/MPLX LP Reports Second-Quarter 2026 Financial Results

NEWS

3h ago

MPLX LP Reports Second-Quarter 2026 Financial Results

PRNewswire

2026/08/04Earnings

MPLX LP Reports Second-Quarter 2026 Financial Results

FINDLAY, Ohio, Aug. 4, 2026 /PRNewswire/ --

Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity
Second-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.7 billion
Adjusted EBITDA attributable to MPLX of $1.8 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital
MPLX expects distribution increases of 12.5% in 2026 and 2027

MPLX LP (NYSE: MPLX) today reported second-quarter 2026 net income attributable to MPLX of $1,077 million, compared with $1,048 million for the second quarter of 2025.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,775 million, compared with $1,690 million for the second quarter of 2025. Crude Oil and Products Logistics segment adjusted EBITDA for the second quarter of 2026 was $1,161 million, compared with $1,138 million for the second quarter of 2025. Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2026 was $614 million, compared with $552 million for the second quarter of 2025.

During the quarter, MPLX generated $1,702 million in net cash provided by operating activities, $1,450 million of distributable cash flow, and adjusted free cash flow of $668 million. MPLX announced a second-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.

"Our second quarter operational performance reflects the consistent progression of our strategic initiatives, as we complete and integrate growth projects across our natural gas and NGL value chains to meet growing global demand," said Maryann Mannen, MPLX chairman, president and chief executive officer. "As additional projects enter service in the second half of the year, and utilizations increase, MPLX remains positioned to deliver mid-single digit adjusted EBITDA growth."

Financial Highlights (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In millions, except per unit and ratio data)

2026

2025

2026

2025

Net income attributable to MPLX LP

1,077

1,048

1,989

2,174

Adjusted EBITDA attributable to MPLX LP(a)

1,775

1,690

3,504

3,447

Net cash provided by operating activities

1,702

1,736

3,049

2,982

Distributable cash flow attributable to MPLX LP(a)

1,450

1,420

2,858

2,906

Distribution per common unit(b)

1.0765

0.9565

2.1530

1.9130

Distribution coverage(c)

1.3x

1.5x

1.3x

1.5x

Consolidated total debt to LTM adjusted EBITDA(a)(d)

3.7x

3.1x

3.7x

3.1x

Cash paid for common unit repurchases

100

200

(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 second quarter of 2026 increased by $23 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 lower crude pipeline throughputs and higher operating expenses.

Operating Statistics (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Total MPLX

Pipeline throughput (mbpd)

5,876

6,103

(4) %

5,789

6,017

(4) %

Average pipeline tariff rates ($ per barrel)

1.07

1.06

1 %

1.06

— %

Terminal throughput (mbpd)

3,259

3,183

2 %

3,118

3,139

(1) %

Segment adjusted EBITDA (in millions)

1,161

1,138

2 %

2,272

2,235

2 %

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2026 increased by $62 million compared to the same period in 2025. The increase was driven by increased volumes including growth from equity affiliates and acquisitions, partially offset by the divestiture of non-core gathering and processing assets in 2025.

Operating Statistics (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Total MPLX

Gathering throughput (MMcf/d)

6,859

6,562

5 %

6,674

6,539

2 %

Natural gas processed (MMcf/d)

9,590

9,740

(2) %

9,498

9,760

(3) %

C2 + NGLs fractionated (mbpd)

680

634

7 %

657

647

2 %

Segment adjusted EBITDA (in millions)

614

552

11 %

1,232

1,212

2 %

Strategic Update

MPLX is increasing its 2026 growth capital spending outlook by $500 million, to $2.9 billion, primarily reflecting the accelerated execution of the Gulf Coast fractionation project to meet global demand for U.S. energy. MPLX plans to invest over 90% of organic growth capital 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.

Investment

Details

MPLX Ownership

Expected In- Service

Secretariat I

200 million cubic feet per day (MMcf/d) gas processing plant in the Delaware Basin

100 %

Placed in service in April 2026

Harmon Creek III

300 MMcf/d gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer in the Marcellus

100 %

Beginning operations in August 2026

Bay Runner and Bay Runner Twin Pipelines

Up to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas

30 %

Bay Runner: 3Q26 Bay Runner Twin: 2029

Titan Complex

Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin

100 %

4Q26

BANGL Pipeline

Expanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast

100 %

4Q26

Blackcomb Pipeline

2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas

34 %

4Q26; Began commissioning July 2026

Traverse Pipeline

2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas

34 %

2H27

Gulf Coast Fractionators

Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery

100 %

Frac I: 2028 Frac II: 2029

Gulf Coast LPG Export Terminal JV

400 mbpd LPG export terminal located in the Port of Texas City, Texas

50 %

2028

Marcellus Gathering System Expansion

Supports producer activity near MPLX's Majorsville gas processing complex

100 %

1H28

Eiger Express Pipeline

3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas

22 %

Mid-2028

Secretariat II

300 MMcf/d gas processing plant in the Delaware Basin

100 %

2H28

Financial Position and Liquidity

As of June 30, 2026, MPLX had $1.0 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 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.

