Core Insights - MPLX LP reported a revenue of $3.62 billion for the quarter ended September 2025, marking a year-over-year increase of 21.8% and exceeding the Zacks Consensus Estimate by 10.43% [1] - The earnings per share (EPS) for the same period was $1.52, compared to $1.01 a year ago, resulting in an EPS surprise of 42.06% over the consensus estimate of $1.07 [1] Financial Performance Metrics - Average tariff rates for crude oil pipelines were $1.08, slightly above the estimated $1.05 [4] - Average tariff rates for product pipelines were $1.09, compared to the estimated $1.07 [4] - Pipeline throughput for crude oil pipelines was 3,867 million barrels, below the estimated 3,953.5 million barrels [4] - Natural gas processed in Southwest Operations was 1,983 million cubic feet, exceeding the estimate of 1,728.14 million cubic feet [4] - Total pipeline throughput was 5,922 million barrels, slightly below the estimated 6,027 million barrels [4] - Gathering throughput in Southwest Operations was 1,882 million cubic feet, above the estimate of 1,771.58 million cubic feet [4] - Pipeline throughput for product pipelines was 2,055 million barrels, below the estimated 2,073.5 million barrels [4] - Adjusted EBITDA for natural gas and NGL services was $629 million, slightly above the estimate of $609.77 million [4] - Adjusted EBITDA for crude oil and products logistics was $1.14 billion, compared to the estimated $1.13 billion [4] Stock Performance - MPLX LP shares have returned +4.3% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Net income attributable to MPLX increased by $508 million in Q3 2025 compared to Q3 2024, reaching $1,555 million[168]. - Total revenues and other income rose by $647 million in Q3 2025, primarily due to a $484 million gain on equity method investments from the BANGL Acquisition[168]. - Adjusted EBITDA attributable to MPLX LP was $1,766 million in Q3 2025, up from $1,714 million in Q3 2024[164]. - DCF attributable to MPLX LP was $1,468 million in Q3 2025, compared to $1,446 million in Q3 2024[164]. - Total revenues and other income increased by $876 million in the first nine months of 2025 compared to the same period in 2024[171]. - Net income attributable to MPLX increased by $501 million in the first nine months of 2025 compared to the same period in 2024[171]. Capital Expenditures and Investments - Capital expenditures for 2025 are projected at $2.0 billion, with $1.7 billion allocated for growth capital and $300 million for maintenance capital[232]. - Growth capital expenditures for the nine months ended September 30, 2025, totaled $1,358 million, a significant increase from $675 million in the same period in 2024, representing a 101% increase[234]. - Total growth and maintenance capital expenditures reached $1,505 million for the nine months ended September 30, 2025, up from $793 million in 2024, indicating an increase of 90%[234]. - The company completed significant acquisitions, including the BANGL Acquisition for $703 million and the Northwind Midstream Acquisition for $2.4 billion during the three months ended September 30, 2025[212]. Cash Flow and Liquidity - Net cash provided by operating activities was $1,431 million in Q3 2025, compared to $1,415 million in Q3 2024[166]. - Net cash provided by operating activities increased by $142 million to $4,413 million for the nine months ended September 30, 2025, compared to $4,271 million in 2024[1]. - Total liquidity as of September 30, 2025, was $5.3 billion, consisting of $3.5 billion in credit agreements and $1.765 billion in cash and cash equivalents[218]. - Net cash used in investing activities rose by $3,288 million to $(4,934) million in the first nine months of 2025, primarily due to the acquisition of Northwind Midstream for $2,413 million[1]. Revenue and Segment Performance - Service revenue increased by $69 million in Q3 2025, driven by $32 million from crude oil and products logistics tariff increases and $28 million from recent acquisitions[169]. - Product related revenue grew by $45 million in Q3 2025, mainly due to higher NGL sales volumes in the Southwest and Marcellus[169]. - Total segment revenues and other income for the Natural Gas and NGL Services segment increased by $721 million in the first nine months of 2025, largely due to a $484 million gain from the BANGL Acquisition[191]. - Segment Adjusted EBITDA for the Crude Oil and Products Logistics segment increased by $120 million for the first nine months of 2025 compared to the same period in 2024[182]. Acquisitions and Divestitures - Completed the acquisition of Northwind Delaware Holdings LLC