MPLX Q4 net income $1.2B, adj EBITDA $1.8B; distribution raised to $1.0765/unit

MPLX LP

Q4 2025 net income attributable $1,193M vs $1,099M YoY; adjusted EBITDA $1,804M vs $1,762M.
Full-year 2025 net income $4.9B, adjusted EBITDA $7.0B; growth investments $5.5B, returned $4.4B to unitholders.
2026 capex plan $2.7B ($2.4B growth, $300M maintenance); 90% of growth in Natural Gas & NGL Services.
Q4 distribution $1.0765/unit (up from $0.9565), coverage 1.3x; leverage 3.7x at year-end.
New investments: Secretariat II (300 MMcf/d Permian, H2 2028) and Marcellus Gathering expansion (H1 2028).

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