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MPLX LP (NYSE: MPLX) lifts 2026 growth capex to $2.9B after Q2 results

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

MPLX LP reported second-quarter 2026 net income attributable to MPLX of $1,077 million and adjusted EBITDA of $1,775 million, compared with $1,048 million and $1,690 million in the prior-year quarter. The partnership generated $1,702 million of operating cash flow, $1,450 million of distributable cash flow and adjusted free cash flow of $668 million, supporting a $1.0765 per-unit distribution with 1.3x coverage and the return of $1.1 billion of capital. MPLX expects distribution increases of 12.5% in 2026 and 2027.

Crude Oil and Products Logistics segment adjusted EBITDA was $1,161 million and Natural Gas and NGL Services was $614 million, both up versus a year earlier. MPLX raised its 2026 growth capital spending outlook by $500 million to $2.9 billion, directing over 90% toward natural gas and NGL infrastructure, including projects such as the Harmon Creek III plant starting operations in August 2026 and multiple Permian pipeline and treating expansions. As of June 30, 2026, MPLX held $1,031 million in cash, had $2.5 billion available under its bank revolver and $1.5 billion under an intercompany loan, with a leverage ratio of 3.7x and $1.0 billion remaining under unit repurchase authorizations.

Positive

  • None.

Negative

  • None.

Filing Explained

After investing adjustments and distributions, MPLX reported negative adjusted free cash flow after distributions for the second quarter ended June 30, 2026.

Form 8-K reports MPLX’s unaudited results for the quarter ended June 30, 2026 through a furnished press-release exhibit; its adjusted free cash flow after distributions was negative, making the disclosed post-investment cash-allocation position less than the distributions paid during the period.

In the filing’s non-GAAP presentation, adjusted free cash flow is net cash from operating activities adjusted for investing cash flows and other specified items, while adjusted free cash flow after distributions subtracts distributions to common and preferred unitholders.

For the second quarter, the filing reports adjusted free cash flow of $668 million and negative adjusted free cash flow after distributions; for the six months ended June 30, 2026, the corresponding figures were $1,217 million and negative adjusted free cash flow after distributions.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income attributable to MPLX $1,077 million Quarter ended June 30, 2026; compared with $1,048 million in Q2 2025
Adjusted EBITDA attributable to MPLX $1,775 million Quarter ended June 30, 2026; compared with $1,690 million in Q2 2025
Net cash provided by operating activities $1,702 million Quarter ended June 30, 2026; compared with $1,736 million in Q2 2025
Distributable cash flow attributable to MPLX $1,450 million Quarter ended June 30, 2026; compared with $1,420 million in Q2 2025
Distribution per common unit $1.0765 per unit Q2 2026 distribution; compared with $0.9565 in Q2 2025
Leverage ratio 3.7x Consolidated total debt to LTM adjusted EBITDA as of June 30, 2026
2026 growth capital spending outlook $2.9 billion 2026 growth capital outlook after a $500 million increase
Cash and cash equivalents $1,031 million Balance as of June 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA attributable to MPLX was $1,775 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
distributable cash flow financial
"distributable cash flow of $1.5 billion, enabling the return"
Distributable cash flow is the amount of money a business generates from its operations that management considers available to pay dividends, buy back shares, or make other distributions to owners after setting aside what’s needed to keep the business running and meet routine obligations. Investors care because it shows how much real cash can be returned to them—like a household’s leftover paycheck after paying rent and groceries—and helps judge whether payouts are sustainable and backed by operations rather than accounting entries.
leverage ratio financial
"The leverage ratio was 3.7x at the end of the quarter"
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
Adjusted free cash flow financial
"adjusted free cash flow of $668 million"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
non-GAAP measures financial
"management utilizes additional non-GAAP measures to analyze"
Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.
Net income attributable to MPLX $1,077 million Compared with $1,048 million in Q2 2025
Adjusted EBITDA attributable to MPLX $1,775 million Compared with $1,690 million in Q2 2025
Net cash provided by operating activities $1,702 million Compared with $1,736 million in Q2 2025
Distributable cash flow attributable to MPLX $1,450 million Compared with $1,420 million in Q2 2025
Adjusted free cash flow $668 million Compared with $1,130 million in Q2 2025
Distribution per common unit $1.0765 Compared with $0.9565 in Q2 2025
Leverage ratio 3.7x Compared with 3.1x at June 30, 2025
Guidance

MPLX expects distribution increases of 12.5% in 2026 and 2027 and states it remains positioned to deliver mid-single digit adjusted EBITDA growth.