for $2,413 million in cash in August 2025[160]. - Completed the acquisition of the remaining 55 percent interest in BANGL, LLC for $703 million in cash, plus an earnout provision of up to $275 million based on targeted EBITDA growth from 2026 to 2029[160]. - Entered into a definitive agreement to divest its Rockies gathering and processing operations for $1.0 billion in cash consideration[160]. Market Conditions and Expectations - The company expects natural gas demand to accelerate over the next few years to support increased electricity generation required for data centers[153]. - The profitability of pipeline transportation operations primarily depends on tariff rates and the volumes shipped through the pipelines[144]. - Natural Gas and NGL Services segment profitability is affected by prevailing commodity prices primarily as a result of processing at own or third-party processing plants[147]. Debt and Credit Profile - The company maintains an investment-grade credit profile, with credit ratings of BBB from Fitch, Baa2 from Moody's, and BBB from Standard & Poor's as of September 30, 2025[216]. - During the nine months ended September 30, 2025, the company's debt obligations increased by $4.8 billion due to the issuance and repayment of senior notes[243]. - MPLX intends to maintain an investment-grade credit profile, with no credit rating triggers in its debt agreements that would accelerate payments solely due to downgrades[217].

Financial Data and Key Metrics Changes - MPLX reported adjusted EBITDA of $1.8 billion for the third quarter, reflecting a 3% increase year-over-year [15] - Year-to-date adjusted EBITDA reached $5.2 billion, showing a 4% growth compared to the same period last year [5] - Distributable cash flows amounted to $1.5 billion, supporting a return of $1.1 billion to unit holders [5][15] - The company increased its quarterly distribution by 12.5% for the second consecutive year, marking a total annualized base distribution growth of over 50% in the past four years [4][17] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $43 million compared to Q3 2024, driven by higher rates despite flat pipeline volumes and a 3% decline in terminal volumes [13] - The natural gas and NGL services segment saw adjusted EBITDA rise by $9 million year-over-year, with gathered volumes increasing by 3% primarily due to production growth in the Utica [14] - Processing volumes in the Utica increased by 24% year-over-year, while Marcellus processing utilization was at 95% for the quarter [15] Market Data and Key Metrics Changes - MPLX's investments are primarily focused on natural gas and NGL services, with over 90% of total investments allocated to these segments this year [10] - The company is advancing its strategic growth objectives in the Permian Basin, with significant expansions planned for its processing and treating capabilities [8][10] Company Strategy and Development Direction - MPLX aims for mid-single-digit adjusted EBITDA growth anchored in the Marcellus and Permian basins, supported by strategic acquisitions and capital deployment [5][10] - The company is optimizing its competitive position through acquisitions, including full ownership of the Bangle NGL Pipeline System and a Delaware Basin sour gas treating business [6][8] - MPLX is focused on expanding gathering infrastructure and enhancing butane blending at terminals to maximize asset utilization [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025 [22][24] - The company anticipates that adjusted EBITDA growth will not be linear, with a focus on throughput growth from existing and new assets [17] - Management highlighted the importance of strategic partnerships and operational excellence in driving cash flow growth and delivering capital returns to unit holders [18] Other Important Information - MPLX maintains a solid balance sheet with leverage below its comfort level of four times, entering the quarter with a cash balance of $1.8 billion [16] - The company is progressing on schedule and on budget for its Gulf Coast Fractionation facility and LPG export terminal, expected to enter service in 2028 [9] Q&A Session Summary Question: EBITDA growth outlook - Management indicated that growth from 2025 to 2026 is expected to be stronger than from 2024 to 2025, supported by recent acquisitions and projects coming online [22][23] Question: Power LOI and opportunity set - Management discussed the importance of the LOI with MPC, emphasizing the potential for in-basin demand and lower-cost reliable power for producer customers [26] Question: Permian sour gas opportunity - Management