MPLX
Moves and processes crude oil, refined products, natural gas, and NGLs.
Something off on this page? Send us feedback.
Profile
Moves and processes crude oil, refined products, natural gas, and NGLs across the United States. Two linked midstream businesses span logistics and storage for crude and products, plus gathering, treating, processing, transportation, and fractionation for gas and NGLs.
Crude Oil and Products Logistics moves crude oil and refined products through pipelines, terminals, storage, marine logistics, refining logistics, and fuels distribution across the United States. Natural Gas and NGL Services gathers, treats, processes, transports, fractionates, stores, and markets gas and natural gas liquids from producing basins toward downstream markets.
Integration across product value chains, operational safety, and selective projects and transactions define execution. The platform links Appalachian gas processing and fractionation with expanding Permian-to-Gulf Coast infrastructure, while recent portfolio actions added Northwind and full ownership of BANGL and exited Rockies operations.
Marathon Petroleum controls the general partner, owns most common units, supplies the operating workforce through affiliates, and is the largest customer. Cash flows retain contract-specific commodity and volume exposure, while expansion depends on construction, commissioning, integration, and throughput.
Company facts
Categories
Key statistics
Year to date +10.1% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | RBC Capital | Reiterate | Outperform | $60 | $64 | |
| Aug 12, 2026 | Morgan Stanley | Reiterate | Equal Weight | $60 | $66 | |
| Aug 6, 2026 | Barclays | Reiterate | Overweight | $58 | $63 | |
| Aug 5, 2026 | Wells Fargo | Reiterate | Overweight | $61 | $63 | |
| Jul 29, 2026 | Wolfe Research | Downgrade | Outperform | Peer Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $1.06 | $1.06 | 0.0% | $3.14B | $3.08B | −1.9% | +2.72% |
| May 5, 2026Q1 FY26 | $1.05 | $0.90 | −14.3% | $3.09B | $2.81B | −9.3% | 0.00% |
| Feb 3, 2026Q4 FY25 | $1.06 | $1.17 | +10.4% | $3.18B | $3.25B | +2.4% | +0.58% |
| Nov 4, 2025Q3 FY25 | $1.07 | $1.52 | +42.1% | $3.16B | $3.62B | +14.6% | +0.74% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.89B | $2.79B | $3.62B | $3.10B | $2.86B | $3.31B | |
| Gross profit | $1.27B | $1.22B | $2.20B | $1.47B | $1.17B | $1.89B | |
| Operating income | $1.37B | $1.29B | $1.80B | $1.33B | $1.02B | $1.38B | |
| Net income | $1.13B | $1.05B | $1.55B | $1.19B | $912.0M | $1.09B | |
| Diluted EPS | $1.10 | $1.03 | $1.52 | $1.17 | $0.90 | $1.06 | |
| Gross margin | 44.1% | 43.7% | 60.8% | 47.3% | 41.0% | 56.9% | |
| Operating margin | 47.3% | 46.4% | 49.8% | 42.9% | 35.8% | 41.6% |
Fiscal years (4-quarter sums)FY21 $9.58B · FY22 $10.54B · FY23 $10.43B · FY24 $10.90B · FY25 $12.39B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.03B · Total debt $25.90B · Total assets $42.97B · Shareholders' equity $14.03B
Dividends
Raised for 12 straight years — most recently to $1.0765 from $0.9565 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Aug 14 | $1.0765 | |
| May 8, 2026 | May 8 | May 15 | $1.0765 | |
| Feb 9, 2026 | Feb 9 | Feb 17 | $1.0765 | |
| Nov 7, 2025 | Nov 7 | Nov 14 | $1.0765 | raised from $0.9565 |
| Aug 8, 2025 | Aug 8 | Aug 15 | $0.9565 | |
| May 9, 2025 | May 9 | May 16 | $0.9565 | |
| Feb 3, 2025 | Feb 3 | Feb 14 | $0.9565 | |
| Nov 8, 2024 | Nov 8 | Nov 15 | $0.9565 | raised from $0.85 |
Ownership
Shares outstanding 1.01B · Float 363.67M · 35.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Alps Advisors Inc | 28.60M | 2.82% | 13F | Jul 29, 2026 |
| Invesco Ltd. | 18.27M | 1.80% | 13F | Aug 14, 2026 |
| Blackstone Inc. | 12.96M | 1.28% | 13F | Aug 14, 2026 |
| Goldman Sachs Group Inc | 11.33M | 1.12% | 13F | Aug 14, 2026 |
| Tortoise Capital Advisors, L.L.C. | 10.50M | 1.03% | 13F | Aug 14, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Enterprise Products Partners
Integrated rival across gas, NGL, crude and refined-products logistics
- Energy Transfer
Broad pipeline and terminal rival across both MPLX value chains
- ONEOK
Integrated NGL, gas and liquids-logistics rival
- Targa Resources
Permian gas-processing and Gulf Coast NGL rival
- Williams
Appalachian gathering, processing and NGL-services rival
- Kinder Morgan
Gas, refined-products and terminal infrastructure rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Median | 18.3 | 18.4 | 2.6 | +31.8% |