MPLX LP filed its third-quarter 2026 earnings release on November 3, 2026, reporting net income attributable to MPLX of $1,164 million and announcing a quarterly distribution increase of 12.5% for the third consecutive year.

Key Highlights

  • Distribution raised to $1.2111 per common unit for the third quarter of 2026, equating to $4.84 per unit annualized, a 12.5% increase for the third consecutive year.
  • Net income attributable to MPLX was $1,164 million in Q3 2026, compared with $1,545 million in Q3 2025.
  • Adjusted EBITDA attributable to MPLX was $1,859 million in Q3 2026, up $93 million or 5.3% from $1,766 million in Q3 2025.
  • Distributable cash flow was $1,537 million and distribution coverage was 1.3x for the quarter.
  • $750 million sale of logistics assets associated with MPC's St. Paul Park and Mandan refineries was announced, representing a 9x multiple on forecast 2027 adjusted EBITDA, expected to close at end of 2026.
  • $2.25 billion of senior notes issued August 24, 2026, and $1.25 billion senior notes due March 2027 redeemed on September 23, 2026.
  • Leverage ratio of 3.8x at September 30, 2026, with $1.3 billion in cash and $2.5 billion available on the bank revolving credit facility.

MPLX Third-Quarter 2026 Financial and Operating Results

According to the filing, MPLX LP (NYSE:MPLX) reported Q3 2026 net income attributable to MPLX of $1,164 million, down from $1,545 million in Q3 2025. The partnership attributed the year-over-year change in net income in part to $77 million of incentive compensation expenses in Q3 2026, compared with $40 million in Q3 2025, which the filing said reduced EBITDA growth by approximately 2%. Adjusted EBITDA attributable to MPLX was $1,859 million, compared with $1,766 million in the prior-year period.

On a segment basis, the filing disclosed that the Crude Oil and Products Logistics segment generated adjusted EBITDA of $1,204 million in Q3 2026, up from $1,137 million in Q3 2025, driven by higher rates across business units and increased butane blending, partially offset by higher operating expenses. The Natural Gas and NGL Services segment reported adjusted EBITDA of $655 million, up from $629 million, driven by increased volumes including growth from acquisitions, partially offset by the divestiture of non-core gathering and processing assets in 2025 and higher operating expenses.

The partnership disclosed organic growth capital investment of $2.9 billion, with over 90% allocated to natural gas and NGL infrastructure, concentrated in the Permian and Marcellus basins. Key projects cited include the Harmon Creek III processing plant, which began operations in August 2026, and the Blackcomb Pipeline, which began commissioning in July 2026. On October 30, 2026, MPLX and MPC amended the intercompany loan agreement to increase borrowing capacity from $1.5 billion to $2.5 billion and extended the term to October 30, 2031. The partnership repurchased $50 million of common units in Q3 2026, with approximately $1.0 billion remaining under its repurchase authorizations as of September 30, 2026.

What Was Disclosed

MPLX reported Q3 2026 adjusted EBITDA of $1,859 million, distributable cash flow of $1,537 million, and a quarterly distribution of $1.2111 per common unit, a 12.5% increase. The filing also detailed ongoing capital projects, a $750 million asset sale, and a senior notes issuance and redemption.