MPLX LP

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus, with a revenue beat of $3,312M vs. $3,142M expected, while Diluted EPS of $1.06 was in-line with the $1.06 mean estimate. The Natural Gas and NGL Services segment was the primary growth driver, with adjusted EBITDA up 11% YoY due to higher volumes and recent acquisitions. Management raised the 2026 growth capital outlook by $500M to $2.9B to accelerate Gulf Coast fractionation projects, while maintaining a stable 1.3x distribution coverage.