MPLX LP reports recurring developments as a master limited partnership that owns and operates midstream energy infrastructure, logistics assets, and energy products distribution services. Its updates cover crude oil and refined products pipelines, inland marine operations, light-product terminals, storage caverns, refinery-connected tanks, docks, loading racks, and crude and light-product marine terminals.
Company news also tracks natural gas and NGL gathering, processing, fractionation, and pipeline activity in U.S. supply basins, including project updates tied to Permian sour gas treating and Marcellus processing capacity. Other recurring items include quarterly financial results, common-unit cash distributions, capital-return activity, annual K-1 tax package availability, and Form 10-K filing notices.
MPLX (NYSE: MPLX) increased its quarterly distribution by 12.5% as third-quarter adjusted earnings rose and net income fell year over year. The distribution is $1.2111 per common unit, with coverage of 1.3 times. Net income attributable to MPLX was $1,164 million versus $1,545 million a year earlier. Adjusted EBITDA, an adjusted earnings measure, rose 5.3% to $1,859 million. Operating cash flow reached $1,477 million, compared with $1,431 million.
MPLX announced a $750 million logistics asset sale, expected to close at the end of 2026, with proceeds expected to support growth plans. It is investing $2.9 billion of organic growth capital, over 90% in natural gas and natural gas liquids infrastructure, and expects mid-teens returns. Harmon Creek III began operations in August 2026. Quarter-end leverage was 3.8 times, versus 3.7 times a year earlier; cash was $1.3 billion.
Marathon Petroleum (MPC) and MPLX (MPLX) agreed to sell refineries and related midstream assets to CVR Energy for $4.2 billion. The price includes additional inventory value and is subject to purchase price adjustments. MPC will receive $3.45 billion for the refining assets, excluding inventory, and MPLX will receive $750 million for the midstream assets.
The St. Paul Park, Minnesota, and Mandan, North Dakota, refineries have crude oil capacities of 105 thousand and 72 thousand barrels per calendar day, respectively. Related midstream assets include a crude oil pipeline interest, storage capacity and three terminals. The companies expect closing at the end of 2026, subject to conditions including antitrust clearance. Both companies' relevant boards unanimously approved the transaction.
MPLX (NYSE: MPLX) elected Micheal G. Dunn and Bruce L. Niemeyer to its general partner’s board, effective Nov. 1, 2026. The additions bring the board of MPLX GP to 12 directors. Dunn has over 35 years of natural gas and midstream experience and retired as Williams’ executive vice president and chief operating officer in 2025. Niemeyer has more than 40 years of energy industry experience, including leadership roles at Chevron.
MPLX (MPLX) declared a quarterly cash distribution of $1.2111 per common unit for the third quarter of 2026.
The distribution increased 12.5%, or $0.1346 per unit, from the second quarter of 2026 and equals $4.84 on an annualized basis. Payment is scheduled for Nov. 13, 2026, to common unitholders of record on Nov. 6, 2026.
MPLX (MPLX) will host a conference call on November 3, 2026, at 9:30 a.m. EST to discuss its 2026 third-quarter financial results.
Listeners can access the live webcast via the MPLX website at www.mplx.com, where the earnings release and other investor materials will be posted prior to the call. A replay of the webcast will be available on the site for one month after the event.
MPLX (NYSE: MPLX) announced that its 2025 Schedule K-3 investor tax packages, which provide information on items of international tax relevance, are now available on its website. Investors can access them via the Investor Data link under the Investors tab or directly at the dedicated tax package support link.
MPLX notes that only a limited group of investors, such as foreign unitholders, those computing a foreign tax credit, and certain corporate or partnership unitholders, may need the detailed Schedule K-3 information. The company does not plan to mail K-3 packages; unitholders can call a toll-free number to request an electronic copy by email.
WhiteWater and partners announced that their Solitude Pipeline System joint venture, including Devon Energy (NYSE: DVN), MPLX (NYSE: MPLX), Diamondback Energy (NASDAQ: FANG) and Western Midstream Partners (NYSE: WES), has reached a positive Final Investment Decision to build two 48-inch natural gas pipelines from the Permian Basin to Katy, Texas.
The project is backed by substantial long-term firm transportation agreements with predominantly investment-grade shippers. Solitude’s phased design targets initial capacity of about 2.25 Bcf/d in late 2029 and an additional 2.25 Bcf/d in 2030, with potential further expansions. Service is expected in the second half of 2029, subject to customary regulatory and other approvals. The joint venture ownership is WhiteWater 50%, Devon 25%, MPLX 10%, Diamondback 7.5% and Western Midstream 7.5%.
MPLX LP (NYSE: MPLX) has priced a $2.25 billion underwritten public offering of unsecured senior notes. The deal includes $1.25 billion of 4.700% notes due 2029, $500 million of 5.000% notes due 2032, and $500 million of 5.500% notes due 2036.
MPLX intends to use the net proceeds to redeem, repay or extinguish its outstanding $1.25 billion 4.125% senior notes due March 2027 and to fund general partnership purposes, including potential capital expenditures and working capital. Closing is expected on August 24, 2026, subject to customary conditions.
MPLX (NYSE: MPLX) reported second-quarter 2026 net income attributable to MPLX of $1.077 billion, up from $1.048 billion a year earlier, and adjusted EBITDA of $1.775 billion versus $1.690 billion. Net cash from operating activities was $1.702 billion, distributable cash flow (DCF) $1.450 billion, and adjusted free cash flow $668 million.
MPLX declared a Q2 2026 distribution of $1.0765 per common unit (coverage 1.3x) and reiterated expectations for 12.5% distribution increases in 2026 and 2027. The leverage ratio was 3.7x. According to MPLX, 2026 growth capital is increased by $500 million to $2.9 billion, focused over 90% on natural gas and NGL infrastructure, including projects such as Harmon Creek III, Titan Complex, Blackcomb, BANGL expansion and Gulf Coast fractionation and export facilities.
MPLX (NYSE: MPLX) declared a second-quarter 2026 quarterly cash distribution of $1.0765 per common unit, equivalent to $4.31 annualized. The distribution will be paid on Aug. 14, 2026 to unitholders of record as of Aug. 7, 2026.
MPLX issued a qualified tax notice stating brokers and nominees should treat 100% of distributions to non-U.S. investors as effectively connected income and in excess of cumulative net income, making them subject to U.S. federal withholding at the highest applicable effective tax rate.