)
Visual24 Oct 2025
The rise of Alphabet
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.
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next MPLX earnings date
Q3 20254 Nov, 2025
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage