FINDLAY, Ohio, Aug. 27, 2025 /PRNewswire/ -- MPLX LP (NYSE: MPLX) today announced it has entered into a definitive agreement to divest its Rockies gathering and processing assets to a subsidiary of Harvest Midstream for $1.0 billion in cash consideration, subject to customary purchase price adjustments. Harvest has contractually agreed to dedicate approximately 12 thousand barrels per day of NGLs from these assets to MPLX for a period of seven years commencing in 2028, following the expiration of a pre-exis ...

Core Viewpoint - MPLX LP has elected Ray N. Walker, Jr. to its board of directors, enhancing its leadership with his extensive experience in the oil and gas industry, particularly in the Marcellus and Utica basins [1][2]. Group 1: Leadership and Experience - Ray N. Walker, Jr. is recognized as a highly respected executive in the oil and gas sector, bringing significant operational and technical expertise to MPLX as it advances its natural gas and natural gas liquids growth strategy [2]. - Walker previously served as the Chief Operating Officer of Encino Energy until its acquisition by EOG Resources and held various roles at Range Resources Corporation, including Senior Vice President for the Marcellus Shale division [2]. - Christopher A. Helms, the lead director, emphasized that Walker's experience and strategic insights align well with MPLX's objectives [3]. Group 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, an inland marine business, light-product terminals, storage caverns, and processing facilities in key U.S. supply basins [4].

Core Insights - MPLX LP reported a net income of $1,048 million for Q2 2025, a decrease from $1,176 million in Q2 2024, and a total net income of $2,174 million for the first half of 2025, slightly down from $2,181 million in the same period of 2024 [1][5][10] Financial Performance - Adjusted EBITDA for Q2 2025 was $1,690 million, up from $1,653 million in Q2 2024, with the Crude Oil and Products Logistics segment contributing $1,138 million and the Natural Gas and NGL Services segment contributing $552 million [2][5][10] - Net cash provided by operating activities was $1,736 million for Q2 2025, with distributable cash flow of $1,420 million and adjusted free cash flow of $1,130 million [3][5][10] - The distribution per common unit for Q2 2025 was $0.9565, resulting in a distribution coverage ratio of 1.5x [3][5][10] Segment Performance - The Crude Oil and Products Logistics segment saw a 4% increase in adjusted EBITDA to $1,138 million, driven by higher rates and throughputs, despite increased operating expenses [7][10] - The Natural Gas and NGL Services segment experienced a slight decrease in adjusted EBITDA to $552 million, attributed to higher operating expenses and project spending [9][10] Strategic Developments - MPLX announced the acquisition of Northwind Midstream for $2.375 billion, aimed at enhancing its Natural Gas and NGL growth strategies in the Permian basin [4][12][10] - The company reported a 5% year-over-year adjusted EBITDA growth in the first half of 2025, supporting its mid-single digit growth strategy [4][10] Financial Position and Liquidity - As of June 30, 2025, MPLX had $1.4 billion in cash and a leverage ratio of 3.1x, indicating stable cash flows [15][10] - The company repurchased $100 million of common units in Q2 2025 and has an additional $320 million remaining under its unit repurchase authorization [16][10]