MPLX LP ( (MPLX) ) has released its Q3 earnings. Here is a breakdown of the information MPLX LP presented to its investors.
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MPLX LP is a diversified master limited partnership that operates in the midstream energy sector, owning and managing infrastructure and logistics assets for crude oil, refined products, natural gas, and NGLs across the United States. The company is known for its extensive pipeline networks and processing facilities in key U.S. supply basins.
In its third-quarter 2025 earnings report, MPLX LP announced a significant increase in its quarterly distribution by 12.5% for the second consecutive year, reflecting a strong financial performance. The company reported a net income of $1.5 billion and net cash from operating activities of $1.4 billion, alongside an adjusted EBITDA of $1.8 billion, underscoring its strategic focus on growth and capital returns.
Key highlights from the report include a distributable cash flow of $1.5 billion, enabling a return of $1.1 billion of capital to shareholders. MPLX also executed strategic portfolio optimization through the acquisition of a Delaware basin sour gas treating business and announced the divestiture of its Rockies gathering and processing assets. The company’s Crude Oil and Products Logistics segment saw an adjusted EBITDA increase to $1,137 million, while the Natural Gas and NGL Services segment reported an adjusted EBITDA of $629 million, driven by higher volumes and recent acquisitions.
MPLX continues to invest in its growth regions, particularly the Permian and Marcellus basins, with several projects underway, including the Eiger Express Pipeline and expansions in processing capacities. The company maintains a strong financial position with $1.8 billion in cash and a leverage ratio of 3.7x, supporting its strategic initiatives and capital return plans.
Looking ahead, MPLX’s management remains optimistic about sustaining mid-single-digit adjusted EBITDA growth, supported by ongoing investments and strategic portfolio adjustments. The company’s commitment to returning capital to shareholders and enhancing its competitive positioning in key markets remains a central focus.