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Jun 30, 2025
MPLX Q2 2025 Earnings Report
MPLX reported Q2 2025 results with solid profitability, supported by stable operations and strong free cash flow generation.
Key Takeaways
MPLX delivered a strong Q2 with $1.048 billion in net income and robust free cash flow of $1.13 billion, while maintaining a healthy balance sheet and executing on strategic growth initiatives including the Northwind Midstream acquisition.
Reported net income of $1.048 billion, down from $1.176 billion in Q2 2024
Adjusted free cash flow reached $1.13 billion, supporting $1.1 billion in capital return
Natural Gas and NGL Services segment EBITDA remained flat despite higher project spending
Announced $2.375 billion acquisition of Northwind Midstream to enhance Permian presence
Forward Guidance
MPLX reaffirmed its long-term strategy of mid-single-digit growth and capital return, while expanding its Permian and Gulf Coast infrastructure through acquisitions and new projects.
Positive Outlook
- Expected closing of $2.375B Northwind Midstream acquisition in Q3
- Northwind adds 440 MMcf/d sour gas treating capacity
- Expansion of BANGL pipeline to 300 mbpd by 2026
- New gas processing plants in Permian and Northeast coming online through 2026
- Two Gulf Coast fractionation facilities to be completed in 2028 and 2029
Challenges Ahead
- Flat EBITDA in Natural Gas and NGL Services due to rising expenses
- Decline in net income YoY despite stable operations
- Higher capex with $602 million in Q2 investing activities
- Utica region gathering throughput dropped 100% YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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