second-quarter 2026
Filed Aug 4, 2026MPLX LP Reports Second-Quarter 2026 Financial Results
Second-quarter net income, adjusted EBITDA and distributable cash flow increased from the second quarter of 2025, led by Natural Gas and NGL Services. Operating cash flow declined, crude pipeline throughput declined, and the partnership increased its 2026 growth capital spending outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income attributable to MPLX LPGAAP | $1,077 million | – | – |
| Adjusted EBITDA attributable to MPLX LPnon-GAAP | $1,775 million | – | – |
| Net cash provided by operating activitiesGAAP | $1,702 million | – | – |
| Distributable cash flow attributable to MPLX LPnon-GAAP | $1,450 million | – | – |
| Adjusted free cash flownon-GAAP | $668 million | – | – |
| Distribution per common unitother | $1.0765 | – | – |
| Distribution coverageother | 1.3x | – | – |
| Consolidated total debt to LTM adjusted EBITDAnon-GAAP | 3.7x | – | – |
| Cash paid for common unit repurchasesother | $50 million | – | – |
| Total MPLX Pipeline throughputother | 5,876 mbpd | – | (4) % |
| Average pipeline tariff ratesother | $1.07 per barrel | – | 1 % |
| Terminal throughputother | 3,259 mbpd | – | 2 % |
| Total MPLX Gathering throughputother | 6,859 MMcf/d | – | 5 % |
| Natural gas processedother | 9,590 MMcf/d | – | (2) % |
| C2 + NGLs fractionatedother | 680 mbpd | – | 7 % |
| Six-month net income attributable to MPLX LPGAAP | $1,989 million | – | – |
| Six-month adjusted EBITDA attributable to MPLX LPnon-GAAP | $3,504 million | – | – |
| Six-month net cash provided by operating activitiesGAAP | $3,049 million | – | – |
| Six-month distributable cash flow attributable to MPLX LPnon-GAAP | $2,858 million | – | – |
| Six-month distribution per common unitother | $2.1530 | – | – |
| Six-month distribution coverageother | 1.3x | – | – |
| Six-month cash paid for common unit repurchasesother | $100 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Crude Oil and Products LogisticsSegment adjusted EBITDA increased by $23 million, primarily driven by higher rates across the business units and increased butane blending, partially offset by lower crude pipeline throughputs and higher operating expenses. | Not reported | – | 2 % |
| Natural Gas and NGL ServicesSegment adjusted EBITDA increased by $62 million, 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. | Not reported | – | 11 % |
2026 and 2027 outlook
- NoteMPLX is increasing its 2026 growth capital spending outlook by $500 million, to $2.9 billion.
- NoteMPLX expects distribution increases of 12.5% in 2026 and 2027.
- NoteMPLX remains positioned to deliver mid-single digit adjusted EBITDA growth.
- NoteMPLX plans to invest over 90% of organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs.
- NoteHarmon Creek III: Beginning operations in August 2026.
- NoteBay Runner: 3Q26.
- NoteBay Runner Twin: 2029.
- NoteTitan Complex: 4Q26.
- NoteBANGL Pipeline: 4Q26.
- NoteBlackcomb Pipeline: 4Q26; Began commissioning July 2026.
- NoteTraverse Pipeline: 2H27.
- NoteGulf Coast Fractionators: Frac I: 2028; Frac II: 2029.
- NoteGulf Coast LPG Export Terminal JV: 2028.
- NoteMarcellus Gathering System Expansion: 1H28.
- NoteEiger Express Pipeline: Mid-2028.
- NoteSecretariat II: 2H28.
Capital returns
- MPLX announced a second-quarter 2026 distribution of $1.0765 per common unit.
- 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.
- 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.
What drove it
- Crude Oil and Products Logistics benefited from higher rates across business units and increased butane blending.
- Natural Gas and NGL Services benefited from increased volumes, including growth from equity affiliates and acquisitions.
- MPLX is accelerating execution of the Gulf Coast fractionation project to meet global demand for U.S. energy.
- Growth projects are concentrated in the Permian and Marcellus.