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FAQ

How did MPLX (MPLX) perform financially in the second quarter of 2026?
MPLX reported net income attributable to MPLX of $1,077 million and adjusted EBITDA of $1,775 million for Q2 2026, compared with $1,048 million and $1,690 million in Q2 2025, reflecting higher segment earnings across its midstream operations.

What were MPLX (MPLX)'s key cash flow metrics in Q2 2026?
In Q2 2026 MPLX generated $1,702 million of net cash from operating activities, $1,450 million of distributable cash flow and $668 million of adjusted free cash flow, which supported a 1.3x distribution coverage ratio and enabled the return of $1.1 billion of capital.

What distributions did MPLX (MPLX) declare and what is its outlook for payouts?
For Q2 2026 MPLX declared a distribution of $1.0765 per common unit, up from $0.9565 a year earlier, with 1.3x coverage. The partnership states it expects distribution increases of 12.5% in 2026 and 2027, subject to board approval and business conditions.

What is MPLX (MPLX)'s leverage and liquidity position as of June 30, 2026?
As of June 30, 2026 MPLX had $1,031 million in cash, $2.5 billion available under its bank revolving credit facility and $1.5 billion under an intercompany loan, with a reported leverage ratio of 3.7x based on consolidated total debt to last-twelve-month adjusted EBITDA.

How did MPLX (MPLX)'s segments perform in Q2 2026?
Crude Oil and Products Logistics delivered adjusted EBITDA of $1,161 million in Q2 2026, while Natural Gas and NGL Services generated $614 million. Crude and product pipeline throughput was 5,876 mbpd and gathering throughput in operated gas systems reached 6,859 MMcf/d during the quarter.

What growth projects and capital spending plans did MPLX (MPLX) highlight?
MPLX increased its 2026 growth capital outlook to $2.9 billion, allocating over 90% to natural gas and NGL infrastructure. Key projects include the 300 MMcf/d Harmon Creek III plant, Permian sour gas treating expansions, new large-diameter gas pipelines and Gulf Coast fractionation and LPG export facilities.
0001552000false00015520002026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 4, 2026
 _____________________________________________
MPLX LP
(Exact name of registrant as specified in its charter)
_____________________________________________
Delaware001-3571427-0005456
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)

200 E. Hardin Street, Findlay, Ohio 45840
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol(s)		Name of each exchange on which registered
Common Units Representing Limited Partnership InterestsMPLXNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐



Item 2.02Results of Operations and Financial Condition
On August 4, 2026, MPLX LP issued a press release announcing its financial results for the quarter ended June 30, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.

Item 9.01Financial Statements and Exhibits
(d) Exhibits.

 
Exhibit Number
Description
99.1
Press Release issued by MPLX LP on August 4, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MPLX LP
By:MPLX GP LLC, its General Partner
Date: August 4, 2026By:/s/ C. Kristopher Hagedorn
Name: C. Kristopher Hagedorn
Title: Executive Vice President and Chief Financial Officer


Exhibit 99.1
mplxearningslogoa06a.jpg
MPLX LP Reports Second-Quarter 2026 Financial Results
•Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity
•Second-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.7 billion
•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
•MPLX expects distribution increases of 12.5% in 2026 and 2027
FINDLAY, Ohio, Aug. 4, 2026 - MPLX LP (NYSE: MPLX) today reported second-quarter 2026 net income attributable to MPLX of $1,077 million, compared with $1,048 million for the second quarter of 2025.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,775 million, compared with $1,690 million for the second quarter of 2025. Crude Oil and Products Logistics segment adjusted EBITDA for the second quarter of 2026 was $1,161 million, compared with $1,138 million for the second quarter of 2025. Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2026 was $614 million, compared with $552 million for the second quarter of 2025.
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. MPLX announced a second-quarter 2026 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.
"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," said 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."
Financial Highlights (unaudited)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except per unit and ratio data)2026202520262025
Net income attributable to MPLX LP$1,077 $1,048 $1,989 $2,174 
Adjusted EBITDA attributable to MPLX LP(a)
1,775 1,690 3,504 3,447 
Net cash provided by operating activities1,702 1,736 3,049 2,982 
Distributable cash flow attributable to MPLX LP(a)
1,450 1,420 2,858 2,906 
Distribution per common unit(b)
$1.0765 $0.9565 $2.1530 $1.9130 
Distribution coverage(c)
1.3x1.5x1.3x1.5x
Consolidated total debt to LTM adjusted EBITDA(a)(d)
3.7x3.1x3.7x3.1x
Cash paid for common unit repurchases$50 $100 $100 $200 
(a)    Non-GAAP measures. See reconciliation in the tables that follow.
(b)    Distributions declared by the board of directors of MPLX's general partner.
(c)    Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.
(d)    Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.


