MPLX LP MPLX is set to report first-quarter 2026 results on May 5, before the opening bell.
In the last reported quarter, the large-cap master limited partnership’s adjusted earnings of $1.17 per unit beat the Zacks Consensus Estimate of $1.08 due to increased throughput in oil and product pipelines, as well as natural gas and natural gas liquids (NGL) gathering.
The midstream player beat on earnings in three of the trailing four quarters and missed the mark once, delivering an average surprise of 12.6%. This is depicted in the graph below:
MPLX LP Price and EPS Surprise
MPLX LP price-eps-surprise | MPLX LP Quote
MPLX’s Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of $1.05 has witnessed no estimate revision in the past seven days. The consensus estimate implies a decline of 4.6% from the year-ago reported number.
The Zacks Consensus Estimate for revenues of $3.18 billion indicates a 1.9% increase from the year-ago reported figure.
Factors to Consider for MPLX
Being a midstream energy player, the partnership is likely to have generated stable fee-based revenues in the March quarter of 2026 from its asset base, which comprises pipeline networks that transport crude oil and refined products. Although largely fee-based, MPLX’s business is still indirectly impacted by oil and gas price volatility, which can affect volumes and margins. Lower oil prices at the start of the quarter may have pressured MPLX’s earnings, as lower drilling activity could have led to reduced gathering and processing volumes.
MPLX is expected to have generated cash flows from its natural gas and NGL processing and fractionation facilities. However, lower natural gas prices in February and March 2026 compared with the same period of 2025 may have hampered MPLX’s natural gas and NGL services due to reduced production volumes.
Earnings Whispers for MPLX
Our proven model does not conclusively predict an earnings beat for MPLX this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: MPLX has an Earnings ESP of +1.43%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: The partnership currently carries a Zacks Rank #4 (Sell).
A Stock to Consider
Here is one stock that you may want to consider, as this has the right combination of elements to post an earnings beat this reporting cycle.
Shell plc SHEL currently has an Earnings ESP of +3.56% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shell is set to release first-quarter earnings on May 7, 2026. The Zacks Consensus Estimate for SHEL’s earnings is pegged at $1.78 per share, indicating a 3.3% decline from the prior-year reported figure.
Energy Giants That Have Posted Q1 Results: BP & CVX
BP plc BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents. BP has a Zacks Rank #2 at present.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, BP’s long-term debt amounted to $25.3 billion.
Chevron Corporation CVX reported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents. CVX currently sports a Zacks Rank #1.
As of March 31, 2026, Chevron reported $5.3 million in cash and cash equivalents. At the quarter's end, CVX’s total debt amounted to $45.4 billion.
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BP p.l.c. (BP): Free Stock Analysis Report
Chevron Corporation (CVX): Free Stock Analysis Report
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Shell PLC Unsponsored ADR (SHEL): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).