MPLX LP

08/04/2026 | Press release | Distributed by Public on 08/04/2026 11:44

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations should also be read in conjunction with the unaudited consolidated financial statements and accompanying footnotes included under Item 1. Financial Statements and in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025.
Disclosures Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q, particularly Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 3. Quantitative and Qualitative Disclosures about Market Risk, includes forward-looking statements that are subject to risks, contingencies or uncertainties. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes.
Forward-looking statements include, among other things, statements regarding:
•future financial and operating results;
•environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity, biodiversity, inclusion and ESG reporting;
•future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses;
•the success or timing of completion of ongoing or anticipated capital or maintenance projects;
•business strategies, growth opportunities and expected investments, including plans to grow stable cash flows, lower costs and return capital to unitholders;
•the timing and amount of future distributions or unit repurchases; and
•the anticipated effects of actions of third parties such as competitors, activist investors, federal, foreign, state or local regulatory authorities, or plaintiffs in litigation.
Our forward-looking statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Material differences between actual results and any future performance suggested in our forward-looking statements could result from a variety of factors, including the following:
•general economic, political or regulatory developments, including tariffs, inflation, interest rates, government shutdowns, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs, renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;
•the ability of MPC to achieve its strategic objectives and the effects of those strategic decisions on us;
•further impairments;
•negative capital market conditions, including an increase of the current yield on common units;
•the ability to achieve strategic and financial objectives, including with respect to distribution coverage, future distribution levels, proposed projects and completed transactions;
•the success of MPC's portfolio optimization, including the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, if at all, and the effects of any such divestitures on our business, financial condition, results of operations and cash flows;
•consumer demand for refined products, natural gas, renewable diesel and other renewable fuels and NGLs;
•the adequacy of capital resources and liquidity, including the availability of sufficient cash flow to pay distributions and access to debt on commercially reasonable terms, and the ability to successfully execute business plans, growth strategies and self-funding models;
•the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels;
•increased commodity price volatility and supply disruptions due to the U.S.-Iran conflict and market reactions thereto;
•volatility in or degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and Ukraine, tariffs, inflation, or rising interest rates;
•changes to the expected construction costs and timing of projects and planned investments, and the ability to obtain regulatory and other approvals with respect thereto;
•the inability or failure of our joint venture partners to fund their share of operations and capital investments;
•the financing and distribution decisions of joint ventures we do not control;
•the availability of desirable strategic alternatives to optimize portfolio assets and our ability to obtain regulatory and other approvals with respect thereto,
•completion of midstream infrastructure by competitors;
•disruptions due to equipment interruption or failure, including electrical shortages and power grid failures;
•the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements;
•modifications to financial policies, capital budgets, and earnings and distributions;
•the ability to manage disruptions in credit markets or changes to credit ratings;
•our ability to comply with federal and state environmental, economic, health and safety, energy and other policies and regulations or enforcement actions initiated thereunder;
•adverse results in litigation;
•the effect of restructuring or reorganization of business components;
•the potential effects of changes in tariff rates on our business, financial condition, results of operations and cash flows;
•foreign imports and exports of crude oil, refined products, natural gas and NGLs;
•the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments;
•changes in producer customers' drilling plans or in volumes of throughput of crude oil, natural gas, NGLs, refined products, other hydrocarbon-based products or renewable diesel and other renewable fuels;
•changes in the cost or availability of third-party vessels, pipelines, railcars and other means of transportation for crude oil, natural gas, NGLs, feedstocks, refined products or renewable diesel and other renewable fuels;
•the price, availability and acceptance of alternative fuels and alternative-fuel vehicles and laws mandating such fuels or vehicles;
•actions taken by our competitors, including pricing adjustments and the expansion and retirement of pipeline capacity, processing, fractionation and treating facilities in response to market conditions;
•expectations regarding joint venture arrangements and other acquisitions or divestitures of assets;
•midstream and refining industry overcapacity or undercapacity;
•industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers;
•acts of war, terrorism or civil unrest that could impair our ability to gather, process, fractionate or transport crude oil, natural gas, NGLs, refined products or renewable diesel and other renewable fuels;
•labor and material shortages;
•the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned or recently completed acquisitions or other transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;
•the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframe, if at all;
•political pressure and influence of environmental groups and other stakeholders that are adverse to the production, gathering, refining, processing, fractionation, transportation and marketing of crude oil or other feedstocks, refined products, natural gas, NGLs, other hydrocarbon-based products or renewable diesel and other renewable fuels;
•the imposition of windfall profit taxes, maximum margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions;
•compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; and
•our ability to successfully implement our sustainable energy strategy and principles and achieve our ESG plans and goals within the expected timeframe, if at all.
For additional risk factors affecting our business, see the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025. We undertake no obligation to update any forward-looking statements except to the extent required by applicable law.
MPLX Overview
We are a diversified, large-cap master limited partnership formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services.
Our Crude Oil and Products Logistics segment gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products. Additionally, the segment markets refined products. The profitability of pipeline transportation operations primarily depends on tariff rates and the volumes shipped through the pipelines. The profitability of marine operations primarily depends on the quantity and availability of our vessels and barges. The profitability of our terminal operations primarily depends on the throughput volumes at our terminals. The profitability of our fuels distribution services primarily depends on the sales volumes of certain refined products. The profitability of our refining logistics operations depends on the quantity and availability of our refining logistics assets. A majority of the crude oil and refined product shipments on our pipelines and marine vessels, the throughput at our terminals and refining logistics assets serve MPC and our fuels distribution services are used solely by MPC. We have various long-term, fee-based commercial agreements related to services provided to MPC. Under these agreements, we receive various commitments of minimum throughput, storage and distribution volumes as well as commitments to pay for all available capacity of certain assets. The volume of crude oil that we transport is directly affected by the supply of, and refiner demand for, crude oil in the markets served directly by our crude oil pipelines, terminals and marine operations. Key factors in this supply and demand balance are the production levels of crude oil by producers in various regions or fields, the availability and cost of alternative modes of transportation, the volumes of crude oil processed at refineries and refinery and transportation system maintenance levels. The volume of refined products that we transport, store, distribute and market is directly affected by the production levels of, and user demand for, refined products in the markets served by our refined product pipelines and marine operations. In most of our markets, demand for gasoline and distillate peaks during the summer driving season, which extends from May through September of each year, and declines during the fall and winter months. As with crude oil, other transportation alternatives and system maintenance levels influence refined product movements.
