MPLX(MPLX) - 2025 Q2 - Quarterly Results

Second-Quarter 2025 Financial Results Overview Key Financial Highlights MPLX LP reported a decrease in Q2 2025 net income attributable to MPLX but an increase in Adjusted EBITDA compared to Q2 2024, generating strong cash flow and maintaining healthy distribution coverage and leverage Key Financial Highlights (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | % Change (Q2) | H1 2025 ($ millions) | H1 2024 ($ millions) | % Change (H1) | | :----------------------------------------- | :------------------- | :------------------- | :------------ | :------------------- | :------------------- | :------------ | | Net income attributable to MPLX LP | 1,048 | 1,176 | (11)% | 2,174 | 2,181 | (0.3)% | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | 2% | 3,447 | 3,288 | 5% | | Net cash provided by operating activities | 1,736 | 1,565 | 11% | 2,982 | 2,856 | 4% | | Distributable cash flow attributable to MPLX LP | 1,420 | 1,404 | 1% | 2,906 | 2,774 | 5% | | Distribution per common unit | $0.9565 | $0.8500 | 13% | $1.9130 | $1.7000 | 13% | | Distribution coverage | 1.5x | 1.6x | (6)% | 1.5x | 1.6x | (6)% | | Consolidated total debt to LTM adjusted EBITDA | 3.1x | 3.4x | (9)% | 3.1x | 3.4x | (9)% | | Cash paid for common unit repurchases | $100 | $75 | 33% | $200 | $150 | 33% | CEO Commentary CEO Maryann Mannen highlighted progress on Natural Gas and NGL growth strategies, including the Northwind Midstream acquisition, noting 5% year-over-year adjusted EBITDA growth in H1 2025, supporting reinvestment and capital returns - The planned acquisition of Northwind Midstream demonstrates progress on Natural Gas and NGL growth strategies in the Permian basin[5] - Operational and commercial performance delivered 5% year-over-year adjusted EBITDA growth in the first half of 2025[5] - This execution of the mid-single digit growth strategy allows for reinvestment in the business and return of capital to unitholders through anticipated annual distribution increases[5] Segment Performance Crude Oil and Products Logistics The Crude Oil and Products Logistics segment experienced a $39 million increase in adjusted EBITDA for Q2 2025 compared to Q2 2024, primarily due to higher rates and throughputs, partially offset by increased operating expenses Crude Oil and Products Logistics Segment Performance | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :----------- | :----------- | :------------ | :----------- | :----------- | :------------ | | Segment adjusted EBITDA | $1,138 million | $1,099 million | 4% | $2,235 million | $2,158 million | 4% | | Pipeline throughput (mbpd) | 6,103 | 6,024 | 1% | 6,017 | 5,660 | 6% | | Terminal throughput (mbpd) | 3,183 | 3,197 | —% | 3,139 | 3,063 | 2% | | Average tariff rates ($/bbl)| $1.06 | $0.98 | 8% | $1.06 | $1.00 | 6% | - The increase in adjusted EBITDA was primarily driven by higher rates and throughputs, partially offset by higher operating expenses[8] Natural Gas and NGL Services The Natural Gas and NGL Services segment saw a slight decrease of $2 million in adjusted EBITDA for Q2 2025 compared to Q2 2024, as growth from equity affiliates was counteracted by higher operating expenses and project spending Natural Gas and NGL Services Segment Performance | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :------------------------------ | :----------- | :----------- | :------------ | :----------- | :----------- | :------------ | | Segment adjusted EBITDA | $552 million | $554 million | —% | $1,212 million | $1,130 million | 7% | | Gathering throughput (MMcf/d) | 6,562 | 6,614 | (1)% | 6,539 | 6,420 | 2% | | Natural gas processed (MMcf/d) | 9,740 | 9,568 | 2% | 9,760 | 9,470 | 3% | | C2 + NGLs fractionated (mbpd) | 634 | 665 | (5)% | 647 | 649 | —% | - The decrease in adjusted EBITDA was due to growth from equity affiliates being offset by higher operating expenses and project spending[10] Strategic Developments Natural Gas and NGL Services Growth Strategy MPLX expands its Permian to Gulf Coast value chain, investing in processing and pipelines, highlighted by the $2.375 billion Northwind Midstream acquisition - MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects, and investing in Permian and Marcellus processing capacity[12] - MPLX has entered into a definitive agreement to acquire Northwind Delaware