A month has gone by since the last earnings report for MPLX LP (MPLX Quick QuoteMPLX - Free Report) . Shares have lost about 0.5% in that time frame, outperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is MPLX LP due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for MPLX LP before we dive into how investors and analysts have reacted as of late.

MPLX Q2 Earnings & Revenues Beat Estimates on Gas & NGL Volume Growth

MPLX reported second-quarter 2026 earnings of $1.06 per unit, up 2.9% from $1.03 a year ago. The bottom line surpassed the Zacks Consensus Estimate of $1.04 per unit by 1.9%.

Total revenues and other income increased 10.3% to $3.31 billion from $3 billion a year earlier. The top line beat the consensus estimate of $3.19 billion by 3.8%.

The strong quarterly results were driven by higher gathering and fractionation volumes. Adjusted EBITDA increased 5% to $1.78 billion.

MPLX's Income Rises Despite Higher Costs

Net income attributable to MPLX increased to $1.08 billion from $1.05 billion in the year-ago quarter. Income from operations improved 6.6% to $1.38 billion, driven by higher contributions from both operating segments.

Total costs and expenses increased 13.1% to $1.93 billion from $1.71 billion recorded in the prior-year quarter. Operating expenses, including purchased product costs, increased to $1.01 billion from $821 million, while depreciation and amortization rose to $365 million from $324 million. Net interest and other financial costs increased 23.5% to $289 million.

MPLX's Logistics Business Delivers Growth

Crude Oil and Products Logistics segment adjusted EBITDA increased 2% to $1.16 billion. Higher rates across the business and increased butane blending more than offset lower crude pipeline throughput and higher operating expenses.

Total pipeline throughput declined 4% to 5.88 million barrels per day (MMBbl/d). Crude oil pipeline volumes fell 5% to 3.83 MMBbl/d from 4.01 MMBbl/d, while product pipeline volumes decreased 2% to $2.05 MMBbl/d from $2.09 MMBbl/d in the prior-year quarter.

Terminal throughput increased 2% to 3.26 MMBbl/d, and the average pipeline tariff rate edged up 1% to $1.07 per barrel.

MPLX's Gas & NGL Services Operations Gain Momentum

Natural Gas and NGL Services segment adjusted EBITDA advanced 11% to $614 million. The increase reflected higher volumes, contributions from equity affiliates and acquisitions. These benefits were partly offset by the 2025 divestiture of non-core Rockies gathering and processing assets.

Gathering throughput rose 5% to 6.86 billion cubic feet per day (Bcf/d), while fractionation volumes increased 7% to 680,000 barrels per day (Bbl/d). Natural gas processed declined 2% to 9.59 Bcf/d. Excluding divested assets, gathering and processing volumes increased 15% and 5%, respectively.

MPLX’s Cash Flow Funds Capital Returns

Net cash provided by operating activities totaled $1.70 billion compared with $1.74 billion a year ago. Distributable cash flow increased to $1.45 billion from $1.42 billion, while adjusted free cash flow totaled $668 million.

MPLX declared a distribution of $1.0765 per unit, up from 95.65 cents a year earlier, resulting in 1.3X coverage. The partnership returned more than $1.1 billion to unitholders, including $50 million through unit repurchases. Management expects distribution increases of 12.5% in 2026 and 2027.

MPLX Maintains Balance Sheet

The partnership ended June with $1.03 billion in cash, $2.5 billion available under its revolving credit facility and $1.5 billion available through its intercompany loan agreement with Marathon Petroleum. Total debt was $25.64 billion, while leverage remained at 3.7X.

MPLX's Projects Support Second-Half Growth

MPLX placed the 200-million-cubic-feet-per-day (MMcf/d) Secretariat I processing plant into service in April. The partnership exited the quarter with 86% utilization across its Delaware Basin processing system. Marcellus processing utilization reached 96%, supporting record volumes across the system.

Harmon Creek III began operations in August, adding 300 MMcf/d of processing capacity and 40,000 Bbl/d of de-ethanization capacity. The BANGL pipeline expansion to 300,000 Bbl/d, Blackcomb pipeline and Titan sour gas treating expansion are expected to enter service in the fourth quarter.

MPLX's Capital Spending Outlook Increases

The partnership raised its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects accelerated work on its Gulf Coast fractionation project, pulling forward spending previously planned for early 2027.

More than 90% of organic growth capital is directed toward natural gas and natural gas liquids infrastructure. Management expects the project sequence to drive stronger adjusted EBITDA in the third quarter than the second quarter, followed by sequential growth in the fourth quarter. MPLX continues to target mid-single-digit adjusted EBITDA growth for 2026.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a flat trend in estimates revision.

VGM Scores

Currently, MPLX LP has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

MPLX LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

MPLX LP belongs to the Zacks Oil and Gas - Production and Pipelines industry. Another stock from the same industry, Pembina Pipeline (PBA Quick QuotePBA - Free Report) , has gained 3.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Pembina Pipeline reported revenues of $1.55 billion in the last reported quarter, representing a year-over-year change of +20%. EPS of $0.48 for the same period compares with $0.47 a year ago.

Pembina Pipeline is expected to post earnings of $0.46 per share for the current quarter, representing a year-over-year change of +48.4%. Over the last 30 days, the Zacks Consensus Estimate has changed -7.1%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Pembina Pipeline. Also, the stock has a VGM Score of F.