MPLX Lp Q3 FY2025 earnings call

• Mike Hennigan will step down as Executive Chairman, with his guidance being valuable. - MPLX increased quarterly distribution by 12.5% for the second consecutive year. - Q3 adjusted EBITDA was $1.8 billion, with year-to-date adjusted EBITDA of $5.2 billion (+4% over prior year). Distributable cash flows were $1.5 billion, with $1.1 billion returned to unitholders. - Closed 2 strategic acquisitions: remaining 55% of BANGL NGL pipeline system and Delaware Basin sour gas treating business. - Progressing BANGL expansion to 300,000 bpd (expected H2 2026) and Titan complex amine treating plant expansion to over 400 Mcf/day (end 2026). - Secretariat processing plant online end 2025, Gulf Coast fractionation facility and LPG export terminal construction progressing. - Eiger Express pipeline to transport natural gas from Permian to Katy, TX (mid-2028). - Over 90% of 2025 investments in natural gas and NGL Services.

Crude Oil and Products Logistics: Segment adjusted EBITDA increased $43 million compared to the third quarter of 2024. Pipeline volumes were flat, while terminal volumes were down 3% year-over-year. Natural Gas and NGL Services: Segment adjusted EBITDA increased $9 million compared to the third quarter of 2024. Gathered volumes increased 3% year-over-year primarily due to production growth in the Utica. Processing volumes increased 3% year-over-year, primarily from increased production in the Utica and Marcellus. Permian processing volumes increased 9% compared to the second quarter of this year. Processing volumes in the Utica have increased 24% year-over-year. Marcellus processing utilization was 95% for the quarter. Total fractionation volumes increased 7% year-over-year, primarily due to higher ethane recoveries in the Marcellus and Utica.

• Anticipate 2026 EBITDA growth to exceed 2025, supported by throughput growth on existing assets and new assets. - Distribution increase expected to continue, with coverage ratio not expected to fall below 1.3x. - 2026 to see stronger growth than 2024-2025, with projects like BANGL, Secretariat, Titan expansion, Agua Pipeline, LPG export dock contributing.

Q: John Mackay asked about the EBITDA growth outlook and the power LOI.

A: Maryann Mannen discussed how 2026 EBITDA growth is expected to be stronger than 2024-2025, with various projects contributing, and mentioned the LOI with MARA is early stage with no immediate 2026 impact.

Q: Manav Gupta inquired about the Permian sour gas opportunity and data center LOIs.

A: Maryann Mannen talked about the Permian sour gas opportunity with $0.5B incremental capital and no additional gas injection wells needed, and Gregory Floerke mentioned evaluating data center opportunities with all options open.

Q: Theresa Chen asked about Titan complex integration and the MARA LOI.

A: Maryann Mannen and Gregory Floerke discussed smooth integration of the sour gas acquisition, and the LOI's potential for in-basin demand with no immediate CapEx.

Q: Burke Sansiviero asked about Marcellus/Utica growth and BANGL filling.

A: Gregory Floerke spoke about in-basin demand growth in Marcellus/Utica and confidence in filling BANGL's capacity.

Q: Jeremy Tonet asked about organic vs inorganic growth and distribution policy.

A: Maryann Mannen and Carl Hagedorn discussed need for both organic and inorganic growth to meet mid-single digit EBITDA growth, and distribution growth expected to continue with 12.5% for next couple of years.

Q: Michael Blum asked about power evaluation and crude oil impact.

A: Gregory Floerke and Carl Hagedorn mentioned evaluating power opportunities with capability and optionality, and crude oil segment protected by minimum volume commitments in contracts.