Holdings LLC (Northwind Midstream) for $2.375 billion in cash, expected to be immediately accretive to distributable cash flow and close in Q3 2025[12][14] - Northwind Midstream provides sour gas gathering, treating, and processing services in Lea County, New Mexico, with over 200,000 dedicated acres, 200+ miles of gathering pipelines, and a system designed for 440 MMcf/d of sour gas treating capacity, anticipated to be fully online in H2 2026[12][14] - Secretariat: 200 MMcf/d processing plant in Permian basin, increasing capacity to 1.4 Bcf/d; expected in service end of 2025[21] - Harmon Creek III: 300 MMcf/d processing plant and 40 mbpd de-ethanizer in the Northeast, increasing processing capacity to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in H2 2026[21] - BANGL Pipeline: MPLX acquired the remaining 55% for 100% ownership; expanding from 250 mbpd to 300 mbpd; expected in service in H2 2026[21] - Blackcomb and Rio Bravo Pipelines: Designed to transport natural gas from the Permian to Gulf Coast markets (up to 2.5 Bcf/d and 4.5 Bcf/d, respectively); expected in service in H2 2026[21] - Traverse Pipeline: Bi-directional 2.5 Bcf/d pipeline along the Gulf Coast; expected in service in 2027[21] - Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near Marathon Petroleum's Galveston Bay refinery; expected in service in 2028 and 2029[21] - LPG Export Terminal: Strategic partnership with ONEOK, Inc. to develop a 400 mbpd LPG export terminal and associated pipeline; anticipated in service in 2028[21] Crude Oil and Products Logistics Expansion MPLX is expanding its crude gathering pipelines in the Permian and Bakken basins and investing in projects aimed at expanding or de-bottlenecking existing assets - MPLX is expanding its crude gathering pipelines in the Permian and Bakken basins[16] - The company is investing in projects targeted at the expansion or de-bottlenecking of assets[16] Financial Position and Capital Allocation Liquidity and Debt Management As of June 30, 2025, MPLX maintained strong liquidity with $1.4 billion in cash and significant availability on its credit facilities, with a leverage ratio of 3.1x well within its target range, and successfully repaid $1.2 billion in senior notes - Cash and cash equivalents as of June 30, 2025: $1.4 billion[17] - Available on bank revolving credit facility: $2.0 billion[17] - Available through intercompany loan agreement with MPC: $1.5 billion[17] - MPLX's leverage ratio was 3.1x at the end of Q2 2025, well within the stability of cash flows support range of 4.0x[4][17] - On April 9, 2025, MPLX repaid all of its outstanding $1.2 billion senior notes due June 2025[18] - MPLX intends to finance its recently completed acquisition of the remaining 55% of the BANGL pipeline system and its announced acquisition of Northwind Midstream with debt[18] Unit Repurchase Program MPLX repurchased $100 million of common units in Q2 2025 and announced a new authorization for up to $1.0 billion in additional common unit repurchases, incremental to the remaining $320 million under the previous authorization - The partnership repurchased $100 million of common units held by the public in the second quarter of 2025[18] - As of June 30, 2025, MPLX had approximately $320 million remaining available under its unit repurchase authorization[18] - MPLX announced a new authorization for the repurchase of up to $1.0 billion of MPLX common units held by the public, incremental to the remaining available authorization, with no expiration date[19] - Repurchases may utilize various methods, including open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers, or open market solicitations, potentially through Rule 10b5-1 plans[20] Company Information and Non-GAAP Measures Conference Call and About MPLX LP MPLX LP is a diversified master limited partnership operating midstream energy infrastructure and logistics assets across key U.S. supply basins, with a conference call held on August 5, 2025, to discuss financial results and operations - MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services[23] - MPLX's assets include a network of crude oil and refined product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks, loading racks, associated piping, crude and light-product marine terminals, crude oil and natural gas gathering systems, and