The partnership repurchased $50 million of common units held by the public in the second quarter of 2026. As of June 30, 2026, MPLX had approximately $1.0 billion remaining available under its unit repurchase authorizations.

Conference Call

At 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 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 Brian Worthington, Vice President, Investor Relations Isaac Feeney, Director, Investor Relations Evan Heminger, Analyst, Investor Relations

Media Contact: (419) 421-3577 Jamal Kheiry, Communications Manager

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. 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.

Condensed Consolidated Results of Operations (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In millions, except per unit data)

2026

2025

2026

2025

Revenues and other income:

Operating revenue

1,453

1,338

2,757

2,758

Operating revenue - related parties

1,629

1,450

3,131

2,917

Income from equity method investments

180

170

362

356

Other income

100

Total revenues and other income

3,312

3,003

6,350

6,127

Costs and expenses:

Operating expenses (including purchased product costs)

1,012

821

1,930

1,688

Operating expenses - related parties

415

426

813

846

Depreciation and amortization

365

324

723

650

General and administrative expenses

108

107

222

219

Other taxes

Total costs and expenses

1,934

1,710

3,758

3,468

Income from operations

1,378

1,293

2,592

2,659

Net interest and other financial costs

289

234

580

463

Income before income taxes

1,089

1,059

2,012

2,196

Provision for income taxes

Net income

1,087

1,058

2,009

2,194

Less: Net income attributable to noncontrolling interests

Net income attributable to MPLX LP

1,077

1,048

1,989

2,174

Per Unit Data

Net income attributable to MPLX LP per limited partner unit:

Common – basic

1.06

1.03

1.96

2.13

Common – diluted

1.06

1.03

1.96

2.13

Weighted average limited partner units outstanding:

Common units – basic

1,015

1,020

1,015

1,020

Common units – diluted

1,015

1,021

1,015

1,020

Select Financial Statistics (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In millions, except ratio data)

2026

2025

2026

2025

Common unit distributions declared by MPLX LP

Common units (LP) – public

395

356

790

713

Common units – MPC

697

619

1,394

1,238

Total LP distribution declared

1,092

975

2,184

1,951

Other Financial Data

Adjusted EBITDA attributable to MPLX LP(a)

1,775

1,690

3,504

3,447

DCF attributable to MPLX LP(a)

1,450

1,420

2,858

2,906

Distribution coverage(b)

1.3x

1.5x

1.3x

1.5x

Cash Flow Data

Net cash flow provided by (used in):

Operating activities

1,702

1,736

3,049

2,982

Investing activities

(1,028)

(602)

(1,819)

(1,203)

Financing activities

(1,149)

(2,282)

(2,336)

(1,912)

(a)

Non-GAAP measure. See reconciliation below.

(b)

Financial Data (unaudited)

(In millions, except ratio data)

June 30, 2026

December 31, 2025

Cash and cash equivalents

1,031

2,137

Total assets

42,969

43,005

Total debt(a)

25,640

25,653

Total equity

14,252

14,528

Consolidated debt to LTM adjusted EBITDA(b)

3.7x

Partnership units outstanding:

MPC-held common units

647

Public common units

367

368

(a)

There were no borrowings on the loan agreement with MPC as of June 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 $26,005 million as of June 30, 2026, and $26,006 million as of December 31, 2025.

Operating Statistics (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Crude Oil and Products Logistics

Pipeline throughput (mbpd)

Crude oil pipelines

3,830

4,012

(5) %

3,757

3,961

(5) %

Product pipelines

2,046

2,091

(2) %

2,032

2,056

(1) %

Total pipelines

5,876

6,103

(4) %

5,789

6,017

(4) %

Average tariff rates ($ per barrel)

Crude oil pipelines

1.06

— %

1.05

— %

Product pipelines

1.09

1.05

4 %

1.09

1.08

1 %

Total pipelines

1.07

1.06

1 %

1.06

— %

Terminal throughput (mbpd)

3,259

3,183

2 %

3,118

3,139

(1) %

Barges in operation

331

320

3 %

331

320

3 %

Towboats in operation

3 %

Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(a)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Gathering throughput (MMcf/d)

Marcellus Operations

1,680

1,488

13 %

1,629

1,494

9 %

Utica Operations

—

— %

—

133

(100) %

Southwest Operations

1,990

1,734

15 %

1,990

1,759

13 %

Bakken Operations

162

— %

154

168

(8) %

Rockies Operations

—

541

(100) %

—

545

(100) %

Total gathering throughput

3,832

3,925

(2) %

3,773

4,099

(8) %

Natural gas processed (MMcf/d)