Our Natural Gas and NGL Services segment gathers, treats, processes and transports natural gas and transports, fractionates, stores and markets NGLs. NGL and natural gas prices are volatile and are impacted by changes in fundamental supply and demand, as well as market uncertainty, availability of NGL transportation and fractionation capacity and a variety of additional factors that are beyond our control. Natural Gas and NGL Services segment profitability is affected by prevailing commodity prices primarily as a result of processing at our own or third-party processing plants, purchasing and selling or gathering and transporting volumes of natural gas at index-related prices and the cost of third-party transportation and fractionation services. To the extent that commodity prices influence the level of natural gas drilling by our producer customers, such prices also affect profitability.
Significant Financial and Other Highlights
Significant financial highlights for the three months ended June 30, 2026 and June 30, 2025 are shown in the chart below. Refer to the Non-GAAP Financial Information, the Results of Operations and the Liquidity and Capital Resources sections for further information.
(1) Non-GAAP measure. See reconciliations that follow for the most directly comparable GAAP measures.
Other Highlights
•Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity
•Second-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.7 billion
•Adjusted EBITDA attributable to MPLX of $1.8 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital
Business and Economic Environment Update
We continue to see production increases across our key operating regions. In the Marcellus and Utica, rig counts remain steady and volumes remain strong. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, rising gas-oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand as a result of LNG facilities coming online in the Gulf Coast supporting international demand will accelerate over the next few years, as well as increased electricity generation required for data centers and overall electric grid demand. As demand rises, MPLX is well-positioned to support the development plans of its producer-customers. Additionally, we believe MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.
Non-GAAP Financial Information
Our management uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability and include the non-GAAP financial measures of Adjusted EBITDA, DCF, adjusted free cash flow ("Adjusted FCF"), and Adjusted FCF after distributions.
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.
DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.
Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less distributions to common and preferred unitholders.
We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of Adjusted EBITDA and DCF to their most directly comparable measures calculated and presented in accordance with GAAP, see Results of Operations. For a reconciliation of Adjusted FCF and Adjusted FCF after distributions to their most directly comparable measure calculated and presented in accordance with GAAP, see Liquidity and Capital Resources.
Results of Operations
The following tables and discussion summarize our results of operations, including a reconciliation of Adjusted EBITDA and DCF from Net income and Net cash provided by operating activities, the most directly comparable GAAP financial measures. This discussion should be read in conjunction with Item 1. Financial Statements and is intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.
Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 Variance 2026 2025 Variance
Revenues and other income:
Service revenue $ 1,847 $ 1,789 $ 58 $ 3,648 $ 3,562 $ 86
Rental income 342 280 62 649 555 94
Product related revenue 768 567 201 1,316 1,254 62
Sales-type lease revenue 125 152 (27) 275 304 (29)
Income from equity method investments 180 170 10 362 356 6
Other income 50 45 5 100 96 4
Total revenues and other income 3,312 3,003 309 6,350 6,127 223
Costs and expenses:
Cost of revenues (excludes items below) 405 369 36 807 758 49
Purchased product costs 587 432 155 1,085 891 194
Rental cost of sales 23 24 (1) 45 47 (2)
Purchases - related parties 412 422 (10) 806 838 (32)
Depreciation and amortization 365 324 41 723 650 73
General and administrative expenses 108 107 1 222 219 3
Other taxes 34 32 2 70 65 5
Total costs and expenses 1,934 1,710 224 3,758 3,468 290
Income from operations 1,378 1,293 85 2,592 2,659 (67)
Net interest and other financial costs 289 234 55 580 463 117
Income before income taxes 1,089 1,059 30 2,012 2,196 (184)
Provision for income taxes 2 1 1 3 2 1
Net income 1,087 1,058 29 2,009 2,194 (185)
Less: Net income attributable to noncontrolling interests 10 10 - 20 20 -
Net income attributable to MPLX LP $ 1,077 $ 1,048 $ 29 $ 1,989 $ 2,174 $ (185)
Adjusted EBITDA attributable to MPLX LP(1)
$ 1,775 $ 1,690 $ 85 $ 3,504 $ 3,447 $ 57
DCF attributable to MPLX(1)
$ 1,450 $ 1,420 $ 30 $ 2,858 $ 2,906 $ (48)
(1) Non-GAAP measure. See reconciliation below to the most directly comparable GAAP measures.
Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 2026 2025
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to MPLX LP from Net income:
Net income $ 1,087 $ 1,058 $ 2,009 $ 2,194
Provision for income taxes 2 1 3 2
Net interest and other financial costs 289 234 580 463
Income from operations 1,378 1,293 2,592 2,659
Depreciation and amortization 365 324 723 650
Income from equity method investments (180) (170) (362) (356)
Distributions/adjustments related to equity method investments 234 229 485 456
Other(1)
(11) 25 88 60
Adjusted EBITDA 1,786 1,701 3,526 3,469
Adjusted EBITDA attributable to noncontrolling interests (11) (11) (22) (22)
Adjusted EBITDA attributable to MPLX LP 1,775 1,690 3,504 3,447
Deferred revenue impacts 27 (10) 26 (28)
Sales-type lease payments, net of income 8 14 21 27
Adjusted net interest and other financial costs(2)
(281) (225) (565) (444)
Maintenance capital expenditures, net of reimbursements (68) (45) (121) (80)
Equity method investment maintenance capital expenditures paid out (5) (3) (9) (8)
Other (6) (1) 2 (8)
DCF attributable to MPLX LP $ 1,450 $ 1,420 $ 2,858 $ 2,906
(1) Includes unrealized derivative gain/(loss), equity-based compensation and other miscellaneous items.