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Segment Results

Crude Oil and Products Logistics

Crude Oil and Products Logistics segment adjusted EBITDA for the second quarter of 2026 increased by $23 million compared to the same period in 2025. The increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by lower crude pipeline throughputs and higher operating expenses.

Operating Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Total MPLX
Pipeline throughput (mbpd)5,876 6,103 (4)%5,789 6,017 (4)%
Average pipeline tariff rates ($ per barrel)
$1.07 $1.06 1 %1.06 1.06 — %
Terminal throughput (mbpd)
3,259 3,183 2 %3,118 3,139 (1)%
Segment adjusted EBITDA (in millions)$1,161 $1,138 2 %$2,272 $2,235 2 %

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2026 increased by $62 million compared to the same period in 2025. The increase was 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.

Operating Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Total MPLX
Gathering throughput (MMcf/d)6,859 6,562 5 %6,674 6,539 2 %
Natural gas processed (MMcf/d)9,590 9,740 (2)%9,498 9,760 (3)%
C2 + NGLs fractionated (mbpd)680 634 7 %657 647 2 %
Segment adjusted EBITDA (in millions)$614 $552 11 %$1,232 $1,212 2 %

Strategic Update

MPLX is increasing its 2026 growth capital spending outlook by $500 million, to $2.9 billion, primarily reflecting the accelerated execution of the Gulf Coast fractionation project to meet global demand for U.S. energy. MPLX plans to invest over 90% of organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect the partnership's confidence in the long-term fundamentals of the energy market, offer some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.

Investment
Details
MPLX Ownership
Expected In-Service
Secretariat I200 million cubic feet per day
(MMcf/d) gas processing plant
in the Delaware Basin
100%Placed in service in April 2026

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Harmon Creek III300 MMcf/d gas processing plant
and 40 thousand barrel per day (mbpd) de-ethanizer in the Marcellus
100%Beginning operations in August 2026
Bay Runner and Bay Runner Twin PipelinesUp to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas30%Bay Runner: 3Q26
Bay Runner Twin: 2029
Titan ComplexIncreasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin100%4Q26
BANGL PipelineExpanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast100%4Q26
Blackcomb Pipeline2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas34% 4Q26;
Began commissioning July 2026
Traverse Pipeline2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas34%2H27
Gulf Coast FractionatorsTwo 150 mbpd fractionation facilities near MPC’s Galveston Bay refinery100%Frac I: 2028
Frac II: 2029
Gulf Coast LPG Export Terminal JV400 mbpd LPG export terminal located in the Port of Texas City, Texas50%2028
Marcellus Gathering System ExpansionSupports producer activity near MPLX’s Majorsville gas processing complex100%1H28
Eiger Express Pipeline3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas22%Mid-2028
Secretariat II300 MMcf/d gas processing plant in the Delaware Basin100%2H28

Financial Position and Liquidity

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.


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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.

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 U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contact: (419) 421-2071
Brian Worthington, Vice President, 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 U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.

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.

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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,” “confidence," “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 Middle East and in Ukraine, tariffs, inflation, rising interest rates or government shutdowns; the adequacy of capital

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resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; other risk factors inherent to MPLX’s industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC.

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.

