Latest analysis
Updated Aug 4, 2026
MPLX 2Q26: Midstream execution drives 5% adj. EBITDA growth; Gulf Coast fractionation capex accelerated to 2028.
MPLX delivered $1.8 billion adjusted EBITDA in Q2 2026, up 5% year-over-year, overcoming the late-2025 Rockies divestiture and returning $1.1 billion to unitholders. The company increased full-year 2026 capital guidance by $500 million to $2.9 billion, pulling forward Gulf Coast fractionation project spend into H2 2026 to de-risk on-time delivery of the first 150,000 bbl/d fractionator and 400,000 bbl/d JV LPG export terminal, both expected online in 2028. Sequential project ramp across Delaware Basin processing (Secretariat I at 86% utilization, Harmon Creek III beginning August ops, Titan sour gas treating expansion to 400 MMcf/d by Q4), Northeast Marcellus at record 96% utilization, and the Blackcomb natural gas pipeline moving to Q4 commissioning positions MPLX to deliver mid-single-digit adjusted EBITDA growth in 2026 and stronger growth in 2027, underpinned by durable natural gas and NGL demand.
Tone: bullishRevenue
$13B
MPLX 10-K · FY 2025
Employees
5,762
Revenue FY2024
$11.9B
Founded
2012
Profile
MPLX 10-K Item 1 · Feb 26, 2026MPLX LP is a large-cap master limited partnership formed by Marathon Petroleum Corporation (MPC) in 2012 that owns and operates midstream energy infrastructure and logistics assets across the United States. The partnership operates in two segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. Its fee-based, long-term contract structure with MPC and third-party producers underpins durable cash flow generation.
Read filing description ↓ Collapse description ↑
We are a diversified, large-cap master limited partnership formed by MPC in 2012 (as our sponsor) that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. Our assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; crude oil and natural gas gathering systems and pipelines; as well as natural gas and NGL treating, processing and fractionation facilities. Our assets are positioned throughout the United States. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services. The Crude Oil and Products Logistics segment primarily engages in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. The Natural Gas and NGL Services segment provides wellhead to market services including gathering, treating, processing and transportation of natural gas and NGLs. We continue to have a strategic relationship with MPC, which is a large source of our revenues. We have executed numerous long-term, fee-based agreements with minimum volume commitments with MPC which provide us with a stable and predictable revenue stream and source of cash flows. As of December 31, 2025, MPC owned our general partner and approximately 64 percent of our outstanding common units. In 2025, MPC accounted for 48 percent of our total revenues and other income, primarily within our Crude Oil and Products Logistics segment. We also have long-term relationships with a diverse set of producer customers in many crude oil and natural gas resource plays, including the Marcellus Shale, Permian Basin, Utica Shale, STACK Shale and Bakken Shale, among others.
Primary products
- Crude oil pipeline transportation
- Refined product pipeline transportation
- Natural gas gathering and treating
- Natural gas processing
- NGL fractionation
- NGL transportation and marketing
Business segments
End markets
Geographies
Named customers
In 2025, MPC accounted for 48 percent of our total revenues and other income, primarily within our Crude Oil and Products Logistics segment, and will continue to be an important source of our revenues and cash flows for the foreseeable future.
“We believe that our customer focus, demonstrated by our ability to offer an integrated package of services and our flexibility in considering various types of contractual arrangements, allows us to compete more effectively.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues and other income increased from $11.9 billion in 2024 to $13.0 billion in 2025, driven by acquisitions, higher NGL product sales, gains on equity method investments, and higher income from operations across both segments.
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