MPLX LP

MPLX LP reported a decrease in net income and diluted EPS for the first quarter of 2026 compared to the prior year, with net income attributable to MPLX LP falling to $912 million. Total revenues and other income also saw a slight decline. Despite this, the company experienced an increase in net cash provided by operating activities and significantly higher capital expenditures, while also declaring an increased cash distribution per common unit. The results reflect a mixed performance across its segments, with growth in Crude Oil and Products Logistics offset by a decline in Natural Gas and NGL Services.

MPLX LP reported first-quarter 2026 net income of $912 million and adjusted EBITDA of $1.73 billion. Net income decreased by 19% and adjusted EBITDA by 1.6% compared to Q1 2025, primarily due to derivatives, interest expense, and depreciation. Despite the decreases, the company generated $1.4 billion in distributable cash flow and announced a distribution of $1.0765 per common unit, representing a 12.5% increase year-over-year, with a coverage of 1.3x. MPLX is advancing its mid-single-digit growth strategy through expansions in the Permian and Marcellus basins, expecting to support 12.5% annual distribution growth for two more years.