MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results
Rhea-AI Summary
MPLX (NYSE: MPLX) reported full-year 2025 net income attributable to MPLX of $4.9 billion and adjusted EBITDA of $7.0 billion. Fourth-quarter net income was $1,193 million, distributable cash flow was $5.8 billion for the year, and adjusted free cash flow was $1.0 billion. MPLX returned $4.4 billion to unitholders in 2025 and announced a 2026 organic growth capital plan of $2.4 billion, with total 2026 capital spending of $2.7 billion, focused on natural gas and NGL value chains.
Positive
- Full-year net income rose to $4.9B in 2025, up from $4.3B in 2024
- Returned $4.4B to unitholders in 2025 via distributions and repurchases
- 2026 organic growth capital plan of $2.4B targeted at Permian and Marcellus natural gas and NGL investments
- Announced multiple near‑term projects (fractionators, pipelines, processing) that expand export and Gulf Coast capacity
Negative
- Adjusted free cash flow declined to $1.0B in 2025 from $3.9B in 2024
- Leverage ratio increased to 3.7x at year-end 2025 from 3.1x in 2024
- Fourth-quarter distributable cash flow and adjusted EBITDA showed modest quarter-over-quarter improvement but full-year cash conversion weakened
Key Figures
Market Reality Check
Peers on Argus
MPC gained 0.41% while key refiners PSX, VLO, DINO, and PBF also rose, and SUN declined. Moves suggest mixed but generally positive sector tone rather than a tightly correlated reaction to this MPLX-focused news.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 05 | Earnings call schedule | Neutral | +5.9% | Announced timing for Q4 and full-year 2025 earnings release and call. |
| Dec 18 | CFO appointment | Neutral | -3.7% | Named Maria A. Khoury as Executive Vice President and Chief Financial Officer. |
| Nov 04 | Board leadership change | Neutral | -6.1% | Elected Maryann T. Mannen as chairman and detailed leadership transition. |
Recent governance and scheduling headlines for MPC often saw notable price moves that did not clearly match the neutral tone of the announcements, indicating occasional divergence between news tone and market reaction.
Over the last few months, MPC news has focused on governance and communication rather than core financial results. An earnings date announcement on Jan 05, 2026 preceded a +5.93% move, while leadership changes on Dec 18, 2025 (new CFO) and Nov 04, 2025 (Mannen elected chairman) saw declines of -3.66% and -6.13%. Today’s MPLX 2025 results and growth plans connect to that governance backdrop, highlighting continued build‑out of the midstream platform jointly referenced in earlier filings.
Market Pulse Summary
This announcement details MPLX’s 2025 performance and a substantial slate of gas and NGL-focused projects. MPLX reported net income of $4.9 billion, adjusted EBITDA of $7.0 billion, and returned $4.4 billion to unitholders, while planning $2.4 billion of 2026 organic growth capital. For MPC, which consolidates MPLX, investors may watch execution on large projects, the stated 3.7x leverage ratio, and future capital return decisions.
Key Terms
adjusted ebitda financial
distributable cash flow financial
free cash flow financial
leverage ratio financial
ferc tariff regulatory
mmcf/d technical
lpg technical
AI-generated analysis. Not financial advice.
