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FINDLAY, Ohio - MPLX LP (NYSE:MPLX) reported strong third-quarter 2025 results on Tuesday, with earnings significantly exceeding analyst expectations as the midstream energy company continues to execute on its strategic growth initiatives.
Following the announcement, MPLX shares were down slightly by 0.02% in pre-market trading.
The company reported adjusted earnings of $1.52 per unit for the quarter, substantially beating the analyst estimate of $1.08. Revenue reached $3.62 billion, surpassing the consensus estimate of $3.15 billion.
MPLX announced a 12.5% increase to its quarterly distribution for the second consecutive year, raising it to $1.0765 per unit, or $4.31 annualized. The company reported third-quarter net income of $1.55 billion, up from $1.04 billion in the same period last year. Adjusted EBITDA attributable to MPLX increased to $1.77 billion from $1.71 billion a year ago.
"MPLX delivered on its commitment to return capital, increasing the distribution 12.5% for the second consecutive year, reflecting conviction in our growth outlook," said Maryann Mannen, MPLX president and chief executive officer. "Strengthening the durability of mid-single digit adjusted EBITDA growth, we are investing in our key growth regions of the Permian and Marcellus basins, and executing on strategic portfolio optimization."
The company’s Crude Oil and Products Logistics segment saw adjusted EBITDA rise to $1.14 billion from $1.09 billion in the same quarter last year, driven primarily by higher rates. The Natural Gas and NGL Services segment reported adjusted EBITDA of $629 million, up from $620 million a year ago, benefiting from recently acquired assets and higher volumes.
During the quarter, MPLX generated $1.43 billion in net cash from operating activities and $1.47 billion in distributable cash flow. The company maintained a leverage ratio of 3.7x at quarter-end.
MPLX continued its portfolio optimization strategy, acquiring a Delaware basin sour gas treating business for $2.4 billion in August and announcing the divestiture of Rockies gathering and processing assets for $1.0 billion, expected to close in the fourth quarter.
The company repurchased $100 million of common units during the quarter and had approximately $1.2 billion remaining under its unit repurchase authorizations as of September 30.
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