MPLX LP (MPLX)
NYSE:MPLX
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Earnings Data
Report Date
Aug 04, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.1Last Year’s EPS
1.03Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong project execution, significant capacity additions coming online (Secretariat I, Harmon Creek III, Titan expansion), continued capital returns (over $1.1 billion returned, 12.5% distribution increase target) and a clear strategy focused on natural gas and NGL value chains. Near‑term headwinds were highlighted, including a $42 million segment EBITDA decline (partly tied to prior divestitures and one‑time 2025 benefits), a $56 million negative hedge mark‑to‑market in Q1, modest volume declines (pipeline and terminal volumes down 4% YoY, fractionation volumes down 3%) and a ~$13 million weather impact. Management stressed that growth is back‑half weighted in 2026, projects remain on time and on budget, and they expect mid‑single‑digit EBITDA growth for the year. Overall, positive operational momentum and large, on‑track project pipeline outweigh the near‑term financial and seasonal headwinds.Company Guidance
Strong Adjusted EBITDA and Unitholder Returns
Delivered over $1.7 billion of adjusted EBITDA for Q1 2026 and returned over $1.1 billion to unitholders, demonstrating cash generation and capital return capacity.
Major Project Startups and On‑schedule Execution
Secretariat I (200 MMcf/d processing) entered service in April 2026; Harmon Creek III expected in Q3 2026; Titan complex expansion on schedule to exceed 400 MMcf/d treating capacity by Q4 2026. Management repeatedly emphasized projects are on time and on budget.
Titan Early Commercial Performance
Titan facility treated over 150 MMcf/d of committed producer sour gas in Q1 2026, with March being the strongest month; Titan II and additional AGI well expected to bring full run‑rate capacity by end of 2026.
Growth of Basin Processing Capacity and Longer‑term Plans
Announcement of Secretariat II (+300 MMcf/d expected H2 2028) would bring total Delaware Basin processing capacity to ~1.7 Bcf/d once in service; management allocating 90% of a $2.4 billion organic growth capital plan toward natural gas and NGL opportunities to drive mid‑single‑digit growth.
Positive Marcellus Utilization Signal
Marcellus processing utilization was 94% for the quarter, supporting the need for incremental capacity such as Harmon Creek III and indicating strong demand in liquids‑rich areas.
Selective Volume and Equity Growth (Excluding Divestiture)
Excluding impacts from the noncore Rockies divestiture, gathering volumes were up 10% year‑over‑year (Utica and Permian production growth including acquisitions) and processing volumes increased 2% year‑over‑year, reflecting organic production growth and contribution from acquisitions.
Infrastructure Expansion for NGLs and Exports
BANGL pipeline expansion to 300,000 barrels per day expected online in Q4 2026; Gulf Coast fractionation and export facilities progressing on time and on budget; JV LPG export terminal positioned advantageously along the Gulf Coast.
Financial Policy and Distribution Commitment
Management reiterated a 12.5% distribution increase for 2026 (and again for 2027), with a stated commitment that distribution coverage will not fall below 1.3x (coverage has been ~1.3x for the past two quarters).
MPLX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MPLX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 03, 2026 | $54.26 | $54.21 | -0.09% |
Nov 04, 2025 | $48.83 | $49.17 | +0.69% |
Aug 05, 2025 | $49.68 | $47.93 | -3.51% |
May 06, 2025 | $46.80 | $46.02 | -1.66% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does MPLX LP (MPLX) report earnings?
MPLX LP (MPLX) is schdueled to report earning on Aug 04, 2026, Before Open (Confirmed).
What is MPLX LP (MPLX) earnings time?
MPLX LP (MPLX) earnings time is at Aug 04, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MPLX EPS forecast?
MPLX EPS forecast for the fiscal quarter 2026 (Q2) is 1.1.