(2) Represents Net interest and other financial costs excluding gain/(loss) on extinguishment of debt and amortization of deferred financing costs.
Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 2026 2025
Reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to MPLX LP from Net cash provided by operating activities:
Net cash provided by operating activities $ 1,702 $ 1,736 $ 3,049 $ 2,982
Changes in working capital items (261) (313) (190) (83)
All other, net 12 (6) 1 (4)
Loss on extinguishment of debt - 3 - 3
Adjusted net interest and other financial costs(1)
281 225 565 444
Other adjustments to equity method investment distributions 18 22 32 61
Other 34 34 69 66
Adjusted EBITDA 1,786 1,701 3,526 3,469
Adjusted EBITDA attributable to noncontrolling interests (11) (11) (22) (22)
Adjusted EBITDA attributable to MPLX LP 1,775 1,690 3,504 3,447
Deferred revenue impacts 27 (10) 26 (28)
Sales-type lease payments, net of income 8 14 21 27
Adjusted net interest and other financial costs(1)
(281) (225) (565) (444)
Maintenance capital expenditures, net of reimbursements (68) (45) (121) (80)
Equity method investment maintenance capital expenditures paid out (5) (3) (9) (8)
Other (6) (1) 2 (8)
DCF attributable to MPLX LP $ 1,450 $ 1,420 $ 2,858 $ 2,906
(1) Represents Net interest and other financial costs excluding gains and/or (losses) on extinguishment of debt and amortization of deferred financing costs.
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Net income attributable to MPLX increased $29 million in the second quarter of 2026 compared to the second quarter of 2025.
Total revenues and other income increased $309 million in the second quarter of 2026 compared to the second quarter of 2025 primarily due to:
•Increased Product related revenue of $201 million primarily due to higher NGL sales volumes in the Southwest of $124 million, NGL prices in the Southwest, Marcellus and Southern Appalachia of $101 million, and net derivative impacts of $17 million. These increases were partially offset by $44 million due to the Rockies divestiture.
•Increased Rental income of $62 million primarily due to changes in the presentation of lease income between sales-type lease revenue, service revenue and rental income as a result of lease contract modifications, and annual fee escalations related to our refining logistics assets.
•Increased Service revenue of $58 million primarily due to $58 million of crude oil and products logistics rate and fee increases which includes increased butane blending fees, $34 million from recent acquisitions and increased throughput and fee rates in the Marcellus of $23 million, partially offset by $37 million due to the Rockies divestiture and decreased pipeline throughput of $23 million.
•Increased Income from equity method investments of $10 million primarily due to higher throughput and fee rates in certain processing and pipeline joint ventures in addition to derivative impacts. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Total costs and expenses increased by $224 million in the second quarter of 2026 compared to the same period of 2025 primarily due to:
•Increased Cost of revenues of $36 million primarily due to $24 million of incremental operating costs as a result of recent acquisitions and $11 million of higher net operating costs and repairs and maintenance costs, partially offset by $10 million due to the Rockies divestiture.
•Increased Purchased product costs of $155 million primarily due to higher NGL prices in the Southwest of $91 million and higher NGL volumes in the Southwest of $89 million, partially offset by $25 million due to the Rockies divestiture.
•Decreased Purchases - related parties of $10 million primarily due to lower transportation costs in the Southwest of $35 million and the Rockies divestiture of $9 million, partially offset by increased costs from MPC.
•Increased Depreciation and amortization of $41 million primarily due to incremental depreciation associated with recent acquisitions and other assets placed in service, partially offset by a decrease due to the Rockies divestiture.
Net interest and other financial costs increased $55 million primarily due to increased borrowings in 2025 to fund acquisitions.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Net income attributable to MPLX decreased $185 million in the first six months of 2026 compared to the same period of 2025.
Total revenues and other income increased $223 million in the first six months of 2026 compared to the same period of 2025 primarily due to:
•Increased Service revenue of $86 million primarily due to $98 million of crude oil and products logistics rate and fee increases which includes increased butane blending fees, $70 million from recent acquisitions, and increased throughput and fee rates in the Marcellus of $53 million, partially offset by $81 million due to the Rockies divestiture, decreased pipeline throughput of $52 million, and $7 million due to the absence of non-recurring benefit associated with a customer agreement in 2025.
•Increased Product related revenue of $62 million primarily due to higher NGL sales volumes in the Southwest of $266 million. These increases were partially offset by $123 million due to the Rockies divestiture, derivative impacts of $39 million, lower NGL prices in the Southwest, Marcellus and Southern Appalachia of $18 million and $27 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025.
•Increased Rental income of $94 million primarily due to changes in the presentation of lease income between sales-type lease revenue, service revenue and rental income as a result of lease contract modifications, and annual fee escalations related to our refining logistics assets.
•Increased Income from equity method investments of $6 million primarily driven by higher throughput and fee rates in certain processing and pipeline joint ventures in addition to derivative impacts, partially offset by a $25 million gain in the first half of 2025 related to the formation of a new joint venture, Texas City Logistics LLC. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Total costs and expenses increased by $290 million in the first six months of 2026 compared to the same period of 2025 primarily due to:
•Increased Cost of revenues of $49 million primarily due to higher incremental operating costs as a result of recent acquisitions of $49 million and higher net operating costs and repairs and maintenance costs of $47 million, partially offset by $60 million due to the Rockies divestiture.
•Increased Purchased product costs of $194 million primarily due to higher NGL volumes in the Southwest of $219 million and derivative impacts of $9 million, partially offset by $25 million due to the Rockies divestiture and $9 million in lower NGL Prices in the Southwest.
•Decreased Purchases - related parties of $32 million primarily due to lower transportation costs of $56 million and the Rockies divestiture of $33 million, partially offset by increased costs from MPC.