- Full-year 2025 net income attributable to MPLX of
$4.9 billion $7.0 billion - Full-year 2025 growth investments of
$5.5 billion $4.4 billion - Progressing natural gas and NGL value chains through construction of Gulf Coast fractionation and export facilities and integration of sour gas treating platform
- Announcing 2026 organic growth capital plan of
$2.4 billion
MPLX LP (NYSE: MPLX) today reported fourth-quarter 2025 net income attributable to MPLX of
During the quarter, MPLX generated
For the full year 2025, MPLX generated
"In 2025, we invested to grow our natural gas and NGL value chains and returned more than
Financial Highlights (unaudited)
Three Months Ended | Twelve Months Ended | ||||||||||
(In millions, except per unit and ratio data) | 2025 | 2024 | 2025 | 2024 | |||||||
Net income attributable to MPLX LP | $ | 1,193 | $ | 1,099 | $ | 4,912 | $ | 4,317 | |||
Adjusted EBITDA attributable to MPLX LP(a) | 1,804 | 1,762 | 7,017 | 6,764 | |||||||
Net cash provided by operating activities | 1,496 | 1,675 | 5,909 | 5,946 | |||||||
Distributable cash flow attributable to MPLX LP(a) | 1,417 | 1,477 | 5,791 | 5,697 | |||||||
Distribution per common unit(b) | $ | 1.0765 | $ | 0.9565 | $ | 4.0660 | $ | 3.6130 | |||
Distribution coverage(c) | 1.3x | 1.5x | 1.4x | 1.5x | |||||||
Consolidated total debt to LTM adjusted EBITDA(d) | 3.7x | 3.1x | 3.7x | 3.1x | |||||||
Cash paid for common unit repurchases | $ | 100 | $ | 100 | $ | 400 | $ | 326 | |||
(a) | Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow. |
(b) | Distributions declared by the board of directors of MPLX's general partner. |
(c) | DCF attributable to LP unitholders divided by total LP distributions. |
(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 fourth quarter of 2025 increased by
Operating Statistics (unaudited) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2025 | 2024 | % | 2025 | 2024 | % | ||||||||||
Total MPLX | |||||||||||||||
Pipeline throughput (mbpd) | 5,908 | 5,857 | 1 % | 5,965 | 5,782 | 3 % | |||||||||
Terminal throughput (mbpd) | 3,078 | 3,128 | (2) % | 3,132 | 3,131 | — % | |||||||||
Average tariff rates ($ per barrel) | $ | 1.06 | $ | 1.06 | — % | $ | 1.06 | $ | 1.02 | 4 % | |||||
Segment adjusted EBITDA (in millions) | $ | 1,175 | $ | 1,123 | 5 % | $ | 4,547 | $ | 4,375 | 4 % | |||||
Natural Gas and NGL Services
Natural Gas and NGL Services segment adjusted EBITDA for the fourth quarter of 2025 decreased by
Operating Statistics (unaudited) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2025 | 2024 | % | 2025 | 2024 | % | ||||||||||
Total MPLX | |||||||||||||||
Gathering throughput (MMcf/d) | 6,848 | 6,734 | 2 % | 6,709 | 6,579 | 2 % | |||||||||
Natural gas processed (MMcf/d) | 9,827 | 9,934 | (1) % | 9,856 | 9,663 | 2 % | |||||||||
C2 + NGLs fractionated (mbpd) | 666 | 683 | (2) % | 660 | 654 | 1 % | |||||||||
Segment adjusted EBITDA (in | $ | 629 | $ | 639 | (2) % | $ | 2,470 | $ | 2,389 | 3 % | |||||
Strategic Update
MPLX's capital spending outlook for 2026 is
Natural Gas and NGL Services investments account for
Crude Oil and Products Logistics investments account for
Newly Announced Investments
- Secretariat II: Consists of a 300 million cubic feet per day (MMcf/d) gas processing plant which will increase MPLX's processing capacity in the Permian basin to 1.7 billion cubic feet per day (Bcf/d); expected in service in the second half of 2028.
- Marcellus Gathering System Expansion: Consists of a compressor station, over 30 miles of pipelines, supporting well connections, and de-bottlenecking activities at MPLX's Majorsville gas processing complex. Expected in service in the first half of 2028.
Ongoing Investments
- Secretariat I: A 200 MMcf/d gas processing plant, began commissioning in January 2026. The plant increases MPLX's gas processing capacity in the Permian to 1.4 Bcf/d, with volumes expected to ramp through 2026.
- Harmon Creek III: Consists of a 300 MMcf/d gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the third quarter of 2026.
- Titan Complex (Northwind): The second sour gas treating plant is anticipated to be fully online in the fourth quarter of 2026, which will increase sour gas treating capacity in the Permian to over 400 MMcf/d from its acquired level of 150 MMcf/d.
- BANGL Pipeline: Expansion from 250 mbpd to 300 mbpd; supporting MPLX's Gulf Coast fractionators. Expected in service in the fourth quarter of 2026.
