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Sep 30, 2025
MPLX Q3 2025 Earnings Report
MPLX delivered strong Q3 2025 earnings with record net income and increased its quarterly distribution by 12.5%.
Key Takeaways
MPLX reported robust third-quarter financials with $1.5B in net income, driven by steady growth in both Crude Oil and Natural Gas segments. The company also boosted its quarterly distribution for the second consecutive year and executed key portfolio optimization moves.
Revenue by Segment
Forward Guidance
MPLX expects to continue mid-single-digit EBITDA growth while expanding infrastructure in key basins and maintaining financial discipline.
Positive Outlook
- Increased quarterly distribution by 12.5% for the second year in a row
- Strong net income of $1.5B and adjusted EBITDA of $1.77B
- Expansion projects underway in Permian and Marcellus basins
- Closed $2.4B Delaware basin acquisition and progressing long-haul pipelines
- Maintained solid liquidity position with $1.8B in cash
Challenges Ahead
- Adjusted free cash flow was negative due to large acquisitions
- Distribution coverage ratio declined YoY from 1.5x to 1.3x
- Higher operating expenses in both segments
- Increased debt, with leverage ratio rising to 3.7x
Historical Earnings Impact
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Avg. Return Before/After Earnings
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