confirmed that no additional AGI wells are needed to run the sour gas asset at full capacity, with a $500 million incremental capital investment planned [32] Question: Data center opportunities - Management is evaluating additional letters of intent for data center opportunities, with a focus on supporting producer customers [34] Question: In-basin demand growth - Management highlighted growth in the Marcellus and Utica regions, with expectations for new greenfield pipelines to support demand [50] Question: Distribution growth policy - Management sees a path for 12.5% distribution growth for the next couple of years, with evaluations ongoing beyond that period [65] Question: Impact of crude oil prices on logistics segment - Management noted strong demand and throughput in the logistics segment, supported by partnerships with Marathon Petroleum [71][72]

Financial Data and Key Metrics Changes - MPLX reported adjusted EBITDA of $1.8 billion for the third quarter, reflecting a 3% increase year-over-year [15][17] - Year-to-date adjusted EBITDA reached $5.2 billion, showing a 4% growth compared to the same period last year [5][17] - Distributable cash flows amounted to $1.5 billion, a 2% increase year-over-year, supporting $1.1 billion returned to unit holders [15][17] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $43 million compared to Q3 2024, driven by higher rates despite increased operating expenses [13] - The natural gas and NGL services segment saw adjusted EBITDA rise by $9 million year-over-year, with gathered volumes up 3% primarily due to production growth in the Utica [14][15] - Processing volumes in the Utica increased by 24% year-over-year, while Marcellus processing utilization was at 95% for the quarter [14][15] Market Data and Key Metrics Changes - MPLX's investments are primarily focused on natural gas and NGL services, with over 90% of total investments allocated to these segments this year [10] - The company is positioned for long-term natural gas volume growth in key operating regions, including the Marcellus, Utica, and Permian Basins [10] Company Strategy and Development Direction - MPLX aims for mid-single-digit adjusted EBITDA growth, supported by strategic acquisitions and organic growth initiatives [5][10] - The company is advancing its strategic commitments in the Permian Basin, with significant investments in processing and treating facilities [6][10] - MPLX's distribution increase of 12.5% marks the fourth consecutive year of double-digit increases, reflecting a strong commitment to returning capital to unit holders [4][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025 [17][24] - The company anticipates that the integration of recent acquisitions will enhance operational capabilities and support future growth [41][42] - Management highlighted a favorable market outlook for natural gas, driven by increasing demand for LNG exports and power generation [10][12] Other Important Information - MPLX closed two strategic acquisitions during the third quarter, including full ownership of the BANGL NGL Pipeline System and a Delaware Basin sour gas treating business [5][6] - The company maintains a solid balance sheet with leverage below its comfort level of four times [16] Q&A Session Summary Question: EBITDA growth outlook - Management indicated that growth from 2025 to 2026 is expected to be stronger than from 2024 to 2025, supported by new projects and acquisitions [21][23] Question: Power LOI and future opportunities - Management discussed the importance of the LOI with MPC for in-basin demand and indicated that this project is not expected to materialize until after 2026 [27][28] Question: Permian sour gas opportunity - Management confirmed that no additional AGI wells are needed to run the sour gas asset at full capacity, with a $500 million incremental capital investment planned [31][32] Question: Data center opportunities - Management is evaluating potential data center opportunities and remains open to generating electricity if the right conditions arise [34][36] Question: In-basin demand growth assumptions - Management highlighted ongoing growth in the Marcellus and Utica, supported by new plant construction and increasing utilization rates [48][49] Question: Distribution growth policy - Management sees a path for 12.5% distribution growth for the next couple of years, with evaluations ongoing beyond that period [63]