- Bay Runner and Rio Bravo Pipelines: Designed to transport up to 5.3 Bcf/d of natural gas from the
Agua Dulce hub inTexas to export markets via the Gulf Coast. Bay Runner Pipeline is expected to be in service in the third quarter of 2026, and the Rio Bravo Pipeline is expected to be in service in 2029. - Blackcomb Pipeline: A 2.5 Bcf/d pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. The pipeline provides shippers with flexible market access and is expected in service in the fourth quarter of 2026.
- Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between
Agua Dulce and theKaty area. The pipeline creates optionality for shippers to access multiple premium markets and is expected in service in the second half of 2027. - Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery. These fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.
- Gulf Coast LPG Export Terminal: Constructing a 400 mbpd LPG export terminal in an advantaged location for global market access, and an associated pipeline, which is anticipated in service in 2028; a strategic partnership with ONEOK.
- Eiger Express Pipeline: A 3.7 Bcf/d pipeline designed to transport natural gas from the Permian basin to
Katy, Texas , with connectivity toAgua Dulce via the Traverse pipeline. Expected in service in mid-2028.
Financial Position and Liquidity
As of December 31, 2025, MPLX had
The partnership repurchased
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
Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, 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
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.
Forward-Looking Statements
This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs") or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the
Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.
Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.
Condensed Consolidated Results of Operations (unaudited) | Three Months Ended | Twelve Months Ended | |||||||||
(In millions, except per unit data) | 2025 | 2024 | 2025 | 2024 | |||||||
Revenues and other income: | |||||||||||
Operating revenue | $ | 1,399 | $ | 1,376 | $ | 5,601 | $ | 5,171 | |||
Operating revenue - related parties | 1,495 | 1,464 | 5,873 | 5,733 | |||||||
Income from equity method investments | 155 | 171 | 697 | 802 | |||||||
Gain on equity method investments | — | — | 484 | 20 | |||||||
Other income | 203 | 52 | 343 | 207 | |||||||
Total revenues and other income | 3,252 | 3,063 | 12,998 | 11,933 | |||||||
Costs and expenses: | |||||||||||
Operating expenses (including purchased product costs) | 858 | 835 | 3,456 | 3,203 | |||||||
Operating expenses - related parties | 419 | 425 | 1,665 | 1,601 | |||||||
Depreciation and amortization | 355 | 324 | 1,351 | 1,283 | |||||||
General and administrative expenses | 101 | 104 | 446 | 427 | |||||||
Other taxes | 36 | 32 | 137 | 131 | |||||||
Total costs and expenses | 1,769 | 1,720 | 7,055 | 6,645 | |||||||
Income from operations | 1,483 | 1,343 | 5,943 | 5,288 | |||||||
Net interest and other financial costs | 277 | 229 | 983 | 921 | |||||||
Income before income taxes | 1,206 | 1,114 | 4,960 | 4,367 | |||||||
Provision for income taxes | 3 | 5 | 8 | 10 | |||||||
Net income | 1,203 | 1,109 | 4,952 | 4,357 | |||||||
Less: Net income attributable to noncontrolling interests | 10 | 10 | 40 | 40 | |||||||
Net income attributable to MPLX LP | 1,193 | 1,099 | 4,912 | 4,317 | |||||||
Less: Series A preferred unitholders interest in net income | — | 6 | — | 27 | |||||||
