MPLX LP

Welcome to the MPLX second 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 touch tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Brian Worthington. Brian, you may begin.

Welcome to MPLX's second quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at MPLX.com under the investors tab. Joining me on the call today are Maryann Mannen, 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 in our filings with the SEC. With that, I will turn the call over to Maryann.

Thanks, Brian. Good morning, and thank you for joining our call. Our second quarter results reflect the consistent execution of our strategic priorities. MPLX delivered $1.8 billion of adjusted EBITDA in the second quarter. A 5% increase versus the same period last year, more than overcoming the divestiture of the Rockies assets in late 2025. This enabled the return of over $1.1 billion to our unit holders. 2026 is also a year of execution. We continue to advance high return projects across our integrated natural gas and NGL value chains. The sequencing of projects entering service gives us confidence in a meaningful increase in EBITDA in the second half of 2026 and next year. In the Delaware basin, we placed the Secretariat One processing plant into service in April and exited the quarter at 86% utilization of our Delaware basin processing system, demonstrating strong producer demand and operational excellence from our teams. And in August, The Harmon Creek III processing plant is beginning operations in line with our strategy to add processing capacity on a just-in-time basis. This increases our total processing capacity to 8.1 billion cubic feet per day and de-ethanization capacity to over 800,000 barrels per day. This plant, along with our associated gathering and compression expansions, extends our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth. As we expand MPLX's core value chains, we are also focused on maximizing utilization of existing assets and optimizing operations. In the Northeast, Marcellus processing utilization of 96% in the quarter led to record volumes across our system, while strong production activity in the Utica region supported processing utilization of 73%. In the Permian, sour gas treating volumes exceeded 150 million cubic feet per day for the second consecutive quarter as we continue to optimize operations at our Titan treating facility. As throughputs increase across our gathering and processing assets and additional projects enter service in the second half of the year, MPLX remains positioned to deliver mid-single digit adjusted EBITDA growth. Natural gas and NGL fundamentals remain robust, creating compelling opportunities to support growing global demand for U.S. energy. When we allocate capital, we remain disciplined. There must be strong strategic fit, durable demand, and compelling returns. MPLX is investing over 90% of its organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs, leveraging our advantage value chains. MPLX is increasing its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of our ongoing Gulf Coast Fractionation Project pulling forward capital we previously expected to deploy in early 27. In July, the Blackcomb natural gas pipeline began commissioning activities. The JV partners continue to progress the pipeline as planned with Blackcomb expected to achieve full commercial service in the fourth quarter. Within our NGL value chain, the expansion of our Bengal pipeline to 300,000 barrels per day is also expected online in the fourth quarter. providing critical takeaway capacity as in-basin NGL volumes grow. In the Permian's Delaware Basin, which continues to attract strong producer interest, our teams are working to complete the expansion of our sour gas treating system to over 400 million cubic feet per day. The expansion of this strategic growth platform remains on track to enter service at the end of the fourth quarter and we anticipate volumes to ramp quickly, supporting our run rate expectations for 2027. With multiple investments transitioning from construction to operation this year, we are on track to deliver mid single digit adjusted EBITDA growth in 2026. While the year over year growth from 25 to 26 is more back half weighted, it also positions MPLX for strong adjusted EBITDA growth in 2027. Against the backdrop of geopolitical uncertainty, the strategic importance of U.S. energy infrastructure remains clear. Domestic and global demand for secure, reliable energy continues to grow. Additionally, international customers are increasingly turning to the United States as a preferred supplier. MPLX is well positioned to respond to our customers' requirements in this growing market. The construction of our Gulf Coast fractionation and export facilities continues to advance on schedule. We expect the first 150,000 barrel per day fractionator, the 400,000 barrel per day JV LPG export terminal, and the associated purity pipeline to be in service in 2028, followed by the second 150,000 barrel per day fractionation in 2029. Our confidence in the volumes and utilization of our assets reinforces our expectation for durable cash flows that will support MPLX's continued growth. This positions MPLX to continue reinvesting in the business while supporting the annual distribution increases to unit holders. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.