MPLX(US:MPLX)2025-11-04 11:35Financial 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]