Limited partners' interest in net income attributable to | $ | 1,193 | $ | 1,093 | $ | 4,912 | $ | 4,290 | |||
Per Unit Data | |||||||||||
Net income attributable to MPLX LP per limited partner unit: | |||||||||||
Common – basic | $ | 1.17 | $ | 1.07 | $ | 4.82 | $ | 4.21 | |||
Common – diluted | $ | 1.17 | $ | 1.07 | $ | 4.82 | $ | 4.21 | |||
Weighted average limited partner units outstanding: | |||||||||||
Common units – basic | 1,017 | 1,018 | 1,019 | 1,016 | |||||||
Common units – diluted | 1,017 | 1,019 | 1,019 | 1,017 | |||||||
Select Financial Statistics (unaudited) | Three Months Ended | Twelve Months Ended | |||||||||
(In millions, except ratio data) | 2025 | 2024 | 2025 | 2024 | |||||||
Common unit distributions declared by MPLX LP | |||||||||||
Common units (LP) – public | $ | 396 | $ | 353 | $ | 1,506 | $ | 1,339 | |||
Common units – MPC | 696 | 619 | 2,632 | 2,339 | |||||||
Total LP distribution declared | 1,092 | 972 | 4,138 | 3,678 | |||||||
Preferred unit distributions(a) | |||||||||||
Series A preferred unit distributions | — | 6 | — | 27 | |||||||
Total preferred unit distributions | — | 6 | — | 27 | |||||||
Other Financial Data | |||||||||||
Adjusted EBITDA attributable to MPLX LP(b) | 1,804 | 1,762 | 7,017 | 6,764 | |||||||
DCF attributable to LP unitholders(b) | $ | 1,417 | $ | 1,471 | $ | 5,791 | $ | 5,670 | |||
Distribution coverage(c) | 1.3x | 1.5x | 1.4x | 1.5x | |||||||
Cash Flow Data | |||||||||||
Net cash flow provided by (used in): | |||||||||||
Operating activities | $ | 1,496 | $ | 1,675 | $ | 5,909 | $ | 5,946 | |||
Investing activities | 78 | (349) | (4,856) | (1,995) | |||||||
Financing activities | $ | (1,202) | $ | (2,233) | $ | (435) | $ | (3,480) | |||
(a) | Series A preferred unitholders receive the greater of |
(b) | Non-GAAP measure. See reconciliation below. |
(c) | DCF attributable to LP unitholders divided by total LP distributions. |
Financial Data (unaudited) | |||||
(In millions, except ratio data) | December 31, | December 31, | |||
Cash and cash equivalents | $ | 2,137 | $ | 1,519 | |
Total assets | 43,005 | 37,511 | |||
Total debt(a) | 25,653 | 20,948 | |||
Redeemable preferred units | — | 203 | |||
Total equity | $ | 14,528 | $ | 13,807 | |
Consolidated debt to LTM adjusted EBITDA(b) | 3.7x | 3.1x | |||
Partnership units outstanding: | |||||
MPC-held common units | 647 | 647 | |||
Public common units | 368 | 370 | |||
(a) | There were no borrowings on the loan agreement with MPC as of December 31, 2025 or December 31, 2024. 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 |
Operating Statistics (unaudited) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2025 | 2024 | % | 2025 | 2024 | % | ||||||||||
Crude Oil and Products Logistics | |||||||||||||||
Pipeline throughput (mbpd) | |||||||||||||||
Crude oil pipelines | 3,811 | 3,831 | (1) % | 3,899 | 3,785 | 3 % | |||||||||
Product pipelines | 2,097 | 2,026 | 4 % | 2,066 | 1,997 | 3 % | |||||||||
Total pipelines | 5,908 | 5,857 | 1 % | 5,965 | 5,782 | 3 % | |||||||||
Average tariff rates ($ per barrel) | |||||||||||||||
Crude oil pipelines | $ | 1.05 | $ | 1.08 | (3) % | $ | 1.06 | $ | 1.03 | 3 % | |||||
Product pipelines | 1.08 | 1.03 | 5 % | 1.08 | 1.00 | 8 % | |||||||||
Total pipelines | $ | 1.06 | $ | 1.06 | — % | $ | 1.06 | $ | 1.02 | 4 % | |||||
Terminal throughput (mbpd) | 3,078 | 3,128 | (2) % | 3,132 | 3,131 | — % | |||||||||
Barges in operation | 322 | 319 | 1 % | 322 | 319 | 1 % | |||||||||
Towboats in operation | 30 | 29 | 3 % | 30 | 29 | 3 % | |||||||||
Natural Gas and NGL Services | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
