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MPLX

MPLX Lp

MPLX

MPLX Lp • NYSE
$54.30 ▲ 1.23% (+0.66)
Market Cap $55.33 B
52w High $54.87
52w Low $44.60
Dividend Yield 4.31%
P/E 11.5
Volume 716.51K
Outstanding Shares 1.02B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.619B ▲ $400M ▲ $1.545B ▲ 42.691% ▲ $1.52 ▲ $2.147B ▲
Q2-2025 $2.788B ▼ $-76M ▲ $1.048B ▼ 37.59% ▼ $1.03 ▼ $1.622B ▼
Q1-2025 $2.887B ▲ $-92M ▼ $1.126B ▲ 39.002% ▲ $1.1 ▲ $1.698B ▲
Q4-2024 $2.84B ▲ $-87M ▼ $1.099B ▲ 38.697% ▲ $1.07 ▲ $1.679B ▲
Q3-2024 $2.776B $-57M $1.037B 37.356% $1.01 $1.617B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.799B ▲ $43.227B ▲ $28.703B ▲ $14.296B ▲
Q2-2025 $1.386B ▼ $37.841B ▼ $23.792B ▼ $13.82B ▼
Q1-2025 $2.534B ▲ $38.972B ▲ $24.904B ▲ $13.838B ▲
Q4-2024 $1.519B ▼ $37.511B ▼ $23.501B ▼ $13.779B ▲
Q3-2024 $2.426B $38.515B $24.533B $13.75B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.194B ▼ $1.431B ▼ $-3.731B ▼ $1.912B ▲ $-388M ▲ $1.999B ▲
Q2-2025 $1.058B ▼ $1.736B ▲ $-602M ▼ $-2.282B ▼ $-1.148B ▼ $1.435B ▲
Q1-2025 $1.136B ▲ $1.246B ▼ $-601M ▼ $370M ▲ $1.015B ▲ $979M ▼
Q4-2024 $1.099B ▲ $1.675B ▲ $-349M ▲ $-2.233B ▼ $-907M ▼ $1.367B ▲
Q3-2024 $1.037B $1.415B $-536M $-954M $-75M $1.135B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $430.00M ▲$850.00M ▲$510.00M ▼$470.00M ▼
Service
Service
 $1.07Bn ▲$2.13Bn ▲$1.07Bn ▼$1.09Bn ▲
Service Other
Service Other
 $90.00M ▲$180.00M ▲$100.00M ▼$70.00M ▼

Five-Year Company Overview

Income Statement

Income Statement MPLX’s income statement shows a business that has grown steadily while becoming more profitable and more stable. Revenue has climbed over the past several years, and profit margins have generally widened, especially compared with the difficult period in 2020. Earnings have been consistently strong since then, suggesting resilient demand for its services and good cost control. Overall, the core business looks mature, scaled, and reliably profitable rather than volatile or boom‑and‑bust driven.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive infrastructure company with substantial long‑lived assets and a meaningful amount of debt. Total assets have remained fairly stable, indicating a largely built‑out network rather than a company in early rapid expansion. Debt is sizable but has not been spiraling higher, and equity has stayed relatively steady, which points to a balanced, if leveraged, capital structure. The recent buildup of cash gives MPLX a bit more financial flexibility than it had a few years ago.

Cash Flow

Cash Flow Cash generation is a key strength. MPLX has produced solid and growing operating cash flow for several years, comfortably covering its spending on new projects and leaving room for distributions and debt service. Free cash flow has been consistently positive, which is not always the case in this sector. Capital spending appears disciplined rather than aggressive, supporting a picture of a cash‑rich, relatively low‑risk midstream model.

Competitive Edge

Competitive Edge MPLX benefits from a strong competitive position built on its integrated network of pipelines and processing facilities in key U.S. shale regions and its close relationship with Marathon Petroleum. Long‑term, fee‑based contracts and minimum volume commitments help stabilize revenue and reduce exposure to swings in commodity prices. Its broad service offering across gathering, processing, transportation, storage, and fuels distribution creates high switching costs for customers. Overall, it operates behind a meaningful barrier to entry formed by scale, location, and strategic partnerships rather than by patents or technology alone.

Innovation and R&D

Innovation and R&D While MPLX is not a classic research‑heavy company, it is innovating in how it operates and where it grows. The partnership is using modern monitoring tools and efficiency programs to lower emissions and improve reliability, and it has earned external recognition for energy‑efficient operations at certain plants. Strategically, it is experimenting at the edges of traditional midstream by exploring carbon capture, hydrogen hubs, and supplying power for data centers and digital infrastructure. These moves are more about business model evolution and smart asset use than about laboratory‑style R&D, but they do show a forward‑looking approach to the energy transition and the digital economy.

Summary

MPLX looks like a mature midstream partnership with stable, growing profits, strong cash generation, and a balance sheet typical for large infrastructure assets. The business model is anchored by fee‑based contracts and a tight link to Marathon Petroleum, which together support predictable earnings across cycles. Financially, it leans on debt but appears to manage it with consistent cash flow and measured investment. Strategically, its entrenched asset base and incremental moves into low‑carbon and digital‑economy opportunities suggest a company focused on steady value creation rather than radical transformation.

NEWS

November 13, 2025 · 8:00 AM UTC

HARVEST MIDSTREAM CLOSES $1 BILLION ROCKIES ACQUISITION FROM MPLX

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November 4, 2025 · 6:55 AM UTC

MPLX and MARA Announce Collaboration on Integrated Power Generation and Data Center Campuses in West Texas

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November 4, 2025 · 6:35 AM UTC

MPLX Elects Maryann T. Mannen as Chairman of the Board

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November 4, 2025 · 6:30 AM UTC

MPLX LP Reports Third-Quarter 2025 Financial Results; Announces Increase to Quarterly Distribution of 12.5%

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October 28, 2025 · 10:35 AM UTC

MPLX LP Increases Quarterly Distribution

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