•Increased Depreciation and amortization of $73 million primarily due to incremental depreciation associated with recent acquisitions and other assets placed in service, partially offset by a decrease due to the Rockies divestiture.
Net interest and other financial costs increased $117 million primarily due to increased borrowings in 2025 to fund acquisitions.
Segment Results
We classify our business in the following reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. Each of these segments is organized and managed based upon the product-based value chain each supports.
We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests; (vii) transaction-related costs; and (viii) other adjustments, as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) not tied to the operational performance of the segment.
The tables below present additional financial information about our reported segments for the three and six months ended June 30, 2026 and June 30, 2025.
Crude Oil and Products Logistics Segment
Second Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 Variance 2026 2025 Variance
Total segment revenues and other income $ 1,688 $ 1,635 $ 53 $ 3,308 $ 3,227 $ 81
Segment Adjusted EBITDA 1,161 1,138 23 2,272 2,235 37
Capital expenditures 131 129 2 235 244 (9)
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Total segment revenues and other income increased $53 million in the second quarter of 2026 compared to the same period of 2025. This was primarily driven by $77 million from increased rates and fees across all business units, partially offset by $23 million in lower pipeline throughputs.
Segment Adjusted EBITDA increased $23 million in the second quarter of 2026 compared to the same period of 2025. The increase was primarily driven by $77 million from increased rates and fees across all business units, partially offset by $23 million in lower pipeline throughputs, increased operating costs of $18 million driven primarily by higher employee costs from MPC, as well as impacts from equity method investments period over period.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Total segment revenues and other income increased $81 million in the first six months of 2026 compared to the same period of 2025. This was primarily driven by $134 million from increased rates and fees across all business units, partially offset by $52 million in lower pipeline throughputs.
Segment Adjusted EBITDA increased $37 million in the first six months of 2026 compared to the same period of 2025. The increase was driven by $134 million of rate and fee increases across all business units, partially offset by $52 million in lower pipeline throughputs, increased operating costs of $30 million driven primarily by higher employee costs from MPC, as well as impacts from equity method investments period over period.
Crude Oil and Products Logistics Operating Data
Three Months Ended
June 30, 		Six Months Ended
June 30,
2026 2025 2026 2025
Crude Oil and Products Logistics
Pipeline throughput (mbpd)
Crude oil pipelines 3,830 4,012 3,757 3,961
Product pipelines 2,046 2,091 2,032 2,056
Total pipelines 5,876 6,103 5,789 6,017
Average tariff rates ($ per barrel)(1)
Crude oil pipelines $ 1.06 $ 1.06 $ 1.05 $ 1.05
Product pipelines 1.09 1.05 1.09 1.08
Total pipelines $ 1.07 $ 1.06 $ 1.06 $ 1.06
Terminal throughput (mbpd) 3,259 3,183 3,118 3,139
Marine Assets (number in operation)
Barges 331 320 331 320
Towboats 30 29 30 29
(1) Average tariff rates calculated using pipeline transportation revenues divided by pipeline throughput barrels. Transportation revenues include tariff and other fees, which may vary by region and nature of services provided.
Natural Gas and NGL Services Segment
Second Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Three Months Ended June 30, Six Months Ended June 30,
(In millions) 2026 2025 Variance 2026 2025 Variance
Total segment revenues and other income $ 1,624 $ 1,368 $ 256 $ 3,042 $ 2,900 $ 142
Segment Adjusted EBITDA 614 552 62 1,232 1,212 20
Capital expenditures 688 212 476 1,249 365 884
Investments in unconsolidated affiliates 202 203 (1) 439 322 117
Three months ended June 30, 2026 compared to three months ended June 30, 2025
Total segment revenues and other income increased $256 million in the second quarter of 2026 compared to the same period of 2025. Revenues in the second quarter of 2026 increased $124 million due to higher NGL sales volumes in the Southwest, $101 million due to higher NGL prices in the Southwest, Marcellus and Southern Appalachia, $39 million from increased throughput volumes and prices in the Marcellus and Southwest, contributions from recent acquisitions of $34 million, and $17 million due to derivative impacts. These increases were partially offset by $81 million due to the Rockies divestiture. Income from equity method investments increased $17 million, primarily due to higher throughput and fee rates in certain processing and pipeline joint ventures in addition to derivative impacts. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Segment Adjusted EBITDA increased $62 million in the second quarter of 2026 compared to the same period of 2025. This increase is primarily due to contributions from recent acquisition of $42 million, higher volumes of $25 million primarily in the Marcellus, $22 million of impacts from equity method investments, and $23 million from rate escalations and product margin impacts. These increases were partially offset by $37 million due to the Rockies divestiture, $9 million due to lower NGL pricing inclusive of derivative impacts, and $8 million due to higher operating expenses.
Six months ended June 30, 2026 compared to six months ended June 30, 2025
Total segment revenues and other income increased $142 million in the first six months of 2026 compared to the same period of 2025 primarily due to $266 million of higher NGL sales volumes in the Southwest, $92 million of higher throughput volumes and rates in the Marcellus and Southwest, and contributions from recent acquisitions of $68 million. These increases were partially offset by $204 million due to the Rockies divestiture, $34 million due to the absence of a non-recurring benefit associated with a customer agreement, $18 million due to lower NGL pricing in the Southwest, Marcellus and Southern Appalachia, and $39 million due to derivative impacts.
Income from equity method investments increased $7 million in the first six months of 2026 compared to the same period of 2025 primarily due to higher throughput and fee rates in certain processing and pipeline joint ventures as well as derivative impacts, partially offset by a $25 million gain in the first six months of 2025 related to the formation of a new joint venture. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Segment Adjusted EBITDA increased $20 million in the first six months of 2026 compared to the same period of 2025. This increase is primarily due to contributions from recent acquisitions of $77 million, impacts from equity method investments of $56 million, and higher volumes of $37 million, primarily in the Marcellus and Southwest, and $20 million from rate escalations and product margin impacts. These increases were partially offset by $79 million due to the Rockies divestiture, the absence of a $37 million non-recurring benefit associated with a customer agreement in 2025, $33 million due to lower NGL pricing inclusive of derivative impacts, and $19 million due to higher operating expenses.
