MPLX LP recorded net income of $912 million, compared with $1.126 billion in Q1 2025, primarily reflecting derivative impacts, higher interest expense and a prior-year benefit. Adjusted EBITDA was $1.729 billion, and net cash from operations was $1.347 billion alongside $1.408 billion of distributable cash flow enabling $1.1 billion of capital returns. The distribution was set at $1.0765 per common unit with 1.3x coverage and leverage ended at 3.7x.

Crude Oil and Products Logistics segment adjusted EBITDA rose 1% to $1.111 billion, supported by higher rates despite a 4% decline in pipeline and terminal throughputs. Natural Gas and NGL Services segment adjusted EBITDA fell 6% to $618 million, due to lower NGL prices, higher operating expenses and the absence of a $37 million nonrecurring 2025 benefit, partly offset by volume gains from equity affiliates.

MPLX is allocating $2.4 billion of organic growth capital—90% directed to Permian and Marcellus basins—to expand infrastructure. Key projects include the Delaware Basin sour gas plant expansion to over 400 MMcf/d by year-end, Harmon Creek III gas plant (300 MMcf/d) in service by Q3, and multiple pipeline expansions slated through 2029 to support midstream capacity growth.