MPLX LP reported third‑quarter 2025 results with net income of $1.545 billion, a 49% increase from $1.037 billion in the same period a year earlier. Adjusted EBITDA rose to $1.766 billion, up 3% YoY, while revenue reached $3.62 billion, beating the consensus estimate of $3.15 billion.
The partnership increased its quarterly distribution by 12.5% to $1.0765 per unit. Net cash from operations was $1.431 billion and distributable cash flow $1.468 billion. Adjusted free cash flow was negative due to the recent acquisitions of Northwind Midstream ($2.375 billion) and the remaining 55% stake in BANGL ($715 million). Leverage ratio remained at 3.7× and distribution coverage at 1.3×.
Sequentially, Q2 2025 net income was $1.048 billion and adjusted EBITDA $1.690 billion, indicating growth in both metrics for Q3. Segment performance showed Crude Oil and Products Logistics adjusted EBITDA of $1.14 billion, up from $1.09 billion YoY, and Natural Gas and NGL Services adjusted EBITDA of $629 million, up from $620 million. Gathering and Processing contributed $557 million.
Management cited strong demand from data‑center and industrial customers, effective cost controls, and favorable pricing as drivers of the year‑over‑year gains. The CEO highlighted continued investment in the Permian Basin and Marcellus, progress on the BANGL expansion, and the Gulf Coast fractionation complex.
MPLX completed the Northwind Midstream acquisition and the remaining stake in BANGL, and issued $4.5 billion of senior notes in an underwritten public offering. The partnership repurchased $100 million of common units in the quarter and still has $1.2 billion available under its unit repurchase authorization.
No guidance for the next quarter was disclosed; the partnership remains focused on growth and shareholder returns.
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