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MPLX LPMPLX

Sector
Energy
Industry
Pipe Lines (No Natural Gas)
Exchange
NYSE

Stock Price $MPLX

Latest filings

You are here#17 of 25 in Energy by market cap

Filing record · 2016–202610-K1110-Q328-K137

MPLX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Feb ’18Feb ’18
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  13. $13.00B
YoY changeLargest recent move+175.1%in FY16Latest +8.9%

1 older move runs past ±150% (largest +175.1%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All MPLX Financial Metrics43 metrics

Income Statement11

Balance Sheet19

Cash Flow13

02—Overview

MPLX LP Financial Overview 2021–2025

Updated Jul 10, 2026

MPLX LP deployed a massive $2.4 billiona to acquire Northwind Midstream in FY2025, fundamentally scaling its natural gas gathering and processing footprint in a single transaction. This aggressive capital allocation underscores the core investment thesis: MPLX operates as a cash-flow juggernaut, leveraging an ironclad sponsor relationship to simultaneously fund major infrastructure consolidation and escalating unitholder yields.

The foundation of this stability is its parent company, Marathon Petroleum Corporation. This sponsor relationship accounted for 50% of total revenues in FY2021 and remained a critical anchor at 48% in FY2025. Backed by these fee-based, minimum-volume agreements, the partnership generated $7.017 billionb in Adjusted EBITDA and $4.912 billion in net income during FY2025. Management continuously funnels this liquidity back to investors, pushing through a 12.5% quarterly distribution increase in Q3 2025 while executing $400 million in unit repurchases over the year. Beyond the Northwind deal, MPLX also absorbed the remaining 55% interest in the BANGL joint venture for $703 million to lock down its Permian-to-Gulf Coast logistics chain. The market rewarded this blend of high cash yield and asset expansion, valuing the stock at $53.37 per unit at the close of FY2025.

Recent Developments (Q3 and Q4 2025)

MPLX agreed to divest its Rockies gathering and processing operations for $1.0 billionc. Total revenues expanded 9.9% to $9,746 million over Q1-Q3 2025. Consequently, net income climbed 15.5% to $3,719 million, supported by a $484 million gain on equity method investments.

The partnership secured a new $2.5 billiond revolving credit facility and appointed Erin M. Brzezinski as principal accounting officer, effective April 1, 2026. Bulls view this balance sheet management and asset rotation as a springboard for further expansion. Bears caution that offloading the Rockies footprint introduces execution risk as the firm replaces lost regional cash flows. Valued at $58.66 per unit—a figure corresponding to the February 26, 2026 reporting date, not today—the stock appears richly valued relative to recent earnings, though a specific P/E ratio is unavailable.

What to watch: integration of new accounting leadership; utilization of the expanded credit facility

