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MPLX
(NYSE:MPLX)
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Rating:80Outperform
Price Target:
$67.00
â–²(14.80% Upside)
Action:Reiterated
Date:08/24/26
Overall score is driven primarily by strong financial performance (high margins and cash flow) and supportive valuation (reasonable P/E and high dividend yield). The earnings call reinforces a positive outlook and distribution growth plans, while the main constraints are elevated leverage and some near-term execution/capex intensity; technicals are moderately positive but not strongly overextended.
Positive Factors
Contracted fee-based midstream model
Contracted infrastructure revenue reduces direct commodity-price exposure and supports cash-flow visibility. Long-term customer arrangements and minimum-volume protections can help sustain earnings through market cycles.
Negative Factors
Elevated leverage limits flexibility
High leverage is common in midstream but still constrains financial flexibility, especially when rates are elevated. A downturn in volumes or project returns could increase refinancing pressure and limit discretionary capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted fee-based midstream model
Contracted infrastructure revenue reduces direct commodity-price exposure and supports cash-flow visibility. Long-term customer arrangements and minimum-volume protections can help sustain earnings through market cycles.
Read all positive factors
MPLX (MPLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$59.17B
Dividend Yield7.26%
Average Volume (3M)1.36M
Price to Earnings (P/E)12.7
Beta (1Y)0.37
Revenue Growth4.79%
EPS Growth10.20%
CountryUS
Employees5,762
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.66
Shares Outstanding1,013,858,300
10 Day Avg. Volume1,500,191
30 Day Avg. Volume1,364,006
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)3.80
Price to Sales (P/S)4.60
P/FCF Ratio13.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$62.17Price Target Upside6.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)4.3
Revenue Forecast (FY)$12.94B
MPLX Business Overview & Revenue Model
Company Description
MPLX LP, incorporated in 2012 and headquartered in Findlay, Ohio, operates as a subsidiary of Marathon Petroleum Corporation, with MPLX GP LLC serving as its general partner. The company is a prominent owner and operator of midstream energy infras...
How the Company Makes Money
MPLX primarily makes money by charging fees under contracts for providing midstream services and access to its infrastructure, with cash flow generally driven by volumes moved/handled and the contractual terms rather than direct exposure to commod...
MPLX Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveys a constructive and execution-focused outlook: solid quarter with 5% adjusted EBITDA growth, strong operational metrics (high utilization in core basins, multi‑year distribution increases, and several strategically important assets placed into service), and multiple large projects progressing on schedule. Headwinds include the lingering impact of the Rockies divestiture, temporary throughput reductions from planned turnarounds, higher operating expenses tied to maintenance/project activity, and a heavier back-half weighting for 2026 growth amplified by a $500 million capex pull‑forward. Management retains confidence in mid-single-digit EBITDA growth for 2026, a strong 2027 setup, and maintaining financial priorities (1.3x coverage and distribution growth), leading to an overall positive tone despite some near-term execution and capital intensity risks.Positive Updates
Adjusted EBITDA Growth
MPLX delivered $1.8 billion of adjusted EBITDA in Q2 2026, a 5% increase versus Q2 2025, more than overcoming the divestiture of the Rockies assets.
Negative Updates
Impact of Rockies Divestiture and Throughput Disruptions
Divestiture of Rockies assets in late 2025 reduced year-over-year comparatives; crude pipeline throughputs were lower in the quarter due to a planned MPC refinery turnaround and seasonality, partially offsetting segment performance.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted EBITDA Growth
MPLX delivered $1.8 billion of adjusted EBITDA in Q2 2026, a 5% increase versus Q2 2025, more than overcoming the divestiture of the Rockies assets.
