We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MPLX Q2 Earnings Miss Estimates on Higher Operating Expenses
Read MoreHide Full Article
Key Takeaways
MPLX posted Q2 EPS of $1.03 and $3B in revenue, missing estimates and falling below prior-year results.
Gathering throughput fell 1% while segment EBITDA dipped due to higher expenses and project spending.
Adjusted free cash flow dropped to $1.13B, down from $1.45B in Q2 2024, despite stronger pipeline throughputs.
MPLX LP (MPLX - Free Report) reported second-quarter 2025 earnings of $1.03 per unit, which missed the Zacks Consensus Estimate of $1.07. The bottom line also declined from the year-ago quarter’s level of $1.15.
Total quarterly revenues of $3 billion missed the Zacks Consensus Estimate of $3.2 billion. The top line also decreased from the prior-year level of $3.1 billion.
The weak quarterly results can be primarily attributed to a decrease in gathering throughput volumes and higher operating expenses.
MPLX LP has redefined its reporting segments as Crude Oil and Products Logistics (previously known as Logistics and Storage), and Natural Gas and NGL Services (formerly known as Gathering and Processing).
MPLX’s adjusted EBITDA from the Crude Oil and Products Logistics segment increased to $1.14 billion from $1.1 billion a year ago. The improvement was driven primarily by higher rates and increased throughputs. Total pipeline throughputs in the quarter were 6.1 million barrels per day (mbpd), up 1% from the prior-year quarter’s level of 6.02 mbpd.
Adjusted EBITDA from the Natural Gas and NGL Services segment amounted to $552 million, slightly below $554 million in the year-ago quarter. The segment was affected by higher operating expenses and project spending.
Gathering throughput volumes averaged 6.56 billion cubic feet per day (Bcf/d), implying a 1% decrease from the year-ago level. Natural gas processed volumes totaled 9.7 Bcf/d, indicating a 2% improvement from the year-ago level.
Costs and Expenses
Total costs and expenses were $1.71 billion, up from the year-ago reported figure of $1.63 billion. The increase was driven primarily by higher operating expenses (including purchased product costs).
Cash Flow
Distributable cash flow in the quarter totaled $1.42 billion, providing 1.5x distribution coverage. The figure increased from $1.4 billion in the year-ago quarter.
Adjusted free cash flow declined to $1.13 billion from $1.45 billion in the corresponding period of 2024.
Balance Sheet
As of June 30, 2025, the partnership’s cash and cash equivalents were $1.4 billion, and its total debt amounted to $21.2 billion.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.
Enbridge is a leading midstream energy firm that operates an extensive crude oil and liquids transportation network spanning 18,085 miles, along with a gas transportation network covering 71,308 miles. The company has a stable business model supported by take-or-pay contracts, protecting it against commodity price volatility.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
MPLX Q2 Earnings Miss Estimates on Higher Operating Expenses
Key Takeaways
MPLX LP (MPLX - Free Report) reported second-quarter 2025 earnings of $1.03 per unit, which missed the Zacks Consensus Estimate of $1.07. The bottom line also declined from the year-ago quarter’s level of $1.15.
Total quarterly revenues of $3 billion missed the Zacks Consensus Estimate of $3.2 billion. The top line also decreased from the prior-year level of $3.1 billion.
The weak quarterly results can be primarily attributed to a decrease in gathering throughput volumes and higher operating expenses.
MPLX LP Price, Consensus and EPS Surprise
MPLX LP price-consensus-eps-surprise-chart | MPLX LP Quote
Segmental Highlights
MPLX LP has redefined its reporting segments as Crude Oil and Products Logistics (previously known as Logistics and Storage), and Natural Gas and NGL Services (formerly known as Gathering and Processing).
MPLX’s adjusted EBITDA from the Crude Oil and Products Logistics segment increased to $1.14 billion from $1.1 billion a year ago. The improvement was driven primarily by higher rates and increased throughputs. Total pipeline throughputs in the quarter were 6.1 million barrels per day (mbpd), up 1% from the prior-year quarter’s level of 6.02 mbpd.
Adjusted EBITDA from the Natural Gas and NGL Services segment amounted to $552 million, slightly below $554 million in the year-ago quarter. The segment was affected by higher operating expenses and project spending.
Gathering throughput volumes averaged 6.56 billion cubic feet per day (Bcf/d), implying a 1% decrease from the year-ago level. Natural gas processed volumes totaled 9.7 Bcf/d, indicating a 2% improvement from the year-ago level.
Costs and Expenses
Total costs and expenses were $1.71 billion, up from the year-ago reported figure of $1.63 billion. The increase was driven primarily by higher operating expenses (including purchased product costs).
Cash Flow
Distributable cash flow in the quarter totaled $1.42 billion, providing 1.5x distribution coverage. The figure increased from $1.4 billion in the year-ago quarter.
Adjusted free cash flow declined to $1.13 billion from $1.45 billion in the corresponding period of 2024.
Balance Sheet
As of June 30, 2025, the partnership’s cash and cash equivalents were $1.4 billion, and its total debt amounted to $21.2 billion.
MPLX’s Zacks Rank & Key Picks
Currently, MPLX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Antero Midstream Corporation (AM - Free Report) , Galp Energia SGPS SA (GLPEY - Free Report) and Enbridge Inc. (ENB - Free Report) , each carrying a Zacks Rank #2(Buy). You can see the complete list of today’s Zacks Rank #1(Strong Buy) stocks here.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.
Enbridge is a leading midstream energy firm that operates an extensive crude oil and liquids transportation network spanning 18,085 miles, along with a gas transportation network covering 71,308 miles. The company has a stable business model supported by take-or-pay contracts, protecting it against commodity price volatility.