EX-99.1 2 mplxq22025earningsrelease.htm EX-99.1 Document
Exhibit 99.1
mplxearningslogoa06a.jpg
MPLX LP Reports Second-Quarter 2025 Financial Results
•Announced Northwind Midstream acquisition for $2.375 billion enhances Permian Natural Gas and NGL value chain and accelerates future growth opportunities
•Second-quarter net income attributable to MPLX of $1.0 billion and net cash provided by operating activities of $1.7 billion
•Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of value chain growth strategy
•Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital
FINDLAY, Ohio, Aug 5, 2025 - MPLX LP (NYSE: MPLX) today reported second-quarter 2025 net income attributable to MPLX of $1,048 million, compared with $1,176 million for the second quarter of 2024. For the first half of the year, net income attributable to MPLX was $2,174 million, compared with $2,181 million in the first half of 2024.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,690 million, compared with $1,653 million for the second quarter of 2024. Crude Oil and Products Logistics segment adjusted EBITDA for the second quarter of 2025 was $1,138 million, compared with $1,099 million for the second quarter of 2024. Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2025 was $552 million, compared with $554 million for the second quarter of 2024.
During the quarter, MPLX generated $1,736 million in net cash provided by operating activities, $1,420 million of distributable cash flow, and adjusted free cash flow of $1,130 million. MPLX announced a second-quarter 2025 distribution of $0.9565 per common unit, resulting in distribution coverage of 1.5x for the quarter. The leverage ratio was 3.1x at the end of the quarter.

"The planned acquisition of Northwind Midstream demonstrates progress on our Natural Gas and NGL growth strategies in the Permian basin,” said Maryann Mannen, MPLX president and chief executive officer. “In the first half of 2025, operational and commercial performance delivered 5% year-over-year adjusted EBITDA growth. This execution of our mid-single digit growth strategy allows us to reinvest in the business and return capital to unitholders through anticipated annual distribution increases."
Financial Highlights (unaudited)
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except per unit and ratio data)2025202420252024
Net income attributable to MPLX LP$1,048 $1,176 $2,174 $2,181 
Adjusted EBITDA attributable to MPLX LP(a)
1,690 1,653 3,447 3,288 
Net cash provided by operating activities1,736 1,565 2,982 2,856 
Distributable cash flow attributable to MPLX LP(a)
1,420 1,404 2,906 2,774 
Distribution per common unit(b)
$0.9565 $0.8500 $1.9130 $1.7000 
Distribution coverage(c)
1.5x1.6x1.5x1.6x
Consolidated total debt to LTM adjusted EBITDA(d)
3.1x3.4x3.1x3.4x
Cash paid for common unit repurchases$100 $75 $200 $150 

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(a)    Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow.
(b)    Distributions declared by the board of directors of MPLX's general partner.
(c)    DCF attributable to LP unitholders divided by total LP distributions.
(d)    Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.

Segment Results

Crude Oil and Products Logistics

Crude Oil and Products Logistics segment adjusted EBITDA for the second quarter of 2025 increased by $39 million compared to the same period in 2024. The increase was primarily driven by higher rates and throughputs, partially offset by higher operating expenses.

Operating Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
20252024% Change20252024% Change
Total MPLX
Pipeline throughput (mbpd)6,103 6,024 1 %6,017 5,660 6 %
Terminal throughput (mbpd)
3,183 3,197 — %3,139 3,063 2 %
Average tariff rates ($ per barrel)
$1.06 $0.98 8 %$1.06 $1.00 6 %
Segment adjusted EBITDA (in millions)$1,138 $1,099 4 %$2,235 $2,158 4 %

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2025 decreased by $2 million compared to the same period in 2024, as growth from equity affiliates was offset by higher operating expenses and project spending.