03—Filings

Recent SEC Filings

  1. 8-KMPLX LP 8-K Report, Corporate Update (Aug 24, 2026)MPLX LP (MPLX) has filed an 8-K report primarily to disclose the filing of several exhibits related to its S-3 Registration Statement. These exhibits include an Underwriting Agreement dated August 10, 2026, which outlines the terms of a securities offering underwritten by a syndicate of financial institutions including TD Securities, Goldman Sachs, J.P. Morgan, SMBC Nikko, and Wells Fargo. The presence of an underwriting agreement suggests an upcoming or recently completed capital raise, which is a key event for investors to monitor regarding potential dilution or funding for growth initiatives. Furthermore, the filing includes three supplemental indentures, dated August 24, 2026, with The Bank of New York Mellon Trust Company, N.A., as Trustee. These indentures likely pertain to the issuance of new debt securities, indicating MPLX's ongoing use of debt financing. Investors should pay close attention to the terms and amounts of debt being issued as detailed in these indentures, as they will impact the company's leverage and future interest expenses. The filing also includes legal opinions and consents, standard for such capital markets transactions.
  2. 8-KMPLX LP 8-K Report, Financial Results (Aug 4, 2026)MPLX LP reported second-quarter 2026 results that showed steady operating performance and a continued push into natural gas and NGL infrastructure. Net income attributable to MPLX was $1,077 million, up from $1,048 million a year earlier. Adjusted EBITDA attributable to MPLX rose 5% to $1,775 million, with the Natural Gas and NGL Services segment up 11% to $614 million and Crude Oil and Products Logistics up 2% to $1,161 million. Distributable cash flow was $1,450 million, against a second-quarter distribution of $1.0765 per common unit, for 1.3x coverage, down from 1.5x a year earlier. Adjusted free cash flow after distributions was negative $424 million in the quarter, and the partnership returned $1.1 billion of capital in total, including $50 million of unit repurchases. The main investor-relevant change is capital spending. MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion, mainly to accelerate the Gulf Coast fractionation project. Over 90% of organic growth capital is directed to natural gas and NGL projects in the Permian and Marcellus, which management expects to earn mid-teens returns. Several projects are coming online: Secretariat I was placed in service in April, Harmon Creek III begins operations in August, and Bay Runner and the Titan sour gas treating expansion are scheduled for 3Q26 and 4Q26. Management reiterated expectations for mid-single-digit adjusted EBITDA growth and distribution increases of 12.5% in both 2026 and 2027. Leverage was 3.7x at quarter-end, up from 3.1x a year earlier and in line with year-end 2025. Management said stable cash flows can support leverage around 4.0x. Liquidity included $1.0 billion of cash, $2.5 billion available under the bank revolver, and $1.5 billion available under the intercompany loan with MPC. Cash fell from $2.1 billion at year-end 2025, reflecting heavy investing outflows. The main risks for investors are coverage falling below 1.0x if the capital program runs ahead of cash flow, dependence on project timing and cost, and the rise in leverage.
  3. 8-KMPLX LP 8-K Report, Financial Results (May 5, 2026)MPLX LP reported first-quarter 2026 results on May 5, 2026, with net income attributable to MPLX of $912 million, down from $1,126 million a year earlier. The decline was driven mainly by derivatives, higher interest expense, a non-recurring $37 million benefit in Q1 2025 that did not repeat, and higher depreciation. Adjusted EBITDA attributable to MPLX was $1,729 million versus $1,757 million, a modest 2% decline. Crude Oil and Products Logistics adjusted EBITDA rose 1% to $1,111 million, while Natural Gas and NGL Services fell 6% to $618 million on lower NGL prices, higher operating expenses, and the absence of the prior-year benefit, partly offset by volume growth at equity affiliates. Cash generation was solid with net cash from operations of $1,347 million and distributable cash flow of $1,408 million, covering the $1,092 million LP distribution declared at 1.3x coverage (down from 1.5x). Adjusted free cash flow of $549 million did not fully cover distributions paid of $1,093 million, leaving adjusted free cash flow after distributions negative at $(544) million, largely due to elevated growth capital spending of $791 million. Leverage rose to 3.7x from 3.3x a year ago, though management notes that cash flow stability supports leverage around 4.0x. Liquidity remains strong at $1.5 billion of cash, $2.0 billion of revolver availability, and $1.5 billion available under the MPC intercompany loan. Effective April 7, 2026, MPLX replaced its revolver with a larger, five-year $2.5 billion facility maturing in April 2031. Management reiterated a growth strategy anchored in the Permian and Marcellus basins, with 90% of a $2.4 billion organic growth capital plan directed to natural gas and NGL infrastructure at expected mid-teens returns. Key near-term projects include Harmon Creek III and Bay Runner in 3Q26 and the Titan sour gas treating expansion and BANGL expansion in 4Q26. Management expects these projects to support 12.5% annual distribution growth for two more years, a forecast that investors will weigh against the current coverage shortfall and rising leverage.
  4. 8-KMPLX LP 8-K Report, Material Agreement (Apr 13, 2026)MPLX LP has entered into a new $2.5 billion, five-year unsecured revolving credit facility, replacing its previous agreement. This new facility, effective April 7, 2026, matures on April 7, 2031, and provides MPLX with significant financial flexibility for general partnership purposes. Notably, there were no outstanding borrowings under the prior agreement, and none are currently drawn under the new facility, indicating a strong liquidity position. MPLX also holds $1.5 billion in cash and cash equivalents as of March 31, 2026. The agreement allows for an optional increase of up to $1.0 billion in commitments and offers flexibility for maturity date extensions. It includes sub-facilities for swing-line loans and letters of credit. Covenants within the agreement, such as a debt-to-EBITDA ratio not exceeding 5.0x (or 5.5x during acquisitions), are considered customary and designed to maintain financial discipline. This proactive refinancing strengthens MPLX's balance sheet and demonstrates its commitment to ensuring robust access to capital.
  5. 8-KMPLX LP 8-K Report, Executive Changes (Mar 18, 2026)MPLX LP's Form 8-K filing on March 18, 2026, announces a key change in its accounting leadership. Effective April 1, 2026, Erin M. Brzezinski has been appointed as the Vice President and Controller of MPLX GP, the general partner of MPLX, and will serve as MPLX's principal accounting officer. This appointment is part of an ongoing effort to further align MPLX's accounting functions with its parent, Marathon Petroleum Corporation (MPC). Ms. Brzezinski brings extensive experience, most recently serving as the principal accounting officer and Vice President and Controller at MPC since January 2024. Her background includes significant roles in technical accounting and assurance at MPC and PricewaterhouseCoopers LLP. Rebecca L. Iten, the outgoing Vice President and Controller, will transition to another accounting leadership role within MPLX, ensuring continuity. Investors should note that Ms. Brzezinski will continue to receive her compensation and benefits directly from MPC, as MPLX utilizes MPC for its personnel needs.
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04—See also

Related Companies

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