MPLX Q3 2026: Distribution Up 12.5% as Revenue Beats Estimates
As seen on the 24/7 Wall St. homepage on November 3, 2026.
The distribution rose 12.5% for a third straight year, with EPS and revenue beating expectations. Management is guiding to mid-single-digit adjusted EBITDA growth as Permian and Marcellus projects enter service.
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Income investors get a cash raise here: third-quarter 2026 revenue of $3.60 billion came in above expectations, with adjusted EBITDA and GAAP diluted earnings per unit also exceeding estimates.
The quarterly payout rose 12.5% to $1.2111 per unit, the third consecutive year of increases at that rate. Distributable cash flow covered the distribution comfortably, so the raise rests on actual cash generation.
The year-over-year earnings decline overstates the deterioration: a $484 million equity method gain in Q3 2025 did not repeat, and incentive compensation expense climbed this quarter.
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Management guided for mid-single-digit adjusted EBITDA growth as new infrastructure enters service, with the organic capital program concentrated in natural gas and NGL projects across the Permian and Marcellus basins.
A $750 million divestiture of logistics assets tied to two refineries is expected to close by end of 2026, with proceeds redirected into Permian and Marcellus growth. CEO Maryann Mannen said the partnership is positioned to meet global demand for U.S. energy.