MPLX LP

Welcome to the MPLX First Quarter 2026 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 first quarter 2026 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 statement 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 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. MPLX delivered over $1.7 billion of adjusted EBITDA, which enabled the return of over $1.1 billion to our unit holders. 2026 is the year of execution. with multiple investments expected to transition from construction to operations and EBITDA generation, with Secretariat I coming online in April, Harmon Creek III in the third quarter, and the Titan gas treating complex reaching over 400 million cubic feet per day of treating capacity in the fourth quarter. This gives us confidence that year-over-year growth in 2026 will exceed that of 2025. The underlying fundamentals in natural gas and NGLs remain strong. We see strategic opportunity to support increasing demand for these commodities. As an example, in the Delaware Basin of the Permian, we treated over 150 million cubic feet per day of our committed producer sour gas at our recently acquired Titan facility. Our third acid gas injection well in the Delaware Basin is expected to be completed in the third quarter. The expansion of the Titan complex is on schedule. Downstream, the 200 million cubic feet per day Secretariat I processing plant has entered service. Last quarter, we announced our intention to further expand our gas processing footprint with Secretariat II. an additional 300 million cubic feet per day of capacity 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. These investments meaningfully strengthen our position in the Delaware Basin. The porting activity and the low-cost sour gas windows and extending the competitiveness of our broader value chain. The Blackcomb natural gas pipeline continues to progress as planned and is expected to enter service in the fourth quarter. Demand for firm takeaway capacity is driving expansions on several long haul natural gas pipelines. Volume commitments from top tier shippers underscore the competitiveness of our footprint as well as the long-term durability of our natural gas system. Within NGL, the expansion of the Bengal pipeline to 300,000 barrels per day is expected online in the fourth quarter, providing critical takeaway capacity as in-basin NGL volumes grow. Construction across our Gulf Coast fractionation and export facilities continues to advance on time and on budget. Our fully integrated NGO value chain provides high confidence in the volume, utilization, and durability of cash flows these assets will generate for years to come. Against the backdrop of ongoing geopolitical uncertainty, the strategic importance of U.S. energy infrastructure has never been clearer. Global demand for secure, reliable energy continues to grow, and international customers are increasingly more dependent on the United States as a preferred supplier. MPLX is exceptionally well positioned to capitalize on this opportunity. Our joint venture LPG export terminal is favorably located along the Gulf Coast, providing meaningful, competitive, and logistical advantages. In the Marcellus, construction of Harmon Creek III remains on track for a third quarter in-service date, increasing our total processing capacity to 8.1 billion cubic feet per day in the Northeast. This project, along with our associated gathering and compression expansions, enhances our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth. Beyond 2026, the opportunity set for natural gas and NGLs remains robust. We are deploying 90% of our $2.4 billion organic growth capital plan toward these opportunities, which will drive continued mid-single-digit growth. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.