2025 | 2024 | % | 2025 | 2024 | % | ||||||||||
Gathering throughput (MMcf/d) | |||||||||||||||
Marcellus Operations | 1,602 | 1,538 | 4 % | 1,526 | 1,521 | — % | |||||||||
Utica Operations | — | 338 | (100) % | 66 | 264 | (75) % | |||||||||
Southwest Operations | 1,900 | 1,788 | 6 % | 1,826 | 1,698 | 8 % | |||||||||
Bakken Operations | 146 | 185 | (21) % | 160 | 183 | (13) % | |||||||||
Rockies Operations | 244 | 552 | (56) % | 465 | 560 | (17) % | |||||||||
Total gathering throughput | 3,892 | 4,401 | (12) % | 4,043 | 4,226 | (4) % | |||||||||
Natural gas processed (MMcf/d) | |||||||||||||||
Marcellus Operations | 4,617 | 4,383 | 5 % | 4,431 | 4,366 | 1 % | |||||||||
Utica Operations(b) | — | — | — % | — | — | — % | |||||||||
Southwest Operations | 1,933 | 2,020 | (4) % | 1,904 | 1,844 | 3 % | |||||||||
Southern Appalachia Operations | 202 | 206 | (2) % | 191 | 215 | (11) % | |||||||||
Bakken Operations | 145 | 183 | (21) % | 159 | 182 | (13) % | |||||||||
Rockies Operations | 277 | 596 | (54) % | 518 | 616 | (16) % | |||||||||
Total natural gas processed | 7,174 | 7,388 | (3) % | 7,203 | 7,223 | — % | |||||||||
C2 + NGLs fractionated (mbpd) | |||||||||||||||
Marcellus Operations | 573 | 588 | (3) % | 566 | 565 | — % | |||||||||
Utica Operations(b) | — | — | — % | — | — | — % | |||||||||
Other | 26 | 36 | (28) % | 29 | 37 | (22) % | |||||||||
Total C2 + NGLs fractionated | 599 | 624 | (4) % | 595 | 602 | (1) % | |||||||||
(a) | Includes operating data for entities that have been consolidated into the MPLX financial statements. |
(b) | The |
Excluding Divestiture Assets(a), | Three Months Ended | Twelve Months Ended | |||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||
Total gathering throughput (MMcf/d) | 3,648 | 3,511 | 4 % | 3,512 | 3,402 | 3 % | |||||||||
Total natural gas processed (MMcf/d) | 6,897 | 6,792 | 2 % | 6,685 | 6,607 | 1 % | |||||||||
Total C2 + NGLs fractionated (mbpd) | 597 | 619 | (4) % | 591 | 597 | (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 | Three Months Ended | Twelve Months Ended | |||||||||||||
2025 | 2024 | % | 2025 | 2024 | % | ||||||||||
Gathering throughput (MMcf/d) | |||||||||||||||
Marcellus Operations | 1,602 | 1,538 | 4 % | 1,526 | 1,521 | — % | |||||||||
Utica Operations | 2,924 | 2,608 | 12 % | 2,672 | 2,544 | 5 % | |||||||||
Southwest Operations | 1,900 | 1,788 | 6 % | 1,826 | 1,698 | 8 % | |||||||||
Bakken Operations | 146 | 185 | (21) % | 160 | 183 | (13) % | |||||||||
Rockies Operations | 276 | 615 | (55) % | 525 | 633 | (17) % | |||||||||
Total gathering throughput | 6,848 | 6,734 | 2 % | 6,709 | 6,579 | 2 % | |||||||||
Natural gas processed (MMcf/d) | |||||||||||||||
Marcellus Operations | 6,312 | 6,006 | 5 % | 6,123 | 5,974 | 2 % | |||||||||
Utica Operations | 958 | 923 | 4 % | 961 | 832 | 16 % | |||||||||
Southwest Operations | 1,933 | 2,020 | (4) % | 1,904 | 1,844 | 3 % | |||||||||
Southern Appalachia Operations | 202 | 206 | (2) % | 191 | 215 | (11) % | |||||||||
Bakken Operations | 145 | 183 | (21) % | 159 | 182 | (13) % | |||||||||
Rockies Operations | 277 | 596 | (54) % | 518 | 616 | (16) % | |||||||||
Total natural gas processed | 9,827 | 9,934 | (1) % | 9,856 | 9,663 | 2 % | |||||||||
C2 + NGLs fractionated (mbpd) | |||||||||||||||
Marcellus Operations | 573 | 588 | (3) % | 566 | 565 | — % | |||||||||
Utica Operations | 67 | 59 | 14 % | 65 | 52 | 25 % | |||||||||
Other | 26 | 36 | (28) % | 29 | 37 | (22) % | |||||||||
Total C2 + NGLs fractionated | 666 | 683 | (2) % | 660 | 654 | 1 % | |||||||||