Concerns
- Total MPLX Pipeline throughput was 5,876 mbpd, compared with 6,103 mbpd, a change of (4) %.
- Natural gas processed was 9,590 MMcf/d, compared with 9,740 MMcf/d, a change of (2) %.
- Crude Oil and Products Logistics faced higher operating expenses.
- Natural Gas and NGL Services was partially offset by the divestiture of non-core gathering and processing assets in 2025.
- MPLX increased its 2026 growth capital spending outlook by $500 million, to $2.9 billion.
What to watch
- Harmon Creek III beginning operations in August 2026.
- Additional projects entering service in the second half of the year and utilization increases.
- Bay Runner expected in 3Q26.
- Titan Complex, BANGL Pipeline and Blackcomb Pipeline expected in 4Q26.
- Execution of the Gulf Coast fractionation project and the stated $2.9 billion 2026 growth capital spending outlook.
- Leverage relative to the stated range of 4.0x.
Balance sheet and cash flow
- 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.
- 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.
Analysis
MPLX reported second-quarter net income attributable to MPLX LP of $1,077 million, compared with $1,048 million in the second quarter of 2025. Adjusted EBITDA attributable to MPLX LP was $1,775 million, compared with $1,690 million, while distributable cash flow was $1,450 million, compared with $1,420 million. Net cash provided by operating activities was $1,702 million, compared with $1,736 million. The reported results therefore show higher earnings and distributable cash flow alongside lower quarterly operating cash flow than the prior-year period.
Natural Gas and NGL Services was the larger source of segment improvement. Its adjusted EBITDA was $614 million, compared with $552 million, a change of 11 %, supported by increased volumes, growth from equity affiliates and acquisitions. Gathering throughput was 6,859 MMcf/d versus 6,562 MMcf/d, and C2 + NGLs fractionated was 680 mbpd versus 634 mbpd. Natural gas processed declined to 9,590 MMcf/d from 9,740 MMcf/d, and the business was partially offset by the 2025 divestiture of non-core gathering and processing assets.
Crude Oil and Products Logistics adjusted EBITDA was $1,161 million, compared with $1,138 million, a change of 2 %. Higher rates and increased butane blending supported the segment, but total MPLX Pipeline throughput was 5,876 mbpd compared with 6,103 mbpd, a change of (4) %. Average pipeline tariff rates were $1.07 per barrel compared with $1.06 per barrel, and terminal throughput was 3,259 mbpd compared with 3,183 mbpd. Higher operating expenses also partially offset segment gains.
Capital allocation combined a $1.0765 per common unit distribution, 1.3x distribution coverage and $50 million of repurchases during the quarter. MPLX reported $668 million of adjusted free cash flow. At June 30, 2026, it 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. The leverage ratio was 3.7x, while the partnership stated that the stability of cash flows supports leverage in the range of 4.0x.
The strategic focus is moving toward a larger natural gas and NGL project program. MPLX raised its 2026 growth capital spending outlook by $500 million to $2.9 billion, primarily for accelerated execution of the Gulf Coast fractionation project. It plans to invest over 90% of organic growth capital in natural gas and NGL infrastructure opportunities and expects distribution increases of 12.5% in 2026 and 2027. Management also stated that it remains positioned to deliver mid-single digit adjusted EBITDA growth as projects enter service and utilizations increase in the second half of the year.
Management, verbatim
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.
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.
Maryann Mannen, MPLX chairman, president and chief executive officer
Not in the filing
stated, not guessed- Total revenue
- Segment revenue for Crude Oil and Products Logistics
- Segment revenue for Natural Gas and NGL Services
- Gross profit and gross margin
- Operating income
- Operating expenses as a consolidated financial metric
- Net income per unit or EPS
- Income tax expense and tax rate
- Interest expense
- Total debt amount
- Net debt amount
- Capital expenditures incurred during the quarter
- Prior-quarter comparisons for reported second-quarter metrics
- Prior-year comparison for adjusted free cash flow
- Formal revenue, gross-margin, operating-expense and tax-rate guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.