MPLX LP

Welcome to the MPLX Third Quarter 2025 Earnings Call. My name is Shirley, and I'll 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 Christine Kazarian.

Christina, you may begin. Thank you, Shirley. Welcome to MPLX's third quarter 2025 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 on slide two. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there, as well as our filings with the SEC. With that, I'll turn the call over to Mary Ann.

Thanks, Christina. Good morning, and thank you for joining our call. I'd like to take a moment to recognize Mike Hennigan. At the end of the year, Mike will be stepping down as our executive chairman. Mike's guidance has been tremendously valuable to our board, to me, and our entire leadership team. We thank him for his service as well as all of his contributions. He will be missed. Delivering on our commitment to return capital, MPLX increased its quarterly distribution by 12.5% for the second consecutive year. The increase is supported by our multi-year track record of mid-single-digit growth and reflects conviction in our growth outlook from recent capital deployment. Our growing portfolio is expected to support this level of annual distribution increases over the next couple years. In the third quarter, MPLX generated adjusted EBITDA of $1.8 billion. Strong performance through the first nine months has contributed to year-to-date adjusted EBITDA of $5.2 billion, reflecting growth of 4% over the same timeframe in the prior year. Distributable cash flows of $1.5 billion, which supported the return of $1.1 billion to unit holders. We are committed to returning capital to unit holders primarily through a secure and growing distribution, but also through unit repurchases as we believe our equity remains undervalued. MPLX is optimizing the competitive position of its portfolio as we pursue mid-single-digit adjusted EBITDA growth anchored in the Marcellus and Permian basins, advancing our strategic commitments. During the third quarter, MPLX closed on two strategic acquisitions. First, the remaining 55 percent interest in the Bengal NGL pipeline system. Full ownership of Bengal and its expansion opportunities enhance our Permian platform as we connect growing NGL production from the wellhead to MPLX's Gulf Coast Fractionation Facilities and Export Terminal joint venture currently under construction. We are progressing the expansion of Bengal from 250,000 to 300,000 barrels per day, which we expect to enter service in the second half of 2026. Second, MPLX closed on the acquisition of a Delaware Basin sour gas treating business. Integrating our newly acquired sour gas treating assets with MPLX operations is ongoing. Additionally, we are completing construction of the second amine treating plant at the Titan Complex. This will increase sour gas treating capacity from 150 to over 400 million cubic feet per day, expected by the end of 2026, driving the returns we expect from the acquisition and expansion. The sour gas treating capabilities will allow us to capitalize on additional growth opportunities. These sour gas treating assets are adjacent and complementary to our existing natural gas system in the Delaware Basin. They expand MPLX's treating and blending operations, attractive to our current and new customers who are increasing crude drilling activity in the lower-cost sour gas window on the eastern edge of the northern Delaware Basin. and the assets increase access to natural gas and NGL volumes. We are advancing our strategic growth objectives in the Permian. Secretariat, our seventh processing plant is expected to be online at the end of 2025, bringing total regional capacity to 1.4 billion cubic feet per day. And we fully own the Bengal pipeline system, integral to MPLX's Permian NGL chain, which is expected to add incremental EBITDA in 2026. Construction is progressing on schedule and on budget for the first Gulf Coast Fractionation Facility and LPG export terminal. The location of our LPG dock is advantaged, as it will allow vessels to avoid congestion and reduce fuel consumption, lowering costs for shippers. MPLX will not have direct commodity price exposure, as MPC will purchase the LPG production from the fracs and market globally through its marketing business across the new export terminal, demonstrating the strength of our strategic relationship with MPC. The first frack, export terminal, and purity pipeline are expected to enter service in 2028, with full run rate in late 2029. Within natural gas, MPLX and its partners announced they will construct the Iger Express pipeline, having secured firm transportation agreements with investment-grade shippers. Upon completion, expected in mid-2028, the pipeline will transport natural gas from the Permian Basin to the Katy area of Texas. Iger will have connectivity to the Traverse natural gas pipeline, which connects supply between Agua Dulce and the Houston area, and will provide shippers optionality and access to multiple premium markets on the Gulf Coast, driven by demand pool for LNG exports. The continued build-out of our Permian to Gulf Coast natural gas system enhances that value chain with additional growth opportunities. Favorable Market Outlook supports our operations in the Marcellus, Utica, and Permian basins. MPLX is positioned for long-term natural gas volume growth in these key operating regions, and we expand our integrated value chains and execute our wellhead-to-water strategy. This year, over 90% of MPLX's total investments are being allocated to opportunities within our natural gas and NGL services segment. The progress and execution of our strategic commitments give us conviction in the sustainability of our mid-single-digit adjusted EBITDA growth outlook for 2025 and beyond. Our approach to growth is structured to deliver mid-teens returns on our investments and mid-single-digit adjusted EBITDA growth. We do this by constructing processing facilities on a just-in-time basis, maximizing the utilization of existing assets, optimizing value chains, and strengthening our strategic partnership with MPC. In the Marcellus, our largest operating region, construction of our Harmon Creek III processing plant and fractionation facility aligns with producer drilling plans. This new complex will feature a 300 million cubic feet per day gas processing plant and a 40,000 barrel per day de-ethanizer supported by producer commitments. In the second half of 2026, we anticipate our gas processing capacity in the Northeast will reach 8.1 billion cubic feet per day and fractionation capacity will reach 800,000 barrels per day, positioning MPLX to handle growing production from the Utica and Marcellus. As demand for natural gas powered electricity rises, MPLX is well positioned to support the development plans of its producer customers. In our crude oil and product logistics segment, we are focused on expanding gathering infrastructure, enhancing butane blending at terminals, growing volumes organically, and pursuing high-return projects to maximize asset utilization. With a strong pipeline of organic opportunities, we are well-positioned to generate resilient cash flows that underpins our commitment to deliver long-term value and return to capital to unit holders. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.