(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 Divestiture Assets(a), | Three Months Ended | Twelve Months Ended | |||||||||||||
2025 | 2024 | % | 2025 | 2024 | % | ||||||||||
Total gathering throughput (MMcf/d) | 6,572 | 6,119 | 7 % | 6,184 | 5,946 | 4 % | |||||||||
Total natural gas processed (MMcf/d) | 9,550 | 9,338 | 2 % | 9,338 | 9,047 | 3 % | |||||||||
Total C2 + NGLs fractionated (mbpd) | 664 | 678 | (2) % | 656 | 649 | 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 as well as operating data for partnership-operated equity method investments. |
Reconciliation of Segment Adjusted EBITDA to Net Income | Three Months Ended | Twelve Months Ended | |||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | |||||||
Crude Oil and Products Logistics segment adjusted EBITDA | $ | 1,175 | $ | 1,123 | $ | 4,547 | $ | 4,375 | |||
Natural Gas and NGL Services segment adjusted EBITDA | 629 | 639 | 2,470 | 2,389 | |||||||
Adjusted EBITDA attributable to MPLX LP | 1,804 | 1,762 | 7,017 | 6,764 | |||||||
Depreciation and amortization | (355) | (324) | (1,351) | (1,283) | |||||||
Net interest and other financial costs | (277) | (229) | (983) | (921) | |||||||
Income from equity method investments | 155 | 171 | 697 | 802 | |||||||
Distributions/adjustments related to equity method | (255) | (257) | (962) | (928) | |||||||
Gain on equity method investments | — | — | 484 | — | |||||||
Gain on sale of assets | 159 | — | 159 | — | |||||||
Transaction-related costs(a) | (12) | — | (33) | — | |||||||
Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | 44 | 44 | |||||||
Other(b) | (27) | (25) | (120) | (121) | |||||||
Net income | $ | 1,203 | $ | 1,109 | $ | 4,952 | $ | 4,357 | |||
(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) | Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items. |
Reconciliation of Segment Adjusted EBITDA to Income | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | |||||||
Crude Oil and Products Logistics | |||||||||||
Segment adjusted EBITDA | $ | 1,175 | $ | 1,123 | 4,547 | 4,375 | |||||
Depreciation and amortization | (139) | (133) | (546) | (526) | |||||||
Income from equity method investments | 57 | 56 | 243 | 269 | |||||||
Distributions/adjustments related to equity method | (85) | (97) | (318) | (347) | |||||||
Other | (19) | (15) | (70) | (55) | |||||||
Natural Gas and NGL Services | |||||||||||
Segment adjusted EBITDA | 629 | 639 | 2,470 | 2,389 | |||||||
Depreciation and amortization | (216) | (191) | (805) | (757) | |||||||
Income from equity method investments | 98 | 115 | 454 | 533 | |||||||
Distributions/adjustments related to equity method investments | (170) | (160) | (644) | (581) | |||||||
Gain on equity method investments | — | — | 484 | — | |||||||
Gain on sale of assets | 159 | — | 159 | — | |||||||
Transaction-related costs(a) | (12) | — | (33) | — | |||||||
Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | 44 | 44 | |||||||
Other | (5) | (5) | (42) | (56) | |||||||
Income from operations | $ | 1,483 | $ | 1,343 | $ | 5,943 | $ | 5,288 | |||
(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. |
Reconciliation of Adjusted EBITDA Attributable to MPLX | Three Months Ended | Twelve Months Ended | |||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | |||||||
Net income | $ | 1,203 | $ | 1,109 | $ | 4,952 | $ | 4,357 | |||
Provision for income taxes | 3 | 5 | 8 | 10 | |||||||
Net interest and other financial costs | 277 | 229 | 983 | 921 | |||||||
Income from operations | 1,483 | 1,343 | 5,943 | 5,288 | |||||||
Depreciation and amortization | 355 | 324 | 1,351 | 1,283 | |||||||
