The midstream partnership returned over $1.1 billion to unitholders and raised its 2026 capital spending outlook by $500 million.
MPLX reported second-quarter adjusted EBITDA of $1.8 billion, a 5% increase from the prior year, driven by higher volumes and rates across its operations. The company offset the impact of its late-2025 Rockies asset divestiture with stronger performance in other segments.
The partnership returned more than $1.1 billion to unitholders during the quarter and raised its 2026 capital spending outlook by $500 million to $2.9 billion. This increase supports accelerated work on Gulf Coast fractionation and LPG export projects, targeted for startup in 2028.
Management expects growth to accelerate in the second half of 2026 as new processing, pipeline, and treating assets ramp up. MPLX also plans to grow quarterly distributions by 12.5% in 2026 and 2027 while maintaining 1.3-times distribution coverage.