TC Energy vs MPLX

This page compares TC Energy and MPLX, examining how each company structures its business models, what informs its financial performance, and how they operate within broader market contexts. The analysis remains neutral and accessible, helping readers understand the similarities and differences between the two organisations. Educational content, not financial advice.

This page compares TC Energy and MPLX, examining how each company structures its business models, what informs its financial performance, and how they operate within broader market contexts. The analy...

Comparison Snapshot

Key Financial Metrics

TRP

Metric

MPLX

$58.69B

Market Cap

$55.70B

-13.49%

Potential Profit

3.11%

Buy

Analyst Rating

Buy

Why It's Moving

TC Energy's shares gain momentum amid steady energy infrastructure demand.

Stock advanced from $75.92 on Jan 19 to $77.11 by Jan 23, signaling investor confidence in operational steadiness.
Company disclosed updates on junior subordinated notes, aligning LIBOR fallback to SOFR under U.S. law, easing transition uncertainties.
Recent trading sessions show consistent volume and modest gains, underscoring sector strength without fresh catalysts.

Sentiment:

🐃Bullish

MPLX Surges on 12.5% Distribution Hike, Signaling Robust Midstream Momentum.

Distribution increase of 12.5% highlights reliable revenue from regulated rates and long-term deals, boosting investor appeal for income-focused plays.
Shares delivered 9.32% return over 90 days and 15.75% over one year, reflecting building momentum in both yield and capital gains.
Trading at a discounted P/E of 11.8x versus peers and fair value estimates, MPLX appears undervalued with upside potential from organic growth initiatives.

Sentiment:

🐃Bullish

TC Energy's shares gain momentum amid steady energy infrastructure demand.

Stock advanced from $75.92 on Jan 19 to $77.11 by Jan 23, signaling investor confidence in operational steadiness.
Company disclosed updates on junior subordinated notes, aligning LIBOR fallback to SOFR under U.S. law, easing transition uncertainties.
Recent trading sessions show consistent volume and modest gains, underscoring sector strength without fresh catalysts.

Sentiment:

🐃Bullish

MPLX Surges on 12.5% Distribution Hike, Signaling Robust Midstream Momentum.

Distribution increase of 12.5% highlights reliable revenue from regulated rates and long-term deals, boosting investor appeal for income-focused plays.
Shares delivered 9.32% return over 90 days and 15.75% over one year, reflecting building momentum in both yield and capital gains.
Trading at a discounted P/E of 11.8x versus peers and fair value estimates, MPLX appears undervalued with upside potential from organic growth initiatives.

Sentiment:

🐃Bullish

Investment Analysis

TC Energy

TRP

Pros

TC Energy has a large and diversified network of 93,700 kilometers of natural gas pipelines across North America, providing stable cash flow from essential infrastructure.
The company has sanctioned over $5 billion in low-risk, accretive growth projects backed by long-term contracts, supporting its EBITDA growth outlook through 2028.
TC Energy offers a generous dividend yield around 4.78%, recently increased, reflecting strong cash generation and shareholder returns.

Considerations

Its valuation metrics show a premium Price/Book and Price/LTM Sales compared to the sector average, suggesting a relatively higher valuation.
Exposure to regulated natural gas assets means sensitivity to regulatory risks and fluctuating energy policies in North America.
While diversified geographically, TC Energy's focus on natural gas pipelines limits its exposure to faster-growing renewable energy trends.

MPLX

Pros

MPLX is a diversified, large-cap master limited partnership with significant midstream energy infrastructure and logistics assets.
It benefits from stable cash flow due to its focus on transportation and storage of natural gas and crude oil with established contracts.
MPLX’s structure as an MLP typically offers attractive distributions for income-focused investors, supported by its size and asset base.

Considerations

As a midstream operator, MPLX is exposed to commodity price volatility which can impact volumes and cash flow stability.
Its midstream logistics business faces competition from larger players which could pressure margins and growth opportunities.
The partnership structure may complicate tax considerations for some investors and impose constraints on capital allocation flexibility.

Related Market Insights

OPEC+ Opens The Taps: Midstream's Moment

Discover how OPEC+ oil production increases create compelling opportunities for midstream energy companies. Invest in essential oil & gas infrastructure for steady cash flow & dividends.