Income from equity method investments | (155) | (171) | (697) | (802) | |||||||
Distributions/adjustments related to equity method | 255 | 257 | 962 | 928 | |||||||
Gain on equity method investments | — | — | (484) | — | |||||||
Gain on sale of assets | (159) | — | (159) | — | |||||||
Transaction-related costs(a) | 12 | — | 33 | — | |||||||
Other | 24 | 20 | 112 | 111 | |||||||
Adjusted EBITDA | 1,815 | 1,773 | 7,061 | 6,808 | |||||||
Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | (44) | (44) | |||||||
Adjusted EBITDA attributable to MPLX LP | 1,804 | 1,762 | 7,017 | 6,764 | |||||||
Deferred revenue impacts | (23) | 25 | (57) | 31 | |||||||
Sales-type lease payments, net of income | 14 | 12 | 62 | 32 | |||||||
Adjusted net interest and other financial costs(b) | (270) | (216) | (950) | (867) | |||||||
Maintenance capital expenditures, net of reimbursements | (106) | (86) | (256) | (206) | |||||||
Equity method investment maintenance capital expenditures | (8) | (7) | (20) | (18) | |||||||
Other | 6 | (13) | (5) | (39) | |||||||
DCF attributable to MPLX LP | 1,417 | 1,477 | 5,791 | 5,697 | |||||||
Preferred unit distributions(c) | — | (6) | — | (27) | |||||||
DCF attributable to LP unitholders | $ | 1,417 | $ | 1,471 | $ | 5,791 | $ | 5,670 | |||
(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) | Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs. |
(c) | Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units. |
Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA | Last Twelve Months | ||||
December 31, | |||||
(In millions) | 2025 | 2024 | |||
LTM Net income | $ | 4,952 | $ | 4,357 | |
Provision for income taxes | 8 | 10 | |||
Net interest and other financial costs | 983 | 921 | |||
LTM income from operations | 5,943 | 5,288 | |||
Depreciation and amortization | 1,351 | 1,283 | |||
Income from equity method investments | (697) | (802) | |||
Distributions/adjustments related to equity method investments | 962 | 928 | |||
Gain on equity method investments | (484) | — | |||
Gain on sale of assets | (159) | — | |||
Transaction-related costs(a) | 33 | — | |||
Other | 112 | 111 | |||
LTM Adjusted EBITDA | 7,061 | 6,808 | |||
Adjusted EBITDA attributable to noncontrolling interests | (44) | (44) | |||
LTM Adjusted EBITDA attributable to MPLX LP | 7,017 | 6,764 | |||
Consolidated total debt(b) | $ | 26,006 | $ | 21,206 | |
Consolidated total debt to LTM adjusted EBITDA(c) | 3.7x | 3.1x | |||
(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 | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | |||||||
Net cash provided by operating activities | $ | 1,496 | $ | 1,675 | $ | 5,909 | $ | 5,946 | |||
Changes in working capital items | (22) | (186) | (65) | (241) | |||||||
All other, net | 5 | 8 | 1 | (5) | |||||||
Loss on extinguishment of debt | — | — | 3 | — | |||||||
Adjusted net interest and other financial costs(a) | 270 | 216 | 950 | 867 | |||||||
Other adjustments related to equity method investments | 22 | 27 | 98 | 102 | |||||||
Transaction-related costs(b) | 12 | — | 33 | — | |||||||
Other | 32 | 33 | 132 | 139 | |||||||
Adjusted EBITDA | 1,815 | 1,773 | 7,061 | 6,808 | |||||||
Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | (44) | (44) | |||||||
Adjusted EBITDA attributable to MPLX LP | 1,804 | 1,762 | 7,017 | 6,764 | |||||||
Deferred revenue impacts | (23) | 25 | (57) | 31 | |||||||
Sales-type lease payments, net of income | 14 | 12 | 62 | 32 | |||||||
Adjusted net interest and other financial costs(a) | (270) | (216) | (950) | (867) | |||||||
Maintenance capital expenditures, net of reimbursements | (106) | (86) | (256) | (206) | |||||||
