FINDLAY, Ohio, Aug. 4, 2026 /PRNewswire/ --
-- 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
MPLX LP $(MPLX)$ 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 Six Months Ended
June 30, 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 $23 million compared to the same period in 2025. The increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by lower crude pipeline throughputs and higher operating expenses.
Three Months Ended Six Months Ended
June 30, June 30,
Operating
Statistics % %
(unaudited) 2026 2025 Change 2026 2025 Change
----- ----- ------ ----- ----- ------
Total MPLX
Pipeline
throughput
(mbpd) 5,876 6,103 (4) % 5,789 6,017 (4) %
Average
pipeline
tariff rates
($ 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.
Three Months Ended Six Months Ended
June 30, June 30,
Operating
Statistics % %
(unaudited) 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 Expected In-
Ownership Service
--------------------- ---------- ---------------------
Secretariat I 200 million cubic 100 % Placed in service
feet per day in April 2026
(MMcf/d) gas
processing plant in
the Delaware Basin
--------------------- -------------------- ---------- ---------------------
Harmon Creek III 300 MMcf/d gas 100 % Beginning
processing plant operations in
and 40 thousand August 2026
barrel per day
(mbpd) de-ethanizer
in the Marcellus
--------------------- -------------------- ---------- ---------------------
Bay Runner and Bay Up to 5.3 billion 30 % Bay Runner: 3Q26 Bay
Runner Twin cubic feet per day Runner Twin: 2029
Pipelines (Bcf/d) of natural
gas transport
capacity
between Agua Dulce,
Texas, and
Brownsville, Texas
--------------------- -------------------- ---------- ---------------------
Titan Complex Increasing sour gas 100 % 4Q26
treating capacity
from 150 MMcf/d to
over 400 MMcf/d in
the Delaware Basin
--------------------- -------------------- ---------- ---------------------
BANGL Pipeline Expanding NGL 100 % 4Q26
pipeline from 250
mbpd to 300 mbpd;
provides
transportation from
the Permian Basin
to the Texas Gulf
Coast
--------------------- -------------------- ---------- ---------------------
Blackcomb Pipeline 2.5 Bcf/d pipeline 34 % 4Q26;
connecting Permian Began
supply to Agua commissioning
Dulce, Texas July 2026
--------------------- -------------------- ---------- ---------------------
Traverse Pipeline 2.5 Bcf/d pipeline 34 % 2H27
designed to
transport natural
gas between Agua
Dulce, Texas, and
Katy, Texas
--------------------- -------------------- ---------- ---------------------
Gulf Coast Two 150 mbpd 100 % Frac I: 2028
Fractionators fractionation Frac II: 2029
facilities
near MPC's
Galveston Bay
refinery
--------------------- -------------------- ---------- ---------------------
Gulf Coast LPG 400 mbpd LPG export 50 % 2028
Export Terminal JV terminal located in
the Port of Texas
City, Texas
--------------------- -------------------- ---------- ---------------------
Marcellus Gathering Supports producer 100 % 1H28
System Expansion activity near
MPLX's Majorsville
gas processing
complex
--------------------- -------------------- ---------- ---------------------
Eiger Express 3.7 Bcf/d pipeline 22 % Mid-2028
Pipeline connecting Permian
supply to Katy,
Texas
--------------------- -------------------- ---------- ---------------------
Secretariat II 300 MMcf/d gas 100 % 2H28
processing plant in
the Delaware Basin
--------------------- -------------------- ---------- ---------------------
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.
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 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.
Condensed Consolidated
Results of Operations Three Months Ended Six Months Ended
(unaudited) June 30, June 30,
(In millions, except
per unit data) 2026 2025 2026 2025
---------------------- ------- ------- ------- -------
Revenues and other
income:
Operating revenue $ 1,453 $ 1,338 $ 2,757 $ 2,758
Operating revenue -
related parties 1,629 1,450 3,131 2,917
Income from equity
method investments 180 170 362 356
Other income 50 45 100 96
------- ------- ------- -------
Total revenues and
other income 3,312 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 parties 415 426 813 846
Depreciation and
amortization 365 324 723 650
General and
administrative
expenses 108 107 222 219
Other taxes 34 32 70 65
------- ------- ------- -------
Total costs and
expenses 1,934 1,710 3,758 3,468
------- ------- ------- -------
Income from operations 1,378 1,293 2,592 2,659
Net interest and
other financial
costs 289 234 580 463
------- ------- ------- -------
Income before income
taxes 1,089 1,059 2,012 2,196
Provision for income
taxes 2 1 3 2
------- ------- ------- -------
Net income 1,087 1,058 2,009 2,194
Less: Net income
attributable to
noncontrolling
interests 10 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 -- basic 1,015 1,020 1,015 1,020
Common units --
diluted 1,015 1,021 1,015 1,020
Select Financial
Statistics Three Months Ended Six Months Ended
(unaudited) June 30, June 30,
(In millions,
except ratio
data) 2026 2025 2026 2025
------------------ --------- -------- -------- -------
Common unit
distributions
declared by MPLX
LP
Common units (LP)
-- public $ 395 $ 356 $ 790 $ 713
Common units --
MPC 697 619 1,394 1,238
--------- -------- -------- -------
Total LP
distribution
declared 1,092 975 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) 1.3x 1.5x 1.3x 1.5x
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.
Financial Data (unaudited)
June 30, December 31,
(In millions, except ratio data) 2026 2025
-------------------------------------------- -------- ------------
Cash and cash equivalents $ 1,031 $ 2,137
Total assets 42,969 43,005
Total debt(a) 25,640 25,653
Total equity $ 14,252 $ 14,528
Consolidated debt to LTM adjusted EBITDA(b) 3.7x 3.7x
Partnership units outstanding:
MPC-held common units 647 647
Public common units 367 368
(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 $26,006
million as of December 31, 2025.