6

Condensed Consolidated Results of Operations (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except per unit data)2026202520262025
Revenues and other income:
Operating revenue$1,453 $1,338 $2,757 $2,758 
Operating revenue - related parties1,629 1,450 3,131 2,917 
Income from equity method investments180 170 362 356 
Other income50 45 100 96 
Total revenues and other income3,312 3,003 6,350 6,127 
Costs and expenses:
Operating expenses (including purchased product costs)1,012 821 1,930 1,688 
Operating expenses - related parties415 426 813 846 
Depreciation and amortization365 324 723 650 
General and administrative expenses108 107 222 219 
Other taxes34 32 70 65 
Total costs and expenses1,934 1,710 3,758 3,468 
Income from operations1,378 1,293 2,592 2,659 
Net interest and other financial costs289 234 580 463 
Income before income taxes1,089 1,059 2,012 2,196 
Provision for income taxes2 1 3 2 
Net income1,087 1,058 2,009 2,194 
Less: Net income attributable to noncontrolling interests10 10 20 20 
Net income attributable to MPLX LP$1,077 $1,048 $1,989 $2,174 
Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common – basic$1.06 $1.03 $1.96 $2.13 
Common – diluted$1.06 $1.03 $1.96 $2.13 
Weighted average limited partner units outstanding:
Common units – basic1,015 1,020 1,015 1,020 
Common units – diluted1,015 1,021 1,015 1,020 


7

Select Financial Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except ratio data)2026202520262025
Common unit distributions declared by MPLX LP
Common units (LP) – public$395 $356 $790 $713 
Common units – MPC697 619 1,394 1,238 
Total LP distribution declared1,092 975 2,184 1,951 
Other Financial Data
Adjusted EBITDA attributable to MPLX LP(a)
1,775 1,690 3,504 3,447 
DCF attributable to MPLX LP(a)
$1,450 $1,420 $2,858 $2,906 
Distribution coverage(b)
1.3x1.5x1.3x1.5x
Cash Flow Data
Net cash flow provided by (used in):
Operating activities$1,702 $1,736 $3,049 $2,982 
Investing activities(1,028)(602)(1,819)(1,203)
Financing activities$(1,149)$(2,282)$(2,336)$(1,912)
(a)    Non-GAAP measure. See reconciliation below.
(b)    Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

8

Financial Data (unaudited)
(In millions, except ratio data)June 30, 2026December 31, 2025
Cash and cash equivalents$1,031 $2,137 
Total assets42,969 43,005 
Total debt(a)
25,640 25,653 
Total equity$14,252 $14,528 
Consolidated debt to LTM adjusted EBITDA(b)
3.7x3.7x
Partnership units outstanding:
MPC-held common units647 647 
Public common units367 368 
(a)    There were no borrowings on the loan agreement with MPC as of June 30, 2026 or December 31, 2025. 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 $26,005 million as of June 30, 2026, and $26,006 million as of December 31, 2025.

Operating Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Crude Oil and Products Logistics
Pipeline throughput (mbpd)
Crude oil pipelines3,830 4,012 (5)%3,757 3,961 (5)%
Product pipelines2,046 2,091 (2)%2,032 2,056 (1)%
Total pipelines5,876 6,103 (4)%5,789 6,017 (4)%
Average tariff rates ($ per barrel)
Crude oil pipelines$1.06 $1.06 — %$1.05 $1.05 — %
Product pipelines1.09 1.05 4 %1.09 1.08 1 %
Total pipelines$1.07 $1.06 1 %$1.06 $1.06 — %
Terminal throughput (mbpd)3,259 3,183 2 %3,118 3,139 (1)%
Barges in operation331 320 3 %331 320 3 %
Towboats in operation30 29 3 %30 29 3 %


9

Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(a)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Gathering throughput (MMcf/d)
Marcellus Operations1,680 1,488 13 %1,629 1,494 9 %
Utica Operations— — — %— 133 (100)%
Southwest Operations1,990 1,734 15 %1,990 1,759 13 %
Bakken Operations162 162 — %154 168 (8)%
Rockies Operations— 541 (100)%— 545 (100)%
Total gathering throughput3,832 3,925 (2)%3,773 4,099 (8)%
Natural gas processed (MMcf/d)
Marcellus Operations4,570 4,312 6 %4,511 4,318 4 %
Utica Operations(b)
— — — %— — — %
Southwest Operations2,013 1,821 11 %1,993 1,850 8 %
Southern Appalachia Operations220 205 7 %205 196 5 %
Bakken Operations161 162 (1)%153 168 (9)%
Rockies Operations— 593 (100)%— 597 (100)%
Total natural gas processed6,964 7,093 (2)%6,862 7,129 (4)%
C2 + NGLs fractionated (mbpd)
Marcellus Operations584 545 7 %567 556 2 %
Utica Operations(b)
— — — %— — — %
Other24 29 (17)%22 29 (24)%
Total C2 + NGLs fractionated608 574 6 %589 585 1 %
(a)    Includes operating data for entities that have been consolidated into the MPLX financial statements.
(b)    The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.
Excluding Divested Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(b)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Total gathering throughput (MMcf/d)3,832 3,384 13 %3,773 3,421 10 %
Total natural gas processed (MMcf/d)6,964 6,500 7 %6,862 6,532 5 %
Total C2 + NGLs fractionated (mbpd)608 569 7 %589 580 (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.


