MPLX Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About MPLX Interactive Breakdown Better Bets vs. MPLX Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    MPLX (MPLX)

    Market Price (7/22/2026): $56.64 | Market Cap: $57.5 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

    MPLX (MPLX)

    Market Price (7/22/2026): $56.64
    Market Cap: $57.5 Bil
    Sector: Energy
    Industry: Oil & Gas Storage & Transportation

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%, CFO LTM is 6.0 Bil, FCF LTM is 3.9 Bil

    Low stock price volatility
    Vol 12M is 16%

    Megatrend and thematic drivers
    Megatrends include Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Hydrogen Infrastructure, Carbon Capture & Storage, Show more.

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -2.8%

    Key risks
    MPLX key risks include [1] its significant dependence on its primary customer, Show more.

    0 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%, CFO LTM is 6.0 Bil, FCF LTM is 3.9 Bil
    1 Low stock price volatility
    Vol 12M is 16%
    2 Megatrend and thematic drivers
    Megatrends include Hydrogen Economy, and Energy Transition & Decarbonization. Themes include Hydrogen Infrastructure, Carbon Capture & Storage, Show more.
    3 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -2.8%
    4 Key risks
    MPLX key risks include [1] its significant dependence on its primary customer, Show more.

    Valuation & Metrics

    FYE: 12/31MPLX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$11.4 Bil—
    FY 2026 Sales$12.9 Bil—
    FY 2027 Sales$13.7 Bil—
    FY 2026 Sales Growth13.0%—
    FY 2027 Sales Growth6.4%8.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$4.7 Bil—
    FY 2026 Net Income (Non-GAAP)$4.5 Bil—
    FY 2027 Net Income (Non-GAAP)$5.0 Bil—
    FY 2027 Net Income Growth9.9%16.4%
    FY 2026 EPS (Non-GAAP)$4.30—
    FY 2027 EPS (Non-GAAP)$4.82—
    FY 2027 EPS Growth12.1%—
    VALUATION
    FY 2026 P/S4.53.2
    FY 2027 P/S4.2—
    FY 2026 P/E12.719.6
    FY 2027 P/E11.6—

    [1] MPLX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    Total pipeline throughputs5.92 million barrels per day9302025Link
    Gathering throughput volumes6.91 billion cubic feet per day9302025Link
    Natural gas processed volumes10.1 billion cubic feet per day9302025Link
    Distribution coverage ratio1.3x9302025Link
    Leverage ratio3.7x9302025Link
    Annualized distribution per unit$4.3111052025Link
    Delaware Basin processing capacity (upon completion of Secretariat plant)1.4 billion cubic feet per day11042025Link
    Northeast gas processing capacity (anticipated by H2 2026)8.1 billion cubic feet per day11042025Link
    Northeast fractionation capacity (anticipated by H2 2026)800,000 barrels per day11042025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/1/2026

    MPLX (MPLX) stock has lost about 5% since 3/31/2026 because of the following key factors:

    1. MPLX reported weaker-than-expected fiscal Q1 2026 earnings, missing analyst estimates for both earnings per share (EPS) and revenue. The company announced its fiscal Q1 2026 results on May 5, 2026, reporting an EPS of $0.90, which fell short of the consensus estimate of $1.05 by $0.15. Additionally, quarterly revenue decreased by 2.8% year-over-year to $2.86 billion, missing analyst projections of $3.09 billion. This performance also saw net income attributable to MPLX decline to $912 million from $1,126 million in fiscal Q1 2025.

    2. The broader energy sector, including significant oil price declines, experienced a retreat during fiscal Q2 2026. After a substantial gain in fiscal Q1 2026, oil prices dropped by 31.5% in fiscal Q2 2026. Concurrently, the Energy Select Sector Index (IXE) retreated by 12.5% during the same quarter. While midstream companies often have fee-based models that offer some insulation from commodity price swings, such a significant downturn in the broader energy market can still negatively affect investor sentiment and indirectly impact volumes and margins for companies like MPLX.

    Show more
    Updated on 7/1/2026

    MPLX (MPLX) stock has lost about 5% since 3/31/2026 because of the following key factors:

    1. MPLX reported weaker-than-expected fiscal Q1 2026 earnings, missing analyst estimates for both earnings per share (EPS) and revenue. The company announced its fiscal Q1 2026 results on May 5, 2026, reporting an EPS of $0.90, which fell short of the consensus estimate of $1.05 by $0.15. Additionally, quarterly revenue decreased by 2.8% year-over-year to $2.86 billion, missing analyst projections of $3.09 billion. This performance also saw net income attributable to MPLX decline to $912 million from $1,126 million in fiscal Q1 2025.

