Mplx LP (MPLX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$13.2B

Revenue growth

8.7%

Net income, last twelve months

$4.7B

Earnings per share

$4.65

Operating margin

44.4%

Net margin

35.7%

Free cash flow

$3.3B

Market value

$59.7B

Price to earnings

12.7x

Cash

$1.0B

Debt

$25.6B

Shares outstanding

1.0B

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 4 August 2026.

• Adjusted EBITDA rose in the quarter. Adjusted EBITDA attributable to MPLX was $1,775 million, compared with $1,690 million a year earlier. Net income attributable to MPLX was $1,077 million, compared with $1,048 million.
• Six-month net income was lower. Six-month net income attributable to MPLX was $1,989 million, against $2,174 million for the first half of 2025. Six-month adjusted EBITDA rose to $3,504 million from $3,447 million.
• Diluted per-unit income was $1.06. Diluted net income per limited partner unit was $1.06 for the quarter, against $1.03 a year earlier. Six-month diluted net income per unit was $1.96, against $2.13.
• Management credits growth project completions. The chairman, president and CEO said operational performance reflects progress on strategic initiatives as growth projects are completed and integrated across the gas and NGL value chains.
• Segment adjusted EBITDA rose $23 million. Segment adjusted EBITDA was $1,161 million, compared with $1,138 million. Management attributed the rise to higher rates across the business units and increased butane blending.
• Pipeline throughput fell four percent. Total pipeline throughput was 5,876 mbpd, compared with 6,103 mbpd, down 4%. Crude oil pipelines fell 5% to 3,830 mbpd, and product pipelines fell 2% to 2,046 mbpd.
• Product pipeline tariffs rose. The average pipeline tariff was $1.07 per barrel, compared with $1.06. Product pipeline tariffs rose 4% to $1.09 per barrel, while crude oil pipeline tariffs stayed at $1.06.
• Terminal volumes and fleet rose. Terminal throughput rose 2% to 3,259 mbpd. Barges in operation rose to 331 from 320, and towboats in operation rose to 30 from 29.
• Segment adjusted EBITDA up $62 million. Segment adjusted EBITDA was $614 million, compared with $552 million, up 11%. Management cited higher volumes, including equity affiliate growth and acquisitions, partly offset by 2025 divestitures.
• Operated gathering volumes rose 5%. Operated gathering throughput was 6,859 MMcf/d, up 5%; excluding divested assets it rose 15%. Marcellus rose 13%, Southwest rose 15%, and operated Utica rose 18%.
• Gas processed fell two percent. Operated natural gas processed was 9,590 MMcf/d, down 2%. Excluding divested assets, processed volume rose 5% from 9,147 MMcf/d.
• NGL fractionation volumes rose 7%. C2 plus NGLs fractionated on an operated basis was 680 mbpd, up 7%. Utica rose 20% to 72 mbpd, and Marcellus rose 7% to 584 mbpd.
• Operating expenses rose to $1,012 million. Operating expenses including purchased product costs were $1,012 million, against $821 million. Operating expenses to related parties were $415 million, against $426 million.
• Interest and depreciation were higher. Net interest and other financial costs were $289 million, against $234 million. Depreciation and amortization was $365 million, against $324 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 174 held.

Every filing

The newest filings with the SEC of 354 held.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

697 funds held it at 30 Jun 2026: 270 added and 149 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Enbridge Inc. (ENB): revenue $83.5B, market value $106.1B
• HF Sinclair Corp. (DINO): revenue $34.8B, market value $19.2B
• Plains ALL American Pipeline LP (PAA): revenue $52.3B, market value $18.8B
• Plains GP Holdings LP (PAGP): revenue $52.3B, market value $5.7B
• Delek Logistics Partners, LP (DKL): revenue $1.2B, market value $3.0B
• Genesis Energy LP (GEL): revenue –, market value $1.7B

What the company does

MPLX LP is a master limited partnership that MPC formed in 2012 as its sponsor. It owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. Its assets are positioned throughout the United States and include crude oil and refined product pipelines, terminals, storage caverns, an inland marine business, gas gathering systems and processing and fractionation plants. As of 31 December 2025, MPC owned the general partner and approximately 64 percent of the outstanding common units. The common units trade on the NYSE under the symbol "MPLX".

