MPLX (MPLX) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2026 was $1.8 billion, up 5% year-over-year, with net income attributable to unitholders of $1.1 billion and strong operational performance across natural gas and NGL value chains.

• Over $1.1 billion was returned to unitholders in Q2 2026, with a quarterly distribution increase of 12.5% for the second consecutive year and $50 million in unit repurchases.

• Major projects such as Harmon Creek III and BANGL pipeline expansion advanced, with new processing capacity and infrastructure investments supporting future growth.

• Revenues for Q2 2026 rose to $3.3 billion, up $309 million year-over-year, driven by higher NGL sales, rate increases, and acquisitions.

• The company remains focused on expanding natural gas and NGL infrastructure, maintaining a 1.3x distribution coverage, and executing its growth strategy.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $1,775 million, up $85 million year-over-year; distributable cash flow was $1,450 million.

• Net income attributable to unitholders for Q2 2026 was $1,077 million, with total revenues of $3,312 million.

• Segment adjusted EBITDA: $1,161 million from Crude Oil & Products Logistics, $614 million from Natural Gas & NGL Services.

• Adjusted free cash flow after distributions for the first six months was $154 million; cash and cash equivalents at June 30, 2026, were $1,031 million.

• Quarterly distribution declared was $1.0765 per unit, totaling $1,092 million.

Outlook and guidance

• Growth capital spending outlook for 2026 increased by $500 million to $2.9 billion, with over 90% allocated to natural gas and NGL infrastructure and major projects expected online by Q4 2026.

• Mid-single digit adjusted EBITDA growth is expected in 2026, with sequential quarterly growth and continued 12.5% distribution increases projected for 2026 and 2027.

• Management expects continued growth in natural gas demand, supported by LNG export projects and increased electricity generation needs.

• The business model, structured around long-term take-or-pay and capacity contracts, is expected to mitigate volatility.

• Maintain target of at least 1.3x distribution coverage for 2026 and 2027, achievable through organic growth.