    2. The broader energy sector, including significant oil price declines, experienced a retreat during fiscal Q2 2026. After a substantial gain in fiscal Q1 2026, oil prices dropped by 31.5% in fiscal Q2 2026. Concurrently, the Energy Select Sector Index (IXE) retreated by 12.5% during the same quarter. While midstream companies often have fee-based models that offer some insulation from commodity price swings, such a significant downturn in the broader energy market can still negatively affect investor sentiment and indirectly impact volumes and margins for companies like MPLX.

    3. MPLX received a negative analyst outlook, reflected in a Zacks Rank of #4 (Sell) as of July 14, 2026. This rating indicates a unfavorable short-term outlook from analysts, which can contribute to downward pressure on the stock price as investors respond to the perceived weakening fundamentals or future growth prospects.

    4. The company's fiscal Q1 2026 financial results highlighted negative impacts from derivatives and increased interest expenses. The reported decrease in net income for fiscal Q1 2026 was primarily influenced by the effects of derivatives, higher interest expense, a non-recurring benefit in fiscal Q1 2025, and depreciation. These financial headwinds suggest pressures on profitability that likely concerned investors during the period.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    null
    null

    Market Drivers

    3/31/2026 to 7/21/2026
    ReturnCorrelation
    MPLX-3.5% 
    Market (SPY)15.1%-5.4%
    Sector (XLE)-4.5%12.2%

    Fundamental Drivers

    null
    null

    Market Drivers

    12/31/2025 to 7/21/2026
    ReturnCorrelation
    MPLX5.2% 
    Market (SPY)10.0%-2.6%
    Sector (XLE)31.7%22.4%

    Fundamental Drivers

    null
    null

    Market Drivers

    6/30/2025 to 7/21/2026
    ReturnCorrelation
    MPLX13.4% 
    Market (SPY)22.1%6.9%
    Sector (XLE)41.2%32.4%

    Fundamental Drivers

    null
    null

    Market Drivers

    6/30/2023 to 7/21/2026
    ReturnCorrelation
    MPLX103.5% 
    Market (SPY)74.8%37.7%
    Sector (XLE)57.5%50.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MPLX Return54%21%22%42%21%5%310%
    Peers Return54%34%16%68%-1%31%418%
    S&P 500 Return27%-19%24%23%16%9%98%

    Monthly Win Rates [3]
    MPLX Win Rate92%67%83%75%58%40% 
    Peers Win Rate70%63%55%77%50%76% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    MPLX Max Drawdown-16%-18%-4%-11%-15%-8% 
    Peers Max Drawdown-18%-25%-14%-13%-25%-9% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: WMB, ET, KMI, OKE, TRGP.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/21/2026 (YTD)

    How Low Can It Go

    EventMPLXS&P 500
    2025 US Tariff Shock
      % Loss-13.1%-18.8%
      % Gain to Breakeven15.1%23.1%
      Time to Breakeven118 days79 days
    2020 COVID-19 Crash
      % Loss-64.6%-33.7%
      % Gain to Breakeven182.8%50.9%
      Time to Breakeven246 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-17.2%-19.2%
      % Gain to Breakeven20.8%23.8%
      Time to Breakeven37 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-65.6%-12.2%
      % Gain to Breakeven190.8%13.9%
      Time to Breakeven1947 days62 days
    2014-2016 Oil Price Collapse
      % Loss-71.4%-6.8%
      % Gain to Breakeven250.0%7.3%
      Time to Breakeven2192 days15 days

    Compare to WMB, ET, KMI, OKE, TRGP

    In The Past

    MPLX's stock fell -13.1% during the 2025 US Tariff Shock. Such a loss loss requires a 15.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventMPLXS&P 500
    2020 COVID-19 Crash
      % Loss-64.6%-33.7%
      % Gain to Breakeven182.8%50.9%
      Time to Breakeven246 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-65.6%-12.2%
      % Gain to Breakeven190.8%13.9%
      Time to Breakeven1947 days62 days
    2014-2016 Oil Price Collapse
      % Loss-71.4%-6.8%
      % Gain to Breakeven250.0%7.3%
      Time to Breakeven2192 days15 days

    Compare to WMB, ET, KMI, OKE, TRGP

    In The Past

    MPLX's stock fell -13.1% during the 2025 US Tariff Shock. Such a loss loss requires a 15.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About MPLX (MPLX)

    MPLX LP is a prominent midstream energy company that owns and operates an extensive network of infrastructure and logistics assets primarily across the United States. Its core business is to facilitate the movement, storage, and processing of various hydrocarbon products, connecting energy producers with refiners, processors, and end markets. The company operates through two main segments: Logistics and Storage, which focuses on crude oil and refined products, and Gathering and Processing, which handles natural gas and natural gas liquids.

    The company's main services encompass the gathering, processing, and transportation of natural gas, along with the gathering, transportation, fractionation, storage, and marketing of natural gas liquids (NGLs). For crude oil and refined products, MPLX provides essential gathering, storage, transportation, and distribution services. Additionally, it manages significant terminal facilities for refined petroleum products and operates an inland marine business for transporting various fuels and chemicals, particularly across the Mid-Continent and Gulf Coast regions.

