MPLX LP (NYSE:MPLX) is one of the 11 Best Pipeline and MLP Stocks to Buy in 2026. MPLX (MPLX) Faces Mixed Analyst Ratings as Midstream Heads into 2026 Analysts have mixed opinions on the stock. RBC Capital maintained the Buy rating on MPLX LP (NYSE:MPLX) with a price target of $60 on January 28, 2026. On the same day, Morgan Stanley’s Robert Kad released a report, maintaining a Hold on the stock while keeping a price target of $62. Prior to this, on January 23, 2026, Barclays analyst Theresa Chen maintai ...

Key Takeaways MPLX delivered Q4 EPS of $1.17, topping estimates, even as revenues of $3.25B came in below expectations.MPLX LP's Crude Oil and Products Logistics EBITDA rose nearly 5% on a FERC tariff benefit and higher rates.MPLX's Natural Gas and NGL Services EBITDA dipped as divestitures and lower NGL prices offset volume gains.MPLX LP (MPLX) reported fourth-quarter 2025 earnings of $1.17 per unit, which beat the Zacks Consensus Estimate of $1.08 and increased from $1.07 in the year-ago quarter.Total qua ...

FINDLAY, Ohio, Feb. 5, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1.5 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.0 billion aggregate principal amount of 5.300% senior notes due 2036 and $500 million aggregate principal amount of 6.100% senior notes due 2056. MPLX intends to use the net proceeds from this offering to repay MPLX's outstanding $1.5 billion aggregate principal amount of 1.750% senior not ...

High-yielding dividend stocks often have higher risk profiles. With a nearly 8% yield, MPLX (NYSE: MPLX) would seem to be in the higher risk category. However, that couldn't be farther from the truth. The master limited partnership (MLP) -- an entity that sends a Schedule K-1 Federal Tax Form each year -- has a fortress financial profile. Further, the pipeline company has visible growth secured through 2029. These features mean you can confidently buy and hold this high-yielding dividend stock through at l ...

MPLX (NYSE:MPLX) Q4 2025 Earnings call February 03, 2026 09:30 AM ET Company ParticipantsC. Kristopher Hagedorn - VP and ControllerGregory Floerke - EVP of OperationsKristina Kazarian - VP, Finance and Investor RelationsMaryann Mannen - President and CEOShawn Lyon - SVP of Logistics and StorageConference Call ParticipantsElvira Scotto - Managing Director, Senior Equity Research AnalystJohn Mackay - AnalystKeith Stanley - AnalystManav Gupta - AnalystOperatorWelcome to the MPLX fourth quarter 2025 earnings ca ...

