MPLX LP Earnings Summary — Q1 2026

• Revenue for Q1 2026 declined 2.79% year-over-year to $2,856 million, marking a reversal from the growth seen throughout 2025.
• Net Income attributable to common units fell significantly to $912 million, down 19% compared to the prior year period.
• Operating income was pressured by rising costs, particularly interest expenses which increased to $291 million from $235 million a year ago.
• The partnership experienced a sequential revenue drop of 7.8% and a net income drop of 23.4% compared to Q4 2025.
• Despite current quarterly volatility, the company maintains a strategic 'wellhead-to-water' service model and a mature cash-generative profile.
• The company's cost of revenue grew as a percentage of total sales, contributing to the contraction in operating margins to 36.1%.

Management remains focused on a self-funding model for organic growth and continues to leverage its strategic relationship with Marathon Petroleum (MPC).

Deteriorating

After a year of steady growth in 2025, Q1 2026 shows a sharp decline in profitability and a year-over-year revenue contraction.

The company expects to maintain its dominant footprint in the Marcellus and Permian basins while navigating the energy transition and potential regulatory hurdles for future infrastructure.