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MPLX (MPLX) investor relations material
MPLX Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Announced $2.375B–$2.4B Northwind Midstream acquisition, expanding sour gas gathering in the Delaware Basin with 200,000+ dedicated acres and expected to be immediately accretive to distributable cash flow.
Completed acquisitions of full ownership in BANGL pipeline and additional Matterhorn Express Pipeline stake, enhancing Permian value chain and supporting mid single digit adjusted EBITDA growth.
Q2 2025 adjusted EBITDA reached $1.7B, up 2% year-over-year, with strong capital returns and a $0.9565 per unit distribution.
Returned over $1B to unitholders in Q2 2025 via distributions and unit repurchases; total capital returned year-to-date exceeded $2.1B.
Focused on organic and bolt-on growth, with $3.5B in transactions announced year-to-date and 90%+ of growth capital allocated to natural gas and NGL services.
Financial highlights
Q2 2025 adjusted EBITDA was $1,690M, up $37M year-over-year; distributable cash flow reached $1,420M.
Net income for Q2 2025 was $1,048M–$1,058M, down from Q2 2024; net cash from operating activities was $1.7B.
Distribution per unit increased to $0.9565, with coverage at 1.5x.
Adjusted free cash flow after distributions was $154M, down from $574M in Q2 2024.
Total capital returned to unitholders in Q2 2025 was $1,076M.
Outlook and guidance
Maintains mid single digit adjusted EBITDA growth outlook for 2025 and beyond, supported by recent acquisitions and organic projects.
Expects to sustain 12.5% annual distribution growth, underpinned by durable cash flows and robust coverage.
Over 90% of growth capital focused on natural gas and NGLs, with $1.7B–$2.0B planned for 2025.
Northwind acquisition expected to close in Q3 2025 and be immediately accretive to distributable cash flow.
Multiple pipeline and processing projects in Permian and Marcellus basins underway, with major completions expected between 2025 and 2029.
Detail Northwind Midstream's sour gas capacity.
Explain the increase in pipeline throughput.
How will BANGL pipeline expansion impact MPLX?
Assess Northwind's ramp to full capacity.
How durable is the 12.5% distribution growth?
Detail Permian growth strategy decisions.
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Next MPLX earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing. The Logistics and Storage segment offers fee-based services for transporting, storing, terminaling, and exporting crude oil, refined petroleum products, condensate, natural gas liquids (NGLs), and other hydrocarbon-based products through pipelines, terminals facilities, independent storage facilities, marine vessels, rail cars and trucks; and for petrochemical products such as aromatics.
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