    MPLX serves a diverse clientele within the energy sector, including natural gas and crude oil producers, refining companies, and fuel distributors. By offering crucial infrastructure and services, MPLX enables the efficient flow of energy resources from production sites to processing facilities and consumer markets. As a subsidiary of Marathon Petroleum Corporation, MPLX plays a vital role in supporting the integrated energy value chain, handling both raw materials and refined products for its parent company and other industry participants.

    AI Analysis | Feedback

    Here are 1-3 brief analogies to describe MPLX:

    • Like the FedEx or UPS of energy products, transporting oil, natural gas, and refined fuels through pipelines, barges, and storage facilities.
    • An energy version of Verizon or AT&T, providing the essential network of pipelines and storage infrastructure for crude oil, natural gas, and other fuels.

    AI Analysis | Feedback

    • Natural Gas Midstream Services: Provides gathering, processing, and transportation for natural gas.
    • Natural Gas Liquids (NGL) Services: Offers gathering, transportation, fractionation, storage, and marketing of natural gas liquids.
    • Crude Oil & Refined Products Logistics: Manages the gathering, storage, transportation, and distribution of crude oil and refined products.
    • Marine Transportation: Operates an inland marine business for transporting various liquid products, chemicals, and feedstocks.
    • Terminal and Storage Solutions: Provides terminal facilities and storage caverns for petroleum products, including receipt, blending, and redelivery.
    • Hydrocarbon Product Sales: Sells residue gas and condensate.
    • Marine Repair Services: Operates a facility for the repair and maintenance of marine vessels.

    AI Analysis | Feedback

    MPLX (symbol: MPLX) primarily sells its services to other companies. Its major customer is:

    • Marathon Petroleum Corporation (symbol: MPC)

    As a subsidiary of Marathon Petroleum Corporation, MPLX provides essential midstream energy infrastructure and logistics services, including crude oil and refined products transportation and storage, natural gas gathering and processing, and marine transportation, which are critical to Marathon Petroleum's refining and marketing operations. While MPLX also serves other energy producers, refiners, and marketers, Marathon Petroleum Corporation represents a significant portion of its business due to the parent-subsidiary relationship and strategic integration.

    AI Analysis | Feedback

    • Marathon Petroleum Corporation (MPC)

    AI Analysis | Feedback

    Maryann T. Mannen, Chairman, President and Chief Executive Officer

    Maryann Mannen was appointed President and Chief Executive Officer of MPLX in August 2024 and is slated to assume the role of Chairman of the Board effective January 1, 2026. She also holds the positions of Chairman, President, and Chief Executive Officer of Marathon Petroleum Corporation. Prior to joining Marathon Petroleum Corporation in 2021, Ms. Mannen served as Executive Vice President and Chief Financial Officer of TechnipFMC (and its predecessor, FMC Technologies, Inc.), a global engineering services and energy technology company, since 2017.

    C. Kristopher Hagedorn, Executive Vice President and Chief Financial Officer

    C. Kristopher Hagedorn was appointed Executive Vice President and Chief Financial Officer of MPLX, effective January 1, 2024. He joined MPLX GP LLC in 2017 as vice president and controller, later becoming senior vice president and controller of Marathon Petroleum Corporation in 2021. Before joining MPLX GP LLC, Mr. Hagedorn was vice president and controller at CONSOL Energy Inc. He played a key role in the leadership team that prepared for the formation and initial public offering of a midstream master limited partnership (CONE Midstream Partners LP) formed by CONSOL Energy, where he also served as the chief accounting officer from 2014 to 2015. His career began at PricewaterhouseCoopers in 1998, where he spent 14 years in various audit roles.

    Gregory S. Floerke, Executive Vice President and Chief Operating Officer

    Gregory S. Floerke joined MPLX in 2015, concurrent with the combination of MPLX and MarkWest. He initially joined MarkWest in 2013 as senior vice president, Northeast region, and subsequently held executive vice president roles including chief commercial officer and executive vice president of gathering and processing before assuming his current position in 2021. His extensive experience includes senior management roles at companies such as Williams, MasTec, Alberici, One Communications, and Chesapeake Midstream. Mr. Floerke currently serves on the board of directors of TransTech Group, LLC.

    Shawn M. Lyon, Senior Vice President Logistics & Storage

    Shawn M. Lyon commenced his career with Marathon Petroleum Corporation (MPC) in 1989 as an engineer. Throughout his tenure, he has held various positions within the midstream and engineering organizations, contributing to the operations and strategic direction of the company.

    John D. Partee, Senior Vice President

    John D. Partee serves as a Senior Vice President of MPLX GP LLC. He is also the chief global optimization officer of Marathon Petroleum Corporation.

