MPLX LP, incorporated in 2012 and headquartered in Findlay, Ohio, operates as a subsidiary of Marathon Petroleum Corporation, with MPLX GP LLC ...
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Est. EPS $1.17 · Revenue $3.36B · 4 analysts
Est. EPS $1.20 · Revenue $3.43B · 4 analysts
Est. EPS $4.30 · Revenue $13.09B · 7 analysts
Est. EPS $1.11 · Revenue $3.48B · 1 analysts
$4.31 per share
$4.31 per share
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $11.8B | +8.4% | +15.7% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $4.9B | +13.8% | +19.2% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +45.2% | +2.4% | +38.8% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +40.3% | -16.9% | +16.3% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +41.6% | +5.0% | +3.0% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $4.1B | -16.1% | +13.6% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +34.7% | -22.6% | -1.8% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 182.9% | +17.6% | -0.6% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.23x | +21.4% | -19.2% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $43.0B | +14.6% | +0.1% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 4.82 vs 4.64 | +3.9% | 1.06 vs 1.17 | -9.0% |
| Revenue Surprise | $11.8B vs $13.0B | -8.8% | $3.3B vs $3.4B | -1.3% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Peiffer Garry L. | director | Common Units (Limited Partner Interests) | A | 1,232 | — |
| Aug 14, 2026 | Walker Ray N JR | director | Common Units (Limited Partner Interests) | A | 82 | — |
| Aug 14, 2026 | SURMA JOHN P | director | Common Units (Limited Partner Interests) | A | 1,563 | — |
| Aug 14, 2026 | STICE J MICHAEL | director | Common Units (Limited Partner Interests) | A | 983 | — |
| Aug 14, 2026 | SEMPLE FRANK M | director | Common Units (Limited Partner Interests) | A | 1,073 | — |
Operator: Welcome to the MPLX Second Quarter 2026 Earnings Call. My name is Julie, and I will be your operator for today's call.[Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to [ Brian Worthington ]. Brian, you may begin. Unknown Executive: Welcome to MPLX's Second Quarter 2026 Earnings Conference Call. The slides that accompany this call can be found on our website at mplx.com under the Investors tab. Joining me on the call today are Maryann Mannen, President and CEO; Kris Hagedorn, CFO; and other members of the executive team. We invite you to read the safe harbor statements on Slide 2. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there as well as in our filings with the SEC. With that, I will turn the call over to Maryann. Maryann Mannen: Thanks, Brian. Good morning, and thank you for joining our call. Our second quarter results reflect the consistent execution of our strategic priorities. MPLX delivered $1.8 billion of adjusted EBITDA in the second quarter, a 5% increase versus the same period last year, more than overcoming the divestiture of the Rockies assets in late 2025. This enabled a return of over $1.1 billion to our unitholders. 2026 is also a year of execution. We continue to advance high-return projects across our integrated natural gas and NGL value chains. The sequencing of projects entering service gives us confidence in a meaningful increase in EBITDA in the second half of 2026 and next year. In the Delaware Basin, we placed the Secretariat I processing plant into service in April, and exited the quarter at 86% utilization of our Delaware Basin processing system, demonstrating strong producer demand and operational excellence from our teams. And in August, the Harmon Creek III processing plant is beginning operations in line with our strategy to add processing capacity on a just-in-time basis. This increases our total processing capacity to 8.1 billion cubic feet per day and deethanization capacity to over 800,000 barrels per day. This plant, along with our associated gathering and compression expansions, extends our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth. As we expand MPLX's core value chains, we are also focused on maximizing utilization of existing assets and optimizing operations. In the Northeast, Marcellus processing utilization of 96% in the quarter led to record volumes across our system, while strong production activity in the Utica supported processing utilization of 73%. In the Permian, sour gas treating volumes exceeded 150 million cubic feet per day for the second consecutive quarter as we continue to optimize operations at our Titan treating facility. As throughputs increase across our gathering and processing assets and additional projects enter service in the second half of the year, MPLX remains …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Maryann T. Mannen | Chairman of the Board, President & Chief Executive Officer of MPLX GP LLC | USD 5,157,481 | Female | 1963 | Active |
Molly R. Benson | Chief Legal Officer & Corporate Secretary of MPLX GP LLC | USD 1,721,107 | Female | 1967 | Active |
Gregory Scott Floerke | Executive Vice President & Chief Operating Officer of MPLX GP LLC | USD 1,538,361 | Male | 1963 | Active |
Shawn Lyon | Senior Vice President of Logistics & Storage - MPLX GP LLC | USD 1,473,328 | Male | 1968 | Active |
Carl Kristopher Hagedorn | Executive Vice President, Chief Financial Officer & Director of MPLX GP LLC | USD 1,241,078 | Male | 1976 | Active |
David R. Heppner | Senior Vice President of MPLX GP LLC | — | Male | 1967 | Active |
Michael A. Henschen | Senior Vice President of MPLX GP LLC | — | Male | 1971 | Active |
Rick D. Hessling | Senior Vice President of MPLX GP LLC | — | Male | 1967 | Active |
Kristina Anna Kazarian | Vice President of Finance & Investor Relations - MPLX GP LLC | — | Female | 1983 | Active |
Brian K. Partee | Senior Vice President of MPLX GP LLC | — | Male | 1974 | Active |
Conservative capital spending by upstream players is adding uncertainty to the Zacks Oil and Gas - Production and Pipelines industry's outlook. KMI, WMB and MPLX are surviving the industry challenges.
FINDLAY, Ohio, Aug. 10, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $2.25 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.25 billion aggregate principal amount of 4.700% senior notes due 2029, $500 million aggregate principal amount of 5.000% senior notes due 2032 and $500 million aggregate principal amount of 5.500% senior notes due 2036. MPLX intends to use the net proceeds from this offering to redeem, repay or otherwise extinguish MPLX's outstanding $1.25 billion aggregate principal amount of 4.125% senior notes due March 2027 (the "2027 Notes") and intends to use the remaining net proceeds for general partnership purposes, which may include capital expenditures and working capital.
MPLX's growth pipeline and rising gas and NGL investments support cash-flow growth, but higher spending and leverage raise execution risks.
MPLX LP delivered a solid Q2, with adjusted EBITDA up 5% and distributions growing 12.5%, confirming its status as a top-tier MLP. Growth is driven by robust natural gas and NGL services, with over 90% of increased capex targeting these segments and multiple projects providing multi-year visibility. Distribution coverage dipped to 1.3x, and leverage rose to 3.7x due to capex ramp-up, but the payout remains stable and is expected to keep growing.
MPLX (MPLX) remains a Strong Buy, with reliable income and visible growth supported by robust project execution and strong demand. Distribution coverage remains healthy at ~1.3x, with a 12.5% distribution growth commitment now extended through 2026 and 2027. Recent distributable cash flow softness is attributed to timing and financing of growth projects, not structural weakness, with leverage at a manageable ~3.7x.
