MPLX LP : 1Q 2025 Presentation ( 1Q26 Slides)

Published: 2026-05-05 07:23:35 ET MPLX

Published on 05/05/2026 at 07:23 am EDT

M P L X | 1 Q 2 0 2 6

EARNINGS CONFERENCE

CALL

May 5, 2026

M P L X | 1 Q 2 0 2 6

Advancing

2026 Growth

Increasing sour gas treating capacity to over 400 MMcf/d

Expanding BANGL pipeline to 300 mbpd

Progressing 300 MMcf/d Harmon Creek III processing plant

Operating

Results

$1.7 B of Adj. EBITDA

94% processing utilization in the Marcellus and 72% processing utilization in the Southwest

Committed

Capital Returns

Distributions of

$1.1 B to unitholders

$50 MM of unit repurchases

Maintain strong distribution coverage of 1.3x

M P L X | 1 Q 2 0 2 6

A l l o c a t i n g ~ 9 0 % o f 2 0 2 6

g r o w t h c a p i t a l t o

i n v e s t m e n t s

i n

o u r N a t u r a l G a s a n d N G L

S e r v i c e s s e g m e n t

2025 2026 (Est. In-Service) 2027+ (Est. In-Service)

Expansion of BANGL Pipeline to 250 mbpd

Secretariat I

Gas Processing Plant

Secretariat II Gas Processing Plant

San Juan Basin Crude & Gas Gathering

Additional 5% Interest in Matterhorn Express Pipeline

Remaining 55% Interest in BANGL Pipeline

Delaware Basin Sour Gas Treating

Expansion of Matterhorn Express Pipeline to 2.5 Bcf/d(a)

Harmon Creek III Gas Processing Plant

Second Sour Gas Treating Plant

Expansion of BANGL Pipeline to 300 mbpd

Bay Runner Pipeline(a)(b)

Blackcomb Pipeline(a)

Marcellus Gathering System Expansion

Traverse Pipeline(a)

Gulf Coast Fractionators

Gulf Coast LPG Export Terminal(a)

Eiger Express Pipeline(a)

Rio Bravo Pipeline(a)

M P L X | 1 Q 2 0 2 6

PERM I AN :

D e l i v e r i n g n a t u r a l g a s

t o e x p o r t f a c i l i t i e s a l o n g

t h e G u l f C o a s t

Katy

11 Bcf/d of long-haul Permian egress(a)

2.5 Bcf/d of bi-directional capacity

between Agua Dulce and Katy

Enhanced access to premium markets

Platform for additional growth opportunities

Agua Dulce

Pipeline In-Service

Pipeline FID'd/Under Construction LNG export facility (third party) Gathering system

M P L X | 1 Q 2 0 2 6

PERM I AN :

C l e a r l i n e - of - s i g h t t o v o l u m e s s u p p o r t i n g o u r i n t e g r a t e d s y s t e m

400+ MMcf/d(a) Sour gas treating

1.7 Bcf/d(b) Gas processing

Texas City Extension

MBTC

Pipeline(e)

300 mbpd(c)

300 mbpd

200 mbpd(d)

Pipeline In-Service

NGLs

BANGL pipeline Fractionation LPG exports

NGL fractionator

Pipeline FID'd/Under Construction

Gas processing & treating

MPC refinery

LPG export terminal Gathering system

(a) Acquired 150 MMcf/d sour gas treating capacity and two operating AGI wells; incremental capacity and AGI well in construction or planned; (b) Total Permian processing capacity after Secretariat II enters service (expected 2H28); (c) Includes MPLX and third party processed volumes. (d) Capacity of 400 mbpd for full Export Terminal JV;

F R O M S T R A T E G Y T O R E A L I Z A T I O N :

D E L I V E R I N G O U R G R O W T H P L A T F O R M

Sour Gas Treating

MMcf/d

150

> 400

Natural Gas Processing

Bcf/d

0.6

1.2

1.7

Long-Haul Natural Gas Pipelines(a)

Bcf/d

> 18

Long-Haul NGL Pipelines

mbpd

250

300

Fractionation

mbpd

300

LPG Exports(b)

mbpd

200

2015 2020 2025 In Progress

M P L X | 1 Q 2 0 2 6

D u r a b l e , f e e - b a s e d c a s h f l o w t h r o u g h i n t e g r a t e d r e l a t i o n s h i p w i t h M P C

1,097

1,111

Higher rates across the

business units

Partially offset by lower crude pipeline throughputs

M P L X | 1 Q 2 0 2 6

1 Q 2 6 O P E R A T I N G S T A T S

Volume (MMbpd)

vs. 1Q25

Crude Oil Pipelines

3.7

(6)%

Product Pipelines

2.0

Terminals

3.0

(4)%

1Q25 Segment Adjusted EBITDA ($MM)

Change 1Q26 Segment Adjusted EBITDA

($MM)

P r o v i d e s e s s e n t i a l M i d s t r e a m s e r v i c e s f o r o v e r 1 0 % o f a l l n a t u r a l g a s p r o d u c e d i n t h e U n i t e d S t a t e s ( a )