Marcellus Operations

4,570

4,312

6 %

4,511

4,318

4 %

Utica Operations(b)

—

— %

—

— %

Southwest Operations

2,013

1,821

11 %

1,993

1,850

8 %

Southern Appalachia Operations

220

205

7 %

205

196

5 %

Bakken Operations

161

162

(1) %

153

168

(9) %

Rockies Operations

—

593

(100) %

—

597

(100) %

Total natural gas processed

6,964

7,093

(2) %

6,862

7,129

(4) %

C2 + NGLs fractionated (mbpd)

Marcellus Operations

584

545

7 %

567

556

2 %

Utica Operations(b)

—

— %

—

— %

Other

(17) %

(24) %

Total C2 + NGLs fractionated

608

574

6 %

589

585

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 Divested Assets(a)****, Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(b)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Total gathering throughput (MMcf/d)

3,832

3,384

13 %

3,773

3,421

10 %

Total natural gas processed (MMcf/d)

6,964

6,500

7 %

6,862

6,532

5 %

Total C2 + NGLs fractionated (mbpd)

608

569

7 %

589

580

(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 June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Gathering throughput (MMcf/d)

Marcellus Operations

1,680

1,488

13 %

1,629

1,494

9 %

Utica Operations

3,027

2,566

18 %

2,901

2,503

16 %

Southwest Operations

1,990

1,734

15 %

1,990

1,759

13 %

Bakken Operations

162

— %

154

168

(8) %

Rockies Operations

—

612

(100) %

—

615

(100) %

Total gathering throughput

6,859

6,562

5 %

6,674

6,539

2 %

Natural gas processed (MMcf/d)

Marcellus Operations

6,232

6,019

4 %

6,196

5,997

3 %

Utica Operations

964

940

3 %

951

952

— %

Southwest Operations

2,013

1,821

11 %

1,993

1,850

8 %

Southern Appalachia Operations

220

205

7 %

205

196

5 %

Bakken Operations

161

162

(1) %

153

168

(9) %

Rockies Operations

—

593

(100) %

—

597

(100) %

Total natural gas processed

9,590

9,740

(2) %

9,498

9,760

(3) %

C2 + NGLs fractionated (mbpd)

Marcellus Operations

584

545

7 %

567

556

2 %

Utica Operations

20 %

10 %

Other

(17) %

(24) %

Total C2 + NGLs fractionated

680

634

7 %

657

647

2 %

(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 June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Total gathering throughput (MMcf/d)

6,859

5,950

15 %

6,674

5,924

13 %

Total natural gas processed (MMcf/d)

9,590

9,147

5 %

9,498

9,163

4 %

Total C2 + NGLs fractionated (mbpd)

680

629

8 %

657

642

2 %

(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 June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP

1,161

1,138

2,272

2,235

Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP

614

552

1,232

1,212

Adjusted EBITDA attributable to MPLX LP

1,775

1,690

3,504

3,447

Depreciation and amortization

(365)

(324)

(723)

(650)

Net interest and other financial costs

(289)

(234)

(580)

(463)

Income from equity method investments

180

170

362

356

Distributions/adjustments related to equity method investments

(234)

(229)

(485)

(456)

Adjusted EBITDA attributable to noncontrolling interests

Other(a)

(26)

(91)

(62)

Net income

1,087

1,058

2,009

2,194

(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 June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Crude Oil and Products Logistics

Segment adjusted EBITDA

1,161

1,138

2,272

2,235

Depreciation and amortization

(146)

(135)

(289)

(268)

Income from equity method investments

114

115

Distributions/adjustments related to equity method investments

(71)

(77)

(143)

(149)

Other

(18)

(17)

(39)

(34)

Natural Gas and NGL Services

Segment adjusted EBITDA

614

552

1,232

1,212

Depreciation and amortization

(219)

(189)

(434)

(382)

Income from equity method investments

128

111

248

241

Distributions/adjustments related to equity method investments

(163)

(152)

(342)

(307)

Adjusted EBITDA attributable to noncontrolling interests

Other

(8)

(49)

(26)

Income from operations

1,378

1,293

2,592

2,659

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Income (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Net income

1,087

1,058

2,009

2,194

Provision for income taxes

Net interest and other financial costs

289

234

580

463

Income from operations

1,378

1,293

2,592

2,659

Depreciation and amortization

365

324

723

650

Income from equity method investments

(180)

(170)

(362)

(356)

Distributions/adjustments related to equity method investments

234

229

485

456

Other

(11)

