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MPLX

MPLX Q1 2025 Earnings

Reported May 6, 2025 at 6:36 AM ET · SEC Source

Q1 25 EPS

$1.10

MISS 4.35%

Est. $1.15

Q1 25 Revenue

$2.89B

vs S&P Since Q1 25

-6.1%

TRAILING MARKET

MPLX +22.9% vs S&P +29.0%

Market Reaction

Did MPLX Beat Earnings? Q1 2025 Results

MPLX LP fell just short of Wall Street's expectations in the first quarter of 2025, posting adjusted earnings per unit of $1.10 against a consensus estimate of $1.15, a miss of 4.35%, even as revenue climbed 10.9% year over year to $2.89 billion on t… Read more MPLX LP fell just short of Wall Street's expectations in the first quarter of 2025, posting adjusted earnings per unit of $1.10 against a consensus estimate of $1.15, a miss of 4.35%, even as revenue climbed 10.9% year over year to $2.89 billion on the back of robust volume growth across both operating segments. The partnership's Natural Gas and NGL Services segment was the standout driver, with adjusted EBITDA surging 15% to $660 million, fueled by higher Permian and Utica volumes and a non-recurring $37 million benefit tied to a customer agreement, while Crude Oil and Products Logistics added $1.10 billion in segment EBITDA on a 12% rise in pipeline throughput. Distributable cash flow reached $1.49 billion at a healthy 1.5x coverage ratio, and MPLX raised its distribution to $0.96 per unit from $0.85 a year earlier. Looking ahead, the partnership expects mid-single digit adjusted EBITDA growth anchored by a pipeline of Permian and Marcellus projects, with the Secretariat processing plant set to come online in Q4 2025 and a leverage ratio of 3.3x offering ample room below its 4.0x target.

Key Takeaways

  • • 7% year-over-year adjusted EBITDA growth
  • • Higher throughputs and rates in Crude Oil and Products Logistics segment
  • • $37 million non-recurring benefit from a customer agreement in Natural Gas and NGL Services
  • • Increased volumes in the Permian and Utica basins
  • • Pipeline throughput up 12% year over year to 5,928 mbpd
  • • Terminal throughput up 6% year over year to 3,095 mbpd
  • • Total gathering throughput (operated) up 5% year over year to 6,516 MMcf/d
  • • Total natural gas processed (operated) up 4% year over year to 9,781 MMcf/d
  • • Product pipeline average tariff rate increased 11% year over year
24/7 Wall St

MPLX YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

“We achieved 7% adjusted EBITDA growth year over year. Our growth projects anchored in the Permian and Marcellus basins are expected to support mid-single digit adjusted EBITDA growth. High return investments and strategic opportunities should support the return of capital to unitholders through annual distribution increases.”

— Maryann Mannen, Q1 2025 Earnings Press Release

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