MPLX
MPLX LP53.99
-0.91-1.66%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms growth, eyes M&A
Q&A largely reaffirmed the prepared remarks' growth script, with management detailing Secretariat II's upsizing to 300 MMcf/d for Northwind sour gas synergies and legacy volumes via new connecting lines. They expressed openness to bolt-on M&A meeting mid-teens returns to potentially extend 12.5% distribution growth beyond two years, while continuing portfolio pruning. No contract risks from upstream consolidation; LPG exports buoyed by India-US deal, FERC changes baked in. 2026 growth outpaces 2025, Rockies headwind included. Contracts hold firm. Investors eye M&A pipeline and project ramps amid high Marcellus utilization.
Key Stats
Market Cap
55.02BP/E (TTM)
11.44Basic EPS (TTM)
4.72Dividend Yield
0.07%Recent Filings
8-K
MPLX appoints new controller
MPLX GP appointed Erin M. Brzezinski as Vice President and Controller, effective April 1, 2026, succeeding Rebecca L. Iten as principal accounting officer. Brzezinski, MPC's current principal accounting officer with deep technical accounting experience, will report to MPLX's CFO while retaining MPC ties. This tightens financial reporting integration with MPC. Smooth handover underway.
10-K
FY2025 results
MPLX LP delivered FY2025 results with $5.9B operating cash flow and $5.8B distributable cash flow, up from prior years, driven by fee escalations and higher throughputs across segments. Q4 momentum accelerated via acquisitions like Northwind Midstream ($2.4B Permian gas treating) and full BANGL ownership ($703M NGL pipeline), boosting Natural Gas & NGL Services; Crude Oil & Products Logistics saw steady MPC-backed volumes at 82-95% mix. Debt rose to $26B yet liquidity hit $5.6B with $2.1B cash; $400M unit buybacks and 12.5% distribution hike returned capital. Q4 sequential gains in Permian processing capacity to 400 MMcf/d signal growth. Regulatory shifts risk pipeline permitting delays.
8-K
MPLX files debt issuance exhibits
MPLX LP filed exhibits to its Form S-3 registration, including an underwriting agreement dated February 5, 2026, with Citigroup, Barclays, MUFG, and RBC as lead underwriters, plus two supplemental indentures dated February 12, 2026, each with note forms and BNY Mellon as trustee. No principal amounts, rates, or proceeds disclosed. Issuance priced fast.
8-K
MPLX crushes 2025 earnings
MPLX LP posted full-year 2025 net income of $4.9 billion and adjusted EBITDA of $7.0 billion, up from $4.3 billion and $6.8 billion in 2024, while returning $4.4 billion to unitholders amid $5.5 billion growth investments. Natural gas and NGL projects dominate 2026's $2.4 billion organic capex plan, targeting mid-single digit EBITDA growth via Permian and Marcellus expansions. Leverage sits at 3.7x. Growth ramps ahead.
8-K
Khoury joins MPLX board
DKL
Delek Logistics Partners, L.P.
44.18-0.76
EPD
Enterprise Products Partners L.
31.78-0.53
GEL
Genesis Energy, L.P.
15.30-0.34
MMLP
Martin Midstream Partners L.P.
2.37-0.10
MPC
Marathon Petroleum Corporation
176.79-8.72
NGL
NGL ENERGY PARTNERS LP
9.62-0.07
PAA
Plains All American Pipeline, L
17.55-0.32
PAGP
Plains GP Holdings, L.P.
18.68-0.36
TRGP
Targa Resources, Inc.
176.41-5.90
WES
Western Midstream Partners, LP
38.80-0.72