Operating Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
20252024% Change20252024% Change
Total MPLX
Gathering throughput (MMcf/d)6,562 6,614 (1)%6,539 6,420 2 %
Natural gas processed (MMcf/d)9,740 9,568 2 %9,760 9,470 3 %
C2 + NGLs fractionated (mbpd)634 665 (5)%647 649 — %
Segment adjusted EBITDA (in millions)$552 $554 — %$1,212 $1,130 7 %

Strategic Update
In Natural Gas and NGL Services, MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand. Updates on Natural Gas and NGL Services projects include:
Newly Announced
•Northwind Midstream: MPLX has entered into a definitive agreement to acquire Northwind Delaware Holdings LLC (Northwind Midstream) for $2.375 billion in cash. The transaction is expected to be immediately accretive to distributable cash flow. Northwind Midstream provides sour gas gathering, treating, and processing services in Lea County, New Mexico. The portfolio includes over 200,000 dedicated acres, 200+ miles of gathering pipelines, two in-service acid gas injection wells, and a third permitted well which will bring its total capacity to 37 million cubic feet per day (MMcf/d). The system is designed to have 440 MMcf/d of sour gas treating capacity, which is anticipated to be fully online in the

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second half of 2026. The system is supported by minimum volume commitments from the Delaware basin’s top producers. The transaction is expected to close in the third quarter of 2025 and is subject to customary closing conditions, including regulatory clearance.
Ongoing
•Secretariat: A 200 MMcf/d processing plant increasing MPLX's gas processing capacity in the Permian basin to 1.4 Bcf/d; expected in service at the end of 2025.
•Harmon Creek III: Consists of a 300 MMcf/d processing plant and 40 thousand barrel per day (mbpd) de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the second half of 2026.
•BANGL Pipeline: In July, MPLX acquired the remaining 55% of BANGL, LLC, resulting in 100% ownership. The BANGL pipeline is expanding from 250 mbpd to 300 mbpd and will enable liquids to reach MPLX's Gulf Coast fractionators. The expansion is expected in service in the second half of 2026.
•Blackcomb and Rio Bravo Pipelines: These pipelines (up to 2.5 Bcf/d and 4.5 Bcf/d, respectively) are designed to transport natural gas from the Permian to domestic and export markets along the Gulf Coast; expected in-service in the second half of 2026.
•Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between Agua Dulce and the Katy area. The pipeline enhances optionality for shippers to access multiple premium markets and is expected in service in 2027.
•Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near Marathon Petroleum's (NYSE: MPC) Galveston Bay refinery. The fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.
•LPG Export Terminal: A strategic partnership with ONEOK, Inc. to develop a 400 mbpd LPG export terminal and an associated pipeline, which is anticipated in service in 2028.
In Crude Oil and Products Logistics, MPLX is expanding its crude gathering pipelines in the Permian and Bakken basins, and investing in projects targeted at the expansion or de-bottlenecking of assets.

Financial Position and Liquidity

As of June 30, 2025, MPLX had $1.4 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.1x, while the stability of cash flows supports leverage in the range of 4.0x.

On April 9, 2025, MPLX repaid all of its outstanding $1.2 billion senior notes due June 2025.

MPLX intends to finance its recently completed acquisition of the remaining 55% of the BANGL pipeline system and its announced acquisition of Northwind Midstream with debt.

The partnership repurchased $100 million of common units held by the public in the second quarter of 2025. As of June 30, 2025, MPLX had approximately $320 million remaining available under its unit repurchase authorization.

Today, MPLX announced that the board of directors of its general partner approved an authorization for the repurchase of up to $1.0 billion of MPLX common units held by the public that is incremental to the remaining available unit repurchase authorization that was announced on August 2, 2022. The common unit repurchase authorizations have no expiration date.

MPLX may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued, or restarted at any time.

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Conference Call

At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contact: (419) 421-2071
Kristina Kazarian, Vice President Finance and Investor Relations
Brian Worthington, Senior Director, Investor Relations
Isaac Feeney, Director, Investor Relations
Evan Heminger, Analyst, Investor Relations

Media Contact: (419) 421-3577
Jamal Kheiry, Communications Manager

Non-GAAP references

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable.

DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.


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Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.

Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.

The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.

Forward-Looking Statements

This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") goals and targets, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG goals and targets are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “anticipate,” “believe,” “commitment,” “could,” “design,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids (“NGLs”) or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One, Big, Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to

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pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all, including the announced Northwind transaction; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the announced Northwind transaction; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG goals and targets within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; other risk factors inherent to MPLX’s industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

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Condensed Consolidated Results of Operations (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except per unit data)2025202420252024
Revenues and other income:
Operating revenue$1,338 $1,253 $2,758 $2,470 
Operating revenue - related parties1,450 1,431 2,917 2,818 
Income from equity method investments170 325 356 482 
Other income45 43 96 128 
Total revenues and other income3,003 3,052 6,127 5,898 
Costs and expenses:
Operating expenses (including purchased product costs)821 780 1,688 1,539 
Operating expenses - related parties426 393 846 769 
Depreciation and amortization324 320 650 637 
General and administrative expenses107 107 219 216 
Other taxes32 33 65 67 
Total costs and expenses1,710 1,633 3,468 3,228 
Income from operations1,293 1,419 2,659 2,670 
Net interest and other financial costs234 231 463 466 
Income before income taxes1,059 1,188 2,196 2,204 
Provision for income taxes1 2 2 3 
Net income1,058 1,186 2,194 2,201 
Less: Net income attributable to noncontrolling interests10 10 20 20 
Net income attributable to MPLX LP1,048 1,176 2,174 2,181 
Less: Series A preferred unitholders interest in net income— 5 — 15 
Limited partners’ interest in net income attributable to MPLX LP$1,048 $1,171 $2,174 $2,166 
Per Unit Data
Net income attributable to MPLX LP per limited partner unit:
Common – basic$1.03 $1.15 $2.13 $2.13 
Common – diluted$1.03 $1.15 $2.13 $2.13 
Weighted average limited partner units outstanding:
Common units – basic1,020 1,019 1,020 1,013 
Common units – diluted1,021 1,020 1,020 1,014 


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Select Financial Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions, except ratio data)2025202420252024
Common unit distributions declared by MPLX LP
Common units (LP) – public$356 $317 $713 $631 
Common units – MPC619 551 1,238 1,101 
Total LP distribution declared975 868 1,951 1,732 
Preferred unit distributions(a)
Series A preferred unit distributions
— 5 — 15 
Total preferred unit distributions— 5 — 15 
Other Financial Data
Adjusted EBITDA attributable to MPLX LP(b)
1,690 1,653 3,447 3,288 
DCF attributable to LP unitholders(b)
$1,420 $1,399 $2,906 $2,759 
Distribution coverage(c)
1.5x1.6x1.5x1.6x
Cash Flow Data
Net cash flow provided by (used in):
Operating activities$1,736 $1,565 $2,982 $2,856 
Investing activities(602)(114)(1,203)(1,110)
Financing activities$(2,282)$665 $(1,912)$(293)
(a)    Series A preferred unitholders receive the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.
(b)    Non-GAAP measure. See reconciliation below.
(c)    DCF attributable to LP unitholders divided by total LP distributions.

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Financial Data (unaudited)
(In millions, except ratio data)June 30, 2025December 31, 2024
Cash and cash equivalents$1,386 $1,519 
Total assets37,841 37,511 
Total debt(a)
21,225 20,948 
Redeemable preferred units— 203 
Total equity$14,049 $13,807 
Consolidated debt to LTM adjusted EBITDA(b)
3.1x3.1x
Partnership units outstanding:
MPC-held common units647 647 
Public common units373 370 
(a)    There were no borrowings on the loan agreement with MPC as of June 30, 2025, or December 31, 2024. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.
(b)    Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $21,507 million as of June 30, 2025, and $21,206 million as of December 31, 2024.


