Overview

• U.S. midstream energy operator's Q1 revenue and net income declined year-over-year

• Adjusted EBITDA for Q1 missed analyst expectations

• Company repurchased $50 mln in common units during the quarter

Outlook

• MPLX expects Delaware Basin sour gas capacity to exceed 400 MMcf/d by year end

• Company plans to bring Harmon Creek III processing plant into service in Q3 2026

• MPLX expects cash flow to support 12.5% annual distribution growth for two more years

Result Drivers

• DERIVATIVES, INTEREST, AND DEPRECIATION - Co said lower net income was primarily due to derivatives impacts, higher interest expense, the absence of a prior-year non-recurring benefit, and increased depreciation

• SEGMENT MIX - Crude Oil and Products Logistics segment adjusted EBITDA rose on higher rates, partly offset by lower crude pipeline throughputs; Natural Gas and NGL Services segment fell due to absence of a prior-year non-recurring benefit, lower NGL prices, and higher operating expenses

Company press release: ID:nPnd2kCka

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$3.04 bln
Q1 Net Income		$912 mln
Q1 Adjusted EBITDA	Miss	$1.73 bln	$1.75 bln (11 Analysts)
Q1 Income from Operations		$1.21 bln
Q1 Pretax Profit		$923 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for MPLX LP is $60.00, about 5% above its May 4 closing price of $57.17

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

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