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.

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.

Comparison Snapshot

Key Financial Metrics

TRP

Metric

MPLX

$56.56B

Market Cap

$55.45B

-10.00%

Potential Profit

5.40%

Buy

Analyst Rating

Buy

Why It's Moving

TC Energy Extends Strong EBITDA Growth Outlook Following Robust Q3 Results

Q3 2025 comparable EBITDA reached $2.7 billion, up from $2.4 billion year-over-year, signaling enhanced operational performance and market demand.
The company updated its EBITDA guidance with anticipated growth to $10.8–11.0 billion in 2025 and $12.6–13.1 billion by 2028, reflecting confidence in sustained cash flow expansion.
Declared a quarterly dividend of $0.85 per share for Q4 2025, underscoring commitment to shareholder returns amid ongoing strategic investments.

Sentiment:

🐃Bullish

MPLX LP boosts quarterly distribution amid robust Q3 earnings and strategic portfolio moves

Reported Q3 net income of $1.545 billion and adjusted EBITDA of $1.8 billion, surpassing analyst expectations and signaling strong operational performance.
Increased quarterly distribution by 12.5% to $1.0765 per common unit, supported by a 1.3x distribution coverage ratio, underlining confidence in sustainable cash flow.
Executed portfolio optimization with the acquisition of a Delaware Basin sour gas treating business and divestiture of Rockies assets, funded partly through $4.5 billion senior notes issuance to enhance growth focus on Permian and Marcellus basins.

Sentiment:

🐃Bullish

TC Energy Extends Strong EBITDA Growth Outlook Following Robust Q3 Results

Q3 2025 comparable EBITDA reached $2.7 billion, up from $2.4 billion year-over-year, signaling enhanced operational performance and market demand.
The company updated its EBITDA guidance with anticipated growth to $10.8–11.0 billion in 2025 and $12.6–13.1 billion by 2028, reflecting confidence in sustained cash flow expansion.
Declared a quarterly dividend of $0.85 per share for Q4 2025, underscoring commitment to shareholder returns amid ongoing strategic investments.

Sentiment:

🐃Bullish

MPLX LP boosts quarterly distribution amid robust Q3 earnings and strategic portfolio moves

Reported Q3 net income of $1.545 billion and adjusted EBITDA of $1.8 billion, surpassing analyst expectations and signaling strong operational performance.
Increased quarterly distribution by 12.5% to $1.0765 per common unit, supported by a 1.3x distribution coverage ratio, underlining confidence in sustainable cash flow.
Executed portfolio optimization with the acquisition of a Delaware Basin sour gas treating business and divestiture of Rockies assets, funded partly through $4.5 billion senior notes issuance to enhance growth focus on Permian and Marcellus basins.

Sentiment:

🐃Bullish

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

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Which Baskets Do They Appear In?

OPEC+ Opens The Taps: Midstream's Moment

Published: July 25, 2025

Explore Basket

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.

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TC Energy vs MPLX

About The Companies

Comparison Snapshot

Why It's Moving

TC Energy Extends Strong EBITDA Growth Outlook Following Robust Q3 Results

MPLX LP boosts quarterly distribution amid robust Q3 earnings and strategic portfolio moves

TC Energy Extends Strong EBITDA Growth Outlook Following Robust Q3 Results

MPLX LP boosts quarterly distribution amid robust Q3 earnings and strategic portfolio moves

Which Baskets Do They Appear In?

OPEC+ Opens The Taps: Midstream's Moment

Which Baskets Do They Appear In?

OPEC+ Opens The Taps: Midstream's Moment

Investment Analysis

TC Energy

Pros

Considerations

MPLX

Pros

Considerations

Why invest with Nemo?

Zero Commission

Trusted & Regulated

6% Interest on Cash

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Frequently asked questions

What is the fundamental difference between TC Energy and MPLX in terms of business model?

How does the nature of regulated assets influence risk profiles for TC Energy and MPLX?

What does diversification mean in the context of these two companies?

Why might investors consider TC Energy’s dividend yield and growth outlook?

What are the potential investment implications of MPLX’s MLP structure?

How should valuation considerations influence a comparison between these two stocks?

How do regulatory and policy environments shape these two businesses?

What role do commodity markets play in the performance of MPLX compared to TC Energy?

What should a beginner consider when reading financial metrics for these stocks?

Is this page making a recommendation, or simply explaining the differences?

About The Companies

Comparison Snapshot