Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results October 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislati
Slide 3: A Premier Energy Infrastructure Leader
A Premier Energy Infrastructure Leader Extensive and Regionally Diversified Operations • Strategically located, ~60,000-mile pipeline network. – Gathering, fractionation, transportation and storage of NGLs. – Gathering, processing, transportation and storage of natural gas. – Transportation, storage
Slide 4: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights 3Q 2025 Net Income of $940 million Solid Sequential Growth • 10% increase in net income. Natural Gas Liquids Natural Gas Gathering and Processing • 7% increase in adjusted EBITDA. $748 million $566 million Sequential Volume Growth • 8% increase in Gulf Coast/Permian reg
Slide 5: Sustainable Adjusted EBITDA Growth
Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $9,000 $8.0-$8.45(d) • 11 consecutive years of adjusted EBITDA $8,000 growth (2013-2024). ~$6.8(c) $7,000 WTI (a) Earnings from EnLink and Medallion • >16% annual adjusted EBITDA growth rat
Slide 6: Accelerated Synergy Realization
Accelerated Synergy Realization Magellan Synergies: $700MM+ Total Potential (adjusted EBITDA $ in millions) Original $200 MM $215 MM+ Up to $300 MM Assumption: Assumed in economics Near-term potential (1-4 yrs) Unweighted potential synergies Current >$350 MM Up to $350 MM Assumption: Realized by YE’
Slide 7: Business Segment Performance
Business Segment Performance 3Q 2025 vs. 2Q 2025 Adjusted EBITDA Variances • Natural gas liquids increased: – $42 million increase in exchange services due primarily to higher volumes in the Rocky Mountain and Gulf Coast/Permian regions and the timing of fractionating and marketing raw feed NGLs hel
Slide 8: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (3Q 2025 vs. 2Q 2025): Region Second Quarter 2025 Third Quarter 2025 Rate (per gallon) – 8% increase in Gulf Coast/Permian region. Rocky Mountain(b) 468,000 bpd 493,000 bpd ~ 28 cents
Slide 9: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a) Second Quarter 2025 Third Quarter 2025 • Refined products volumes (3Q 2025 vs. 2Q 2025): Total refined products volume shipped 1,503,000 bpd 1,526,000 bpd – 3% increase in distillates. Gasoline 853,000 bpd 862,000 bpd – 1% incre
Slide 10: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) • Processed volumes (3Q 2025 vs. 2Q 2025): Region Second Quarter 2025 Third Quarter 2025 – 6% increase in Mid-Continent region. Rocky Mountain 1,642 MMcf/d 1,702 MMcf/d – 5% increase in Permian region. Mid-Continent 2,4
Slide 11: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well positioned to benefit from industrial demand growth driven by data centers, LNG and ammonia facilities. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers. – Exports provide brownfield storage expansion
Slide 12: 2025 Financial Guidance
2025 Financial Guidance Non-GAAP Reconciliation 2025 Guidance Ranges ($ in millions) Reconciliation of net income to adjusted EBITDA 2023 2024 Net income $2,659 $3,112 $3,168 - $3,648 Interest expense, net of capitalized interest 866 1,371 1,820 - 1,780 Depreciation and amortization 769 1,134 1,620
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of net income to adjusted EBITDA Three Months Ended Three Months Ended ($ in millions) June 30, 2025 Sept. 30, 2025 Net income $853 $940 Interest expense, net of capitalized interest 438 450 Depreciation and amortization 368 378 Income taxes 260 297 Adjusted EB
Slide 14: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “estimates,” “expects,” “forecasts,” “outlook,” “plans,” “projects,” “scheduled,” “should,” “will,” “would,” and similar expressions may be used to ident
Slide 15: October 2025
October 2025