10

Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(a)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Gathering throughput (MMcf/d)
Marcellus Operations1,680 1,488 13 %1,629 1,494 9 %
Utica Operations3,027 2,566 18 %2,901 2,503 16 %
Southwest Operations1,990 1,734 15 %1,990 1,759 13 %
Bakken Operations162 162 — %154 168 (8)%
Rockies Operations— 612 (100)%— 615 (100)%
Total gathering throughput6,859 6,562 5 %6,674 6,539 2 %
Natural gas processed (MMcf/d)
Marcellus Operations6,232 6,019 4 %6,196 5,997 3 %
Utica Operations964 940 3 %951 952 — %
Southwest Operations2,013 1,821 11 %1,993 1,850 8 %
Southern Appalachia Operations220 205 7 %205 196 5 %
Bakken Operations161 162 (1)%153 168 (9)%
Rockies Operations— 593 (100)%— 597 (100)%
Total natural gas processed9,590 9,740 (2)%9,498 9,760 (3)%
C2 + NGLs fractionated (mbpd)
Marcellus Operations584 545 7 %567 556 2 %
Utica Operations72 60 20 %68 62 10 %
Other24 29 (17)%22 29 (24)%
Total C2 + NGLs fractionated680 634 7 %657 647 2 %
(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 Divested Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(b)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
20262025% Change20262025% Change
Total gathering throughput (MMcf/d)6,859 5,950 15 %6,674 5,924 13 %
Total natural gas processed (MMcf/d)9,590 9,147 5 %9,498 9,163 4 %
Total C2 + NGLs fractionated (mbpd)680 629 8 %657 642 2 %
(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.

11

Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP
$1,161 $1,138 $2,272 $2,235 
Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP
614 552 1,232 1,212 
Adjusted EBITDA attributable to MPLX LP1,775 1,690 3,504 3,447 
Depreciation and amortization(365)(324)(723)(650)
Net interest and other financial costs(289)(234)(580)(463)
Income from equity method investments180 170 362 356 
Distributions/adjustments related to equity method investments(234)(229)(485)(456)
Adjusted EBITDA attributable to noncontrolling interests11 11 22 22 
Other(a)
9 (26)(91)(62)
Net income$1,087 $1,058 $2,009 $2,194 
(a)    Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items.
Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Crude Oil and Products Logistics
Segment adjusted EBITDA
$1,161 $1,138 2,272 2,235 
Depreciation and amortization(146)(135)(289)(268)
Income from equity method investments52 59 114 115 
Distributions/adjustments related to equity method investments(71)(77)(143)(149)
Other(18)(17)(39)(34)
Natural Gas and NGL Services
Segment adjusted EBITDA614 552 1,232 1,212 
Depreciation and amortization(219)(189)(434)(382)
Income from equity method investments128 111 248 241 
Distributions/adjustments related to equity method investments(163)(152)(342)(307)
Adjusted EBITDA attributable to noncontrolling interests11 11 22 22 
Other29 (8)(49)(26)
Income from operations$1,378 $1,293 $2,592 $2,659 


12

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Income (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Net income$1,087 $1,058 $2,009 $2,194 
Provision for income taxes2 1 3 2 
Net interest and other financial costs289 234 580 463 
Income from operations1,378 1,293 2,592 2,659 
Depreciation and amortization365 324 723 650 
Income from equity method investments(180)(170)(362)(356)
Distributions/adjustments related to equity method investments234 229 485 456 
Other(11)25 88 60 
Adjusted EBITDA1,786 1,701 3,526 3,469 
Adjusted EBITDA attributable to noncontrolling interests(11)(11)(22)(22)
Adjusted EBITDA attributable to MPLX LP1,775 1,690 3,504 3,447 
Deferred revenue impacts27 (10)26 (28)
Sales-type lease payments, net of income8 14 21 27 
Adjusted net interest and other financial costs(a)
(281)(225)(565)(444)
Maintenance capital expenditures, net of reimbursements(68)(45)(121)(80)
Equity method investment maintenance capital expenditures paid out(5)(3)(9)(8)
Other(6)(1)2 (8)
DCF attributable to MPLX LP$1,450 $1,420 $2,858 $2,906 
(a)    Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.


Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)Last Twelve Months
June 30,December 31,
(In millions)202620252025
LTM Net income$4,767 $4,350 $4,952 
Provision for income taxes9 9 8 
Net interest and other financial costs1,100 918 983 
LTM income from operations5,876 5,277 5,943 
Depreciation and amortization1,424 1,296 1,351 
Income from equity method investments(703)(676)(697)
Distributions/adjustments related to equity method investments991 966 962 
Gain on equity method investments(484)— (484)
Gain on sale of assets(159)— (159)
Transaction-related costs(a)
33 — 33 
Other140 104 112 
LTM Adjusted EBITDA7,118 6,967 7,061 
Adjusted EBITDA attributable to noncontrolling interests(44)(44)(44)
LTM Adjusted EBITDA attributable to MPLX LP7,074 6,923 7,017 
Consolidated total debt(b)
$26,005 $21,507 $26,006 
Consolidated total debt to LTM adjusted EBITDA(c)
3.7x3.1x3.7x
(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.


13

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Cash Provided by Operating Activities (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Net cash provided by operating activities$1,702 $1,736 $3,049 $2,982 
Changes in working capital items(261)(313)(190)(83)
All other, net12 (6)1 (4)
Loss on extinguishment of debt— 3 — 3 
Adjusted net interest and other financial costs(a)
281 225 565 444 
Other adjustments related to equity method investments18 22 32 61 
Other34 34 69 66 
Adjusted EBITDA1,786 1,701 3,526 3,469 
Adjusted EBITDA attributable to noncontrolling interests(11)(11)(22)(22)
Adjusted EBITDA attributable to MPLX LP1,775 1,690 3,504 3,447 
Deferred revenue impacts27 (10)26 (28)
Sales-type lease payments, net of income8 14 21 27 
Adjusted net interest and other financial costs(a)
(281)(225)(565)(444)
Maintenance capital expenditures, net of reimbursements(68)(45)(121)(80)
Equity method investment maintenance capital expenditures paid out(5)(3)(9)(8)
Other(6)(1)2 (8)
DCF attributable to MPLX LP$1,450 $1,420 $2,858 $2,906 
(a)    Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Net cash provided by operating activities(a)
$1,702 $1,736 $3,049 $2,982 
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities(1,028)(602)(1,819)(1,203)
Contributions from MPC5 7 9 14 
Distributions to noncontrolling interests(11)(11)(22)(22)
Adjusted free cash flow668 1,130 1,217 1,771 
Distributions paid to common and preferred unitholders(1,092)(976)(2,185)(1,954)
Adjusted free cash flow after distributions$(424)$154 $(968)$(183)
(a)    The three months ended June 30, 2026 and June 30, 2025 include working capital draws of $261 million and $313 million, respectively. The six months ended June 30, 2026 and June 30, 2025 include working capital draws of $190 million and $83 million, respectively.

14

Capital Expenditures (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2026202520262025
Capital Expenditures:
Growth capital expenditures$746 $286 $1,354 $506 
Growth capital reimbursements(49)(37)(84)(64)
Investments in unconsolidated affiliates(a)
202 203 439 322 
Return of capital(b)
— (39)— (39)
Capitalized interest(25)(7)(44)(12)
Total growth capital expenditures(c)
874 406 1,665 713 
Maintenance capital expenditures73 55 130 103 
Maintenance capital reimbursements(5)(10)(9)(23)
Capitalized interest(1)(1)(2)(2)
Total maintenance capital expenditures67 44 119 78 
Total growth and maintenance capital expenditures941 450 1,784 791 
Investments in unconsolidated affiliates(a)
(202)(203)(439)(322)
Return of capital(b)
— 39 — 39 
Growth and maintenance capital reimbursements(d)
54 47 93 87 
(Increase)/Decrease in capital accruals6 (40)(84)(41)
Capitalized interest26 8 46 14 
Additions to property, plant and equipment$825 $301 $1,400 $568 
(a)    Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
(b)    Return of capital for the six months ended June 30, 2025 excludes a $21 million special distribution received in exchange for the contribution of assets to a joint venture.
(c)    Total growth capital expenditures for the six months ended June 30, 2025 excludes acquisitions of $235 million, net of cash acquired.
(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.

15

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