Read all positive updates
Company Guidance
MPLX reiterated guidance for mid-single-digit adjusted EBITDA growth in 2026 (back-half weighted) and positioning for stronger growth in 2027 after reporting $1.8 billion of adjusted EBITDA in Q2 (up 5% YoY) and returning over $1.1 billion to unitholders; the company raised 2026 organic CapEx by $500 million to $2.9 billion (with >90% focused on natural gas/NGL value chains) to pull forward Gulf Coast fractionation spend. Operationally, processing capacity is now 8.1 Bcf/d with deethanization >800,000 bpd, Secretariat I placed in service in April and Delaware exit utilization was 86%, Harmon Creek III began operations in August, Marcellus utilization was 96% and Utica 73%, BANGL moved volumes to >200,000 bpd in Q2 and is being expanded to 300,000 bpd by year-end, fractionation volumes rose 8% YoY, gathering volumes +15% YoY, processing volumes +5% YoY and pipeline volumes +4% YoY. Titan sour-gas treating exceeded 150 MMcf/d in Q2 with an expansion to >400 MMcf/d targeted by end-Q4 (including pipeline/ compression and a sweet-gas tie to Secretariat), Blackcomb began commissioning in July with commercial service expected later in the year, and longer‑haul takeaway projects (including Eiger/other pipes) are expected to alleviate Permian egress needs. Financially, MPLX reaffirmed its capital allocation priorities (maintain assets, support distribution, fund growth), expects to continue 12.5% annual distribution increases in 2026 and 2027 with ~1.3x coverage targeted, and noted segment tailwinds this quarter (Crude & Products EBITDA +$23M, other segment EBITDA +$62M / +$99M excluding Rockies divestiture) and a >$20M benefit from butane blending.MPLX Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
63
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.89B | 11.82B | 10.90B | 10.43B | 10.54B | 9.57B |
| Gross Profit | 6.72B | 5.34B | 4.82B | 4.56B | 4.29B | 4.05B |
| EBITDA | 7.33B | 7.29B | 6.59B | 6.09B | 6.06B | 5.19B |
| Net Income | 4.74B | 4.91B | 4.32B | 3.93B | 3.94B | 3.08B |
Balance Sheet | ||||||
| Total Assets | 42.97B | 43.01B | 37.51B | 36.53B | 35.66B | 35.51B |
| Cash, Cash Equivalents and Short-Term Investments | 1.03B | 2.14B | 1.52B | 1.05B | 238.00M | 13.00M |
| Total Debt | 25.89B | 26.16B | 21.44B | 20.91B | 20.30B | 19.07B |
| Total Liabilities | 28.72B | 28.48B | 23.50B | 22.95B | 22.15B | 22.49B |
| Stockholders Equity | 14.03B | 14.30B | 13.78B | 13.35B | 13.48B | 12.78B |
Cash Flow | ||||||
| Free Cash Flow | 4.43B | 4.10B | 4.89B | 4.46B | 4.21B | 4.38B |
| Operating Cash Flow | 5.98B | 5.91B | 5.95B | 5.40B | 5.02B | 4.91B |
| Investing Cash Flow | -5.47B | -4.86B | -2.00B | -1.25B | -956.00M | -518.00M |
| Financing Cash Flow | -1.63B | -435.00M | -3.48B | -3.33B | -3.84B | -4.39B |
MPLX Technical Analysis
Neutral
58.36
Price Trends
56.98
Positive
55.56
Positive
54.23
Positive
Market Momentum
0.49
Positive
51.99
Neutral
30.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MPLX, the sentiment is Neutral. The current price of 58.36 is below the 20-day moving average (MA) of 58.58, above the 50-day MA of 56.98, and above the 200-day MA of 54.23, indicating a neutral trend. The MACD of 0.49 indicates Positive momentum. The RSI at 51.99 is Neutral, neither overbought nor oversold. The STOCH value of 30.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MPLX.
MPLX Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $59.17B | 12.73 | 33.42% | 7.14% | 4.79% | 10.20% | |
76 Outperform | $61.52B | 27.92 | 72.08% | 1.51% | -0.83% | 49.90% | |
75 Outperform | $82.64B | 13.59 | 21.21% | 5.65% | 7.38% | 7.45% | |
74 Outperform | $72.38B | 13.31 | 16.77% | 6.56% | 33.27% | 12.55% | |
73 Outperform | $68.90B | 20.53 | 11.11% | 3.58% | 12.44% | 27.19% | |
67 Neutral | $57.80B | 16.33 | 16.28% | 4.51% | 41.83% | 12.74% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
MPLX
MPLX
59.32
13.03
28.14%
ET
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21.43
5.08
31.10%
EPD
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KMI
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32.02
6.23
24.14%
OKE
Oneok
94.90
23.69
33.26%
TRGP
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294.03
132.34
81.84%
MPLX Corporate Events
Business Operations and StrategyPrivate Placements and Financing
MPLX Strengthens Debt Market Access With New Indentures
Positive
Aug 24, 2026
On August 10, 2026, MPLX LP entered into an underwriting agreement with a syndicate of major investment banks, including TD Securities (USA) LLC, Goldman Sachs Co. LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., and Wells Fa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.