natural gas and NGL processing and fractionation facilities in key U.S. supply basins[23] - A conference call and webcast were held on August 5, 2025, to discuss reported results and provide an update on operations, with a replay available on www.mplx.com[22](index=22&type=chunk) Non-GAAP Financial Measures Definitions MPLX utilizes several non-GAAP financial measures, including Adjusted EBITDA, leverage ratio, Distributable Cash Flow (DCF), Adjusted Free Cash Flow (Adjusted FCF), and Adjusted FCF after distributions, to analyze performance and liquidity, with definitions and reconciliations provided - Management utilizes non-GAAP measures such as Adjusted EBITDA, leverage ratio, Distributable Cash Flow (DCF), Adjusted Free Cash Flow (Adjusted FCF), and Adjusted FCF after distributions to analyze performance[24] - Adjusted EBITDA is defined as net income adjusted for provision for income taxes, net interest and other financial costs, depreciation and amortization, income/(loss) from equity method investments, distributions and adjustments related to equity method investments, impairment expense, noncontrolling interests, and other adjustments[25] - DCF is defined as Adjusted EBITDA adjusted for deferred revenue impacts, sales-type lease payments, adjusted net interest and other financial costs, net maintenance capital expenditures, equity method investment capital expenditures paid out, and other adjustments[26] - Adjusted FCF is defined as net cash provided by operating activities adjusted for net cash used in investing activities, cash contributions from MPC, and cash distributions to noncontrolling interests; Adjusted FCF after distributions is Adjusted FCF less base distributions to common and preferred unitholders[27] - The leverage ratio is defined as consolidated total debt to LTM adjusted EBITDA, used to analyze the ability to incur and service debt and fund capital expenditures[24][28] - These non-GAAP measures have limitations and should not be considered alternatives to GAAP net income or net cash provided by operating activities[29] Forward-Looking Statements This section provides a cautionary statement regarding forward-looking statements, which are based on management's current knowledge and expectations and are subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties that could cause actual results and events to differ materially[31] - Factors include political or regulatory developments, volatility in economic/market conditions, adequacy of capital resources and liquidity, timing and extent of changes in commodity prices and demand, changes to expected construction costs and in-service dates of projects, ability to obtain regulatory approvals for transactions (e.g., Northwind), and ability to realize expected returns on projects[31][32] - Other risks include industrial incidents, suspension/reduction of MPC's obligations, imposition of windfall profit taxes, tariffs, and other risk factors inherent to MPLX's industry[31][32] - MPLX undertakes no obligation to update any forward-looking statement except to the extent required by applicable law[33] Unaudited Financial Tables and Reconciliations Condensed Consolidated Results of Operations This table presents the condensed consolidated statements of operations for the three and six months ended June 30, 2025, and 2024, detailing revenues, costs, income from operations, net income, and per unit data Condensed Consolidated Results of Operations (unaudited) | (In millions, except per unit data) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :---------------------------------- | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Operating revenue | $1,338 | $1,253 | | | | Operating revenue - related parties | 1,450 | 1,431 | | | | Income from equity method investments | 170 | 325 | | | | Other income | 45 | 43 | | | | Total revenues and other income | 3,003 | 3,052 | | | | Operating expenses | 821 | 780 | | | | Operating expenses - related parties | 426 | 393 | | | | Depreciation and amortization | 324 | 320 | | | | General and administrative expenses | 107 | 107 | | | | Other taxes | 32 | 33 | | | | Total costs and expenses | 1,710 | 1,633 | | | | Income from operations | 1,293 | 1,419 | | | | Net interest and other financial costs | 234 | 231 | | | | Income before income taxes | 1,059 | 1,188 | | | | Provision