Aug 4, 2026 earnings call — Project ramps and mid-single-digit EBITDA growth
MPLX reported adjusted EBITDA of $1.8 billion, a 5% increase versus the same period last year.
Revenue $3.1B (est $3.1B) · EPS $1.06 (est $1.06)
Key quotes
"In the Delaware Basin, we placed the Secretariat I processing plant into service in April, and exited the quarter at 86% utilization of our Delaware Basin processing system, demonstrating strong producer demand and operational excellence from our teams."
"In the Permian, sour gas treating volumes exceeded 150 million cubic feet per day for the second consecutive quarter as we continue to optimize operations at our Titan treating facility."
"This track record of execution has enabled us to increase our quarterly distribution by 12.5% in each of the last 2 years. We anticipate growing our distribution at this rate again in 2026 and in 2027."
Analyst Q&A 4
2026 growth pace and frac timing
Q (John Mackay · Goldman Sachs): He asked how overall growth will play out this year and how to bridge to the exit rate into fourth quarter. He also asked for detail on frac timing and the CapEx pull-forward and how the frac will come online relative to the export dock.
A: Management said several projects will ramp in the third quarter and into the fourth, which should make third stronger than second and fourth stronger than third. They said BANGL will be 250 then 300 by year-end, and the frac and dock remain on budget with the frac not coming online ahead of the dock. They are confident in timing and completion and gave construction color from a recent site visit.
"So year-on-year, again, just reiterating, John, that does give us confidence that '26 growth will exceed that of '25." — Maryann Mannen (CEO)
Titan ramp, Permian gas takeaway, Bay Runner update
Q (Manav Gupta · UBS): He wanted details on Titan completion and ramp and how MPLX is leveraged to Permian gas flows as new pipes open. He also asked for updates on Bay Runner and Bay Runner Twin.
A: They said the Delaware Basin sour gas system is operating well and exceeded 150 a day for a second consecutive quarter, and that Titan 2 and associated pipelines and compression are on schedule and budget for fourth-quarter delivery. Management said they expect incremental Permian takeaway capacity will be needed and that Bay Runner and the Rio Bravo conversion (Bay Runner Twin) will be brought online just-in-time to support NextDecade LNG.
"So even with that and with Blackcomb and Eiger coming online Eiger later this year, fourth quarter this year and Blackcomb second half of 2028, we still believe incremental takeaway capacity is needed." — David Heppner
M&A opportunity set and capital priorities
Q (JPMorgan): She asked what inorganic opportunities MPLX is looking at and whether M&A would be bolt-ons or a renewed strategy. She also asked how capital allocation priorities change given projects and the 12.5% distribution plan.
A: Management said inorganic deals must fit the wellhead-to-water strategy and target nat gas and NGL demand pools. They said opportunities must meet their hurdles, deliver mid-teens returns and support mid-single-digit year-on-year growth, and they cited taking larger stakes in known assets as an example. On capital allocation, they said priorities are unchanged: maintain assets, support distribution growth (12.5% in '26 and '27), then fund growth organically or via selective M&A.
"Also, this needs to meet our hurdles, needs to be able to deliver our mid-teens returns and also has to ensure that we can deliver mid-single-digit growth year-on-year." — Maryann Mannen (CEO)
Coverage ratio and affiliate relationship
Q (Burke Sansiviero · Wolfe): He asked if they still target at least 1.3x coverage with the 2026 and '27 distribution plans and whether that can be met with organic growth or needs M&A. He also asked if MPC's outperformance changed thinking about the affiliate relationship.
A: They said they continue to target a 1.3 coverage ratio for '26 and '27 and beyond, and that the current organic plan gives confidence in maintaining that ratio without needing M&A to meet 2027. They also said they do not see any reason to change the MPC–MPLX relationship because it creates value for both MPLX unitholders and MPC shareholders.
"What I would tell you is absolutely, we continue to target our 1.3 coverage ratio for both '26 and '27 and frankly, beyond." — Carl Hagedorn