MPLX (MPLX) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA was $1.859B, up 5.3% YoY; growth was 7.3% excluding the Rockies divestiture.

• Net income attributable to limited partners fell to $1.164B from $1.545B; the prior-year $484M BANGL remeasurement gain affected comparisons.

• Quarterly distribution rose 12.5% for the third consecutive year to $1.2111 per unit, or $4.84 annualized.

• Q3 distributable cash flow was $1.537B; $1.1B was distributed to unitholders and $50M of units were repurchased.

Financial highlights

• Revenue and other income was $3.605B; operating income was $1.476B, down from $1.801B YoY.

• Distributable cash flow attributable to limited partners rose to $1.537B from $1.468B; nine-month DCF was $4.395B versus $4.374B.

• Q3 incentive compensation expense was $77M versus $40M YoY, reducing adjusted EBITDA growth by 2%.

• Q3 adjusted free cash flow was $447M; after distributions, adjusted free cash flow was negative $645M.

Outlook and guidance

• Mid-single-digit adjusted EBITDA growth is expected in 2026, weighted to the second half; 2027 growth is expected to exceed 2026 despite the asset-sale impact.

• 2026 capital outlook is $3.2B net of reimbursements, excluding acquisitions: $2.9B growth and $300M maintenance capital; growth guidance rose $500M, mainly for Gulf Coast expansions.

• Over 90% of 2026 growth capital is allocated to natural gas and NGL infrastructure; 2027 capital spending is expected below 2026.

• Bay Runner, the BANGL expansion and Blackcomb are expected in service in Q4 2026; Titan 2 is expected to finish by year-end and ramp in 2027.

• Gulf Coast fractionator 1, its purity pipeline and the 400,000 bpd joint-venture LPG export facility are expected in H1 2028; fractionator 2 remains scheduled for 2029.