    AI Analysis | Feedback

    The key risks to MPLX's business are primarily its significant dependence on Marathon Petroleum Corporation (MPC), exposure to interest rate fluctuations, and market risks associated with the energy supply-demand equilibrium and the broader energy transition. Here are the key risks in order of significance: * **Dependence on Marathon Petroleum Corporation (MPC)**: MPLX operates as a subsidiary of Marathon Petroleum Corporation, which also serves as its largest customer. While this relationship provides stability through long-term, fee-based contracts with minimum volume commitments (MVCs), it creates a substantial counterparty concentration risk. A significant portion of MPLX's revenue is backed by MPC. A sustained downturn in MPC's refining margins or a reduction in its refining operations could eventually constrain MPLX's growth prospects and logistics revenue, despite short-term protections from MVCs. This reliance is considered MPLX's "greatest strength" but also its "greatest vulnerability". * **Interest Rate Risk**: As a Master Limited Partnership (MLP), MPLX's valuation is often influenced by its yield. Consequently, periods of higher interest rates or increased yields from risk-free investments (such as U.S. treasuries) can make MLPs less attractive to investors. MPLX has recently refinanced a substantial amount of debt at higher interest rates, which increases interest expenses and can potentially reduce the cash available for distributions to unitholders. * **Market Risks and Energy Transition**: While MPLX benefits from a largely fee-based revenue model, it remains vulnerable to broader shifts in the energy supply-demand dynamics. Reduced upstream production activity in the energy sector could lead to lower throughput volumes across MPLX's systems, particularly impacting its Natural Gas and NGL Services segment, which has less contractual support compared to its crude oil and products logistics business. Furthermore, the long-term global transition towards a lower-carbon economy and potential decreases in demand for liquid transportation fuels pose a fundamental risk to MPLX's business model. Regulatory pressures related to greenhouse gas emissions and environmental policies could also increase operating costs and delay new projects.

    AI Analysis | Feedback

    The accelerating global energy transition, driven by increased adoption of renewable energy sources, electrification of transportation, and decarbonization policies, poses an emerging threat to MPLX. As demand for crude oil, refined products, and natural gas potentially declines over the long term, the extensive network of pipelines, processing plants, and storage facilities that constitute MPLX's core midstream assets could face reduced utilization, stranded asset risk, and decreased profitability.

    AI Analysis | Feedback

    MPLX LP operates in several addressable markets within the United States, primarily focused on midstream energy infrastructure and logistics. These markets include the transportation, storage, processing, and distribution of natural gas, natural gas liquids (NGLs), crude oil, and refined products.

    Addressable Markets for MPLX's Main Products or Services:

    • United States Midstream Oil and Gas Market: This broad market, encompassing infrastructure and services for crude oil, natural gas, and refined petroleum products, was valued at approximately USD 17.10 billion in 2025 and is estimated to reach USD 21.08 billion by 2031, with a compound annual growth rate (CAGR) of 3.55% from 2026 to 2031. Another estimate places the market at USD 20.78 billion in 2025, growing to USD 25.96 billion by 2031, at a 3.78% CAGR. The overall U.S. oil and gas infrastructure market, which includes pipelines, was valued at USD 78.9 billion in 2024 and is projected to grow to USD 147.8 billion by 2034, with a CAGR of 6.4% from 2025 to 2034.
    • Natural Gas Pipeline Transportation (United States): The market size for Gas Pipeline Transportation in the U.S. is projected to be USD 44.2 billion in 2026.
    • Natural Gas Liquids (NGL) Market (North America): The North America Natural Gas Liquids Market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033, exhibiting a CAGR of 5.57%. The United States is the largest producer of NGLs globally.
    • Crude Oil Transportation (United States): The U.S. crude oil transportation market is expected to exceed USD 25 billion by 2032.
    • Retail Oil and Gas Logistics (United States): This market, which involves the logistics for refined products, is projected to expand from USD 24.22 billion in 2025 and USD 25.31 billion in 2026 to USD 31.09 billion by 2031, registering a CAGR of 4.20% between 2026 and 2031.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for MPLX LP over the next 2-3 years:
    1. Expansion of Natural Gas and NGL Services: A significant portion of MPLX's capital investment is directed towards expanding its natural gas and natural gas liquids (NGL) infrastructure, particularly in the Permian and Marcellus basins. For instance, approximately 90% of MPLX's $2.4 billion growth capital spending for 2026 is allocated to natural gas and NGL services. Key projects anticipated to drive growth include the Secretariat II processing plant, Harmon Creek III, Titan Complex Phase 2, BANGL pipeline expansion, and Bay Runner Pipeline, many of which are slated to come online in the second half of 2026. The Preakness II processing plant commenced operations in July 2024, and the Secretariat processing plant is expected to be in service in the latter half of 2025, significantly increasing the company's Delaware Basin processing capacity to 1.4 billion cubic feet per day (Bcf/d). Increased customer demand and drilling activities in these basins are directly leading to higher gathering and processing volumes.
    2. Development of Gulf Coast NGL Strategy and Export Facilities: MPLX is actively advancing its strategy to enhance its NGL capabilities along the Gulf Coast, which includes the construction of fractionation and export facilities. This initiative is supported by the expectation of strong long-term demand for U.S. liquefied petroleum gas (LPG) exports, driven by new global trade opportunities and upcoming terminal capacity. This "Gulf Coast build-out" represents a strategic focus for the company's Permian-to-Gulf Coast gas and NGL infrastructure.
    3. Growth in Crude Oil and Products Logistics: The company is focused on expanding its crude gathering infrastructure in the Permian and Bakken basins. Additionally, MPLX is investing in projects aimed at expanding or de-bottlenecking existing assets, implementing butane blending initiatives, and developing new market outlets for its crude oil and refined products. This segment has already shown positive momentum, with higher rates and throughputs contributing to increased adjusted EBITDA, including a 1% increase in pipeline throughputs and a 9% rise in average pipeline tariff rates in Q4 2024 compared to the same period in 2023.
    4. Strategic Acquisitions and Joint Ventures: Recent acquisitions and participation in joint ventures are expected to bolster MPLX's revenue growth. For example, the acquisition of Northwind Midstream has been cited as a contributor to growth. In the first quarter of 2024, MPLX acquired a partner's interest in Utica Gathering and Processing (G&P) joint ventures and a dry gas gathering system. In Q4 2023, the company also acquired a 40% interest in Torñado I & II. These strategic moves contribute to increased volumes and overall expansion of the company's asset base.
    5. Increasing Demand for U.S. Natural Gas: An overarching driver for MPLX's midstream services is the robust and growing demand for U.S. natural gas. This demand is significantly propelled by the expansion of liquefied natural gas (LNG) export capabilities and the increasing power requirements from data centers. This strong market demand forms a fundamental basis for MPLX's capital expenditure plans and its anticipated volume growth.