Financial Data and Key Metrics Changes - MPLX reported adjusted EBITDA of $1.8 billion for the third quarter, reflecting a 3% increase from the prior year [12] - Year-to-date adjusted EBITDA reached $5.2 billion, showing a 4% growth compared to the same period last year [4] - Distributable cash flows amounted to $1.5 billion, supporting a return of $1.1 billion to unit holders [4][12] - The company increased its quarterly distribution by 12.5% for the second consecutive year, marking a total annualized base distribution growth of over 50% in the past four years [3][14] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $43 million year-over-year, driven by higher rates despite flat pipeline volumes and a 3% decline in terminal volumes [11] - The natural gas and NGL services segment saw adjusted EBITDA rise by $9 million compared to the third quarter of 2024, with gathered volumes increasing by 3% year-over-year, primarily due to production growth in the Utica [11][12] - Processing volumes in the Utica increased by 24% year-over-year, while Marcellus processing utilization was at 95% for the quarter [12] Market Data and Key Metrics Changes - MPLX's investments are primarily focused on natural gas and NGL services, with over 90% of total investments allocated to these segments this year [8] - The company is well-positioned for long-term natural gas volume growth in key operating regions, including the Marcellus, Utica, and Permian Basins [8] Company Strategy and Development Direction - MPLX aims for mid-single-digit adjusted EBITDA growth, supported by strategic acquisitions and organic growth opportunities [4][15] - The company is advancing its strategic commitments in the Permian Basin, with significant expansions planned for the Bangle NGL Pipeline System and sour gas treating capabilities [5][6] - MPLX's approach to growth is structured to deliver mid-teens returns on investments while maximizing the utilization of existing assets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025 [19][20] - The company anticipates that adjusted EBITDA growth will not be linear, with growth in 2026 expected to exceed that of 2025 [14] - Management highlighted the importance of strategic partnerships and operational excellence in driving cash flow growth and delivering capital returns to unit holders [15] Other Important Information - MPLX closed two strategic acquisitions during the third quarter, including full ownership of the Bangle NGL Pipeline System and a Delaware Basin sour gas treating business [4][5] - The company maintains a solid balance sheet with leverage below its comfort level of four times [13] Q&A Session Summary Question: EBITDA growth outlook and future expectations - Management indicated that growth from 2025 to 2026 is expected to be stronger than from 2024 to 2025, supported by recent acquisitions and projects [19][20] Question: Details on the Permian sour gas opportunity - Management confirmed that no additional AGI wells are needed to run the sour gas asset at full capacity, with a $500 million incremental capital investment planned [28][29] Question: Potential for future letters of intent and electricity generation - Management stated that while they are evaluating data center opportunities, they are currently focused on being a natural gas supplier rather than entering the electricity generation business [31][34] Question: Integration of Titan Complex and customer interest - Management reported positive integration with the sour gas acquisition, with customers expressing satisfaction and increased interest in services [38][40] Question: In-basin demand growth and pipeline capacity - Management highlighted ongoing growth in the Marcellus and Utica, with strong utilization rates and in-basin demand for power generation [48] Question: Distribution growth policy - Management sees a path for 12.5% distribution growth for the next couple of years, with evaluations ongoing beyond that period [61]

Collaboration Announcement - MARA Holdings and MPLX LP have announced a collaboration to build integrated power generation and data center campuses in West Texas, marking a significant advancement in energy and computing infrastructure development [1] - MPLX will supply natural gas from its Delaware Basin processing plants to MARA's planned gas-fired power facilities, which will initially deliver 400 MW of electricity with potential expansion to 1.5 GW [1] Benefits of the Collaboration - The power generated will serve MARA's data centers and enhance energy reliability for MPLX's regional operations [2] - MPLX's CEO stated that the deal strengthens the company's natural gas value chain, while MARA's CEO highlighted the advantages of utilizing local low-cost gas for efficient, high-performance data centers [2] - The project is expected to evolve from supporting mining operations to advanced AI and high-performance computing workloads [2] Financial Performance - MARA reported third quarter 2025 revenues of $252 million, a 92% increase year-over-year [3] - The company achieved a net income of $123 million, a significant turnaround from a net loss of $125 million in the same period last year [3] - Adjusted EBITDA rose by 1,671% to $395.6 million, and the energized hashrate climbed 64% to 60.4 EH/s, with bitcoin holdings nearly doubling to 52,850 [3] - Despite strong financial results, MARA's stock is down 2.3% in early trading due to declines in both crypto and traditional markets [3]

