MPLX misses second quarter estimates as earnings, revenue fall short

NEW YORK - MPLX LP (NYSE:MPLX) reported second quarter results that fell short of analyst expectations on Tuesday, as both revenue and EPS came in below consensus estimates.

The company's stock was down marginally by 0.05% in after hours trading following the results.

The midstream energy operator posted adjusted earnings of $1.03 per unit for the second quarter of 2025, missing analyst expectations of $1.06. Revenue for the quarter came in at $3 billion, below the consensus estimate of $3.18 billion.

MPLX reported adjusted EBITDA of $1.69 billion for the quarter, representing a 2% increase YoY, while distributable cash flow rose 1% YoY to $1.42 billion. The company's crude oil pipeline volumes increased 2% compared to the same quarter last year, while product pipeline volumes rose 1%.

"Our integrated value chains provide cash flow resiliency and a platform for growth," said Michael Hennigan, MPLX CEO. "We continue to execute on our mid-single digit growth strategy while maintaining our commitment to returning capital to unitholders."

The company returned $1.08 billion to unitholders during the quarter, including $976 million in distributions and $100 million in unit repurchases. MPLX maintained a strong balance sheet with a consolidated debt to LTM adjusted EBITDA ratio of 3.1x.

MPLX also highlighted its $2.375 billion acquisition of Northwind Midstream, which is expected to accelerate growth in the Delaware basin with 200,000 dedicated acres. The transaction, expected to close in the third quarter, is projected to be immediately accretive to distributable cash flow.

For 2025, the company is deploying over $5 billion for growth, with more than 90% directed toward natural gas and NGL services.

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