FINDLAY, Ohio, Feb. 3, 2026 /PRNewswire/ --
-- Full-year 2025 net income attributable to MPLX of $4.9 billion and
adjusted EBITDA of $7.0 billion
-- Full-year 2025 growth investments of $5.5 billion and capital returned to
unitholders of $4.4 billion, delivering on capital return commitment
-- 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, aligned with
natural gas and NGL investments driving mid-single digit adjusted EBITDA
growth
MPLX LP $(MPLX)$ today reported fourth-quarter 2025 net income attributable to MPLX of $1,193 million, compared with $1,099 million for the fourth quarter of 2024. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,804 million, compared with $1,762 million for the fourth quarter of 2024.
During the quarter, MPLX generated $1,496 million in net cash provided by operating activities, $1,417 million of distributable cash flow, and adjusted free cash flow of $1,567 million. MPLX announced a fourth-quarter 2025 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.
For the full year 2025, MPLX generated $5.9 billion in net cash provided by operating activities, $5.8 billion of distributable cash flow, and $1.0 billion of adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion, respectively, in 2024.
"In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders," said Maryann Mannen, MPLX chairman, president and chief executive officer. "In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth. These opportunities will meet growing demand for natural gas and NGLs, enhance our value chains, and support mid-single digit adjusted EBITDA growth."
Financial Highlights (unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
(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 $52 million compared to the same period in 2024. The increase was primarily driven by a $37 million benefit from a FERC tariff ruling issued in November, as well as higher rates, partially offset by higher project related expenses.
Operating Statistics Three Months Ended Twelve Months Ended
(unaudited) December 31, December 31,
% %
2025 2024 Change 2025 2024 Change
----- ----- ------- ----- ----- -------
Total MPLX
Pipeline throughput
(mbpd) 5,908 5,857 1 % 5,965 5,782 3 %
Terminal
throughput (mbpd) 3,078 3,128 (2) % 3,132 3,131 -- %
Average tariff
rates ($ 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 $10 million compared to the same period in 2024. The decrease was driven by a $23 million reduction associated with the divestiture of non-core gathering and processing assets, and a reduction for lower natural gas liquids prices, which more than offset contributions from recently acquired assets and higher volumes.
Operating
Statistics Three Months Ended Twelve Months Ended
(unaudited) December 31, December 31,
% %
2025 2024 Change 2025 2024 Change
----- ----- ------- ----- ----- -------
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
millions) $ 629 $ 639 (2) % $2,470 $2,389 3 %
Strategic Update
MPLX's capital spending outlook for 2026 is $2.7 billion, consisting of $2.4 billion of growth and $300 million of maintenance.
Natural Gas and NGL Services investments account for 90% of MPLX's growth capital spending. MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand.
Crude Oil and Products Logistics investments account for 10% of MPLX's growth capital spending. MPLX is advancing Permian gathering infrastructure and pursuing opportunities to expand and optimize assets that support Marathon Petroleum's $(MPC)$ fuels value chains, further strengthening our strategic relationship.
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 in Texas 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 the
Katy 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 to
Agua Dulce via the Traverse pipeline. Expected in service in mid-2028.
Financial Position and Liquidity
As of December 31, 2025, MPLX had $2.1 billion in cash, $2.0 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 $100 million of common units held by the public in the fourth quarter of 2025. As of December 31, 2025, MPLX had approximately $1.1 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
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 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.
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 Middle East and in Ukraine, tariffs, inflation or rising interest rates; the adequacy of capital 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; 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 acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream"); 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; 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, 2024, 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.
Condensed Consolidated Three Months
Results of Operations Ended December Twelve Months Ended
(unaudited) 31, December 31,
(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 MPLX LP $ 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 Three Months Ended Twelve Months Ended
(unaudited) December 31, December 31,
(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 $0.528125 per unit
or the amount of per unit distributions paid to holders of MPLX LP common
units. 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.
(b) Non-GAAP measure. See reconciliation below.
(c) DCF attributable to LP unitholders divided by total LP distributions.
Financial Data (unaudited)
December 31, December 31,
(In millions, except ratio data) 2025 2024
------------------------------------------ ------------ ------------
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 $26,006 million as of December 31, 2025, and $21,206
million as of December 31, 2024.