for income taxes | 1 | 2 | | | | Net income | 1,058 | 1,186 | | | | Less: Net income attributable to noncontrolling interests | 10 | 10 | | | | Net income attributable to MPLX LP | 1,048 | 1,176 | | | | Less: Series A preferred unitholders interest in net income | — | 5 | | | | Limited partners' interest in net income attributable to MPLX LP | $1,048 | $1,171 | | | | Six Months Ended | | | | | | Operating revenue | | | $2,758 | $2,470 | | Operating revenue - related parties | | | 2,917 | 2,818 | | Income from equity method investments | | | 356 | 482 | | Other income | | | 96 | 128 | | Total revenues and other income | | | 6,127 | 5,898 | | Operating expenses | | | 1,688 | 1,539 | | Operating expenses - related parties | | | 846 | 769 | | Depreciation and amortization | | | 650 | 637 | | General and administrative expenses | | | 219 | 216 | | Other taxes | | | 65 | 67 | | Total costs and expenses | | | 3,468 | 3,228 | | Income from operations | | | 2,659 | 2,670 | | Net interest and other financial costs | | | 463 | 466 | | Income before income taxes | | | 2,196 | 2,204 | | Provision for income taxes | | | 2 | 3 | | Net income | | | 2,194 | 2,201 | | Less: Net income attributable to noncontrolling interests | | | 20 | 20 | | Net income attributable to MPLX LP | | | 2,174 | 2,181 | | Less: Series A preferred unitholders interest in net income | | | — | 15 | | Limited partners' interest in net income attributable to MPLX LP | | | $2,174 | $2,166 | | Per Unit Data | | | | | | Net income attributable to MPLX LP per limited partner unit: ||||| | Common – basic | $1.03 | $1.15 | $2.13 | $2.13 | | Common – diluted | $1.03 | $1.15 | $2.13 | $2.13 | | Weighted average limited partner units outstanding: ||||| | Common units – basic | 1,020 | 1,019 | 1,020 | 1,013 | | Common units – diluted | 1,021 | 1,020 | 1,020 | 1,014 | Select Financial Statistics This table provides key financial statistics, including common and preferred unit distributions, Adjusted EBITDA, DCF attributable to LP unitholders, distribution coverage, and cash flow data for operating, investing, and financing activities Select Financial Statistics (unaudited) | (In millions, except ratio data) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------- | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Common unit distributions declared by MPLX LP: ||||| | Common units (LP) – public | $356 | $317 | | | | Common units – MPC | 619 | 551 | | | | Total LP distribution declared | 975 | 868 | | | | Series A preferred unit distributions | — | 5 | | | | Total preferred unit distributions | — | 5 | | | | Other Financial Data | | | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | DCF attributable to LP unitholders | $1,420 | $1,399 | | | | Distribution coverage | 1.5x | 1.6x | | | | Cash Flow Data | | | | | | Net cash flow provided by (used in): ||||| | Operating activities | $1,736 | $1,565 | | | | Investing activities | (602) | (114) | | | | Financing activities | $(2,282) | $665 | | | | Six Months Ended | | | | | | Common unit distributions declared by MPLX LP: ||||| | Common units (LP) – public | | | $713 | $631 | | Common units – MPC | | | 1,238 | 1,101 | | Total LP distribution declared | | | 1,951 | 1,732 | | Series A preferred unit distributions | | | — | 15 | | Total preferred unit distributions | | | — | 15 | | Other Financial Data | | | | | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | DCF attributable to LP unitholders | | | $2,906 | $2,759 | | Distribution coverage | | | 1.5x | 1.6x | | Cash Flow Data | | | | | | Net cash flow provided by (used in): ||||| | Operating activities | | | $2,982 | $2,856 | | Investing activities | | | (1,203) | (1,110) | | Financing activities | | | $(1,912) | $(293) | Financial Data This table presents key financial data as of June 30, 2025, and December 31, 2024, including cash, total assets, total debt, equity, leverage ratio, and partnership units outstanding Financial Data (unaudited) | (In millions, except ratio data) | June 30, 2025 | December 31, 2024 | | :------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $1,386 | $1,519 | | Total assets | 37,841 | 37,511 | | Total debt | 21,225 | 20,948 | | Redeemable preferred units | — | 203 | | Total equity | $14,049 | $13,807 | | Consolidated debt to LTM adjusted EBITDA | 3.1x | 3.1x | | Partnership units