Natural Gas and NGL Services Operating Data
(1) Other includes Southern Appalachia and Bakken Operations.
MPLX LP(1)
MPLX LP Operated(2)
Three Months Ended
June 30, 		Three Months Ended
June 30,
2026 2025 2026 2025
Natural Gas and NGL Services
Gathering Throughput (MMcf/d)
Marcellus Operations 1,680 1,488 1,680 1,488
Utica Operations - - 3,027 2,566
Southwest Operations 1,990 1,734 1,990 1,734
Bakken Operations 162 162 162 162
Rockies Operations - 541 - 612
Total gathering throughput 3,832 3,925 6,859 6,562
Natural Gas Processed (MMcf/d)
Marcellus Operations 4,570 4,312 6,232 6,019
Utica Operations - - 964 940
Southwest Operations(3)
2,013 1,821 2,013 1,821
Southern Appalachia Operations 220 205 220 205
Bakken Operations 161 162 161 162
Rockies Operations - 593 - 593
Total natural gas processed 6,964 7,093 9,590 9,740
C2 + NGLs Fractionated (mbpd)
Marcellus Operations(4)
584 545 584 545
Utica Operations(4)
- - 72 60
Other(5)
24 29 24 29
Total C2 + NGLs fractionated(6)
608 574 680 634
NGL Pipeline Throughput (mbpd)
Marcellus Operations 487 444 487 444
Utica Operations - - 72 60
Southwest Operations 209 - 209 167
Other(5)
23 29 23 29
Total NGL pipeline throughput 719 473 791 700
MPLX LP(1)
MPLX LP Operated(2)
Six Months Ended
June 30 		Six Months Ended
June 30
2026 2025 2026 2025
Natural Gas and NGL Services
Gathering Throughput (MMcf/d)
Marcellus Operations 1,629 1,494 1,629 1,494
Utica Operations - 133 2,901 2,503
Southwest Operations 1,990 1,759 1,990 1,759
Bakken Operations 154 168 154 168
Rockies Operations - 545 - 615
Total gathering throughput 3,773 4,099 6,674 6,539
Natural Gas Processed (MMcf/d)
Marcellus Operations 4,511 4,318 6,196 5,997
Utica Operations - - 951 952
Southwest Operations(3)
1,993 1,850 1,993 1,850
Southern Appalachian Operations 205 196 205 196
Bakken Operations 153 168 153 168
Rockies Operations - 597 - 597
Total natural gas processed 6,862 7,129 9,498 9,760
C2 + NGLs Fractionated (mbpd)
Marcellus Operations(4)
567 556 567 556
Utica Operations(4)
- - 68 62
Other(5)
22 29 22 29
Total C2 + NGLs fractionated(6)
589 585 657 647
NGL Pipeline Throughput (mbpd)
Marcellus Operations 473 450 473 450
Utica Operations - - 68 62
Southwest Operations 202 - 202 166
Other(5)
23 30 23 30
Total NGL pipeline throughput 698 480 766 708
(1) This column represents operating data for entities that have been consolidated into the MPLX financial statements.
(2) This column represents operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for MPLX-operated equity method investments.
(3) In addition to the amounts presented, sour gas treated volumes for both the three and six months ended June 30, 2026 were 152 MMcf/d.
(4) Entities within the Marcellus and Utica Operations jointly own the Hopedale fractionation complex. Hopedale throughput is included in the Marcellus and Utica Operations and represents each region's utilization of the complex.
(5) Other includes Southern Appalachia, Bakken and Rockies Operations.
(6) Purity ethane makes up approximately 276 mbpd and 250 mbpd of MPLX LP consolidated total fractionated products for the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately 262 mbpd and 260 mbpd of total fractionated products for the six months ended June 30, 2026 and June 30, 2025, respectively. Purity ethane makes up approximately 303 mbpd and 268 mbpd of MPLX LP Operated total fractionated products for the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately 287 mbpd and 281 mbpd of total fractionated products for the six months ended June 30, 2026 and June 30, 2025, respectively.
Three Months Ended
June 30, 		Six Months Ended
June 30,
2026 2025 2026 2025
Pricing Information
Natural Gas NYMEX HH ($ per MMBtu) $ 2.94 $ 3.51 $ 3.21 $ 3.69
C2 + NGL Pricing ($ per gallon)(1)
$ 0.90 $ 0.80 $ 0.83 $ 0.87
(1) C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 10 percent ethane, 60 percent propane, five percent Iso-Butane, 15 percent normal butane and 10 percent natural gasoline.
Supplemental Information on Equity Method Investments
The following table presents MPLX's income from equity method investments for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months Ended
June 30, 		Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Income from equity method investments:
Crude Oil and Products Logistics
Illinois Extension Pipeline Company, L.L.C. $ 16 $ 15 $ 32 $ 27
LOOP LLC (9) 3 (5) 3
MarEn Bakken Company LLC 22 20 39 42
Other 23 21 48 43
Total Crude Oil and Products Logistics
52 59 114 115
Natural Gas and NGL Services
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. 17 15 35 36
MarkWest Utica EMG, L.L.C. 33 30 62 59
Ohio Gathering Company L.L.C. 10 8 18 16
Sherwood Midstream LLC 27 29 56 56
WPC Parent, LLC 32 21 60 41
Other(1)
9 8 17 33
Total Natural Gas and NGL Services 128 111 248 241
Total $ 180 $ 170 $ 362 $ 356
(1) The six months ended June 30, 2025 includes a $25 million gain related to the formation of a new joint venture, Texas City Logistics LLC.
