MPLX LP Reports Second-Quarter 2026 Financial Results (Form 8-K)

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)						2026									2025									2026									2025
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 activities						1,702									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)						1.3x									1.5x									1.3x									1.5x
Consolidated total debt to LTM adjusted EBITDA(a)(d)						3.7x									3.1x									3.7x									3.1x
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.

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,
						2026									2025						% Change									2026									2025						% 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,
						2026									2025						% Change									2026									2025						% 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 I			200 million cubic feet per day (MMcf/d) gas processing plant in the Delaware Basin			100%			Placed in service in April 2026

Harmon Creek III			300 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 Pipelines			Up to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas			30%			Bay Runner: 3Q26 Bay Runner Twin: 2029
Titan Complex			Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d in the Delaware Basin			100%			4Q26
BANGL Pipeline			Expanding NGL pipeline from 250 mbpd to 300 mbpd; provides transportation from the Permian Basin to the Texas Gulf Coast			100%			4Q26
Blackcomb Pipeline			2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas			34%			4Q26; Began commissioning July 2026
Traverse Pipeline			2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas, and Katy, Texas			34%			2H27
Gulf Coast Fractionators			Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery			100%			Frac I: 2028 Frac II: 2029
Gulf Coast LPG Export Terminal JV			400 mbpd LPG export terminal located in the Port of Texas City, Texas			50%			2028
Marcellus Gathering System Expansion			Supports producer activity near MPLX's Majorsville gas processing complex			100%			1H28
Eiger Express Pipeline			3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas			22%			Mid-2028
Secretariat II			300 MMcf/d gas processing plant in the Delaware Basin			100%			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.

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.

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.