MPLX LP MPLX reported first-quarter 2025 earnings of $1.10 per unit, which topped the Zacks Consensus Estimate of $1.06. The bottom line also improved from the year-ago quarter’s level of 98 cents.

Total quarterly revenues of $3.12 billion missed the Zacks Consensus Estimate of $3.21 billion. The top line, however, increased from the prior-year level of $2.85 billion. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

The strong quarterly earnings were primarily driven by higher pipeline throughputs and increased gathering and processing volumes. However, increased total costs and expenses partially offset the positives.

MPLX LP Price, Consensus and EPS SurpriseMPLX 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 to 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 $1.1 billion from $1.06 billion a year ago. The improvement was primarily due to increased rates and higher throughputs. Total pipeline throughputs in the quarter were 5.93 million barrels per day (mbpd), up 12% from the prior-year quarter’s level of 5.29 mbpd.

Adjusted EBITDA from the Natural Gas and NGL Services segment amounted to $660 million, up from $576 million a year ago. The increase was driven by a rise in volumes, particularly from the Utica and Permian Basins, and growth from equity affiliates. The segment also gained from a non-recurring benefit of $37 million related to a customer agreement.

Gathering throughput volumes averaged 6.5 billion cubic feet per day (Bcf/d), implying a 5% increase from the year-ago level. Natural gas processed volumes totaled 9.8 Bcf/d, indicating a 4% improvement from the year-ago level.

Costs and Expenses

Total costs and expenses were $1.76 billion, up from the year-ago reported figure of $1.6 billion. The increase was primarily due to higher operating expenses (including purchased product costs). Higher depreciation and amortization expenses also contributed to the same.

Cash Flow

Distributable cash flow in the quarter totaled $1.49 billion, providing 1.5X distribution coverage. The figure increased from $1.37 billion in the year-ago quarter.

Adjusted free cash flow increased to $641 million from $294 million in the corresponding period of 2024.

Balance Sheet

As of March 31, 2025, the partnership’s cash and cash equivalents were $2.5 billion, and its total debt amounted to $22.4 billion.

Story Continues

MPLX’s Zacks Rank and Key Picks

MPLX currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Archrock Inc. AROC, EQT Corporation EQT and Galp Energia SGPS SA GLPEY. While Archrock currently sports a Zacks Rank #1 (Strong Buy), EQT and Galp Energia carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.

EQT is the largest natural gas producer in the United States. EQT holds numerous premium natural gas drilling locations in the core Appalachian Basin, securing a solid production outlook. EQT is poised to benefit from the rising demand for natural gas as a cleaner-burning fuel. The recent rise in natural gas prices is also anticipated to positively impact its profitability.

Galp Energia is a Portuguese energy company, engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp had 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.

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