The following table presents the impact of equity method investment distributions and other adjustments included in MPLX's EBITDA for the three and six months ended June 30, 2026 and June 30, 2025:
Three Months Ended
June 30, 		Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Distributions/adjustments related to equity method investments:
Crude Oil and Products Logistics
Illinois Extension Pipeline Company, L.L.C. $ 15 $ 16 $ 20 $ 22
LOOP LLC 3 4 5 17
MarEn Bakken Company LLC 24 25 49 53
Other 29 32 69 57
Total Crude Oil and Products Logistics
71 77 143 149
Natural Gas and NGL Services
MarkWest EMG Jefferson Dry Gas Gathering Company, L.L.C. 22 14 51 31
MarkWest Utica EMG, L.L.C. 46 41 99 78
Ohio Gathering Company L.L.C. 18 15 37 29
Sherwood Midstream LLC 31 31 63 61
WPC Parent, LLC 28 29 60 61
Other 18 22 32 47
Total Natural Gas and NGL Services 163 152 342 307
Total $ 234 $ 229 $ 485 $ 456
Seasonality
The volume of crude oil and refined products transported and stored utilizing our assets is affected by the level of supply and demand for crude oil and refined products in the markets served directly or indirectly by our assets. The majority of effects of seasonality on the Crude Oil and Products Logistics segment's revenues are mitigated through the use of capacity-based agreements and minimum volume commitments.
In our Natural Gas and NGL Services segment, we experience minimal impacts from seasonal fluctuations, which impact the demand for natural gas and NGLs and the related commodity prices caused by various factors including variations in weather patterns from year to year. Overall, our exposure to the seasonality fluctuations is limited due to the nature of our fee-based business.
Liquidity and Capital Resources
Cash Flows
Our cash and cash equivalents were $1,031 million at June 30, 2026 and $2,137 million at December 31, 2025. The change in cash and cash equivalents was due to the factors discussed below. Net cash provided by (used in) operating activities, investing activities and financing activities were as follows:
Six Months Ended
June 30,
(In millions) 2026 2025
Net cash provided by (used in):
Operating activities $ 3,049 $ 2,982
Investing activities (1,819) (1,203)
Financing activities (2,336) (1,912)
Total $ (1,106) $ (133)
Cash Flows Provided by Operating Activities - Net cash provided by operating activities increased $67 million in the first six months of 2026 compared to the same period of 2025, primarily due to a $107 million higher working capital draw and $58 million higher cash distributions from equity method investments during the 2026 period, partially offset by favorable results from operations during the 2025 period.
Cash Flows Used in Investing Activities - Net cash used in investing activities increased $616 million in the first six months of 2026 compared to the same period of 2025, primarily due to higher capital spending, partially offset by the acquisition of Whiptail Midstream in the first quarter of 2025.
Cash Flows Used in Financing Activities - Net cash used in financing activities increased $424 million in the first six months of 2026 compared to the same period of 2025. The use of cash during the 2026 period was primarily driven by $2,285 million return of capital to unitholders as net debt borrowings were offset by net debt repayments. The use of cash during the 2025 period was primarily driven by $2,154 million return of capital to unitholders and the repayment of $1.70 billion aggregate principal amount of senior notes, partially offset by proceeds from the issuance of $2.0 billion aggregate principal amount of senior notes.
Adjusted Free Cash Flow
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three and six months ended June 30, 2026 and June 30, 2025.
Three Months Ended
June 30, 		Six Months Ended
June 30,
(In millions) 2026 2025 2026 2025
Net cash provided by operating activities(1)
$ 1,702 $ 1,736 $ 3,049 $ 2,982
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities(2)
(1,028) (602) (1,819) (1,203)
Contributions from MPC 5 7 9 14
Distributions to noncontrolling interests (11) (11) (22) (22)
Adjusted FCF 668 1,130 1,217 1,771
Distributions paid to common and preferred unitholders (1,092) (976) (2,185) (1,954)
Adjusted FCF after distributions $ (424) $ 154 $ (968) $ (183)
(1) The three months ended June 30, 2026 and June 30, 2025 include working capital draws of $261 million and $313 million, respectively. The six months ended June 30, 2026 and June 30, 2025 include working capital draws of $190 million and $83 million, respectively.
(2) The three and six months ended June 30, 2025 includes $151 million for the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline. The six months ended June 30, 2025 includes acquisitions of $237 million.
Debt and Liquidity Overview
On February 12, 2026, MPLX issued $1 billion aggregate principal amount of 5.300 percent senior notes due 2036 (the "2036 Senior Notes") and $500 million aggregate principal amount of 6.100 percent senior notes due 2056 (the "2056 Senior Notes") in an underwritten public offering. The 2036 Senior Notes were offered at a price to the public of 99.678% of par, with interest
payable semi-annually in arrears, commencing on October 1, 2026. The 2056 Senior Notes were offered at a price to the public of 98.453% of par, with interest payable semi-annually in arrears, commencing on October 1, 2026.
In March 2026, MPLX used the proceeds from the 2036 Senior Notes and the 2056 Senior Notes to repay all of MPLX's outstanding $1.5 billion aggregate principal amount of 1.750 percent senior notes at maturity.
Our intention is to maintain an investment-grade credit profile. As of June 30, 2026, the credit ratings on our senior unsecured debt were at or above investment grade level as follows:
Rating Agency Rating
Fitch BBB (stable outlook)
Moody's Baa2 (stable outlook)
Standard & Poor's BBB (stable outlook)
The ratings reflect the respective views of the rating agencies and should not be interpreted as a recommendation to buy, sell or hold our securities. Although it is our intention to maintain a credit profile that supports an investment grade rating, there is no assurance that these ratings will continue for any given period of time. The ratings may be revised or withdrawn entirely by the rating agencies if, in their respective judgments, circumstances so warrant. A rating from one rating agency should be evaluated independently of ratings from other rating agencies.