outstanding: | | | | MPC-held common units | 647 | 647 | | Public common units | 373 | 370 | Operating Statistics - Crude Oil and Products Logistics This table details operating statistics for the Crude Oil and Products Logistics segment, including crude oil and product pipeline throughput, average tariff rates, terminal throughput, and fleet counts for barges and towboats Crude Oil and Products Logistics Operating Statistics (unaudited) | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Pipeline throughput (mbpd): ||||||| | Crude oil pipelines | 4,012 | 3,950 | 2% | 3,961 | 3,707 | 7% | | Product pipelines | 2,091 | 2,074 | 1% | 2,056 | 1,953 | 5% | | Total pipelines | 6,103 | 6,024 | 1% | 6,017 | 5,660 | 6% | | Average tariff rates ($/bbl): ||||||| | Crude oil pipelines | $1.06 | $0.99 | 7% | $1.05 | $1.01 | 4% | | Product pipelines | $1.05 | $0.96 | 9% | $1.08 | $0.98 | 10% | | Total pipelines | $1.06 | $0.98 | 8% | $1.06 | $1.00 | 6% | | Terminal throughput (mbpd) | 3,183 | 3,197 | —% | 3,139 | 3,063 | 2% | | Barges at period-end | 320 | 312 | 3% | 320 | 312 | 3% | | Towboats at period-end | 29 | 29 | —% | 29 | 29 | —% | Operating Statistics - Natural Gas and NGL Services (Consolidated) This table provides consolidated operating statistics for the Natural Gas and NGL Services segment, broken down by region for gathering throughput, natural gas processed, and C2 + NGLs fractionated Natural Gas and NGL Services Operating Statistics (Consolidated, unaudited) | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Gathering throughput (MMcf/d): ||||||| | Marcellus Operations | 1,488 | 1,524 | (2)% | 1,494 | 1,508 | (1)% | | Utica Operations | — | 363 | (100)% | 133 | 181 | (27)% | | Southwest Operations | 1,734 | 1,589 | 9% | 1,759 | 1,595 | 10% | | Bakken Operations | 162 | 184 | (12)% | 168 | 184 | (9)% | | Rockies Operations | 541 | 585 | (8)% | 545 | 574 | (5)% | | Total gathering throughput | 3,925 | 4,245 | (8)% | 4,099 | 4,042 | 1% | | Natural gas processed (MMcf/d): ||||||| | Marcellus Operations | 4,312 | 4,362 | (1)% | 4,318 | 4,343 | (1)% | | Utica Operations | — | — | —% | — | — | —% | | Southwest Operations | 1,821 | 1,748 | 4% | 1,850 | 1,689 | 10% | | Southern Appalachia Operations | 205 | 218 | (6)% | 196 | 220 | (11)% | | Bakken Operations | 162 | 184 | (12)% | 168 | 183 | (8)% | | Rockies Operations | 593 | 635 | (7)% | 597 | 635 | (6)% | | Total natural gas processed | 7,093 | 7,147 | (1)% | 7,129 | 7,070 | 1% | | C2 + NGLs fractionated (mbpd): ||||||| | Marcellus Operations | 545 | 571 | (5)% | 556 | 562 | (1)% | | Utica Operations | — | — | —% | — | — | —% | | Southern Appalachia Operations | 11 | 12 | (8)% | 10 | 12 | (17)% | | Bakken Operations | 13 | 21 | (38)% | 14 | 20 | (30)% | | Rockies Operations | 5 | 5 | —% | 5 | 5 | —% | | Total C2 + NGLs fractionated | 574 | 609 | (6)% | 585 | 599 | (2)% | Operating Statistics - Natural Gas and NGL Services (Operated) This table presents operated operating statistics for the Natural Gas and NGL Services segment, including data for consolidated entities and partnership-operated equity method investments, across various regions Natural Gas and NGL Services Operating Statistics (Operated, unaudited) | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Gathering throughput (MMcf/d): ||||||| | Marcellus Operations | 1,488 | 1,524 | (2)% | 1,494 | 1,508 | (1)% | | Utica Operations | 2,566 | 2,664 | (4)% | 2,503 | 2,475 | 1% | | Southwest Operations | 1,734 | 1,589 | 9% | 1,759 | 1,595 | 10% | | Bakken Operations | 162 | 184 | (12)% | 168 | 184 | (9)% | | Rockies Operations | 612 | 653 | (6)% | 615 | 658 | (7)% | | Total gathering throughput | 6,562 | 6,614 | (1)% | 6,539 | 6,420 | 2% | | Natural gas processed (MMcf/d): ||||||| | Marcellus Operations | 6,019 | 5,951 | 1% | 5,997 | 5,938 | 1% | | Utica Operations | 940 | 832 | 13% | 952 | 805 | 18% | | Southwest Operations | 1,821 | 1,748 | 4% | 1,850 | 1,689 | 10% | | Southern Appalachia Operations | 205 | 218 | (6)% | 196 | 220 | (11)% | | Bakken Operations | 162 | 184 | (12)% | 168 | 183 | (8)% | | Rockies Operations | 593 | 635 | (7)% | 597 | 635 | (6)% | | Total natural gas processed | 9,740 | 9,568 | 2% | 9,760 | 9,470 | 3% | | C2 + NGLs fractionated (mbpd): ||||||| | Marcellus Operations | 545 | 571 | (5)% | 556 | 562 | (1)% | | Utica Operations | 60 | 56 | 