MPLX (NYSE:MPLX) Q4 2025 Earnings call February 03, 2026 09:30 AM ET Company ParticipantsC. Kristopher Hagedorn - VP and ControllerGregory Floerke - EVP of OperationsKristina Kazarian - Head of Investor RelationsMaryann Mannen - President and CEOShawn Lyon - SVP of Logistics and StorageConference Call ParticipantsElvira Scotto - Managing Director, Senior Equity Research AnalystJohn Mackay - AnalystKeith Stanley - AnalystManav Gupta - AnalystOperatorWelcome to the MPLX fourth quarter 2025 earnings call. My n ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2025 reached just over $7 billion, reflecting a mid-single-digit three-year growth CAGR [4] - Adjusted EBITDA for the fourth quarter increased by 2% year-over-year to $1.8 billion, while Distributable Cash Flow decreased by 4% to $1.4 billion due to increased interest expenses [16][18] - Total returns for 2025 amounted to $4.4 billion, with a distribution increase of 12.5% [4][18] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $52 million year-over-year, driven by a revised FERC tariff and higher rates, despite a 2% decrease in terminal volumes [13] - The natural gas and NGL services segment saw adjusted EBITDA decrease by $10 million year-over-year, primarily due to the divestiture of non-core assets and lower NGL prices, although gathered volumes increased by 2% [14] Market Data and Key Metrics Changes - Natural gas demand in the U.S. is expected to grow over 15% through 2030, driven by LNG export capacity expansion and rising power needs [5] - The company is experiencing higher gas-to-oil ratios in key shale basins, which is increasing supplies of NGL-rich gas [5] Company Strategy and Development Direction - The company plans to invest $2.4 billion in 2026, focusing on capital projects that support long-term structural growth, particularly in the natural gas and NGL services segment [5] - The strategy includes optimizing the portfolio through divestitures of non-core assets to align future capital deployment with the strongest return opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the energy market and the company's ability to capture value from growth opportunities [7] - The company anticipates growth in 2026 to exceed that of 2025, driven by increased throughput on existing assets and new assets coming online [19] Other Important Information - The company has secured key construction permits for its projects, reflecting strong regulatory and stakeholder engagement [10] - The Titan Treating Complex is expected to treat over 400 million cubic feet per day of sour gas by the end of 2026 [7] Q&A Session Summary Question: Can you talk about your confidence in the mid-teens return target for the project backlog? - Management emphasized strict capital discipline and the expectation of mid-teens returns from capital investments, supporting mid-single-digit growth [22][23] Question: Can you provide an update on the commercialization of Northwind synergy projects? - Management confirmed that the Northwind sour gas facility is critical for future growth and will support both legacy and new volumes [26][27] Question: How do recent trends in the upstream community affect your growth outlook? - Management indicated that recent consolidations among upstream customers do not pose immediate risks to contract renegotiations [46] Question: What are the expectations for growth in 2026 compared to 2025? - Management stated that growth in 2026 is expected to be stronger than in 2025, inclusive of headwinds from the Rockies asset sale [50][51] Question: How does the new FERC index change impact your outlook? - Management noted that the negative FERC adder was anticipated and is already factored into their growth plans [52] Question: Can you comment on new growth projects in the Marcellus? - Management highlighted the importance of the Harmon Creek III project and its expected contribution to capacity and returns [55]

FOURTH QUARTER 2025 EARNINGS CONFERENCE CALL February 3, 2026 M P L X | 4 Q 2 0 2 5 FORWARD-LOOKING STATEMENTS This presentation 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, o ...

Exhibit 99.1 MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results FINDLAY, Ohio, Feb. 3, 2026 - MPLX LP (NYSE: 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 ca ...

Core Insights - MPLX LP reported a fourth-quarter 2025 net income of $1,193 million, an increase from $1,099 million in the fourth quarter of 2024, with adjusted EBITDA rising to $1,804 million from $1,762 million in the same period [1][5]. Financial Performance - For Q4 2025, MPLX generated $1,496 million in net cash from operating activities, $1,417 million in distributable cash flow, and $1,567 million in adjusted free cash flow [2]. - The full year 2025 saw MPLX generate $5.9 billion in net cash from operating activities, $5.8 billion in distributable cash flow, and $1.0 billion in adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion in 2024 respectively [3]. - The company announced a distribution of $1.0765 per common unit for Q4 2025, resulting in a distribution coverage of 1.3x for the quarter [2][5]. Growth and Investments - In 2025, MPLX invested over $4 billion to grow its natural gas and NGL value chains and plans to execute growth anchored in the Permian and Marcellus basins in 2026 [4]. - The company is advancing its strategic initiatives to meet the growing demand for natural gas and NGLs, aiming for mid-single digit adjusted EBITDA growth [4]. Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA increased by $52 million in Q4 2025 compared to Q4 2024, driven by a FERC tariff ruling and higher rates [9]. - The Natural Gas and NGL Services segment's adjusted EBITDA decreased by $10 million in Q4 2025, primarily due to a reduction associated with the divestiture of non-core assets and lower natural gas liquids prices [11]. Capital Expenditure and Future Outlook - MPLX's capital spending outlook for 2026 is $2.7 billion, with $2.4 billion allocated for growth and $300 million for maintenance [13]. - The company is focusing on expanding its Permian to Gulf Coast integrated value chain and investing in processing capacity in response to producer demand [13]. Financial Position - As of December 31, 2025, MPLX had $2.1 billion in cash and a leverage ratio of 3.7x, with cash flows supporting a leverage range of 4.0x [18]. - The partnership repurchased $100 million of common units in Q4 2025, with approximately $1.1 billion remaining under its unit repurchase authorizations [19].