MPLX LP Q4 Earnings Beat Estimates on Higher Throughput

MPLX LP MPLX reported fourth-quarter 2025 earnings of $1.17 per unit, which beat the Zacks Consensus Estimate of $1.08 and increased from $1.07 in the year-ago quarter.

Total quarterly revenues of $3.25 billion missed the Zacks Consensus Estimate of $3.32 billion and rose $3.06 billion from the prior-year level.

The strong quarterly earnings were primarily driven by increased throughput in oil and product pipelines as well as natural gas and NGL gathering.

MPLX LP Price, Consensus and EPS Surprise

MPLX LP price-consensus-eps-surprise-chart | MPLX LP Quote

Segmental Highlights

MPLX’s adjusted EBITDA from the Crude Oil and Products Logistics segment increased almost 5% to $1.18 billion from $1.12 billion a year ago. The improvement was mainly backed by a $37 million benefit related to a FERC tariff ruling in November and higher rates, despite higher operating expenses. Pipeline throughputs in the quarter were 5.91 million barrels per day (mbpd), up 1% from the prior-year quarter’s 5.86 mbpd. Terminal throughputs in the quarter were 3.08 mbpd, down 2% from the prior-year quarter’s 3.13 mbpd.

Adjusted EBITDA from the Natural Gas and NGL Services segment amounted to $629 million, down almost 2% from $639 million in the year-ago quarter. The underperformance was owing to the divestiture of non-core gathering and processing assets and a decline in natural gas liquids prices. These negativities were partially offset by contributions from recently acquired assets and increased volumes.

Gathering throughput volumes averaged 6.85 billion cubic feet per day (Bcf/d), a 2% increase from the year-ago level of 6.73 Bcf/d. Natural gas processed volumes totaled 9.83 Bcf/d, marking a decline of 1% from the year-ago level of 9.93 Bcf/d.

Costs & Expenses

Total costs and expenses were $1.77 billion, up from $1.72 billion a year ago. The increase was primarily due to operating expenses, including purchased product costs.

Cash Flow

Distributable cash flow for the quarter totaled $1.42 billion, providing 1.3X distribution coverage, down from $1.48 billion in the year-ago quarter.

The adjusted free cash flow improved to $1.57 billion from $1.32 billion in the corresponding period of 2024.

Balance Sheet

As of Dec. 31, 2025, the partnership’s cash and cash equivalents were $2.14 billion, and its total debt amounted to $25.65 billion.

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MPLX expects to sustain mid-single-digit adjusted EBITDA growth while continuing to invest in its Permian and Marcellus basin operations. For 2026, MPLX has outlined a capital spending plan of $2.7 billion, comprising $2.4 billion for growth investments and $300 million for maintenance activities. The newly announced Secretariat II and Marcellus Gathering System investments are expected to be in service by the second half of 2028 and the first half of 2028, respectively.

MPLX’s Zacks Rank & Peer Performance

Currently, MPLX carries a Zacks Rank #3 (Hold).

Some other stocks from the energy sector are Kinder Morgan, Inc. KMI, Phillips 66 PSX and Enterprise Products Partners L.P. EPD, each carrying a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Kinder Morgan reported adjusted earnings of 39 cents per share for the fourth quarter of 2025, beating the Zacks Consensus Estimate of 37 cents. Moreover, the bottom line surpassed the year-ago quarter’s reported figure of 32 cents.

As of Dec. 31, 2025, KMI had cash and cash equivalents worth $63 million, along with a long-term debt of about $30.597 billion.

Enterprise Products Partners registered fourth-quarter 2025 adjusted earnings per unit of 75 cents, which beat the Zacks Consensus Estimate of 70 cents and increased from 74 cents in the year-ago quarter.

Phillips 66 primarily operates in the refining business while maintaining a presence in midstream operations.

Phillips 66 reported fourth-quarter 2025 adjusted earnings per share of $2.47, which beat the Zacks Consensus Estimate of $2.07. The bottom line also improved from the negative figure of 15 cents reported in the prior-year quarter.

As of Dec. 31, 2025, Phillips 66 had $1.116 billion in cash and cash equivalents, and total debt stood at $19.716 billion.

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This article originally published on Zacks Investment Research (zacks.com).

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