MPLX LP

Welcome to the MPLX Third Quarter 2020 Earnings Call. My name is Sheila, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Press star 1 on your touch-tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Good morning and welcome to the MPLX third quarter 2020 earnings webcast and conference call. The synchronized slides that accompany this call can be found on MPLX.com under the investor tab. On the call today are Mike Hennigan, president and CEO, Pam Beal, CFO, and other members of the management team. We invite you to read the safe harbor statements and non-gap disclaimer on slide two. It's a reminder that we will be making forward-looking statements during the call and during the question and answer session that follows. Actual results may differ materially from what we expect today. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC. Now, I will turn the call over to Mike Hennigan for opening remarks.

Thanks, Kristina. Good morning and thank you for joining our call. Earlier today, we reported adjusted EBITDA for the third quarter of 2020 of $1.3 billion, a slight increase versus our second quarter 2020 EBITDA. Our performance during the third quarter highlights the stability of our underlying business, the quality of our contracts, and execution on our capital and operating expense reductions to help offset what we knew would be a challenging environment. With our EBITDA growing over time and our continued emphasis on strict capital discipline, our leverage can naturally be reduced. To that end, we have obtained board authorization for a unit repurchase program for the repurchase and retirement of up to $1 billion of the company's outstanding publicly traded limited partner common units. By getting board approval now, this program will allow us to make repurchases of our common units at the appropriate time and provide us with an attractive opportunity to return value to our unit holders. Turning to slide four, a key part of our path to positive cash flow is continued capital spending discipline. We continue to be on track to achieve our 2020 capital reduction of over $700 million as we continue to focus on opportunities with the most attractive returns. Turning to slide five, I would take a moment to provide some comments on our responsibilities around sustainability and corporate leadership. As a result of our continued refinement of our ESG perspectives, I want to mention two additional and important initiatives the Combined Enterprise has established incremental to the announcement earlier this year to reduce greenhouse gas emissions intensity to 30% below 2014 levels by 2030. First, we have established a 2025 goal to reduce methane emissions intensity from our GMP business to 50% below 2016 levels. Second, we are focusing on conserving and managing use of water. Through our efforts in this area, the combined enterprise has reduced freshwater withdrawal intensity by over 10% since 2015 and expects to further reduce it by an additional 10% by 2030. Shifting to slide six, we recently published our 2020 Perspectives on Climate-Related Scenarios report. This is the fourth year the MPC Enterprises published a TCFD compliant report which highlights the opportunities and strategic planning work the company is engaged in related to climate scenarios. We also published our 2019 Sustainability Report in late July, which expands upon efforts in environmental, social, and governance aspects of the business. With the publication of the 2019 Sustainability Report, we also published a Sustainability Accounting Standards Board or SASB Midstream Supplement, highlighting the specific topics and metrics within our 2019 Sustainability Report as it pertains to SASB's industry-specific sustainability accounting standards. We look forward to continuing our ESG journey and our commitment to stakeholder engagement with our team of employees, business partners, customers, and communities. We view sustainability as the fundamental process of shared value creation, and how we conduct our business enhances the performance we deliver. Now let me turn the call over to Pam to discuss our third quarter 2020 operational and financial results.