Impact from the divestiture of non-core

gathering and processing assets in 2025

Non-recurring benefit associated with a

customer agreement in 1Q25

Lower natural gas liquids prices and

higher operating expenses

More than offset growth from equity

affiliates and increased volumes

M P L X | 1 Q 2 0 2 6

$37MM

non-recurring benefit

660

-45

618

623

1 Q 2 6 O P E R A T I N G S T A T S ( b )

Volume

vs. 1Q25

(excl.

divested)(c)

Gathering

6.5 Bcf/d

10%

Processing

9.4 Bcf/d

(4)%

Fractionation

634 mbpd

(4)%

(3)%

1Q25

Segment Adjusted EBITDA ($MM)

Divested Non-Core

Gathering and Processing Assets

in 2025

Growth Inclusive of Acquisitions

1Q26

Segment Adjusted EBITDA ($MM)

Adjusted EBITDA(a)

$ Billion

+6.7% CAGR

Distributable Cash Flow(b)

$ Billion

+6.1% CAGR

Quarterly Distribution Growth(c)

M P L X | 1 Q 2 0 2 6

$/unit

+11.6% CAGR

$7.0

$6.8

$6.3

$5.8

$5.7

$5.2

$4.9

12.5%

10%

2022 2023 2024 2025

S T E A D Y C A S H F L O W G R O W T H S U P P O R T S R E I N V E S T M E N T A N D C A P I T A L R E T U R N T O U N I T H O L D E R S

Maintenance Capital

Base Distributions

Growth Capital

Incremental Return of Capital

M P L X | 1 Q 2 0 2 6

Maintain safety and reliability of assets

Primary return of capital tool

Disciplined growth opportunities

Opportunistic return of capital to unitholders

S T R O N G B A L A N C E S H E E T F O U N D A T I O N F O R S T R A T E G Y E X E C U T I O N

M P L X | 1 Q 2 0 2 6

SUSTAINABILITY HIGHLIGHTS

METHANE EMISSIONS INTENSITY TARGET

2030 Goal

Progress(a)

59%

Reduce methane emissions intensity 75%

by 2030 from

2016 levels

CONTINUING TO DRIVE ENERGY EFFICIENCY IMPROVEMENTS

Bluestone is the 1st natural gas processing facility to take and achieve U.S. EPA's ENERGY STAR® Challenge for Industry, reducing energy intensity ~12% in 24 months.

12 MPLX terminals and 1 MPLX pipeline area have achieved

the U.S. EPA's ENERGY STAR® Challenge for Industry.

BIODIVERSITY RIGHT-OF-WAY TARGET

2025 Goal Progress(b)

10,215 ACRES

Apply sustainable

~10,000

acres

(~50%) of compatible MPL rights of way by the end of 2025

landscapes to

PUBLISHED LATEST PERSPECTIVES ON CLIMATE-RELATED SCENARIOS AND SUSTAINABILITY REPORTS

ENGAGING WITH COMMUNITIES AND

Strong programs supporting stakeholder engagement

Industry-leading pipeline public engagement - Earning Your Trust Program

Terminals' Good Neighbor Program - making a positive impact in communities

STAKEHOLDERS

MPLX FOCUS AREAS FOR METHANE REDUCTIONS

Pneumatic

Devices

Launchers a s

Pipeline

nd Receiver

Leak Detection and Repair (LDAR)

Reciprocating Compressors

Flaring Improvements

R E D U C E

Maintenance Venting and Other Controls

Advancing Measurement and Quantification Technology

See our most recent Perspectives on Climate-Related Scenarios report on our website for additional information on how we calculate methane intensity and CO2e reductions.

M P L X | 1 Q 2 0 2 6

V A L U E

P R O P O S I T I O N

COMMITTED TO CAPITAL RETURNS

TARGETING MID-SINGLE

DIGIT GROWTH

Growing integrated value chains Enhancing sour gas treating platform Building on significant Marcellus footprint

Durable distribution growth

12.5% distribution increase in 3Q25 Buybacks for incremental capital return

Durable cash flow growth

Attractive growth opportunities

Financial flexibility

Peer-leading capital returns

APPEN DI X

M P L X | 1 Q 2 0 2 6

4.0x

Total Debt to LTM Adjusted EBITDA Ratio

Debt Maturities Through 2030

M P L X | 1 Q 2 0 2 6

$ Billions

3.5x

3.0x

2022 2023 2024 2025

2026 2027 2028 2029 2030

$ Millions (unless otherwise noted)

YE24

YE25

1Q26

Total Debt(a)

21,206

26,006

LTM Adj. EBITDA

6,764

7,017

6,989

Total Debt to LTM Adj. EBITDA

3.1x

3.7x

M P L X | 1 Q 2 0 2 6

1Q26 PROCESSED VOLUMES(a)

Area

Capacity at End of Quarter (MMcf/d)(b)

Average Volume (MMcf/d)

Utilization of Available Capacity (%)(b)

