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MPLX MPLX Natural Gas & NGL Services — Operating Expenses

Other segment segments

Crude Oil and Products Logistics
$540M+2.3%

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Other financials

Income statement

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Revenue$3.0B-2.8%
Operating income$1.2B-11.1%
Net income$922.0M-18.8%
EPS (diluted)$0.90-18.2%

Balance sheet

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Cash & equivalents$1.5B-40.6%
Total debt$267.0M-5.3%
Total assets$42.9B+10.2%

Cash flow

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Operating cash flow$1.3B+8.1%
CapEx$575.0M+115%
Free cash flow$772.0M-21.1%

Valuation

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Market cap$57.06B+8.5%
Enterprise value$55.82B+10.9%
P/E12×+0.3×
P/S4.4×+0.1×

Profitability

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Operating margin44.8%+0.6pp
Net margin36.7%0.0pp
FCF margin30.2%-9.4pp

Returns & leverage

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Current ratio1.1×0.0×

Where this comes from

Reported directly by MPLX in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The official record: MPLX’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MPLX's natural gas & NGL services — operating expenses?
MPLX (MPLX) reported natural gas & NGL services — operating expenses of $428M in Q1 2026.
How has MPLX's natural gas & NGL services — operating expenses changed year-over-year?
MPLX's natural gas & NGL services — operating expenses decreased by 3.8% year-over-year, from $445M to $428M.
What is the long-term trend for MPLX's natural gas & NGL services — operating expenses?
Over 3 years (2022 to 2025), MPLX's natural gas & NGL services — operating expenses has grown at a 5.2% compound annual growth rate (CAGR), from $1.47B to $1.72B.
What does natural gas & NGL services — operating expenses mean?
This represents the direct costs incurred to operate and maintain the gathering, processing, and fractionation assets within the Natural Gas and NGL segment. It includes expenses such as labor, maintenance, utilities, and field-level overhead necessary to support midstream operations. Monitoring these costs helps assess the operational efficiency and cost-management discipline of the segment.