Aimee Silverwood | Financial Analyst

July 25, 2025

Read Insight

Related Market Insights

OPEC+ Opens The Taps: Midstream's Moment

Discover how OPEC+ oil production increases create compelling opportunities for midstream energy companies. Invest in essential oil & gas infrastructure for steady cash flow & dividends.

Aimee Silverwood | Financial Analyst

July 25, 2025

Read Insight

About The Companies

TC Energy (TRP)

TransCanada Corporation (TRP) is an energy infrastructure company primarily known for owning and operating natural gas pipelines, liquids pipelines and power generation assets. Investors typically look at TRP for steady cash flow characteristics driven by long-term contracts and regulated or contracted revenue streams, alongside a history of dividend distributions. Key considerations include sensitivity to regulatory decisions, commodity-price trends that affect throughput and margins, capital spending on new projects, and the company’s response to the low-carbon transition. Project delays, permit risks and interest-rate changes can influence returns. This summary is for general educational purposes only and is not investment advice; it does not take account of your personal financial situation. Values can fall as well as rise, and past distributions are not a guarantee of future payments. Always consider whether an asset fits your objectives and consult a regulated adviser if you need tailored guidance.

MPLX (MPLX)

MPLX LP is a US-listed master limited partnership that owns and operates midstream energy infrastructure — including crude and refined-product pipelines, storage terminals and natural‑gas gathering and processing assets. It earns revenue from a mix of fee-based transportation and storage contracts and commodity-related activities; that blend can offer relatively steady cash flows but does not eliminate sensitivity to energy production, throughput volumes and commodity prices. MPLX has historically prioritised distributions to unitholders and growth through organic projects and acquisitions, but leverage, capital expenditure cycles and regulatory developments can influence cash flow and payout sustainability. With a market capitalisation around $50.6 billion, investors should monitor volumes, contract terms, project execution and balance‑sheet metrics. This is educational information only, not personal financial advice — values can fall as well as rise and past performance is not a guide to the future. Consider whether this type of asset is suitable for your circumstances and consult a licensed adviser for personalised guidance.

TC Energy (TRP) Next Earnings Date

TC Energy's next earnings date is estimated for February 13, 2026, aligning with the consensus across multiple financial tracking sources based on historical patterns. This report will cover the Q4 2025 period, typically released in mid-February following prior-year precedents. The company has not yet officially confirmed the exact date or time.

MPLX (MPLX) Next Earnings Date

MPLX LP's next earnings date is February 3, 2026, covering the fourth quarter and full year of 2025. The company has officially announced this release, with a conference call scheduled for 9:30 AM ET. Investors should monitor for pre-market disclosure based on historical patterns.

TC Energy (TRP) Next Earnings Date

TC Energy's next earnings date is estimated for February 13, 2026, aligning with the consensus across multiple financial tracking sources based on historical patterns. This report will cover the Q4 2025 period, typically released in mid-February following prior-year precedents. The company has not yet officially confirmed the exact date or time.

MPLX (MPLX) Next Earnings Date

MPLX LP's next earnings date is February 3, 2026, covering the fourth quarter and full year of 2025. The company has officially announced this release, with a conference call scheduled for 9:30 AM ET. Investors should monitor for pre-market disclosure based on historical patterns.

Which Baskets Do They Appear In?

OPEC+ Opens The Taps: Midstream's Moment

OPEC+ has decided to maintain its policy of gradually increasing oil production to meet rising global demand. This creates an investment opportunity in companies that provide the essential midstream services, such as transportation and storage, which will see increased business from the higher oil supply.

Published: July 25, 2025

Explore Basket

Which Baskets Do They Appear In?

OPEC+ Opens The Taps: Midstream's Moment

OPEC+ has decided to maintain its policy of gradually increasing oil production to meet rising global demand. This creates an investment opportunity in companies that provide the essential midstream services, such as transportation and storage, which will see increased business from the higher oil supply.

Published: July 25, 2025

Explore Basket

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TC Energy vs MPLX

Comparison Snapshot

Why It's Moving

TC Energy's shares gain momentum amid steady energy infrastructure demand.

MPLX Surges on 12.5% Distribution Hike, Signaling Robust Midstream Momentum.

TC Energy's shares gain momentum amid steady energy infrastructure demand.

MPLX Surges on 12.5% Distribution Hike, Signaling Robust Midstream Momentum.