MPLX LP

Welcome to the MPLX first quarter 2023 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 one 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 Christina Kazarian. Christina, you may begin.

Good morning and welcome to the MPLX first quarter 2023 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-GAAP disclaimer on slide two. It's a reminder that we'll 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, Christina. Good morning, and thank you for joining our call. Earlier today, we reported our first quarter results. Our business continues to grow and delivered adjusted EBITDA of $1.5 billion, an increase of 9% year-over-year, and a new quarterly record for the partnership. Distributable cash flow of nearly $1.3 billion was up 5 percent year over year. Turning to the macro environment, while natural gas prices have come down recently, our long-term production outlook in our key regions remains largely unchanged. In our largest basin, the Marcellus, the cost to deliver for our key producer customers is still below the current prices. In the Permian and Bakken, Our production outlook is unchanged as crude prices are strong and prices for associated gas do not significantly impact producer activity in these basins. This quarter, we advanced our growth projects, which are anchored in the Marcellus, Permian, and Bakken basins. We expect these disciplined investments in high-return projects, along with our focus on cost and portfolio optimization, continue to drive cash flow growth. While our capital outlook is focused on our current L&S and GMP asset base, we are participating in three publicly announced alliances focused on CCUS and hydrogen technologies. We will continue to evaluate low-carbon opportunities where we can leverage technologies that are complementary with our asset footprint and expertise. And we remain optimistic about our opportunities in 2023 and our focus on executing the strategic priorities of strict capital discipline, fostering a low-cost culture, optimizing our asset portfolio, all of which are foundational to the growth of MPLX's cash flows. Now let me turn the call over to John to discuss our growth as well as our operational and financial results for the quarter.