MPLX Q2 2026: Adjusted EBITDA hits $1.8B as growth capex jumps $500M to $2.9B
MPLX sits 26% above its 52-week low of $47.8.
Summary
MPLX posted Q2 2026 Adjusted EBITDA of $1.8 billion and raised its 2026 growth capex outlook by $500 million to $2.9 billion, reflecting accelerated Permian and Gulf Coast infrastructure investments.
Key Events · Earnings and Guidance · MPLX
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Q2 2026 Financial Results
Adjusted EBITDA reached $1.775 billion, net income attributable to MPLX came in at $1.077 billion, and distributable cash flow totaled $1.45 billion. Higher rates, volumes, and recent acquisitions drove the performance, partially offset by the Rockies divestiture.
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2026 Growth Capex Raised by $500M
The full-year 2026 growth capital spending outlook was increased to $2.9 billion, up from $2.4 billion, to accelerate Permian sour gas treating capacity and Gulf Coast fractionation/export facilities. Total 2026 capex outlook now stands at $3.2 billion.
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Strong Liquidity and Refinancing
In April 2026, the company entered a new $2.5 billion revolving credit facility, replacing a $2.0 billion facility. It also issued $1.5 billion in senior notes in February, using the proceeds to repay maturing notes. Quarter-end total liquidity was $5.0 billion.
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Distribution and Capital Returns
A Q2 distribution of $1.0765 per unit was declared, payable August 14, 2026. During the first half of 2026, $100 million of common units were repurchased, with $1.0 billion remaining under repurchase authorizations.
Analysis · MPLX · Energy & Transportation
A steady quarter with an aggressive growth pivot—MPLX delivered solid Q2 results, including Adjusted EBITDA of $1.8 billion and distributable cash flow of $1.45 billion, which comfortably covers the $1.08/unit distribution. The standout move is a $500 million boost to the 2026 growth capex budget, now at $2.9 billion, signaling confidence in Permian and Gulf Coast infrastructure demand. The balance sheet remains robust with $5 billion in liquidity and investment-grade ratings, though interest expense is ticking up following 2025 acquisition debt. Other notable actions include a new $2.5 billion credit facility and a lease reclassification that added $216 million to PP&E.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MPLX was trading at $60.14 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $61B. The 52-week trading range was $47.80 to $60.28. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.