    AI Analysis | Feedback

    Share Repurchases

    • MPLX completed $400 million in unit repurchases in 2025.
    • Total capital returned to unitholders, which includes distributions and repurchases, was $4.4 billion in 2025 and nearly $4 billion in 2024.
    • An equity buyback plan authorized on August 2, 2022, for up to $1.0 billion of common units, had repurchased $879.98 million worth of shares as of December 31, 2025.

    Share Issuance

    • MPLX priced a $1.5 billion senior notes offering in February 2026, consisting of $1.0 billion of 5.300% notes due 2036 and $500 million of 6.100% notes due 2056, to repay $1.5 billion of existing senior notes maturing in March 2026.

    Outbound Investments

    • MPLX acquired Northwind Midstream Partners for $2.375 billion in cash, with the transaction closing in September 2025. This acquisition enhances MPLX's Permian natural gas and NGL value chains.
    • In 2025, MPLX also acquired the remaining 55% interest in the BANGL pipeline system for $703 million.
    • In December 2023, MPLX acquired the remaining 40% interest in a gathering and processing joint venture in the Permian Basin for approximately $270 million.

    Capital Expenditures

    • Full-year 2025 growth investments totaled $5.5 billion.
    • The capital spending outlook for 2026 is $2.7 billion, comprising $2.4 billion for growth and $300 million for maintenance. Approximately 90% of the 2026 growth capital is allocated to Natural Gas and NGL Services, focusing on expanding the Permian to Gulf Coast integrated value chain and increasing processing capacity in the Permian and Marcellus basins.
    • Capital expenditures were $1.1 billion in 2024 and $950 million in 2023.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    UTZUtz Brands1.288.0%37.8%
    LCIDLucid2.458.4%-30.7%
    IOVAIovance Biotherapeutics2.339.4%100.7%
    AEHRAehr Test Systems3.037.4%389.9%
    XNCRXencor1.536.8%33.6%
    FEIMFrequency Electronics0.835.5%48.3%
    CDNACareDx2.033.2%104.6%
    MANManpowerGroup2.431.9%77.9%
    ELVAElectrovaya0.529.2%29.0%
    ATAIAtaiBeckley2.625.8%74.4%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AIAIAIAI0.5-28.3%-55.1%
    PENGPenguin Solutions3.0-25.3%197.0%
    LINCLincoln Educational Services1.3-23.5%69.6%
    TENBTenable4.0-20.1%44.9%
    UTIUniversal Technical Institute2.1-20.0%42.8%
    SPIRSpire Global0.4-19.6%55.5%
    VICRVicor9.8-18.8%95.9%
    PNRPentair10.0-18.8%-40.6%
    ABSIAbsci1.3-18.7%138.4%
    BLZEBackblaze0.8-18.5%189.3%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CRNXCrinetics Pharmaceuticals8.7133.9%80.2%
