MPLX will report third-quarter results on Tuesday, Nov. 3, after management said the third quarter should be stronger than the second, and the fourth stronger still. The MLP spent $5.5 billion on growth projects and acquisitions last year and plans $2.9 billion in growth capex in 2026, aiming for mid-single-digit adjusted EBITDA growth. First-half adjusted EBITDA reached $3.5 billion, up less than 2% year over year, so the second half must accelerate. The article estimates third-quarter adjusted EBITDA near $1.85 billion, versus nearly $1.8 billion in the second quarter. The board declared a third-quarter distribution of $1.2111 per unit, up 12.5% year over year, making distribution coverage (1.3x at the end of the second quarter) and leverage (3.7x, versus a 4.0x target) key metrics to watch.
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