MPLX LP Q2 FY26 Results

Summary

MPLX LP announced its second-quarter 2026 financial results, reporting a net income attributable to MPLX of $1,077 million, a slight increase from $1,048 million in the second quarter of 2025. Adjusted EBITDA attributable to MPLX rose to $1,775 million from $1,690 million year-over-year, driven by strong performance in the Natural Gas and NGL Services segment. The company is increasing its 2026 growth capital spending outlook to $2.9 billion and expects distribution increases of 12.5% in both 2026 and 2027, reflecting confidence in its strategic initiatives and long-term market fundamentals.

Key Highlights

1. 1

   MPLX reported second-quarter 2026 net income attributable to MPLX of $1,077 million, an increase from $1,048 million in the second quarter of 2025.

2. 2

   Adjusted EBITDA attributable to MPLX was $1,775 million for the second quarter of 2026, up from $1,690 million in the prior year's second quarter.

3. 3

   Natural Gas and NGL Services segment adjusted EBITDA increased by $62 million to $614 million in the second quarter of 2026 compared to the same period in 2025.

4. 4

   MPLX expects distribution increases of 12.5% in both 2026 and 2027.

5. 5

   The company generated $1,702 million in net cash provided by operating activities and $1,450 million of distributable cash flow in the second quarter of 2026.

6. 6

   MPLX is increasing its 2026 growth capital spending outlook by $500 million to $2.9 billion, primarily for the Gulf Coast fractionation project.