MPLX LP

Welcome to the MPLX Second Quarter 2024 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 MPLX's second quarter 2024 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 Marianne Manin, President and CEO, Chris Hagedorn, 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. With that, I will turn the call over to Marianne. Thanks, Christina.

Good morning, and thank you for joining our call. I want to take a moment to recognize Mike Hennigan's leadership as CEO of MPLX for nearly five years. Mike's record of accomplishment in both the midstream and downstream industries has been a tremendous value to the partnership. During his tenure, we have delivered annual EBITDA and DCF growth of over a billion dollars, positioning us with financial flexibility to execute our growth strategies and deliver on our commitment to return capital. We are fortunate to have Mike as our Executive Chairman of the MPLX Board. In the second quarter, Adjusted EBITDA grew 8% and distributable cash flow grew 7% year over year. The growth of MPLX's cash flow supported the return of $949 million to unit holders, reflecting our commitment to return a capital. Producer activity remains robust across the Marcellus, Utica, and Permian basins. In the Northeast, longer laterals are resulting in higher volumes. Volume growth continues in both the Marcellus and Utica where producers are targeting economically advantaged liquids rich acreage. The Permian Basin has some of the lowest crude break evens in the country. Production growth in the region continues to create opportunities for our wellhead to water strategy across crude natural gas and NGOs. In the second quarter MPLX closed the Whistler transaction. Last week. MPLX and its partners reach FID of the Blackcomb Natural Gas Pipeline, a 2.5 BCF pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. This project offers a compelling value proposition while providing shippers with flexible market access. Blackcomb is expected to be in service in the second half of 2026. This is another step in leveraging this platform for growth. MPLX has also acquired additional interest in the Bangle NGL pipeline, bringing our ownership to 45%. Bangle is a strategic asset within our NGL value chain. Progress continues on its expansion to 250,000 barrels per day, which is expected to be completed in the first quarter of 2025. We believe this transaction is immediately accretive and should generate a mid-teens return consistent with our capital deployment objectives. We are confident in the future growth potential of this value chain. We also acquired an additional interest in the Wink to Webster crude oil pipeline. These recent transactions are a continuation of our strategic approach to growing cash flows. Over the last three years, MPLX has led peers on return on invested capital, distributions remain our primary method of return, and we are a return on and a return of capital business. Now let me turn the call over to Chris to discuss our growth, as well as operational and financial results for the quarter.