MPLX LP

Welcome to the MPLX fourth quarter 2022 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 touchtone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Christina Kazarian. Christina, you may begin.

Good morning, and welcome to the MPLX fourth quarter 2022 earnings conference call. The slides that accompany this call can be found on our website at MPLX.com under the Investor tab. Joining me on the call today are Mike Hennigan, Chairman and CEO, John Quaid, CFO, and other members of the executive 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. And with that, I'll turn the call over to Mike.

Thanks, Kristina. Good morning. Thank you for joining our call. First off, I want to recognize a new director on the MPLX Board. In November, Kristi Brees, who recently served as CFO for U.S. Steel, was appointed as a new independent director. 2022 was a strong year as we successfully executed all of our strategic priorities. Full year adjusted EBITDA was $5.8 billion and DCF was $5 billion. Strong operational performance and customer demand drove record annual pipeline throughputs and increasing gathering processing and fractionation throughputs with each quarter of the year. We also realized EBITDA growth from recent capital investments and remain focused on cost management. Overall, our efforts resulted in a 4 percent year-over-year adjusted EBITDA and DCF growth. In line with our commitment to return capital, for the full year, MPLX returned over $3.5 billion of capital back to unit holders through our distribution and unit repurchases. We also made progress towards our goal of leading in sustainable energy through our methane reduction program and with the receipt of EPA's Energy Star Award for energy efficiency improvements at several terminals. Today, we announced our capital expenditure outlook for 2023 of $950 million. Our plan includes approximately $800 million of growth capital and $150 million of maintenance capital. Our growth capital plan is anchored in the Marcellus, Permian, and Bakken basins. In addition to new gas processing plants in the Marcellus and Permian, the remainder of our capital plan is mostly focused on other investments targeted at expansion or de-bottlenecking of existing assets to meet customer demand. While our capital outlook is primarily focused on our current L&S and GMP footprint, we will continue to evaluate low-carbon opportunities where we can leverage technologies that are complementary with our asset footprint and expertise. Moving to our capital allocation framework. First, maintenance capital. We remain steadfast in our commitment to safely operate our assets, protect the health and safety of our employees, and support the communities in which we operate. Second, we remain focused on delivering a secure distribution. Third, after these commitments are met, we will invest to grow while maintaining strict capital discipline. And fourth, we also intend to return excess capital to unit holders. As I've said in the past, we believe this is both a return on and a return of capital business. Last November, based on the strength and growth of our cash flows, we increased our distribution by 10 percent to an annual rate of $3.10 per unit, while maintaining a strong distribution coverage ratio of 1.6 times. In 2023, we would expect to be similarly focused on our distribution as our primary tool to return capital to unit holders. We are optimistic about our opportunities in 2023 and remain focused on executing the strategic priorities of strict capital discipline, fostering a low-cost culture, optimizing our asset portfolio, which are foundational to the growth of MPLX's cash flows. Now let me turn the call over to John to discuss our operational and financial results for the quarter.