MPLX LP closed a $1 billion transaction with Harvest Midstream on November 13, 2025, transferring a network that spans roughly 1,500 miles of pipelines and 845 million cubic feet per day of processing capacity. The deal includes the Ironhorse and Stagecoach facilities (about 700 miles of pipeline and 345 MMcf/d), the Blacks Fork and Vermilion plants (about 800 miles and 500 MMcf/d), and 10,000 barrels per day of fractionation capacity. Harvest Midstream will also receive a long‑term commitment for approximately 12,000 bbl/d of NGLs beginning in 2028.
The divestiture is part of MPLX’s portfolio‑optimization strategy, allowing the company to concentrate capital and operational focus on its high‑growth Permian and Marcellus basins. The $1 billion cash infusion reduces debt exposure, improves the coverage ratio, and provides liquidity to fund strategic acquisitions such as the Northwind Midstream purchase and the expansion of the BANGL pipeline.
MPLX’s Q3 2025 earnings, released on November 4, 2025, underscored the financial strength that underpins the sale. Earnings per unit rose to $1.52, beating the consensus estimate of $1.07 by $0.45 (a 42% beat). Total revenue reached $3.6 billion, surpassing the $3.3 billion estimate by $300 million. Net income attributable to MPLX climbed to $1.5 billion from $1.037 billion in Q3 2024, while adjusted EBITDA increased to $1.8 billion from $1.714 billion. The earnings beat was driven by disciplined cost management, a favorable mix shift toward higher‑margin Permian and Marcellus operations, and robust pricing power in the midstream market.
Segment analysis shows that Crude Oil and Products Logistics generated $1.137 billion of adjusted EBITDA, up from $1.05 billion in the prior quarter, reflecting strong demand for transportation and storage services in the Permian. Natural Gas and NGL Services contributed $629 million, supported by higher volumes and stable pricing in the Marcellus basin. The mix shift toward these core segments helped offset any pressure from legacy Rockies operations, which are now being divested.
Maryann Mannen, MPLX President and CEO, said the sale “better positions our portfolio for growth, anchored in the Marcellus and Permian basins.” She added that the company is “investing in our key growth regions and executing on strategic portfolio optimization” while maintaining a commitment to return capital to unitholders.
Investors reacted positively to the earnings beat and the strategic sale. Market reaction drivers included the strong Q3 earnings, the 12.5% increase in quarterly distribution, and the company’s continued focus on high‑growth midstream assets. The transaction signals confidence in MPLX’s core business and its ability to generate cash to fund future expansion.
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