The agreements governing our debt obligations do not contain credit rating triggers that would result in the acceleration of interest, principal or other payments solely in the event that our credit ratings are downgraded. However, any downgrades in the credit ratings of our senior unsecured debt ratings to below investment grade ratings could, among other things, increase the applicable interest rates and other fees payable under MPLX's credit agreement (the "MPLX Credit Agreement") and may limit our ability to obtain future financing, including refinancing existing indebtedness.
Our liquidity totaled $5.0 billion at June 30, 2026 consisting of:
June 30, 2026
(In millions) Total Capacity Outstanding Borrowings Available
Capacity
MPLX Credit Agreement $ 2,500 $ - $ 2,500
MPC Loan Agreement 1,500 - 1,500
Total $ 4,000 $ - 4,000
Cash and cash equivalents 1,031
Total liquidity $ 5,031
We expect our ongoing sources of liquidity to include cash generated from operations, borrowings under our revolving credit facilities and access to capital markets. We believe that cash generated from these sources will be sufficient to meet our short-term and long-term funding requirements, including working capital requirements, capital expenditure requirements, contractual obligations, and quarterly cash distributions. Our material future obligations include interest on debt, payments of debt principal, purchase obligations including contracts to acquire property, plant and equipment, and our operating leases and service agreements.
We may also, from time to time, repurchase our senior notes in the open market, in tender offers, in privately negotiated transactions or otherwise in such volumes, at market prices and upon such other terms as we deem appropriate and execute unit repurchases under our unit repurchase program.
MPC manages our cash and cash equivalents on our behalf directly with third-party institutions as part of the treasury services that it provides to us under our omnibus agreement. From time to time, we may also utilize other sources of liquidity, including the formation of joint ventures or sales of non-strategic assets.
On April 7, 2026, MPLX entered into a new revolving credit facility to replace the previously existing credit facility, which was scheduled to expire July 2027. The new MPLX revolving credit facility is for a five-year term which will expire April 2031. MPLX's total capacity under the new revolving credit facility increased from $2.0 billion to $2.5 billion and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million.
The MPLX Credit Agreement contains certain representations and warranties, covenants and restrictions, including financial covenants, and events of default that we consider to be usual and customary for an agreement of this type. As of June 30, 2026, we were in compliance with such covenants.
MPLX is party to a loan agreement with MPC, which is scheduled to expire, and borrowings under the loan agreement are scheduled to mature and become due and payable, on July 31, 2029, provided that MPC may demand payment of all or any portion of the outstanding principal amount of the loan, together with all accrued and unpaid interest and other amounts (if any), at any time prior to maturity.
Equity and Preferred Units Overview
Unit Repurchase Program
On August 5, 2025, we announced a board authorization for the repurchase of up to $1.0 billion of MPLX common units held by the public in addition to the $1.0 billion common unit repurchase authorization announced on August 2, 2022. The common unit repurchase authorizations have no expiration date.
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued, or restarted at any time.
Total unit repurchases were as follows for the respective periods:
Three Months Ended
June 30, 		Six Months Ended
June 30,
(In millions, except per unit data) 2026 2025 2026 2025
Number of common units repurchased 1 2 2 4
Cash paid for common units repurchased(1)
$ 50 $ 100 $ 100 $ 200
Average cost per unit(1)
$ 56.01 $ 50.31 $ 56.32 $ 51.38
(1) Cash paid for common units repurchased and average cost per unit includes commissions paid to brokers during the period.
As of June 30, 2026, we had $1.0 billion remaining under the unit repurchase authorizations.
Series A Redeemable Preferred Unit Conversions
On February 11, 2025, MPLX exercised its right to convert the remaining 6 million outstanding Series A preferred units into common units in accordance with the conversion provision outlined in our Sixth Amended and Restated Agreement of Limited Partnership.
Distributions
On July 28, 2026, MPLX declared a cash distribution for the second quarter of 2026, totaling $1,092 million, or $1.0765 per common unit. This distribution will be paid on August 14, 2026, to common unitholders of record on August 7, 2026. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
The allocation of total cash distributions is as follows for the three and six months ended June 30, 2026 and June 30, 2025. MPLX's distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period for which the distributions relate as opposed to the quarter in which they were declared and paid.
Three Months Ended
June 30, 		Six Months Ended
June 30,
(In millions, except per unit data) 2026 2025 2026 2025
Distribution declared:
Limited partner units - public $ 395 $ 356 $ 790 $ 713
Limited partner units - MPC 697 619 1,394 1,238
Total distribution declared $ 1,092 $ 975 $ 2,184 $ 1,951
Quarterly cash distributions declared per limited partner common unit $ 1.0765 $ 0.9565 $ 2.1530 $ 1.9130
Capital Expenditures
Our operations are capital intensive, requiring investments to expand, upgrade, enhance or maintain existing operations and to meet environmental and operational regulations. Our capital requirements consist of growth capital expenditures and maintenance capital expenditures. Growth capital expenditures are those incurred for acquisitions or capital improvements that we expect will increase our operating capacity for volumes gathered, processed, transported or fractionated, decrease operating expenses within our facilities or increase income from operations over the long term. Examples of growth capital expenditures include costs to develop or acquire additional pipeline, terminal, processing or storage capacity. In general, growth capital includes costs that are expected to generate additional or new cash flow for MPLX. In contrast, maintenance capital expenditures are expenditures made to replace partially or fully depreciated assets, to maintain the existing operating capacity of our assets and to extend their useful lives, or other capital expenditures that are incurred to maintain existing system volumes and related cash flows.
MPLX's capital outlook for 2026 is $3.2 billion, net of reimbursements, and excluding potential acquisitions, if any, is comprised of growth capital of $2.9 billion and maintenance capital of $300 million. Our growth capital plans are focused on expanding our Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support producer activity, and investing in new gas processing plants in the Marcellus and Permian. The remainder of our capital plan targets the debottlenecking of existing assets to meet customer demand. We continuously evaluate our capital plan and make changes as conditions warrant. As a result, MPLX increased its 2026 growth capital spending outlook by $500 million to $2.9 billion, primarily reflecting the accelerated execution of the expansion of Gulf Coast fractionation and export facilities to meet global demand for U.S. energy.