Marcellus

6,520

6,160

94%

Utica

1,325

938

71%

Southwest

2,745

1,973

72%

Southern Appalachia

405

190

47%

Bakken

185

145

78%

1Q26 FRACTIONATED VOLUMES(a)

Area

Capacity at End of Quarter (mbpd)(b)

Average Volume (mbpd)

Utilization of Available Capacity (%)(b)

Marcellus/Utica C3+

413

342

83%

Marcellus/Utica C2

349

271

78%

Other

37%

(a) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method

M P L X | 1 Q 2 0 2 6

$ Millions

1Q 2026

1Q 2025

FY 2025

FY 2024

FY 2023

FY 2022

Net income

922

1,136

4,952

4,357

3,966

3,978

Provision for income taxes

Net interest and other financial costs

291

229

983

921

923

925

Income from operations

1,214

1,366

5,943

5,288

4,900

4,911

Depreciation and amortization

358

326

1,351

1,283

1,213

1,230

Income from equity method investments

(182)

(186)

(697)

(802)

(600)

(476)

Distributions/adjustments related to equity method

investments

251

227

962

928

774

652

Gain on sales-type leases and equity method investments

(484)

(92)

(509)

Gain on sale of assets

(159)

Transaction-related costs

Garyville incident response costs

Other

112

111

100

Adjusted EBITDA

1,740

1,768

7,061

6,808

6,311

5,813

Adjusted EBITDA attributable to noncontrolling interests

(11)

(44)

(42)

(38)

Adjusted EBITDA attributable to MPLX LP

1,729

1,757

7,017

6,764

6,269

5,775

Deferred revenue impacts

(1)

(18)

(57)

158

Sales-type lease payments, net of income

Adjusted net interest and other financial costs(a)

(284)

(219)

(950)

(867)

(859)

(851)

Maintenance capital expenditures, net of reimbursements

(53)

(35)

(256)

(206)

(150)

(144)

Equity method investment maintenance capital expenditures

paid out

(4)

(5)

(20)

(18)

(15)

(13)

Other

(7)

(5)

(39)

(14)

Distributable cash flow (DCF) attributable to MPLX LP

1,408

1,486

5,791

5,697

5,340

4,981

Preferred unit distributions

(27)

(99)

(129)

DCF attributable to LP unitholders

1,408

1,486

5,791

5,670

5,241

4,852

M P L X | 1 Q 2 0 2 6

$ Millions

1Q 2026

1Q 2025

FY 2025

FY 2024

FY 2023

FY 2022

Net cash provided by operating activities

1,347

1,246

5,909

5,946

5,397

5,019

Changes in working capital items

230

(65)

(241)

(169)

(128)

All other, net

(11)

(5)

(27)

Loss/(gain) on extinguishment of debt

Adjusted net interest and other financial costs(a)

284

219

950

867

859

851

Other adjustments related to equity method investments

102

Transaction-related costs

Garyville incident response costs

Other

132

139

122

Adjusted EBITDA

1,740

1,768

7,061

6,808

6,311

5,813

Adjusted EBITDA attributable to noncontrolling interests

(11)

(44)

(42)

(38)

Adjusted EBITDA attributable to MPLX LP

1,729

1,757

7,017

6,764

6,269

5,775

Deferred revenue impacts

(1)

(18)

(57)

158

Sales-type lease payments, net of income

Adjusted net interest and other financial costs(a)

(284)

(219)

(950)

(867)

(859)

(851)

Maintenance capital expenditures, net of reimbursements

(53)

(35)

(256)

(206)

(150)

(144)

Equity method investment maintenance capital expenditures paid

out

(4)

(5)

(20)

(18)

(15)

(13)

Other

(7)

(5)

(39)

(14)

Distributable cash flow (DCF) attributable to MPLX LP

1,408

1,486

5,791

5,697

5,340

4,981

Preferred unit distributions

(27)

(99)

(129)

DCF attributable to LP unitholders

1,408

1,486

5,791

5,670

5,241

4,852

M P L X | 1 Q 2 0 2 6

$ Millions

1Q 2026

1Q 2025

Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP

1,111

1,097

Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP

618

660

Adjusted EBITDA attributable to MPLX LP

1,729

1,757

Depreciation and amortization

(358) (326)

Net interest and other financial costs

(291) (229)

Income from equity method investments

182

186

Distributions/adjustments from equity method investments

(251) (227)

Adjusted EBITDA attributable to noncontrolling interests

Other(a)

(100) (36)

Net income

922

1,136

M P L X | 1 Q 2 0 2 6

$ Millions

1Q 2026

1Q 2025

Net cash provided by operating activities

1,347

1,246

Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow:

Net cash used in investing activities

(791) (601)

Contributions from MPC

Distributions to noncontrolling interests

(11) (11)

Adjusted free cash flow

549

641

Distributions paid to common and preferred unitholders

(1,093) (978)

Adjusted free cash flow after distributions

(544) (337)

Disclaimer

MPLX LP published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 11:22 UTC.