AI-extracted from the 10-Q filed 2026-08-04 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
MPLX grew Q2 FY2026 total revenue 10% YoY to $3.31B, led by a 19% jump in Natural Gas and NGL Services on higher Southwest NGL volumes and prices, while operating margin slipped as purchased product costs and interest expense rose faster than revenue.
Biggest Revenue Drivers
Crude Oil and Products Logistics$1,688M+3% YoY
Driven by $77 million from increased rates and fees across all business units, partially offset by $23 million in lower pipeline throughputs.
Natural Gas and NGL Services$1,624M+19% YoY
Higher NGL sales volumes in the Southwest ($124M), higher NGL prices in the Southwest, Marcellus and Southern Appalachia ($101M), and recent acquisitions ($34M), partly offset by the Rockies divestiture ($81M).
Biggest Revenue Drivers
Total revenue: $3.31B+10% YoY
Crude Oil and Products Logistics$1,688M+3% YoY
Driven by $77 million from increased rates and fees across all business units, partially offset by $23 million in lower pipeline throughputs.
Natural Gas and NGL Services$1,624M+19% YoY
Higher NGL sales volumes in the Southwest ($124M), higher NGL prices in the Southwest, Marcellus and Southern Appalachia ($101M), and recent acquisitions ($34M), partly offset by the Rockies divestiture ($81M).
Largest Expense Items
Purchased product costs$587M+36% YoY
Higher NGL prices in the Southwest ($91M) and higher NGL volumes in the Southwest ($89M), partially offset by $25 million due to the Rockies divestiture.
Cost of revenues$405M+10% YoY
$24 million of incremental operating costs from recent acquisitions and $11 million of higher net operating and repairs/maintenance costs, partly offset by the Rockies divestiture.
Depreciation and amortization$365M+13% YoY
Incremental depreciation from recent acquisitions and other assets placed in service, partially offset by the Rockies divestiture.
Net interest and other financial costs$289M+24% YoY
Increased borrowings in 2025 to fund acquisitions.
Watch Items from the Filing
MPC-related transactions accounted for 50% of total revenues and other income and 25% of total costs and expenses in Q2 2026, reflecting MPLX's continued dependence on its sponsor and largest customer.
Adjusted FCF after distributions was $(424)M for the quarter and $(968)M year-to-date, as growth capex and unitholder distributions outpaced operating cash flow.
MPLX raised its 2026 growth capital outlook by $500 million to $2.9 billion to accelerate Gulf Coast fractionation and export facility expansion for global NGL demand.
MPLX holds a 9.19% indirect interest in Dakota Access Pipeline; the Army Corps issued a Record of Decision in May 2026, but new litigation may follow the final EIS, with contingent equity exposure of approximately $78 million.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Benson Molly RChief Legal Ofc & Corp SecShares withheld for tax or exercise price · Mar 2, 2026
Floerke Gregory ScottExec. VP and COOShares withheld for tax or exercise price · Mar 2, 2026
Mannen Maryann T.Chairman, President & CEOShares withheld for tax or exercise price · Mar 2, 2026
About MPLX LP (MPLX): stock profile, AI score and financials
MPLX LP (MPLX) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores MPLX at 68.6/100 on a composite quality score built from its SEC filings, placing it at rank #292 of 2,925 stocks — the top 10% of the AI-ranked universe. MPLX scores in the top quartile across profitability (89.2), revenue scale (88.7), balance sheet strength (85.5). Areas of concern include earnings quality (27.4), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), MPLX LP reports quarterly revenue of $3.3B, net income of $1.1B, an operating margin of 41.6%. Top institutional holders of MPLX by reported 13-F value include ALPS ADVISORS, Invesco Ltd., Blackstone, based on the most recent SEC filings. MPLX trades on the NYSE exchange and files with the SEC under CIK 1552000. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MPLX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MPLX LP directly from SEC EDGAR.