MPLX LP (NYSE:MPLX) reported better-than-expected fourth-quarter earnings on Tuesday, with the midstream operator benefiting from sustained investment across its natural gas and natural gas liquids (NGL) assets.
The units edged explained higher in pre-market trading, up about 1.0% following the release.
Net income attributable to MPLX LP reached $1.19 billion, or $1.17 per unit, comfortably ahead of consensus expectations of $1.06 per unit. Quarterly revenue totaled $3.25 billion, slightly above analysts’ forecasts of $3.23 billion. Adjusted EBITDA attributable to MPLX came in at $1.80 billion, compared with $1.76 billion in the same period of 2024.
“In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders,” said Maryann Mannen, MPLX chairman, president and chief executive officer. “In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth.”
Performance across segments was mixed. Adjusted EBITDA in the Crude Oil and Products Logistics business rose by $52 million year on year, largely reflecting a $37 million benefit from a favorable FERC tariff ruling alongside higher rates. By contrast, adjusted EBITDA in the Natural Gas and NGL Services segment declined by $10 million, mainly due to asset sales and weaker NGL pricing.
Looking ahead, MPLX outlined a 2026 capital expenditure plan totaling $2.7 billion, including $2.4 billion earmarked for growth projects. Around 90% of growth capital will be directed toward Natural Gas and NGL Services, with a focus on extending the Permian-to-Gulf Coast integrated value chain and adding processing capacity in both the Permian and Marcellus regions.
The partnership ended 2025 with a solid balance sheet, holding $2.1 billion in cash and a leverage ratio of 3.7x as of December 31. During the fourth quarter, MPLX repurchased $100 million of common units and declared a quarterly distribution of $1.0765 per common unit.