Financial Performance - The company increased its quarterly distribution by 125% for the second consecutive year, reaching $431 per unit annualized[9] - Year-to-date Adjusted EBITDA was $52 billion, a 4% increase year-over-year[9] - Third quarter Adjusted EBITDA reached $1766 million, a 3% increase year-over-year[41] - Distributable cash flow for the third quarter was $1468 million, a 2% increase year-over-year[41] Portfolio Optimization and Capital Allocation - The company returned $11 billion in total capital, including $975 million in distributions and $100 million in unit repurchases[9] - The company acquired the remaining 55% interest in BANGL for approximately $700 million in cash[10] - The company is divesting Rockies gathering & processing assets for $1 billion in cash[10] - The company is deploying over $5 billion for growth, with over 90% allocated to Natural Gas & NGLs[24, 28] Strategic Growth and Sustainability - The company is expanding its Permian natural gas and NGL value chains, including sour gas treating capacity exceeding 400 MMcf/d[13] - The company is targeting mid-single digit growth by expanding integrated Permian natural gas and NGL value chains and building on its Marcellus footprint[59] - The company aims to reduce methane emissions intensity by 75% by 2030 from 2016 levels[50]

Core Insights - MPLX LP and MARA Holdings, Inc. have signed a letter of intent (LOI) for MPLX to supply natural gas to MARA's planned integrated power generation facilities and data centers in West Texas [1][2] - The collaboration aims to enhance energy reliability and scalability in the region, with an initial power generation capacity of 400 MW and potential scalability up to 1.5 GW [2][4] Company Summaries MPLX LP - MPLX is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, including a network of crude oil and refined product pipelines, storage caverns, and natural gas processing facilities [5] - The company aims to enhance its natural gas value chain and improve power reliability for its producer-customers through this collaboration [3] MARA Holdings, Inc. - MARA focuses on deploying digital energy technologies to optimize energy systems, transforming excess energy into digital capital and supporting critical infrastructure [6] - The partnership with MPLX allows MARA to leverage local natural gas resources, optimizing power usage and supporting the development of efficient data center campuses [4]

Financial Performance - Third-quarter 2025 net income attributable to MPLX was $1,545 million, a 49% increase from $1,037 million in Q3 2024[1] - Adjusted EBITDA for Q3 2025 was $1,766 million, up from $1,714 million in Q3 2024, reflecting a 3% increase[2] - Distributable cash flow for Q3 2025 was $1,468 million, compared to $1,446 million in Q3 2024, indicating a 2% increase[3] - Operating revenue for Q3 2025 was $1,444 million, an increase of 9% from $1,325 million in Q3 2024[32] - Total revenues and other income for the nine months ended September 30, 2025, reached $9,746 million, up from $8,870 million in the same period of 2024, reflecting a growth of 10%[32] - Net income for Q3 2025 reached $1,555 million, compared to $1,047 million in Q3 2024, reflecting a significant year-over-year increase[42] - Net income for the three months ended September 30, 2025, was $1,555 million, an increase from $1,047 million in the same period of 2024, representing a 48.5% growth[45] Distribution and Cash Flow - MPLX increased its quarterly distribution by 12.5% to $1.0765 per common unit, marking the second consecutive year of distribution growth[4] - The company declared total LP distributions of $1,095 million in Q3 2025, compared to $974 million in Q3 2024, marking a 12% increase[33] - Distribution coverage ratio for Q3 2025 was 1.3x, down from 1.5x in Q3 2024[33] - Distributions paid to common and preferred unitholders for the nine months ended September 30, 2025, totaled $2,929 million, compared