MPLX LP (MPLX), a diversified master limited partnership that owns midstream energy infrastructure, raised its 2026 organic growth capital outlook by $500 million to $2.9 billion, citing accelerated execution of a Gulf Coast fractionation project.

The increase from the $2.4 billion plan announced with fourth-quarter 2025 results is the quarter’s defining capital decision. The partnership said it plans to invest more than 90% of organic growth capital toward natural gas and NGL infrastructure, with projects concentrated in the Permian and Marcellus basins.

Adjusted EBITDA attributable to MPLX was $1.78 billion in the three months ended June 30, 2026, reversing a sequential decline from $1.80 billion in the fourth quarter of 2025. Net income attributable to MPLX was $1.08 billion.

Crude Oil and Products Logistics adjusted EBITDA was $1.16 billion. The $23 million year-over-year increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by lower crude pipeline throughputs and higher operating expenses.

Natural Gas and NGL Services adjusted EBITDA was $614 million. The $62 million year-over-year increase was driven by increased volumes, including growth from equity affiliates and acquisitions, partially offset by the 2025 divestiture of non-core gathering and processing assets.

Total pipeline throughput was 5,876 thousand barrels a day, down 4% from 6,103 thousand barrels a day a year earlier. Average pipeline tariff rates were $1.07 a barrel. Terminal throughput was 3,259 thousand barrels a day.

Consolidated gathering throughput was 6,859 million cubic feet a day. Natural gas processed was 9,590 million cubic feet a day. C2+ NGLs fractionated were 680 thousand barrels a day. Excluding divested assets, gathering throughput was 3,832 million cubic feet a day, natural gas processed was 6,964 million cubic feet a day, and C2+ NGLs fractionated were 608 thousand barrels a day.

Net cash provided by operating activities was $1.70 billion. Distributable cash flow attributable to MPLX was $1.45 billion. Adjusted free cash flow was $668 million. The partnership returned $1.1 billion of capital in the quarter.

The second-quarter distribution was $1.0765 a common unit, matching the first-quarter and fourth-quarter 2025 rates. Distribution coverage was 1.3x. MPLX expects distribution increases of 12.5% in 2026 and 2027.

The leverage ratio was 3.7x at June 30, 2026. The stability of cash flows supports leverage in the range of 4.0x. Cash and cash equivalents were $1.03 billion. MPLX had $2.5 billion available on its bank revolving credit facility and $1.5 billion available through its intercompany loan agreement with MPC. It repurchased $50 million of common units held by the public and had approximately $1.0 billion remaining under unit repurchase authorizations.

The Harmon Creek III 300 million cubic feet a day gas processing plant and 40 thousand barrel a day de-ethanizer in the Marcellus began operations in August. Secretariat I, a 200 million cubic feet a day gas processing plant in the Delaware Basin, was placed in service in April. Titan Complex sour gas treating capacity is increasing from 150 million cubic feet a day to over 400 million cubic feet a day, with in-service expected in the fourth quarter of 2026. BANGL pipeline expansion to 300 thousand barrels a day and Blackcomb Pipeline commissioning are also targeted for the fourth quarter.

Chairman, president and chief executive officer Maryann Mannen said additional projects entering service in the second half of the year and higher utilizations leave MPLX positioned to deliver mid-single-digit adjusted EBITDA growth.