Operating Statistics (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
20252024% Change20252024% Change
Crude Oil and Products Logistics
Pipeline throughput (mbpd)
Crude oil pipelines4,012 3,950 2 %3,961 3,707 7 %
Product pipelines2,091 2,074 1 %2,056 1,953 5 %
Total pipelines6,103 6,024 1 %6,017 5,660 6 %
Average tariff rates ($ per barrel)
Crude oil pipelines$1.06 $0.99 7 %$1.05 $1.01 4 %
Product pipelines1.05 0.96 9 %1.08 0.98 10 %
Total pipelines$1.06 $0.98 8 %$1.06 $1.00 6 %
Terminal throughput (mbpd)3,183 3,197 — %3,139 3,063 2 %
Barges at period-end320 312 3 %320 312 3 %
Towboats at period-end29 29 — %29 29 — %


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Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(a)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
20252024% Change20252024% Change
Gathering throughput (MMcf/d)
Marcellus Operations1,488 1,524 (2)%1,494 1,508 (1)%
Utica Operations— 363 (100)%133 181 (27)%
Southwest Operations1,734 1,589 9 %1,759 1,595 10 %
Bakken Operations162 184 (12)%168 184 (9)%
Rockies Operations541 585 (8)%545 574 (5)%
Total gathering throughput3,925 4,245 (8)%4,099 4,042 1 %
Natural gas processed (MMcf/d)
Marcellus Operations4,312 4,362 (1)%4,318 4,343 (1)%
Utica Operations(b)
— — — %— — — %
Southwest Operations1,821 1,748 4 %1,850 1,689 10 %
Southern Appalachia Operations205 218 (6)%196 220 (11)%
Bakken Operations162 184 (12)%168 183 (8)%
Rockies Operations593 635 (7)%597 635 (6)%
Total natural gas processed7,093 7,147 (1)%7,129 7,070 1 %
C2 + NGLs fractionated (mbpd)
Marcellus Operations545 571 (5)%556 562 (1)%
Utica Operations(b)
— — — %— — — %
Southern Appalachia Operations11 12 (8)%10 12 (17)%
Bakken Operations13 21 (38)%14 20 (30)%
Rockies Operations5 5 — %5 5 — %
Total C2 + NGLs fractionated574 609 (6)%585 599 (2)%
(a)    Includes operating data for entities that have been consolidated into the MPLX financial statements.
(b)    The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.


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Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(a)
Three Months Ended 
June 30,		Six Months Ended 
June 30,
20252024% Change20252024% Change
Gathering throughput (MMcf/d)
Marcellus Operations1,488 1,524 (2)%1,494 1,508 (1)%
Utica Operations2,566 2,664 (4)%2,503 2,475 1 %
Southwest Operations1,734 1,589 9 %1,759 1,595 10 %
Bakken Operations162 184 (12)%168 184 (9)%
Rockies Operations612 653 (6)%615 658 (7)%
Total gathering throughput6,562 6,614 (1)%6,539 6,420 2 %
Natural gas processed (MMcf/d)
Marcellus Operations6,019 5,951 1 %5,997 5,938 1 %
Utica Operations940 832 13 %952 805 18 %
Southwest Operations1,821 1,748 4 %1,850 1,689 10 %
Southern Appalachia Operations205 218 (6)%196 220 (11)%
Bakken Operations162 184 (12)%168 183 (8)%
Rockies Operations593 635 (7)%597 635 (6)%
Total natural gas processed9,740 9,568 2 %9,760 9,470 3 %
C2 + NGLs fractionated (mbpd)
Marcellus Operations545 571 (5)%556 562 (1)%
Utica Operations60 56 7 %62 50 24 %
Southern Appalachia Operations11 12 (8)%10 12 (17)%
Bakken Operations13 21 (38)%14 20 (30)%
Rockies Operations5 5 — %5 5 — %
Total C2 + NGLs fractionated634 665 (5)%647 649 — %
(a)    Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.



