MPLX LP (NYSE:MPLX) reported fourth-quarter and full-year 2025 results on Tuesday, delivering record adjusted EBITDA of $7 billion and reinforcing its position as a primary cash engine for parent company Marathon Petroleum (NYSE:MPC).
The Findlay, Ohio-based midstream giant posted full-year net income of $4.9 billion, a 14% increase over 2024, as it successfully integrated a series of high-profile acquisitions in the Permian and Delaware Basins.
The partnership’s "wellhead-to-water" strategy bore fruit in the fourth quarter, with net income reaching $1.19 billion.
Annual distributable cash flow (DCF) rose to $5.8 billion, providing 1.3x coverage for its significantly increased distributions.
MPLX lived up to its reputation as a premier yield play in 2025, returning a total of $4.4 billion to unitholders through dividends and strategic unit repurchases, including a 12.5% distribution hike announced late in the year.
Looking ahead, MPLX announced an ambitious 2026 capital spending plan of $2.7 billion, with $2.4 billion dedicated to organic growth.
The 2026 strategy is heavily weighted toward the natural gas and NGL value chains, featuring the newly announced Secretariat II processing plant and continued expansion of the BANGL pipeline.