Key Highlights

  • Net income of USD 1.15 per unit beat the consensus estimate of USD 1.13, down from USD 1.52 last year.
  • Revenues of USD 3.272 billion trailed the consensus estimate of USD 3.35 billion, and adjusted EBITDA rose 5%.
  • Distributable Cash Flow reached USD 1.537 billion, and the quarterly distribution rose 12.5% to USD 1.2111 per unit.
  • The Partnership agreed to sell logistics Assets tied to two Marathon Petroleum refineries for USD 750 million in cash.

MPLX LP (NYSE:MPLX) reported third quarter 2026 Net Income attributable to the partnership of USD 1.164 billion, or USD 1.15 per common unit, above a consensus estimate of USD 1.13. A year earlier the figure was USD 1.545 billion, or USD 1.52 per unit, which included a USD 484 million gain from acquiring the remaining 55% of BANGL, LLC. Revenues from service, rental, product related and sales-type Lease sources totaled USD 3.272 billion, below the consensus estimate of USD 3.35 billion, and total revenues and other income were USD 3.605 billion against USD 3.619 billion.

Adjusted EBITDA attributable to MPLX was USD 1.859 billion against USD 1.766 billion, and distributable cash flow rose to USD 1.537 billion from USD 1.468 billion. The partnership returned about USD 1.1 billion of Capital to unitholders.

Both Segments Grow Adjusted EBITDA

Crude Oil and Products Logistics segment adjusted EBITDA rose USD 67 million to USD 1.204 billion, with USD 85 million from higher rates and fees, including increased butane blending, and USD 20 million from lower project related expense. Natural Gas and NGL Services segment adjusted EBITDA rose USD 26 million to USD 655 million, helped by higher Marcellus volumes, rate escalations and recent acquisitions, and partly offset by USD 34 million from the Rockies divestiture. Marcellus gathering throughput reached 1,837 million cubic feet per day against 1,517.

Purchased product costs rose USD 241 million on higher NGL prices and volumes in the Southwest, and net interest and other financial costs rose USD 57 million to USD 300 million because of borrowings made in 2025 to fund acquisitions. Income from Equity method investments increased USD 96 million to USD 282 million.

Asset Sale, Growth Projects and Business Environment

On November 2, 2026, the partnership agreed to sell its logistics assets associated with the St. Paul Park, Minnesota and Mandan, North Dakota refineries for USD 750 million in cash, against a carrying value of USD 422 million, with closing projected for the fourth quarter of 2026 subject to customary conditions and regulatory approvals. The Harmon Creek III processing plant began operations in August, and the partnership is progressing expansion and integration of its Permian sour gas treating facility.

Management said production continues to rise across its key operating regions, and that long-term take-or-pay and capacity contracts help limit Volatility in the Crude Oil and Products Logistics segment and in the Marcellus and Utica regions.

Distribution, Funding and Capital Spending Against Prior Periods

The partnership declared USD 1.2111 per common unit, totaling USD 1.226 billion, against USD 1.0765 a year earlier, payable November 13 to holders of record on November 6. Distributions paid in the quarter of USD 1.092 billion compare with distributable cash flow of USD 1.537 billion. Adjusted free cash flow was USD 447 million against negative USD 2.305 billion, when acquisitions were funded, and USD 645 million negative after distributions. Natural Gas and NGL Services capital expenditures were USD 667 million against USD 447 million. Cash stood at USD 1.297 billion against USD 2.137 billion at year end 2025, and Liquidity totaled USD 5.297 billion. The partnership issued USD 2.25 billion of senior notes in August, redeemed USD 1.25 billion of 4.125% notes due March 2027, and bought back USD 50 million of units, leaving USD 970 million of its authorization.