7% | 62 | 50 | 24% | | Southern Appalachia Operations | 11 | 12 | (8)% | 10 | 12 | (17)% | | Bakken Operations | 13 | 21 | (38)% | 14 | 20 | (30)% | | Rockies Operations | 5 | 5 | —% | 5 | 5 | —% | | Total C2 + NGLs fractionated | 634 | 665 | (5)% | 647 | 649 | —% | Reconciliation of Segment Adjusted EBITDA to Net Income This table reconciles segment adjusted EBITDA attributable to MPLX LP to net income for the three and six months ended June 30, 2025, and 2024 Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP | $1,138 | $1,099 | | | | Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP | 552 | 554 | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | Depreciation and amortization | (324) | (320) | | | | Net interest and other financial costs | (234) | (231) | | | | Income from equity method investments | 170 | 325 | | | | Distributions/adjustments related to equity method investments | (229) | (218) | | | | Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | | | | Other | (26) | (34) | | | | Net income | $1,058 | $1,186 | | | | Six Months Ended | | | | | | Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP | | | $2,235 | $2,158 | | Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP | | | 1,212 | 1,130 | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | Depreciation and amortization | | | (650) | (637) | | Net interest and other financial costs | | | (463) | (466) | | Income from equity method investments | | | 356 | 482 | | Distributions/adjustments related to equity method investments | | | (456) | (418) | | Adjusted EBITDA attributable to noncontrolling interests | | | 22 | 22 | | Other | | | (62) | (70) | | Net income | | | $2,194 | $2,201 | Reconciliation of Segment Adjusted EBITDA to Income from Operations This table reconciles segment adjusted EBITDA to income from operations for both Crude Oil and Products Logistics and Natural Gas and NGL Services segments Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Crude Oil and Products Logistics | | | | | | Segment adjusted EBITDA | $1,138 | $1,099 | | | | Depreciation and amortization | (135) | (131) | | | | Income from equity method investments | 59 | 79 | | | | Distributions/adjustments related to equity method investments | (77) | (90) | | | | Other | (17) | (15) | | | | Natural Gas and NGL Services | | | | | | Segment adjusted EBITDA | 552 | 554 | | | | Depreciation and amortization | (189) | (189) | | | | Income from equity method investments | 111 | 246 | | | | Distributions/adjustments related to equity method investments | (152) | (128) | | | | Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | | | | Other | (8) | (17) | | | | Income from operations | $1,293 | $1,419 | | | | Six Months Ended | | | | | | Crude Oil and Products Logistics | | | | | | Segment adjusted EBITDA | | | $2,235 | $2,158 | | Depreciation and amortization | | | (268) | (261) | | Income from equity method investments | | | 115 | 143 | | Distributions/adjustments related to equity method investments | | | (149) | (163) | | Other | | | (34) | (28) | | Natural Gas and NGL Services | | | | | | Segment adjusted EBITDA | | | 1,212 | 1,130 | | Depreciation and amortization | | | (382) | (376) | | Income from equity method investments | | | 241 | 339 | | Distributions/adjustments related to equity method investments | | | (307) | (255) | | Adjusted EBITDA attributable to noncontrolling interests | | | 22 | 22 | | Other | | | (26) | (39) | | Income from operations | | | $2,659 | $2,670 | Reconciliation of Adjusted EBITDA and DCF from Net Income This table provides a reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to LP unitholders, starting from net income Reconciliation of Adjusted EBITDA and DCF from Net Income (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Net income | $1,058 | $1,186 | | | | Provision for income taxes | 1 | 2 | | | | Net interest and other financial costs | 234 | 231 | | | | Income from operations | 1,293 | 1,419 | | | | Depreciation and amortization | 324 | 320 | | | | Income from equity method investments | (170) | (325) | | | | Distributions/adjustments related to equity method investments | 229 | 218 | | | | Other | 25 | 32 | | | | Adjusted EBITDA | 1,701 | 1,664 | | | | Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | Deferred revenue impacts | (10) | 8 | | | | Sales-type lease