Our capital expenditures are shown in the table below:
Six Months Ended
June 30,
(In millions) 2026 2025
Capital expenditures:
Growth capital expenditures $ 1,354 $ 506
Growth capital reimbursements (84) (64)
Investments in unconsolidated affiliates(1)
439 322
Return of capital(2)
- (39)
Capitalized interest (44) (12)
Total growth capital expenditures(3)
1,665 713
Maintenance capital expenditures 130 103
Maintenance capital reimbursements (9) (23)
Capitalized interest (2) (2)
Total maintenance capital expenditures 119 78
Total growth and maintenance capital expenditures 1,784 791
Investments in unconsolidated affiliates(1)
(439) (322)
Return of capital(2)
- 39
Growth and maintenance capital reimbursements(4)
93 87
(Increase)/Decrease in capital accruals (84) (41)
Capitalized interest 46 14
Additions to property, plant and equipment $ 1,400 $ 568
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the six months ended June 30, 2025 exclude $151 million related to the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline.
(2) Return of capital for the six months ended June 30, 2025 excludes a $21 million special distribution received in exchange for the contribution of assets to a joint venture.
(3) Total growth capital expenditures for the six months ended June 30, 2025 excludes acquisitions of $235 million, net of cash acquired.
(4) Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.
We participate in joint ventures, which, in turn, also invest in capital projects. Certain of our joint ventures fund capital expenditures with project debt financings at the joint venture level or with cash from operations. Growth capital projects funded through debt at the joint venture level or cash from operations of the joint venture do not require capital contributions by us unless otherwise noted. Our pro-rata share of these growth capital projects for our equity method investments that have been funded at the joint venture level for the periods presented are shown in the table below.
MPLX Ownership Six Months Ended
June 30,
(In millions, except ownership percentages) 2026 2025
MXP Parent, LLC(1)
10% $ 7 $ 7
WPC Parent, LLC(2)
30% 215 -
All other 2 64
Total $ 224 $ 71
(1) Includes growth capital for Matterhorn Express Pipeline.
(2) Disclosed amounts include growth capital related to WPC Parent, LLC, including the ADCC Pipeline lateral, Bay Runner Pipeline, Whistler Pipeline, and our indirect and 12.5 percent direct ownership interest in Blackcomb and Traverse Pipeline Holdings, LLC.
Project debt at the joint venture level is typically secured by the assets owned by the joint venture and in certain cases, MPLX's interest in the joint venture, but unless otherwise noted, is non-recourse to MPLX in excess of the value of MPLX's investment in the joint venture. At June 30, 2026, debt held by our unconsolidated joint ventures based on our equity ownership percentage was $2.2 billion. See Note 17 to the accompanying unaudited consolidated financial statements for more information on MPLX's guarantees of our joint venture entities' obligations.
Cash Commitments
As of June 30, 2026, our material cash commitments included debt, finance and operating lease obligations, purchase obligations for services and to acquire property, plant and equipment, and other liabilities. During the six months ended June 30, 2026, our debt obligations remained flat. There were no other material changes to our cash commitments outside the ordinary course of business.
Off-Balance Sheet Arrangements
Off-balance sheet arrangements comprise those arrangements that may potentially impact our liquidity, capital resources and results of operations, even though such arrangements are not recorded as liabilities under GAAP. Our off-balance sheet arrangements are limited to guarantees that are described in Note 17 of the unaudited consolidated financial statements and indemnities as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Although these arrangements serve a variety of our business purposes, we are not dependent on them to maintain our liquidity and capital resources, and we are not aware of any circumstances that are reasonably likely to cause the off-balance sheet arrangements to have a material adverse effect on our liquidity and capital resources.
Transactions with Related Parties
As of June 30, 2026, MPC owned our general partner and an approximate 64 percent limited partner interest in us. We perform a variety of services for MPC related to the transportation of crude and refined products, including renewables, via pipeline or marine, as well as terminal services, storage services and fuels distribution and marketing services, among others. The services that we provide may be based on regulated tariff rates or on contracted rates. In addition, MPC performs certain services for us related to information technology, engineering, legal, accounting, treasury, human resources and other administrative services.
The below table shows the percentage of Total revenues and other income as well as Total costs and expenses with MPC:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2026 2025 2026 2025
Total revenues and other income 50 % 49 % 50 % 48 %
Total costs and expenses 25 % 27 % 26 % 26 %
For further discussion of agreements and activity with MPC and related parties see Item 1. Business in our Annual Report on Form 10-K for the year ended December 31, 2025, and Note 5 to the unaudited consolidated financial statements.
Environmental Matters and Compliance Costs
We have incurred and may continue to incur substantial capital, operating and maintenance, and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately reflected in the prices of our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including, but not limited to, the age and location of its operating facilities.
As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, actual expenditures may vary as the number and scope of environmental projects are revised as a result of improved technology or changes in regulatory
requirements. There have been no material changes to our environmental matters and compliance costs since our Annual Report on Form 10-K for the year ended December 31, 2025.
Tax Matters
Our U.S. federal income tax returns for the years 2019 through 2022 are currently under examination by the Internal Revenue Service.
Critical Accounting Estimates
As of June 30, 2026, there have been no significant changes to our critical accounting estimates since our Annual Report on Form 10-K for the year ended December 31, 2025, except as noted below.
Derivatives
We record all derivative instruments at fair value. Our derivatives primarily consist of an embedded derivative and related party derivative activity with MPC. Fair value estimation for all our derivative instruments is discussed in Item 1. Financial Statements - Note 10 and Note 11. Additional information about derivatives and their valuation may be found in Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Accounting Standards Not Yet Adopted
As discussed in Note 2 to the unaudited consolidated financial statements, certain new financial accounting pronouncements will be effective for our financial statements in the future.
MPLX LP published this content on August 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 04, 2026 at 17:44 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]