<span item_type="fundamental" item_id="d921a47be3f239c2ca769e9f9b8612b4" counter_id="ST/US/MPLX" env="prod"></span><span item_type="announcement" item_id="644972346012868353" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 2.806 B.</p><p>EPS: As of FY2026 Q1, the actual value is USD 0.9, missing the estimate of USD 1.0505.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 1.214 B.</p><p></p><h3>Financial Performance Overview</h3><p>MPLX LP reported a net income attributable to MPLX LP of $912 million for the first quarter of 2026, a decrease from $1,126 million in the first quarter of 2025, primarily due to impacts from derivatives, interest expense, a non-recurring benefit in Q1 2025, and depreciation. Adjusted EBITDA attributable to MPLX LP was $1,729 million in Q1 2026, slightly down from $1,757 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p><h4>Revenue and Costs</h4><p>Total revenues and other income for Q1 2026 amounted to $3,038 million, compared to $3,124 million in Q1 2025. Operating revenue was $1,304 million in Q1 2026, down from $1,420 million in Q1 2025, while operating revenue from related parties increased to $1,502 million from $1,467 million year-over-year. Income from equity method investments was $182 million in Q1 2026, a slight decrease from $186 million in Q1 2025. Total costs and expenses rose to $1,824 million in Q1 2026 from $1,758 million in Q1 2025, with operating expenses (including purchased product costs) increasing to $918 million from $867 million. Depreciation and amortization also increased to $358 million in Q1 2026 from $326 million in Q1 2025. Income from operations was $1,214 million in Q1 2026, down from $1,366 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p><h4>Cash Flow and Capital</h4><p>Net cash provided by operating activities was $1,347 million in Q1 2026, up from $1,246 million in Q1 2025. Distributable cash flow attributable to MPLX LP was $1,408 million in Q1 2026, compared to $1,486 million in Q1 2025. Adjusted free cash flow for Q1 2026 was $549 million. Net cash used in investing activities was - $791 million in Q1 2026, an increase from - $601 million in Q1 2025. Net cash used in financing activities was - $1,187 million in Q1 2026, compared to $370 million provided by financing activities in Q1 2025. Total growth capital expenditures were $791 million in Q1 2026, significantly higher than $307 million in Q1 2025. Total maintenance capital expenditures were $52 million in Q1 2026, up from $34 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p><h4>Dividends, Repurchases, and Debt</h4><p>MPLX LP declared a distribution of $1.0765 per common unit for Q1 2026, up from $0.9565 per common unit in Q1 2025. The distribution coverage was 1.3x for Q1 2026, down from 1.5x in Q1 2025. The company repurchased $50 million of common units in Q1 2026, compared to $100 million in Q1 2025. As of March 31, 2026, the leverage ratio (consolidated total debt to LTM adjusted EBITDA) was 3.7x, compared to 3.3x at the end of Q1 2025 and 3.7x at the end of 2025. MPLX LP had $1.5 billion in cash and cash equivalents as of March 31, 2026. Total debt was $25,634 million as of March 31, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p><h3>Segment Performance</h3><h4>Crude Oil and Products Logistics</h4><p>Segment adjusted EBITDA for Crude Oil and Products Logistics increased by $14 million to $1,111 million in Q1 2026 from $1,097 million in Q1 2025, driven by higher rates partially offset by lower crude pipeline throughputs. Total pipeline throughput decreased by 4% to 5,702 thousand barrels per day (mbpd) in Q1 2026 from 5,928 mbpd in Q1 2025. Terminal throughput also decreased by 4% to 2,976 mbpd in Q1 2026 from 3,095 mbpd in Q1 2025. Average pipeline tariff rates decreased by 1% to $1.05 per barrel.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p><h4>Natural Gas and NGL Services</h4><p>Segment adjusted EBITDA for Natural Gas and NGL Services decreased by $42 million to $618 million in Q1 2026 from $660 million in Q1 2025. This decrease was attributed to a $37 million non-recurring benefit in Q1 2025, lower natural gas liquids prices, and higher operating expenses, partially offset by growth from equity affiliates and increased volumes. Total gathering throughput (operated) was 6,488 million cubic feet per day (MMcf/d) in Q1 2026, remaining flat year-over-year. Total natural gas processed (operated) decreased by 4% to 9,406 MMcf/d in Q1 2026 from 9,781 MMcf/d in Q1 2025. Total C2 + NGLs fractionated (operated) decreased by 4% to 634 mbpd in Q1 2026 from 660 mbpd in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p><h3>Outlook / Guidance</h3><p>MPLX LP is pursuing a mid-single digit growth strategy through expansions in the Permian and Marcellus basins, with 90% of its $2.4 billion organic growth capital plan invested in these areas, expecting mid-teens returns. Key projects include expanding the Delaware Basin Sour Gas treating plant to over 400 MMcf/d by year-end 2026, bringing Harmon Creek III into service in Q3 2026, and expanding the BANGL Pipeline to 300 mbpd by Q4 2026. Cash flow from this growth is projected to support 12.5% annual distribution growth for two more years.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1552000/000155200026000023/mplxq12026earningsrelease.htm"></span></p>

MPLX LP | 8-K: FY2026 Q1 Revenue: USD 2.806 B