payments, net of income | 14 | 8 | | | | Adjusted net interest and other financial costs | (225) | (217) | | | | Maintenance capital expenditures, net of reimbursements | (45) | (45) | | | | Equity method investment maintenance capital expenditures paid out | (3) | (3) | | | | Other | (1) | — | | | | DCF attributable to MPLX LP | 1,420 | 1,404 | | | | Preferred unit distributions | — | (5) | | | | DCF attributable to LP unitholders | $1,420 | $1,399 | | | | Six Months Ended | | | | | | Net income | | | $2,194 | $2,201 | | Provision for income taxes | | | 2 | 3 | | Net interest and other financial costs | | | 463 | 466 | | Income from operations | | | 2,659 | 2,670 | | Depreciation and amortization | | | 650 | 637 | | Income from equity method investments | | | (356) | (482) | | Distributions/adjustments related to equity method investments | | | 456 | 418 | | Other | | | 60 | 67 | | Adjusted EBITDA | | | 3,469 | 3,310 | | Adjusted EBITDA attributable to noncontrolling interests | | | (22) | (22) | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | Deferred revenue impacts | | | (28) | 21 | | Sales-type lease payments, net of income | | | 27 | 13 | | Adjusted net interest and other financial costs | | | (444) | (439) | | Maintenance capital expenditures, net of reimbursements | | | (80) | (80) | | Equity method investment maintenance capital expenditures paid out | | | (8) | (7) | | Other | | | (8) | (22) | | DCF attributable to MPLX LP | | | 2,906 | 2,774 | | Preferred unit distributions | | | — | (15) | | DCF attributable to LP unitholders | | | $2,906 | $2,759 | Reconciliation of Net Income to LTM Adjusted EBITDA This table reconciles net income to Last Twelve Month (LTM) Adjusted EBITDA attributable to MPLX LP and presents the consolidated total debt to LTM adjusted EBITDA ratio Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | December 31, 2024 | | :------------------------------------------------ | :------------ | :------------ | :---------------- | | LTM Net income | $4,350 | $4,273 | $4,357 | | Provision for income taxes | 9 | 13 | 10 | | Net interest and other financial costs | 918 | 913 | 921 | | LTM income from operations | 5,277 | 5,199 | 5,288 | | Depreciation and amortization | 1,296 | 1,244 | 1,283 | | Income from equity method investments | (676) | (803) | (802) | | Distributions/adjustments related to equity method investments | 966 | 849 | 928 | | Gain on equity method investments | — | (92) | — | | Garyville incident response costs | — | 16 | — | | Other | 104 | 138 | 111 | | LTM Adjusted EBITDA | 6,967 | 6,551 | 6,808 | | Adjusted EBITDA attributable to noncontrolling interests | (44) | (44) | (44) | | LTM Adjusted EBITDA attributable to MPLX LP | 6,923 | 6,507 | 6,764 | | Consolidated total debt | $21,507 | $22,356 | $21,206 | | Consolidated total debt to LTM adjusted EBITDA | 3.1x | 3.4x | 3.1x | Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities This table reconciles Adjusted EBITDA attributable to MPLX LP and DCF attributable to LP unitholders, starting from net cash provided by operating activities Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Net cash provided by operating activities | $1,736 | $1,565 | | | | Changes in working capital items | (313) | (166) | | | | All other, net | (6) | (4) | | | | Loss on extinguishment of debt | 3 | — | | | | Adjusted net interest and other financial costs | 225 | 217 | | | | Other adjustments related to equity method investments | 22 | 21 | | | | Other | 34 | 31 | | | | Adjusted EBITDA | 1,701 | 1,664 | | | | Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | Deferred revenue impacts | (10) | 8 | | | | Sales-type lease payments, net of income | 14 | 8 | | | | Adjusted net interest and other financial costs | (225) | (217) | | | | Maintenance capital expenditures, net of reimbursements | (45) | (45) | | | | Equity method investment maintenance capital expenditures paid out | (3) | (3) | | | | Other | (1) | — | | | | DCF attributable to MPLX LP | 1,420 | 1,404 | | | | Preferred unit distributions | — | (5) | | | | DCF attributable to LP unitholders | $1,420 | $1,399 | | | | Six Months Ended | | | | | | Net cash provided by operating activities | | | $2,982 | $2,856 | | Changes in working capital items | | | (83) | (95) | | All other, net | | | (4) | (10) | | Loss on extinguishment of debt | | | 3 | — | | Adjusted net interest and other financial costs | | | 444 | 439 | | Other adjustments related to equity method investments | | | 61 | 41 | | Other | | | 66 | 79 | | Adjusted EBITDA | | | 3,469 | 3,310 | | Adjusted EBITDA attributable to noncontrolling interests | | | (22) | (22) | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | Deferred revenue impacts | | | (28) | 21 | | Sales-type lease payments, net of income | | | 27 | 13 | | Adjusted net interest and other financial costs | | | (444) | (439) | | Maintenance capital expenditures, net of reimbursements | | | (80) | (80) | | Equity method investment maintenance capital expenditures paid out | | | (8) | (7) | | Other | | | (8) | (22) | | DCF attributable to MPLX LP | | | 2,906 | 2,774 | | Preferred unit distributions | | | — | (15) | | DCF attributable to LP unitholders | | | $2,906 | $2,759 | Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow This table reconciles net cash provided by operating activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after distributions Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Net cash provided by operating activities | $1,736 | $1,565 | | | | Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow: ||||| | Net cash used in investing activities | (602) | (114) | | | | Contributions from MPC | 7 | 8 | | | | Distributions to noncontrolling interests | (11) | (11) | | | | Adjusted free cash flow | 1,130 | 1,448 | | | | Distributions paid to common and preferred unitholders | (976) | (874) | | | | Adjusted free cash flow after distributions | $154 | $574 | | | | Six Months Ended | | | | | | Net cash provided by operating activities | | | $2,982 | $2,856 | | Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow: ||||| | Net cash used in investing activities | | | (1,203) | (1,110) | | Contributions from MPC | | | 14 | 18 | | Distributions to noncontrolling interests | | | (22) | (22) | | Adjusted free cash flow | | | 1,771 | 1,742 | | Distributions paid to common and preferred unitholders | | | (1,954) | (1,750) | | Adjusted free cash flow after distributions | | | $(183) | $(8) | Capital Expenditures This table details capital expenditures, distinguishing between growth and maintenance capital, including reimbursements, investments in unconsolidated affiliates, and additions to property, plant, and equipment Capital Expenditures (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Three Months Ended | | | | | | Capital Expenditures: | | | | | | Growth capital expenditures | $286 | $156 | | | | Growth capital reimbursements | (37) | (29) | | | | Investments in unconsolidated affiliates | 203 | 35 | | | | Return of capital | (39) | — | | | | Capitalized interest | (7) | (4) | | | | Total growth capital expenditures | 406 | 158 | | | | Maintenance capital expenditures | 55 | 53 | | | | Maintenance capital reimbursements | (10) | (8) | | | | Capitalized interest | (1) | (1) | | | | Total maintenance capital expenditures | 44 | 44 | | | | Total growth and maintenance capital expenditures | 450 | 202 | | | | Investments in unconsolidated affiliates | (203) | (35) | | | | Return of capital | 39 | — | | | | Growth and maintenance capital reimbursements | 47 | 37 | | | | (Increase)/Decrease in capital accruals | (40) | 4 | | | | Capitalized interest | 8 | 5 | | | | Additions to property, plant and equipment | $301 | $213 | | | | Six Months Ended | | | | | | Capital Expenditures: | | | | | | Growth capital expenditures | | | $506 | $321 | | Growth capital reimbursements | | | (64) | (50) | | Investments in unconsolidated affiliates | | | 322 | 154 | | Return of capital | | | (39) | — | | Capitalized interest | | | (12) | (8) | | Total growth capital expenditures | | | 713 | 417 | | Maintenance capital expenditures | | | 103 | 98 | | Maintenance capital reimbursements | | | (23) | (18) | | Capitalized interest | | | (2) | (1) | | Total maintenance capital expenditures | | | 78 | 79 | | Total growth and maintenance capital expenditures | | | 791 | 496 | | Investments in unconsolidated affiliates | | | (322) | (154) | | Return of capital | | | 39 | — | | Growth and maintenance capital reimbursements | | | 87 | 68 | | (Increase)/Decrease in capital accruals | | | (41) | 49 | | Capitalized interest | | | 14 | 9 | | Additions to property, plant and equipment | | | $568 | $468 |