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MPLX MPLX Natural Gas & NGL Services — Operating Expenses

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Other financials

Income statement

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Revenue$3.3B+10.3%
Operating income$1.4B+6.6%
Net income$1.1B+1.8%
EPS (diluted)$1.06+2.9%

Balance sheet

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Cash & equivalents$1.0B-25.6%
Total debt$25.6B+9,326%
Total assets$43.0B+13.6%

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$59.51B+16.3%
P/E12.5×+0.8×
P/S4.5×+0.3×

Profitability

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Operating margin44.4%+1.1pp
Net margin36%+0.2pp
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 source filing: MPLX’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 1:05 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001552000-26-000025
(In millions)Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Other income2215
Total segment revenues and other income(1)1,4181,532
Purchased product costs498459
Operating expenses428445
Other segment items(2)(126)(32)
Segment Adjusted EBITDA(3)618660
Capital expenditures561153
Investments in unconsolidated affiliates(4)$237$119

Item 1. Financial Statements

FAQ

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.

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