MPLX LP — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to MPLX was $1,164 million for the third quarter of 2026, a decrease from $1,545 million in the same period of 2025.
• Adjusted EBITDA attributable to MPLX was $1,859 million, an increase of $93 million (5.3%) compared to $1,766 million in the third quarter of 2025.
• Net cash provided by operating activities was $1,477 million for the quarter, up from $1,431 million in the prior year period.
• Distributable cash flow (DCF) attributable to MPLX was $1,537 million, compared to $1,468 million in the third quarter of 2025.
• Adjusted free cash flow was $447 million for the quarter.
• Distribution coverage was 1.3x for the third quarter of 2026, consistent with the 1.3x coverage in the third quarter of 2025.
• Consolidated total debt to LTM adjusted EBITDA (leverage ratio) was 3.8x at the end of the quarter, compared to 3.7x in the prior year period.
• Cash paid for common unit repurchases was $50 million in the third quarter of 2026, down from $100 million in the same period of 2025.

Guidance and Future Outlook:

• Management expects to deliver mid-single digit adjusted EBITDA growth as utilization increases across the system and key growth projects enter service.
• MPLX is investing $2.9 billion of organic growth capital, with over 90% allocated to natural gas and NGL infrastructure.
• Investments in the Permian and Marcellus basins are expected to generate mid-teens returns.
• The partnership aims to maintain leverage in the range of 4.0x, supported by the stability of cash flows.

Business Segments and Product Lines:

• Crude Oil and Products Logistics: Adjusted EBITDA increased to $1,204 million from $1,137 million in the prior year period, driven by higher rates and increased butane blending, partially offset by higher operating expenses.
  • Pipeline throughput was 5,951 mbpd (0% change), while terminal throughput increased 6% to 3,375 mbpd.
• Natural Gas and NGL Services: Adjusted EBITDA increased to $655 million from $629 million in the prior year period, driven by increased volumes including growth from acquisitions, partially offset by the divestiture of non-core assets in 2025 and higher operating expenses.
  • Gathering throughput increased 4% to 7,216 MMcf/d.
  • Natural gas processed decreased 1% to 9,941 MMcf/d.
  • C2 + NGLs fractionated increased 3% to 696 mbpd.
• Strategic Updates: Harmon Creek III processing plant (300 MMcf/d gas processing and 40 mbpd de-ethanizer in the Marcellus) began operations in August 2026.
• M&A Activity: MPLX announced the sale of associated logistics assets for $750 million (representing a 9x multiple on forecast 2027 adjusted EBITDA) in conjunction with MPC's sale of its St. Paul Park and Mandan refineries; the transaction is expected to close at the end of 2026.

Market and Competitive Landscape:

• Investments are concentrated in the Permian and Marcellus basins, described as two of the most prolific and competitive basins in North America.
• The company is positioned to meet global demand for U.S. energy.

Risks and Challenges:

• Adjusted EBITDA growth was reduced by 2% due to $77 million in incentive compensation expenses in the third quarter of 2026, compared to $40 million in the prior year period.
• Operating expenses increased in both segments, including incentive compensation.
• The Natural Gas and NGL Services segment results were impacted by the divestiture of non-core gathering and processing assets in 2025.

Management Commentary and Tone:

• Maryann Mannen, Chairman, President, and CEO, stated that third-quarter results reflect strong execution and the continued progression of the integrated natural gas and NGL value chain growth strategy.
• Management highlighted that the durability of cash flows enabled the 12.5% increase in the quarterly distribution for the third consecutive year.

Other Key Points:

• MPLX announced an increase to the quarterly distribution by 12.5% for the third consecutive year, resulting in an annualized distribution of $4.84 per unit.
• The third-quarter 2026 distribution was $1.2111 per common unit.
• On August 24, 2026, MPLX issued $2.25 billion of senior notes.
• On September 23, 2026, MPLX redeemed all outstanding $1.25 billion senior notes due March 2027.
• On October 30, 2026, MPLX and MPC amended the intercompany loan agreement to increase borrowing capacity from $1.5 billion to $2.5 billion and extended the term to October 30, 2031.
• As of September 30, 2026, MPLX had $1.3 billion in cash, $2.5 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC.
• Approximately $1.0 billion remained available under unit repurchase authorizations as of September 30, 2026.
• MPLX returned $1.1 billion of capital during the quarter.