Equity method investment maintenance capital expenditures | (8) | (7) | (20) | (18) | |||||||
Other | 6 | (13) | (5) | (39) | |||||||
DCF attributable to MPLX LP | 1,417 | 1,477 | 5,791 | 5,697 | |||||||
Preferred unit distributions(c) | — | (6) | — | (27) | |||||||
DCF attributable to LP unitholders | $ | 1,417 | $ | 1,471 | $ | 5,791 | $ | 5,670 | |||
(a) | Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs. |
(b) | 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. |
(c) | Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units. |
Reconciliation of Net Cash Provided by Operating | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | |||||||
Net cash provided by operating activities(a) | $ | 1,496 | $ | 1,675 | $ | 5,909 | $ | 5,946 | |||
Adjustments to reconcile net cash provided by operating | |||||||||||
Net cash used in investing activities(b) | 78 | (349) | (4,856) | (1,995) | |||||||
Contributions from MPC | 4 | 9 | 24 | 35 | |||||||
Distributions to noncontrolling interests | (11) | (11) | (44) | (44) | |||||||
Adjusted free cash flow | 1,567 | 1,324 | 1,033 | 3,942 | |||||||
Distributions paid to common and preferred unitholders | (1,095) | (980) | (4,024) | (3,603) | |||||||
Adjusted free cash flow after distributions | $ | 472 | $ | 344 | $ | (2,991) | $ | 339 | |||
(a) | The three months ended December 31, 2025 and December 31, 2024 include working capital draws of |
(b) | The twelve months ended December 31, 2025 includes |
Capital Expenditures (unaudited) | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | |||||||
Capital Expenditures: | |||||||||||
Growth capital expenditures | $ | 649 | $ | 227 | $ | 1,668 | $ | 796 | |||
Growth capital reimbursements | (36) | (51) | (136) | (115) | |||||||
Investments in unconsolidated affiliates(a) | 232 | 50 | 794 | 236 | |||||||
Return of capital(b) | (150) | (8) | (251) | (12) | |||||||
Capitalized interest | (16) | (4) | (38) | (16) | |||||||
Total growth capital expenditures(c) | 679 | 214 | 2,037 | 889 | |||||||
Maintenance capital expenditures | 104 | 103 | 288 | 254 | |||||||
Maintenance capital reimbursements | 2 | (17) | (32) | (48) | |||||||
Capitalized interest | (1) | (1) | (4) | (3) | |||||||
Total maintenance capital expenditures | 105 | 85 | 252 | 203 | |||||||
Total growth and maintenance capital expenditures | 784 | 299 | 2,289 | 1,092 | |||||||
Investments in unconsolidated affiliates(a) | (232) | (50) | (794) | (236) | |||||||
Return of capital(b) | 150 | 8 | 251 | 12 | |||||||
Growth and maintenance capital reimbursements(d) | 34 | 68 | 168 | 163 | |||||||
(Increase)/Decrease in capital accruals | (39) | (22) | (170) | 6 | |||||||
Capitalized interest | 17 | 5 | 42 | 19 | |||||||
Other | — | — | 22 | — | |||||||
Additions to property, plant and equipment | $ | 714 | $ | 308 | $ | 1,808 | $ | 1,056 | |||
(a) | Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the twelve months ended December 31, 2025, and December 31, 2024 exclude payments associated with purchases of equity interests in unconsolidated affiliates totaling |
(b) | Return of capital for the twelve months ended December 31, 2025 excludes special distributions of |
(c) | Total growth capital expenditures for the twelve months ended December 31, 2025 and December 31, 2024 exclude |
(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. |
View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-fourth-quarter-and-full-year-2025-results-302677445.html
SOURCE MPLX LP
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