to $2,623 million in 2024, representing an increase of 11.7%[52] Debt and Leverage - The leverage ratio at the end of Q3 2025 was 3.7x, compared to 3.4x at the end of Q3 2024[3] - Total debt as of September 30, 2025, was $25,646 million, an increase from $20,948 million at the end of 2024[36] - Consolidated debt to LTM adjusted EBITDA ratio increased to 3.7x as of September 30, 2025, from 3.1x at the end of 2024[36] - Consolidated total debt increased to $26,007 million as of September 30, 2025, compared to $22,356 million in 2024, marking an increase of 16.4%[47] - The consolidated total debt to LTM adjusted EBITDA ratio was 3.7x as of September 30, 2025, up from 3.4x in 2024, indicating a slight increase in leverage[47] Capital Expenditures - Maintenance capital expenditures for the three months ended September 30, 2025, were $70 million, up from $40 million in 2024, indicating a 75% increase[50] - Growth capital expenditures for Q3 2025 were $513 million, compared to $248 million in Q3 2024, representing a 106% increase[54] - Total growth capital expenditures for the nine months ended September 30, 2025, reached $1,358 million, up from $675 million in the same period of 2024, marking a 101% increase[54] - Total growth and maintenance capital expenditures for the nine months ended September 30, 2025, amounted to $1,505 million, compared to $793 million in 2024, indicating a 90% increase[54] Operational Metrics - Crude Oil and Products Logistics segment adjusted EBITDA increased by $43 million to $1,137 million in Q3 2025, a 4% rise from Q3 2024[6] - Natural Gas and NGL Services segment adjusted EBITDA rose by $9 million to $629 million in Q3 2025, a 1% increase from Q3 2024[8] - Crude oil pipeline throughput decreased by 1% to 3,867 mbpd in Q3 2025, while total pipeline throughput remained stable at 5,922 mbpd[38] - Total gathering throughput for Natural Gas and NGL Services declined by 8% to 4,085 MMcf/d in Q3 2025, with significant drops in Utica Operations[39] - Total natural gas processed increased by 3% to 10,075 MMcf/d in Q3 2025, driven by growth in Marcellus and Utica Operations[41] - C2 + NGLs fractionated rose by 7% to 677 mbpd in Q3 2025, with notable growth in Utica Operations[41] Acquisitions and Divestitures - The company announced the acquisition of a sour gas treating business in the Delaware basin for $2.4 billion, enhancing its Permian natural gas and NGL value chains[10] - MPLX is optimizing its portfolio through the divestiture of Rockies gathering and processing assets for $1.0 billion, expected to close in Q4 2025[10] - The company made significant acquisitions in 2025, including $703 million for the BANGL Acquisition and $2.4 billion for the Northwind Midstream Acquisition[53] Cash and Investments - Cash and cash equivalents as of September 30, 2025, were $1,765 million, up from $1,519 million at the end of 2024[36] - The company reported net cash flow from operating activities of $1,431 million for Q3 2025, slightly up from $1,415 million in Q3 2024[33] - Net cash provided by operating activities for the three months ended September 30, 2025, was $1,431 million, compared to $1,415 million in 2024, showing a marginal increase of 1.1%[50] - Investments in unconsolidated affiliates for Q3 2025 were $240 million, significantly higher than $32 million in Q3 2024[54] Return of Capital - The company reported a return of capital of $62 million for Q3 2025, compared to $4 million in Q3 2024[55] - Special distributions related to the return of capital for Q3 2025 amounted to $21 million[55]

Core Points - MPLX LP has announced the election of Maryann T. Mannen as chairman of the board, effective January 1, 2026, succeeding Michael J. Hennigan who will retire from the position [1][2][3] - Mannen has been serving as CEO since August 2024 and has been a board member since February 2021 [2] - Hennigan has held various leadership roles at MPLX since 2017, including chairman since April 2020 and CEO from November 2019 to August 2024 [2] Company Overview - MPLX LP is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, providing fuels distribution services [4] - The company's assets include a network of crude oil and refined product pipelines, inland marine business, light-product terminals, storage caverns, and various processing facilities in key U.S. supply basins [4] Financial Highlights - MPLX LP has increased its quarterly distribution by 12.5% for the second consecutive year, bringing the annualized distribution to $4.31 per unit [5] - The board has declared a quarterly cash distribution of $1.0765 per common unit [6]