov. 3, 2026 /PRNewswire/ — 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.
Adjusted 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%. Third-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. The 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.”
Financial Highlights (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per unit and ratio data)
2026
2025
2026
2025
Net income attributable to MPLX LP
$
1,164
$
1,545
$
3,153
$
3,719
Adjusted EBITDA attributable to MPLX LP(a)
1,859
1,766
5,363
5,213
Net cash provided by operating activities
1,477
1,431
4,526
4,413
Distributable cash flow attributable to MPLX LP(a)
1,537
1,468
4,395
4,374
Distribution per common unit(b)
$
1.2111
$
1.0765
$
3.3641
$
2.9895
Distribution coverage(c)
1.3x
1.3x
1.3x
1.4x
Consolidated total debt to LTM adjusted EBITDA(a)(d)
3.8x
3.7x
3.8x
3.7x
Cash paid for common unit repurchases
$
50
$
100
$
150
$
300
(a)
Non-GAAP measures. See reconciliation in the tables that follow.
(b)
Distributions declared by the board of directors of MPLX’s general partner.
(c)
Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.
(d)
Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.
Segment Results
Crude Oil and Products Logistics
Crude Oil and Products Logistics segment adjusted EBITDA for the third quarter of 2026 increased by $67 million compared to the same period in 2025. The increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by higher operating expenses, including incentive compensation.
Operating Statistics (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
%
Change
2026
2025
%
Change
Total MPLX
Pipeline throughput (mbpd)
5,951
5,922
— %
5,845
5,985
(2) %
Average pipeline tariff rates ($ per barrel)
$
1.09
$
1.08
1 %
1.07
1.07
— %
Terminal throughput (mbpd)
3,375
3,173
6 %
3,205
3,151
2 %
Segment adjusted EBITDA (in millions)
$
1,204
$
1,137
6 %
$
3,476
$
3,372
3 %
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. The 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.
Operating Statistics (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
%
Change
2026
2025
%
Change
Total MPLX
Gathering throughput (MMcf/d)
7,216
6,906
4 %
6,857
6,663
3 %
Natural gas processed (MMcf/d)
9,941
10,075
(1) %
9,648
9,866
(2) %
C2 + NGLs fractionated (mbpd)
696
677
3 %
670
657
2 %
Segment adjusted EBITDA (in millions)
$
655
$
629
4 %
$
1,887
$
1,841
2 %
Strategic Updates
In conjunction with MPC’s announced sale of its St. Paul Park and M
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
