MPLX LP

Welcome to the MPLX fourth quarter 2025 earnings call. My name is Julie, 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.

Welcome to MPLX's fourth quarter 2025 earnings conference call. The slides that accompany the call today 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 Hagenhorn, 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. As a reminder, in the fourth quarter of 2025, MPLX divested non-core gathering and processing assets, which had a $23 million year-over-year impact on our adjusted EBITDA within our natural gas and NGL services segment. Additional details on the impact of this divestiture can be found on page 11 in our earnings release. With that, I will turn the call over to Mary Ann.

Thanks, Christina. Good morning, and thank you for joining our call. 2025 was a year of disciplined investment and strong returns. It was our fourth consecutive year achieving a mid-single-digit three-year adjusted EBITDA growth CAGR. Adjusted EBITDA reached just over $7 billion. The strengths across our business gave us confidence to continue our history of returning meaningful capital to our unit holders. We increased our distribution by 12.5%, bringing total returns in 2025 to $4.4 billion. This decision reflects our commitment to return the value we create as we advance MPLX's growth strategy with our unit holders. Over the past year, we took meaningful steps to position MPLX for the next phase of growth. We deployed $5.5 billion to our natural gas and NGL value chains, primarily focused on the fastest-growing region in the country. We optimized our portfolio through divestitures of non-core assets, ensuring our future capital deployment is aligned with the strongest return opportunities as we build the infrastructure that will fuel tomorrow's energy needs. Together, these investments and portfolio actions create a more resilient and competitive MPLX, one that we believe can continue delivering growth while maintaining our strong track record of returning capital to our unit holders. Today, we announced our capital plan for 2026. We are planning to invest $2.4 billion as we execute on a robust pipeline of capital projects that support long-term structural growth. The long-term fundamentals for natural gas and NGL demand remain strong. In the US, natural gas demand is anticipated to grow over 15 percent through 2030, driven by the rapid expansion of LNG export capacity and rising power needs, particularly from data centers. We are also seeing higher gas-to-oil ratios across key shale basins as aging wells produce more associated gas per barrel of oil. This trend is increasing supplies of NGL-rich gas and underscores the strategic importance of our infrastructure in the Permian. Globally, petrochemical demand for ethane and propane are driving increased NGL exports, further reinforcing the strength of the long-term outlook. 90% of our growth capital will be directed towards our natural gas and NGL services segment, where we see some of the most compelling opportunities in the midstream sector. These projects are concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, and are expected to generate mid-teens returns when they come into service in 2028 and beyond. These investments reflect our confidence in the long-term fundamentals of the energy market and in MPLX's ability to continue capturing value as these opportunities unfold. Execution of our Permian NGL wellhead-to-water strategy continues to advance. We are integrating the sour gas treating operations we acquired last year into our existing gathering and processing footprint in the Delaware Basin. Titan Treating Complex construction continues and is progressing on time and on budget. And by the end of 2026, we expect to be treating more than 400 million cubic feet per day of sour gas. This sour gas complex enhances our treating and blending capabilities and provides an attractive solution for producers who are increasing activity in the low-cost sour gas window of the Delaware. Building on the downstream opportunities created by this platform, today we announced Secretariat II, a new 300 million cubic feet per day processing plant. Expected to deliver mid-teens returns, the $320 million plant will be our eighth gas processing facility in the Delaware Basin and is expected online in the second half of 2028. Once in service, our total processing capacity in the basin will reach approximately 1.7 billion cubic feet per day. Further downstream, the Bengal pipeline expansion remains on schedule, with incremental capacity expected online in the fourth quarter of this year. Beyond Bengal, we are advancing construction of a 300,000 barrel per day of Gulf Coast fractionation capacity, as well as our 400,000 barrel per day LPG export terminal JV. Engineering and construction continues. We have secured key construction permits reflecting strong regulatory and stakeholder engagement. Site grading is near completion and is being executed with strong safety performance and responsible environmental stewardship. The LPG export terminal expected online in 2028 will benefit from its advantage proximity to open water positioning us to serve growing global markets with greater efficiency. Elsewhere in the Permian, MPLX continues to invest in its integrated natural gas value chain. In November, MPLX, along with its JV partners, announced the expansion of the Iger Express natural gas pipeline to 3.7 billion cubic feet per day. The expansion demonstrates the record demand for firm takeaway capacity we're seeing across the basin. Construction is also progressing on several long-haul JV pipeline systems. These investments are underpinned by commitments from the basin's leading producers and will enhance shippers' access to multiple premium markets along the Gulf Coast. In the Marcellus, our largest operating region, construction is advancing on the 300 million cubic feet per day Harmon Creek 3 gas processing and fractionation complex. Upon completion, expected in the third quarter of 2026, our Northeast processing capacity will reach 8.1 billion cubic feet per day and fractionation capacity of 800,000 barrels per day, positioning MPLX to serve growing Marcellus and Utica volumes. MPLX is also expanding its Marcellus gathering system to meet producer needs through a $450 million project, which will add compression support well connections, and enhance MPLX's Majorsville gas processing complex. The project is expected to deliver mid-teens returns and enter service in the first half of 2028. Our capital deployment strategy positions MPLX for durable long-term growth. We are building the infrastructure system that will support rising North American future energy needs. From new treating and processing capacity to downstream fractionation and export, we plan to deliver on our commitment to create sustainable value for our unit holders. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.