MPLX LP announced a letter of intent with MARA Holdings to supply natural gas for gas‑fired power generation and data‑center campuses in West Texas. The partnership will use MPLX’s Delaware Basin processing plants to deliver gas to the new facilities, creating a direct link between MPLX’s upstream assets and MARA’s energy‑intensive operations.
The initial power‑generation capacity is 400 MW, with the potential to scale up to 1.5 GW. Under the agreement, MPLX will receive electricity from the facilities under a tolling arrangement, providing a new revenue stream and diversifying its customer base beyond traditional producer‑customer contracts.
The deal aligns with MPLX’s wellhead‑to‑water strategy, creating in‑basin demand and strengthening its value chain. It also positions MPLX in the growing energy‑to‑compute trend, giving MARA access to low‑cost local gas for data‑center campuses and supporting the region’s shift toward AI and high‑performance computing workloads.
On the same day, MPLX reported Q3 2025 earnings that beat expectations. Earnings per share were $1.52 versus an estimate of $1.07, a beat of $0.45 or 42%. Revenue reached $3.62 billion against an estimate of $3.28 billion, a $340 million or 10.4% beat. Adjusted EBITDA was $1.80 billion, up 3% year‑over‑year, and distributable cash flow was $1.50 billion, up 2% year‑over‑year. Management highlighted strong performance in natural‑gas and NGL services, strategic acquisitions such as the remaining interest in the BANGL NGL Pipeline System and the Delaware Basin sour‑gas treating business, and a forecast of mid‑single‑digit EBITDA growth with a 12.5% increase in quarterly distributions for the next two years.
The earnings beat and distribution increase drove a positive market reaction, with analysts noting MPLX’s robust cash flow and strategic positioning. The partnership with MARA was viewed favorably, seen as a win for both companies, as it creates in‑basin demand for MPLX’s gas and provides MARA with a reliable, low‑cost energy source for its data‑center expansion.
MPLX expects continued EBITDA growth, a stronger outlook for 2026, and plans to increase distributions. The partnership with MARA supports MPLX’s strategy and provides MARA with low‑cost gas for data‑center operations, potentially accelerating AI and HPC workloads.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.