Adjusted EBITDA

1,786

1,701

3,526

3,469

Adjusted EBITDA attributable to noncontrolling interests

(11)

(22)

Adjusted EBITDA attributable to MPLX LP

1,775

1,690

3,504

3,447

Deferred revenue impacts

(10)

(28)

Sales-type lease payments, net of income

Adjusted net interest and other financial costs(a)

(281)

(225)

(565)

(444)

Maintenance capital expenditures, net of reimbursements

(68)

(45)

(121)

(80)

Equity method investment maintenance capital expenditures paid out

(5)

(3)

(9)

(8)

Other

(6)

(1)

(8)

DCF attributable to MPLX LP

1,450

1,420

2,858

2,906

(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

June 30,

December 31,

(In millions)

2026

2025

LTM Net income

4,767

4,350

4,952

Provision for income taxes

Net interest and other financial costs

1,100

918

983

LTM income from operations

5,876

5,277

5,943

Depreciation and amortization

1,424

1,296

1,351

Income from equity method investments

(703)

(676)

(697)

Distributions/adjustments related to equity method investments

991

966

962

Gain on equity method investments

(484)

—

(484)

Gain on sale of assets

(159)

—

(159)

Transaction-related costs(a)

—

Other

140

104

112

LTM Adjusted EBITDA

7,118

6,967

7,061

Adjusted EBITDA attributable to noncontrolling interests

(44)

LTM Adjusted EBITDA attributable to MPLX LP

7,074

6,923

7,017

Consolidated total debt(b)

26,005

21,507

26,006

Consolidated total debt to LTM adjusted EBITDA(c)

3.7x

3.1x

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 June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Net cash provided by operating activities

1,702

1,736

3,049

2,982

Changes in working capital items

(261)

(313)

(190)

(83)

All other, net

(6)

(4)

Loss on extinguishment of debt

—

Adjusted net interest and other financial costs(a)

281

225

565

444

Other adjustments related to equity method investments

Other

Adjusted EBITDA

1,786

1,701

3,526

3,469

Adjusted EBITDA attributable to noncontrolling interests

(11)

(22)

Adjusted EBITDA attributable to MPLX LP

1,775

1,690

3,504

3,447

Deferred revenue impacts

(10)

(28)

Sales-type lease payments, net of income

Adjusted net interest and other financial costs(a)

(281)

(225)

(565)

(444)

Maintenance capital expenditures, net of reimbursements

(68)

(45)

(121)

(80)

Equity method investment maintenance capital expenditures paid out

(5)

(3)

(9)

(8)

Other

(6)

(1)

(8)

DCF attributable to MPLX LP

1,450

1,420

2,858

2,906

(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 June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Net cash provided by operating activities(a)

1,702

1,736

3,049

2,982

Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow

Net cash used in investing activities

(1,028)

(602)

(1,819)

(1,203)

Contributions from MPC

Distributions to noncontrolling interests

(11)

(22)

Adjusted free cash flow

668

1,130

1,217

1,771

Distributions paid to common and preferred unitholders

(1,092)

(976)

(2,185)

(1,954)

Adjusted free cash flow after distributions

(424)

154

(968)

(183)

(a)

The three months ended June 30, 2026 and June 30, 2025 include working capital draws of $261 million and $313 million, respectively. The six months ended June 30, 2026 and June 30, 2025 include working capital draws of $190 million and $83 million, respectively.

Capital Expenditures (unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

2026

2025

2026

2025

Capital Expenditures:

Growth capital expenditures

746

286

1,354

506

Growth capital reimbursements

(49)

(37)

(84)

(64)

Investments in unconsolidated affiliates(a)

202

203

439

322

Return of capital(b)

—

(39)

—

(39)

Capitalized interest

(25)

(7)

(44)

(12)

Total growth capital expenditures(c)

874

406

1,665

713

Maintenance capital expenditures

130

103

Maintenance capital reimbursements

(5)

(10)

(9)

(23)

Capitalized interest

(1)

(2)

Total maintenance capital expenditures

119

Total growth and maintenance capital expenditures

941

450

1,784

791

Investments in unconsolidated affiliates(a)

(202)

(203)

(439)

(322)

Return of capital(b)

—

Growth and maintenance capital reimbursements(d)

(Increase)/Decrease in capital accruals

(40)

(84)

(41)

Capitalized interest

Additions to property, plant and equipment

825

301

1,400

568

(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 six months ended June 30, 2025 excludes a $21 million special distribution received in exchange for the contribution of assets to a joint venture.

(c)

Total growth capital expenditures for the six months ended June 30, 2025 excludes acquisitions of $235 million, net of cash acquired.

(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.

Summary

FINDLAY, Ohio, Aug. 4, 2026 /PRNewswire/ -- Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity Second-quarter net income attributable to MPLX of $1.1...