    TRAXFirst Tracks Biotherapeutics1.3114.5%100.9%
    UTZUtz Brands1.2101.2%37.8%
    DFTXDefinium Therapeutics, Inc.4.984.2%233.7%
    PBFPBF Energy7.777.1%147.1%
    ATAIAtaiBeckley2.675.7%74.4%
    MNPRMonopar Therapeutics1.068.3%73.9%
    ALITAlight9.965.0%-51.8%
    BLZEBackblaze0.864.6%189.3%
    ZBIOZenas BioPharma1.863.6%-10.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    FACFactorial Energy0.6-64.0%24.5%
    HTZHertz Global0.6-63.4%-64.0%
    AIAIAIAI0.5-59.2%-55.1%
    HYLNHyliion0.7-52.1%110.9%
    ALOYREalloys0.5-49.4%-4.7%
    ABTCAmerican Bitcoin6.6-49.3%-74.6%
    NVTSNavitas Semiconductor2.9-46.6%79.6%
    WOLFWolfspeed1.2-44.7%82.3%
    EOSEEos Energy Enterprises1.4-44.6%-63.0%
    YSSYork Space Systems2.2-41.6%-46.5%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    MPLXWMBETKMIOKETRGPMedian
    NameMPLX Williams.Energy T.Kinder M.ONEOK Targa Re. 
    Mkt Price-73.36-32.3891.83280.2282.59
    Mkt Cap-89.766.572.057.960.266.5
    Rev LTM11,39311,93292,28717,52435,20416,56217,043
    Op Inc LTM4,6144,4539,8005,0145,9953,6354,814
    FCF LTM3,8947223,6153,1822,2422622,712
    FCF 3Y Avg4,3881,9495,5253,3112,4264132,868
    CFO LTM6,0106,06810,6106,2465,6293,7026,039
    CFO 3Y Avg5,7915,63310,4136,0674,8743,4495,712

    Growth & Margins

    MPLXWMBETKMIOKETRGPMedian
    NameMPLX Williams.Energy T.Kinder M.ONEOK Targa Re. 
    Rev Chg LTM1.8%10.7%12.5%13.1%41.0%1.1%11.6%
    Rev Chg 3Y Avg2.5%1.5%1.8%-1.4%21.3%-6.2%1.6%
    Rev Chg Q-2.8%-0.6%32.1%13.8%19.6%-10.2%6.6%
    QoQ Delta Rev Chg LTM-0.7%-0.2%7.9%3.5%4.7%-2.7%1.7%
    Op Inc Chg LTM0.9%30.2%5.3%17.7%14.0%39.8%15.9%
    Op Inc Chg 3Y Avg0.7%7.5%6.8%6.0%18.9%18.0%7.1%
    Op Mgn LTM40.5%37.3%10.6%28.6%17.0%21.9%25.3%
    Op Mgn 3Y Avg40.6%35.1%10.9%28.1%19.7%17.6%23.9%
    QoQ Delta Op Mgn LTM-1.0%0.4%-0.3%0.8%-0.3%2.4%0.1%
    CFO/Rev LTM52.8%50.9%11.5%35.6%16.0%22.4%29.0%
    CFO/Rev 3Y Avg52.5%50.7%12.3%37.8%19.3%21.1%29.4%
    FCF/Rev LTM34.2%6.1%3.9%18.2%6.4%1.6%6.2%
    FCF/Rev 3Y Avg39.9%18.0%6.6%20.7%9.9%2.5%14.0%

    Valuation

    MPLXWMBETKMIOKETRGPMedian
    NameMPLX Williams.Energy T.Kinder M.ONEOK Targa Re. 
    Mkt Cap-89.766.572.057.960.266.5
    P/S-7.50.74.11.63.63.6
    P/Op Inc-20.16.814.49.716.614.4
    P/EBIT-16.86.614.49.016.514.4
    P/E-32.115.221.716.428.221.7
    P/CFO-14.86.311.510.316.311.5
    Total Yield-5.9%6.6%8.2%10.6%5.0%6.6%
    Dividend Yield-2.8%0.0%3.6%4.5%1.4%2.8%
    FCF Yield 3Y Avg-3.1%9.3%5.9%4.8%1.1%4.8%
    D/E-0.31.10.40.60.30.4
    Net D/E-0.31.10.40.60.30.4