How the business is organised

The business has two segments, each built around a product value chain: Crude Oil and Products Logistics and Natural Gas and NGL Services. The first moves and stores crude oil, refined products, other hydrocarbon-based products and renewables. The second handles natural gas and natural gas liquids (NGLs) from the wellhead toward end markets.

Crude Oil and Products Logistics

This segment has 14,853 miles of wholly and jointly-owned pipelines with associated storage assets. It also has refining logistics assets at 13 refineries, 88 terminals including rail and truck racks, one export terminal, storage caverns and tank farms. A fuels distribution business schedules and markets products on behalf of MPC.

Revenue comes mainly from tariffs for moving products through pipelines and at barge docks, and from fees for storage. The marine business earns a fee-for-capacity under its contract with MPC. The fuels distribution business earns a fee based on the volume of MPC products sold each month. MPLX also operates pipelines owned by MPC or held jointly, and receives operating fees for them. About 88 percent of this segment's revenues and other income came from MPC.

Natural Gas and NGL Services

This segment gathers, treats, processes and transports natural gas. It also transports, fractionates, stores and markets NGLs. Gathering and processing assets available to MPLX include approximately 9.4 Bcf/d of gas gathering capacity, 11.2 Bcf/d of natural gas processing capacity and 819 mbpd of fractionation and de-ethanization capacity. MPLX also owns or operates approximately 1,401 miles of NGL pipelines.

Customers are producers in resource plays including the Marcellus Shale, Permian Basin, Utica Shale, STACK Shale and Bakken Shale. Contracts are fee-based, percent-of-proceeds, keep-whole or purchase arrangements, and many combine more than one type. One customer, mainly through NGL transactions in the Southwest region, accounted for approximately 20 percent of this segment's revenues. Two Marcellus customers were also important to the segment, and neither exceeded 15 percent.

Its ties to MPC

MPC owns and operates 13 refineries in the Gulf Coast, Mid-Continent and West Coast regions. In 2025 MPC accounted for 48 percent of MPLX's total revenues and other income, mostly in Crude Oil and Products Logistics. MPLX has long-term, fee-based agreements with MPC covering transportation, storage, terminals and fuels distribution, and most include minimum committed volumes.

- Crude pipelines carry a minimum commitment of 1,933 mbpd, with initial terms of 4 to 10 years. - Refined product pipelines carry 1,597 mbpd. - Terminals carry 2,256 mbpd. - Under the marine agreement, MPC pays a fixed fee for 100 percent of available capacity of boats, barges and third-party chartered equipment. - The fuels distribution agreement has a 10-year initial term and covers 23,449 million gallons per year.

If MPC falls short of a minimum, it pays a deficiency payment based on the volume shortfall. Annual fee escalations are either fixed or tied to indices such as the FERC index. MPLX also pays MPC for executive management and other services under omnibus agreements.

How it competes and what governs it

In Crude Oil and Products Logistics, competitors include independent terminal and pipeline companies, integrated petroleum companies, refining and marketing companies and other wholesale distributors. In Natural Gas and NGL Services, competition turns on the location of gathering systems and plants, operating efficiency and reliability, market connectivity and the fees charged. Competitors there include other midstream providers, major integrated oil companies, independent exploration and production companies and pipelines. The company says some competitors have capital resources and contracted gas supplies substantially greater than its own.

Interstate liquids pipelines fall under the FERC through the Interstate Commerce Act, with tariff rates required to be just and reasonable. Interstate natural gas pipeline services fall under the Natural Gas Act. The DOT regulates pipeline safety through PHMSA. The marine business is subject to the USCG and the Jones Act. The company's operations are also subject to environmental laws including the Clean Water Act, the Clean Air Act, RCRA, CERCLA and the Oil Pollution Act of 1990.

Its people

MPLX has no employees of its own. The board and executive officers of MPLX GP LLC, the general partner and a wholly owned subsidiary of MPC, manage it. All of the employees who conduct its business are employed by affiliates of the general partner. As of 31 December 2025, those affiliates had approximately 5,762 full-time employees providing services to MPLX under employee services agreements.

*From MPLX's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1552000/000155200026000009/mplx-20251231.htm)*

From the company's 10-K.