MPLX Q4 net income $1.1B; FY adj. EBITDA $6.8B (+8%); announces NGL fractionation complex & export terminal

MPLX LP

Q4 net income $1,099M (vs $1,134M YoY); adjusted EBITDA $1,762M, up 9% from $1,623M.
Full-year 2024 net income $4.3B (+10%), adj. EBITDA $6.8B (+8%), distributable cash flow $5.7B.
2025 capex outlook $2.0B, with $1.45B for Natural Gas & NGL Services growth capital.
Announced Gulf Coast fractionation complex (two 150k bpd trains, 2028/2029) and ONEOK partnership for 400k bpd LPG export terminal (2028).
Q4 distribution $0.9565/unit (+12.5% YoY); $100M unit repurchases in Q4; leverage 3.1x.

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