    Returns

    MPLXWMBETKMIOKETRGPMedian
    NameMPLX Williams.Energy T.Kinder M.ONEOK Targa Re. 
    1M Rtn-0.3%-2.5%8.0%8.4%5.2%
    3M Rtn-0.8%4.9%3.8%3.5%9.7%21.1%4.3%
    6M Rtn1.1%21.0%14.9%18.0%27.2%52.9%19.5%
    12M Rtn16.2%31.2%20.9%24.4%20.5%75.5%22.6%
    3Y Rtn97.8%143.9%86.5%111.8%61.2%271.3%104.8%
    1M Excs Rtn-0.2%-2.4%7.9%8.3%5.1%
    3M Excs Rtn-6.8%-1.4%-1.6%-3.3%5.3%16.0%-1.5%
    6M Excs Rtn-9.0%12.7%7.3%9.8%18.4%44.5%11.3%
    12M Excs Rtn-4.3%8.3%0.0%1.7%-2.9%48.3%0.9%
    3Y Excs Rtn33.6%80.7%23.4%52.4%1.5%217.1%43.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/5/20262/26/202611/4/20258/5/20255/6/20252/27/202511/5/20248/6/20244/30/20242/28/202410/31/20238/1/2023
    Key Financials Quarterly            
    Total Revenue2,8062,8942,9052,7882,8872,8402,7762,6842,6042,6752,7142,496
    Ebitda1,5751,8492,1721,6221,6981,6791,6171,7411,5571,6831,4531,478
    Operating Income1,0321,3281,1311,1231,1801,1721,1261,0941,0941,1219951,030
    Net Income9121,1931,5451,0481,1261,0991,0371,1761,0051,134918933
    EPS0.901.171.521.031.101.071.011.150.981.100.890.91
    Key Financials TTM            
    Total Revenue TTM11,39311,47411,42011,29111,18710,90410,73910,67710,48910,43410,26010,289
    Ebitda TTM7,2187,3417,1716,6166,7356,5946,5986,4346,1716,0875,7516,255
    Operating Income TTM4,6144,7624,6064,6014,5724,4864,4354,3044,2404,2084,0064,560
    Net Income TTM4,6984,9124,8184,3104,4384,3174,3524,2333,9903,9283,6104,120
    Growth Rates Quarterly            
    Total Revenue Growth-2.8%1.9%4.6%3.9%10.9%6.2%2.3%7.5%2.2%7.0%-1.1%-10.7%
    EBITDA Growth-7.2%10.1%34.3%-6.8%9.1%-0.2%11.3%17.8%5.7%24.9%-25.8%5.0%
    Operating Income Growth-12.5%13.3%0.4%2.7%7.9%4.5%13.2%6.2%3.0%22.0%-35.8%2.4%
    Net Income Growth-19.0%8.6%49.0%-10.9%12.0%-3.1%13.0%26.0%6.6%39.0%-35.7%6.6%
    Margins Quarterly            
    EBITDA Margin56.1%63.9%74.8%58.2%58.8%59.1%58.2%64.9%59.8%62.9%53.5%59.2%
    Operating Income Margin36.8%45.9%38.9%40.3%40.9%41.3%40.6%40.8%42.0%41.9%36.7%41.3%
    Net Income Margin32.5%41.2%53.2%37.6%39.0%38.7%37.4%43.8%38.6%42.4%33.8%37.4%
    Cash & Debt            
    Total Cash1,5062,1371,7651,3862,5341,5192,4262,5013851,048960755
    Total Debt26,13426,16226,13821,71323,20721,43622,84222,82821,21220,91421,22421,164
    Net Debt / (Cash)24,62824,02524,37320,32720,67319,91720,41620,32720,82719,86620,26420,409
    Cash Flows Quarterly            
    FCF from Operations1,3471,4961,4311,7361,2461,6751,4151,5651,2911,4891,2441,437
    Cash Flows TTM            
    FCF from Operations TTM6,0105,9096,0886,0725,9015,9465,7605,5895,4615,3975,2765,071
    Returns to Shareholders Quarterly            
    Dividends1,0931,095975976972974868864853852776776
    Share Repurchases50100100100100100767575-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC16.7%22.1%18.5%22.1%22.8%23.4%22.0%21.5%21.0%22.4%19.6%20.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM18.7%19.8%18.9%22.6%22.1%22.5%21.7%21.1%20.3%21.1%19.7%22.3%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Crude Oil and Products Logistics6,2115,9185,7105,3445,139
    Natural Gas and Natural Gas Liquids (NGL) Services5,2634,9864,7245,1974,436
    Total11,47410,90410,43410,5419,575


    Operating Income by Segment
    $ Mil20172016
    Natural Gas and Natural Gas Liquids (NGL) Services1,3351,132
    Crude Oil and Products Logistics782453
    Income from equity method investments78-74
    Segment portion attributable to Predecessor5334
    Other income - related parties5140
    Unrealized derivative (losses) gains-6-36
    Segment portion attributable to unconsolidated affiliates-178-173
    General and administrative expenses-241-193
    Depreciation and amortization-683-546
    Impairment expense -130
    Total1,191507


    Assets by Segment
    $ Mil20212020201920182017
    Crude Oil and Products Logistics20,65520,93820,8106,5664,611
    Natural Gas and Natural Gas Liquids (NGL) Services14,83915,46119,60516,14514,884
    Cash and cash equivalents131515685
    Total35,50736,41440,43022,77919,500


