MPLX LP
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.49%.
Did MPLX Beat Earnings? Q4 2025 Results
MPLX LP posted a solid fourth quarter to cap a busy 2025, reporting earnings of $1.17 per unit on revenue of $2.89 billion as the partnership navigated an active year of acquisitions and infrastructure buildout. Net income attributable to MPLX climbed to $1.19 billion from $1.10 billion in the year-ago period, while adjusted EBITDA reached $1.80 billion, up from $1.76 billion a year earlier. The primary driver of the quarterly improvement was a $52 million gain in the Crude Oil and Products Logistics segment, bolstered by a $37 million benefit from a November FERC tariff ruling and higher rates. Full-year adjusted EBITDA reached $7.02 billion, reflecting contributions from the $2.40 billion Northwind Midstream acquisition and other strategic deals that pushed leverage to 3.7x by year-end. Looking ahead, MPLX outlined $2.70 billion in 2026 capital spending, weighted 90% toward Natural Gas and NGL Services, with management targeting mid-single digit adjusted EBITDA growth anchored in Permian and Marcellus expansion.
- FERC tariff ruling benefit of $37 million in Crude Oil and Products Logistics segment
- Higher pipeline tariff rates
- Contributions from recently acquired assets including Northwind Midstream
- Higher natural gas gathering and processing volumes in Marcellus and Southwest operations
- Divestiture of non-core Rockies gathering and processing assets reduced Natural Gas and NGL Services results by $23 million
- Lower NGL prices negatively impacted Natural Gas and NGL Services segment
“In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders. 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.”
MPLX CEO, on the earnings call
Forward Guidance & Outlook
MPLX's 2026 capital spending outlook is $2.7 billion, consisting of $2.4 billion of growth capital and $300 million of maintenance capital. Natural Gas and NGL Services investments account for 90% of growth capital spending. Management targets mid-single digit adjusted EBITDA growth in 2026, anchored in Permian and Marcellus basin expansion. Key projects coming online include the Secretariat I processing plant (commissioning began January 2026), Harmon Creek III (Q3 2026), Blackcomb Pipeline (Q4 2026), Bay Runner Pipeline (Q3 2026), BANGL Pipeline expansion (Q4 2026), and Titan Complex second plant (Q4 2026). Longer-dated projects include Rio Bravo Pipeline (2029), Gulf Coast fractionators (2028-2029), Gulf Coast LPG export terminal (2028), Eiger Express Pipeline (mid-2028), and Secretariat II processing plant (second half 2028). The company's stability of cash flows supports leverage in the range of 4.0x.
MPLX YoY Financials
Figures from SEC filings and company reports. Not investment advice.