Operating
Statistics Three Months Ended Six Months Ended
(unaudited) June 30, June 30,
% %
2026 2025 Change 2026 2025 Change
----- ----- ------ ----- ----- ------
Crude Oil and
Products
Logistics
Pipeline
throughput
(mbpd)
---------------
Crude oil
pipelines 3,830 4,012 (5) % 3,757 3,961 (5) %
Product
pipelines 2,046 2,091 (2) % 2,032 2,056 (1) %
----- ----- ----- -----
Total pipelines 5,876 6,103 (4) % 5,789 6,017 (4) %
===== ===== ===== =====
Average tariff
rates ($ per
barrel)
---------------
Crude oil
pipelines $ 1.06 $ 1.06 -- % $ 1.05 $ 1.05 -- %
Product
pipelines 1.09 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
operation 331 320 3 % 331 320 3 %
Towboats in
operation 30 29 3 % 30 29 3 %
Three Months Ended Six Months Ended
June 30, June 30,
Natural Gas and
NGL Services
Operating
Statistics
(unaudited) - % %
Consolidated(a) 2026 2025 Change 2026 2025 Change
----- ----- ------- ----- ----- -------
Gathering
throughput
(MMcf/d)
----------------
Marcellus
Operations 1,680 1,488 13 % 1,629 1,494 9 %
Utica Operations -- -- -- % -- 133 (100) %
Southwest
Operations 1,990 1,734 15 % 1,990 1,759 13 %
Bakken Operations 162 162 -- % 154 168 (8) %
Rockies
Operations -- 541 (100) % -- 545 (100) %
----- ----- ----- -----
Total gathering
throughput 3,832 3,925 (2) % 3,773 4,099 (8) %
===== ===== ===== =====
Natural gas
processed
(MMcf/d)
----------------
Marcellus
Operations 4,570 4,312 6 % 4,511 4,318 4 %
Utica
Operations(b) -- -- -- % -- -- -- %
Southwest
Operations 2,013 1,821 11 % 1,993 1,850 8 %
Southern
Appalachia
Operations 220 205 7 % 205 196 5 %
Bakken Operations 161 162 (1) % 153 168 (9) %
Rockies
Operations -- 593 (100) % -- 597 (100) %
----- ----- ----- -----
Total natural
gas processed 6,964 7,093 (2) % 6,862 7,129 (4) %
===== ===== ===== =====
C2 + NGLs
fractionated
(mbpd)
----------------
Marcellus
Operations 584 545 7 % 567 556 2 %
Utica
Operations(b) -- -- -- % -- -- -- %
Other 24 29 (17) % 22 29 (24) %
----- ----- ----- -----
Total C2 + NGLs
fractionated 608 574 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.
Three Months Ended Six Months Ended
June 30, June 30,
Excluding
Divested
Assets(a) ,
Natural Gas
and NGL Services
Operating
Statistics
(unaudited) - % %
Consolidated(b) 2026 2025 Change 2026 2025 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.
Three Months Ended Six Months Ended
June 30, June 30,
Natural Gas
and NGL
Services
Operating
Statistics
(unaudited) - % %
Operated(a) 2026 2025 Change 2026 2025 Change
----- ----- ------- ----- ----- -------
Gathering
throughput
(MMcf/d)
--------------
Marcellus
Operations 1,680 1,488 13 % 1,629 1,494 9 %
Utica
Operations 3,027 2,566 18 % 2,901 2,503 16 %
Southwest
Operations 1,990 1,734 15 % 1,990 1,759 13 %
Bakken
Operations 162 162 -- % 154 168 (8) %
Rockies
Operations -- 612 (100) % -- 615 (100) %
----- ----- ----- -----
Total
gathering
throughput 6,859 6,562 5 % 6,674 6,539 2 %
===== ===== ===== =====
Natural gas
processed
(MMcf/d)
--------------
Marcellus
Operations 6,232 6,019 4 % 6,196 5,997 3 %
Utica
Operations 964 940 3 % 951 952 -- %
Southwest
Operations 2,013 1,821 11 % 1,993 1,850 8 %
Southern
Appalachia
Operations 220 205 7 % 205 196 5 %
Bakken
Operations 161 162 (1) % 153 168 (9) %
Rockies
Operations -- 593 (100) % -- 597 (100) %
----- ----- ----- -----
Total natural
gas
processed 9,590 9,740 (2) % 9,498 9,760 (3) %
===== ===== ===== =====
C2 + NGLs
fractionated
(mbpd)
--------------
Marcellus
Operations 584 545 7 % 567 556 2 %
Utica
Operations 72 60 20 % 68 62 10 %
Other 24 29 (17) % 22 29 (24) %
----- ----- ----- -----
Total C2 +
NGLs
fractionated 680 634 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.
Three Months Ended Six Months Ended
June 30, June 30,
Excluding
Divested
Assets(a) ,
Natural Gas
and NGL
Services
Operating
Statistics
(unaudited) - % %
Operated(b) 2026 2025 Change 2026 2025 Change
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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.
Reconciliation of Segment
Adjusted EBITDA to Net Three Months Six Months Ended
Income (unaudited) Ended June 30, June 30,
(In millions) 2026 2025 2026 2025
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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
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Adjusted EBITDA
attributable to MPLX LP 1,775 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
investments 180 170 362 356
Distributions/adjustments
related to equity method
investments (234) (229) (485) (456)
Adjusted EBITDA
attributable to
noncontrolling interests 11 11 22 22
Other(a) 9 (26) (91) (62)
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Comments