    Price Behavior

    Price Behavior
    Market Price$54.00 
    Market Cap ($ Bil)54.8 
    First Trading Date10/26/2012 
    Distance from 52W High-7.0% 
       50 Days200 Days
    DMA Price$55.86$51.55
    DMA Trendupdown
    Distance from DMA-3.3%4.8%
     3M1YR
    Volatility20.3%16.2%
    Downside Capture-228.80-18.28
    Upside Capture-68.998.23
    Correlation (SPY)-11.7%6.3%
    MPLX Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta�-0.13-0.09-0.010.070.38
    Up Beta�-0.150.02-0.23-0.010.35
    Down Beta�0.110.090.540.420.63
    Up Capture0%-24%-19%-6%3%12%
    Bmk +ve Days11244067140429
    Stock +ve Days031145112389
    Down Capture-0%-18%-19%-25%-18%31%
    Bmk -ve Days10172358112321
    Stock -ve Days021644104316

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MPLX
    MPLX15.1%16.2%0.89-
    Sector ETF (XLE)39.5%20.9%1.4932.9%
    Equity (SPY)20.3%12.6%1.196.8%
    Gold (GLD)21.6%28.1%0.69-2.7%
    Commodities (DBC)31.4%19.1%1.3010.6%
    Real Estate (VNQ)15.0%14.0%0.7626.0%
    Bitcoin (BTCUSD)-44.6%42.9%-1.25-3.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MPLX
    MPLX24.0%19.3%1.06-
    Sector ETF (XLE)21.6%25.9%0.7559.8%
    Equity (SPY)12.9%17.1%0.5843.6%
    Gold (GLD)17.3%18.4%0.7611.7%
    Commodities (DBC)8.9%19.5%0.3535.5%
    Real Estate (VNQ)2.9%18.9%0.0541.2%
    Bitcoin (BTCUSD)14.9%53.4%0.4620.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MPLX
    MPLX14.9%30.7%0.52-
    Sector ETF (XLE)9.9%29.5%0.3759.9%
    Equity (SPY)15.2%17.9%0.7239.0%
    Gold (GLD)11.2%16.1%0.571.3%
    Commodities (DBC)7.2%17.9%0.3236.7%
    Real Estate (VNQ)5.1%20.7%0.2134.0%
    Bitcoin (BTCUSD)58.7%66.2%0.9915.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity6.0 Mil
    Short Interest: % Change Since 6152026-10.0%
    Average Daily Volume1.4 Mil
    Days-to-Cover Short Interest4.3 days
    Basic Shares Quantity1,015.0 Mil
    Short % of Basic Shares0.6%

    Earnings Returns History

    Updated 6/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/4/20250.7%4.0%12.2%
    8/5/2025-3.5%-3.0%-1.6%
    5/6/2025-1.7%-1.4%2.8%
    2/4/20252.4%4.2%3.2%
    11/5/20242.4%6.6%14.3%
    8/6/20241.2%0.3%5.3%
    4/30/2024-0.4%0.4%-2.1%
    1/30/20241.2%0.8%3.7%
    ...
    SUMMARY STATS   
    # Positive151617
    # Negative765
    Median Positive1.2%3.3%3.7%
    Median Negative-0.8%-1.9%-2.1%
    Max Positive4.6%7.0%28.3%
    Max Negative-3.5%-3.4%-2.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/4/20250.7%4.0%12.2%
    8/5/2025-3.5%-3.0%-1.6%
    5/6/2025-1.7%-1.4%2.8%
    2/4/20252.4%4.2%3.2%
    11/5/20242.4%6.6%14.3%
    8/6/20241.2%0.3%5.3%
    4/30/2024-0.4%0.4%-2.1%
    1/30/20241.2%0.8%3.7%
    10/31/20230.3%2.0%3.2%
    8/1/20230.1%0.6%0.8%
    5/2/2023-0.4%-0.5%-2.2%
    1/31/20230.7%0.6%1.7%
    11/1/20222.8%2.5%3.7%
    8/2/2022-1.1%-3.4%2.9%
    5/3/20220.5%-2.3%4.7%
    2/2/2022-0.1%-1.3%-1.6%
    11/2/20212.1%4.4%-2.2%
    8/4/2021-0.8%1.6%3.1%
    5/4/20213.1%7.0%9.0%
    2/2/20211.0%5.8%10.1%
    11/2/20204.6%6.1%28.3%
    8/3/20204.0%4.4%3.7%
    SUMMARY STATS   
    # Positive151617
    # Negative765
    Median Positive1.2%3.3%3.7%
    Median Negative-0.8%-1.9%-2.1%
    Max Positive4.6%7.0%28.3%
    Max Negative-3.5%-3.4%-2.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/28/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/28/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/03/202210-Q
    12/31/202102/24/202210-K
    09/30/202111/02/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/03/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/28/202010-K
    09/30/201911/04/201910-Q
    06/30/201908/05/201910-Q

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 7/21/2026