Operating
Statistics Three Months Ended Twelve Months Ended
(unaudited) December 31, December 31,
% %
2025 2024 Change 2025 2024 Change
----- ----- ------- ----- ----- -------
Crude Oil and
Products
Logistics
Pipeline
throughput
(mbpd)
---------------
Crude oil
pipelines 3,811 3,831 (1) % 3,899 3,785 3 %
Product
pipelines 2,097 2,026 4 % 2,066 1,997 3 %
----- ----- ----- -----
Total pipelines 5,908 5,857 1 % 5,965 5,782 3 %
===== ===== ===== =====
Average tariff
rates ($ 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
Operating
Statistics
(unaudited) - Three Months Ended Twelve Months Ended
Consolidated(a) December 31, December 31,
% %
2025 2024 Change 2025 2024 Change
----- ----- ------- ----- ----- --------
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 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
Divestiture
Assets(a) ,
Natural Gas and
NGL Services
Operating
Statistics
(unaudited) - Three Months Ended Twelve Months Ended
Consolidated(b) December 31, December 31,
% %
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
Operating
Statistics
(unaudited) - Three Months Ended Twelve Months Ended
Operated(a) December 31, December 31,
% %
2025 2024 Change 2025 2024 Change
----- ----- ------- ----- ----- -------
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) ,
Natural Gas
and NGL
Services
Operating
Statistics
(unaudited) - Three Months Ended Twelve Months Ended
Operated(b) December 31, December 31,
% %
2025 2024 Change 2025 2024 Change
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 Three Months Twelve Months
Adjusted EBITDA to Net Ended December Ended December
Income (unaudited) 31, 31,
(In millions) 2025 2024 2025 2024
--------------------------- ----- -------- ------- --------
Crude Oil and Products
Logistics segment
adjusted EBITDA
attributable to MPLX LP $1,175 $ 1,123 $ 4,547 $ 4,375
Natural Gas and NGL
Services segment adjusted
EBITDA attributable to
MPLX LP 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
investments (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 Twelve Months
from Operations Ended December Ended December
(unaudited) 31, 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
investments (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
LP and DCF Attributable to Three Months Twelve Months
LP Unitholders from Net Ended December Ended December
Income (unaudited) 31, 31,
(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
investments 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 paid out (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 (unaudited) 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
LP and DCF
Attributable to LP
Unitholders from Net
Cash Provided by Twelve Months
Operating Activities Three Months Ended Ended December
(unaudited) December 31, 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 paid
out (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
Activities to
Adjusted Free
Cash Flow and
Adjusted Free
Cash Flow after
Distributions Three Months Ended Twelve Months Ended
(unaudited) December 31, 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
activities to
adjusted free
cash flow
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 $22 million and $186 million, respectively. The
twelve months ended December 31, 2025 and December 31, 2024 include
working capital draws of $65 million and $241 million, respectively.
(b) The twelve months ended December 31, 2025 includes $2.4 billion for the
acquisition of Northwind Midstream, $703 million for the acquisition of
the remaining 55% interest of BANGL LLC, $235 million for the acquisition
of Whiptail Midstream, LLC, $151 million for the purchase of an
additional five percent ownership interest in the joint venture that owns
and operates the Matterhorn Express pipeline, a $49 million capital
contribution to WPC Parent, LLC to redeem Enbridge's special membership
interest in the Rio Bravo Pipeline project, and $971 million received
from the sale of our Rockies gathering and processing operations.
Twelve Months
Capital Expenditures Three Months Ended Ended December
(unaudited) December 31, 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 $213 million and
$228 million, respectively.
(b) Return of capital for the twelve months ended December 31, 2025 excludes
special distributions of $42 million received in exchange for the
contribution of assets to a joint venture. Return of capital for the
twelve months ended December 31, 2024 excludes a $134 million cash
distribution received in connection with the Whistler joint venture
transaction.
(c) Total growth capital expenditures for the twelve months ended December
31, 2025 and December 31, 2024 exclude $3,316 million and $622 million of
acquisitions, net of cash acquired, respectively, and a $134 million cash
distribution received in 2024 in connection with the formation of a new
joint venture to combine the Whistler Pipeline and Rio Bravo pipeline
project. Total growth capital expenditures also exclude purchases of
additional equity interests in unconsolidated affiliates of $213 million
and $228 million for the years ended December 31, 2025 and December 31,
2024, respectively.
(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
(END) Dow Jones Newswires
February 03, 2026 06:30 ET (11:30 GMT)
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