MPLX(US:MPLX) Prnewswire·2025-11-04 11:30Core Insights - MPLX LP reported a significant increase in net income for Q3 2025, reaching $1,545 million, up from $1,037 million in Q3 2024, and a total of $3,719 million for the first nine months of 2025 compared to $3,218 million in the same period of 2024 [1][4][34] - The company achieved an adjusted EBITDA of $1,766 million for Q3 2025, slightly higher than $1,714 million in Q3 2024, with total adjusted EBITDA for the first nine months of 2025 at $5,213 million, compared to $5,002 million in 2024 [2][4][34] - MPLX generated $1,431 million in net cash from operating activities and $1,468 million in distributable cash flow during the quarter, with a distribution of $1.0765 per common unit, reflecting a 12.5% increase for the second consecutive year [3][4][6] Financial Performance - Net income attributable to MPLX LP for Q3 2025 was $1,545 million, a 49% increase from $1,037 million in Q3 2024, and for the first nine months, it was $3,719 million, up 16% from $3,218 million [1][34] - Adjusted EBITDA for Q3 2025 was $1,766 million, a 3% increase from $1,714 million in Q3 2024, with year-to-date adjusted EBITDA at $5,213 million, up from $5,002 million [2][34] - The company reported a distribution coverage ratio of 1.3x for Q3 2025, down from 1.5x in Q3 2024, with total LP distributions declared at $1,095 million for Q3 2025 compared to $974 million in Q3 2024 [3][4][34] Segment Performance - The Crude Oil and Products Logistics segment adjusted EBITDA increased to $1,137 million in Q3 2025 from $1,094 million in Q3 2024, driven by higher rates despite increased operating expenses [2][7] - The Natural Gas and NGL Services segment adjusted EBITDA rose to $629 million in Q3 2025 from $620 million in Q3 2024, supported by contributions from recently acquired assets and higher volumes [2][9] Strategic Developments - MPLX completed the acquisition of a sour gas treating business in the Delaware basin for $2.4 billion, enhancing its natural gas and NGL value chains [10] - The company announced the divestiture of Rockies gathering and processing assets for $1.0 billion, expected to close in Q4 2025, as part of its portfolio optimization strategy [12] - MPLX is progressing on long-haul pipeline growth projects and expanding processing capacity in the Permian and Marcellus basins to meet increased producer demand [13][15] Financial Position and Liquidity - As of September 30, 2025, MPLX had $1.8 billion in cash and a leverage ratio of 3.7x, with total debt amounting to $25.646 billion [16][36][37] - The company repurchased $100 million of common units in Q3 2025, with approximately $1.2 billion remaining under its unit repurchase authorizations [17]