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Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2025202420252024
Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP
$1,138 $1,099 $2,235 $2,158 
Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP
552 554 1,212 1,130 
Adjusted EBITDA attributable to MPLX LP1,690 1,653 3,447 3,288 
Depreciation and amortization(324)(320)(650)(637)
Net interest and other financial costs(234)(231)(463)(466)
Income from equity method investments170 325 356 482 
Distributions/adjustments related to equity method investments(229)(218)(456)(418)
Adjusted EBITDA attributable to noncontrolling interests11 11 22 22 
Other(a)
(26)(34)(62)(70)
Net income$1,058 $1,186 $2,194 $2,201 
(a)     Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.


Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2025202420252024
Crude Oil and Products Logistics
Segment adjusted EBITDA
$1,138 $1,099 2,235 2,158 
Depreciation and amortization(135)(131)(268)(261)
Income from equity method investments59 79 115 143 
Distributions/adjustments related to equity method investments(77)(90)(149)(163)
Other(17)(15)(34)(28)
Natural Gas and NGL Services
Segment adjusted EBITDA552 554 1,212 1,130 
Depreciation and amortization(189)(189)(382)(376)
Income from equity method investments111 246 241 339 
Distributions/adjustments related to equity method investments(152)(128)(307)(255)
Adjusted EBITDA attributable to noncontrolling interests11 11 22 22 
Other(8)(17)(26)(39)
Income from operations$1,293 $1,419 $2,659 $2,670 


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Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Income (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2025202420252024
Net income$1,058 $1,186 $2,194 $2,201 
Provision for income taxes1 2 2 3 
Net interest and other financial costs234 231 463 466 
Income from operations1,293 1,419 2,659 2,670 
Depreciation and amortization324 320 650 637 
Income from equity method investments(170)(325)(356)(482)
Distributions/adjustments related to equity method investments229 218 456 418 
Other25 32 60 67 
Adjusted EBITDA1,701 1,664 3,469 3,310 
Adjusted EBITDA attributable to noncontrolling interests(11)(11)(22)(22)
Adjusted EBITDA attributable to MPLX LP1,690 1,653 3,447 3,288 
Deferred revenue impacts(10)8 (28)21 
Sales-type lease payments, net of income14 8 27 13 
Adjusted net interest and other financial costs(a)
(225)(217)(444)(439)
Maintenance capital expenditures, net of reimbursements(45)(45)(80)(80)
Equity method investment maintenance capital expenditures paid out(3)(3)(8)(7)
Other(1)— (8)(22)
DCF attributable to MPLX LP1,420 1,404 2,906 2,774 
Preferred unit distributions(b)
— (5)— (15)
DCF attributable to LP unitholders$1,420 $1,399 $2,906 $2,759 
(a)    Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
(b)    Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.



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Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)Last Twelve Months
June 30,December 31,
(In millions)202520242024
LTM Net income$4,350 $4,273 $4,357 
Provision for income taxes9 13 10 
Net interest and other financial costs918 913 921 
LTM income from operations5,277 5,199 5,288 
Depreciation and amortization1,296 1,244 1,283 
Income from equity method investments(676)(803)(802)
Distributions/adjustments related to equity method investments966 849 928 
Gain on equity method investments— (92)— 
Garyville incident response costs— 16 — 
Other104 138 111 
LTM Adjusted EBITDA6,967 6,551 6,808 
Adjusted EBITDA attributable to noncontrolling interests(44)(44)(44)
LTM Adjusted EBITDA attributable to MPLX LP6,923 6,507 6,764 
Consolidated total debt(a)
$21,507 $22,356 $21,206 
Consolidated total debt to LTM adjusted EBITDA(b)
3.1x3.4x3.1x
(a)    Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.
(b)    Also referred to as our leverage ratio.


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Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net Cash Provided by Operating Activities (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2025202420252024
Net cash provided by operating activities$1,736 $1,565 $2,982 $2,856 
Changes in working capital items(313)(166)(83)(95)
All other, net(6)(4)(4)(10)
Loss on extinguishment of debt3 — 3 — 
Adjusted net interest and other financial costs(a)
225 217 444 439 
Other adjustments related to equity method investments22 21 61 41 
Other34 31 66 79 
Adjusted EBITDA1,701 1,664 3,469 3,310 
Adjusted EBITDA attributable to noncontrolling interests(11)(11)(22)(22)
Adjusted EBITDA attributable to MPLX LP1,690 1,653 3,447 3,288 
Deferred revenue impacts(10)8 (28)21 
Sales-type lease payments, net of income14 8 27 13 
Adjusted net interest and other financial costs(a)
(225)(217)(444)(439)
Maintenance capital expenditures, net of reimbursements(45)(45)(80)(80)
Equity method investment maintenance capital expenditures paid out(3)(3)(8)(7)
Other(1)— (8)(22)
DCF attributable to MPLX LP1,420 1,404 2,906 2,774 
Preferred unit distributions(b)
— (5)— (15)
DCF attributable to LP unitholders$1,420 $1,399 $2,906 $2,759 
(a)    Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
(b)    Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2025202420252024
Net cash provided by operating activities(a)
$1,736 $1,565 $2,982 $2,856 
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow
Net cash used in investing activities(b)
(602)(114)(1,203)(1,110)
Contributions from MPC7 8 14 18 
Distributions to noncontrolling interests(11)(11)(22)(22)
Adjusted free cash flow1,130 1,448 1,771 1,742 
Distributions paid to common and preferred unitholders(976)(874)(1,954)(1,750)
Adjusted free cash flow after distributions$154 $574 $(183)$(8)
(a)    The three months ended June 30, 2025 and June 30, 2024 include working capital draws of $313 million and $166 million, respectively. The six months ended June 30, 2025 and June 30, 2024 include working capital draws of $83 million and $95 million, respectively.
(b)    The three and six months ended June 30, 2025 include acquisitions of $151 million and $388 million, respectively. The six months ended June 30, 2024 include acquisitions of $622 million and a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture.

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Capital Expenditures (unaudited)Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In millions)2025202420252024
Capital Expenditures:
Growth capital expenditures$286 $156 $506 $321 
Growth capital reimbursements(37)(29)(64)(50)
Investments in unconsolidated affiliates(a)
203 35 322 154 
Return of capital(b)
(39)— (39)— 
Capitalized interest(7)(4)(12)(8)
Total growth capital expenditures(c)
406 158 713 417 
Maintenance capital expenditures55 53 103 98 
Maintenance capital reimbursements(10)(8)(23)(18)
Capitalized interest(1)(1)(2)(1)
Total maintenance capital expenditures44 44 78 79 
Total growth and maintenance capital expenditures450 202 791 496 
Investments in unconsolidated affiliates(a)
(203)(35)(322)(154)
Return of capital(b)
39 — 39 — 
Growth and maintenance capital reimbursements(d)
47 37 87 68 
(Increase)/Decrease in capital accruals(40)4 (41)49 
Capitalized interest8 5 14 9 
Additions to property, plant and equipment$301 $213 $568 $468 
(a)    Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
(b)    Return of capital for the six months ended June 30, 2025 excludes a $21 million special distribution received in exchange for the contribution of assets to a joint venture. Return of capital for the three and six months ended June 30, 2024 excludes a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction.
(c)    Total growth capital expenditures for the three and six months ended June 30, 2025 exclude acquisitions of $151 million and $388 million, respectively. Total growth capital expenditures for the six months ended June 30, 2024 excludes acquisitions of $622 million.
(d)    Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.

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