Slide 1: Second Quarter 2025 Earnings Conference Call
SECOND QUARTER 2025 Earnings Conference Call August 5, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPLX | 2Q 2025 This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, financial priorities, i
Slide 3: Second Quarter Business Update
SECOND QUARTER BUSINESS UPDATE MPLX | 2Q 2025 Strong Investing for Committed Performance Growth Return of Capital $1.7 B of Distributions of $2.375 B acquisition Adj. EBITDA $976 MM to accelerates growth unitholders in Delaware basin 5% Increase in with 200,000 YTD Adj. EBITDA $100 MM of Unit dedica
Slide 4: Northwind Midstream Acquisition
NORTHWIND MIDSTREAM ACQUISITION MPLX | 2Q 2025 FINANCIAL TODAY 2H26 HIGHLIGHTS $2.375 B purchase price Treating 150 Up to 440 Capacity MMcf/d MMcf/d 7x multiple on forecasted 2027 EBITDA Acid Gas 20 37 Injection MMcf/d MMcf/d Anticipating mid-teen return Connected to Offloaded to MPLX’s third-party
Slide 5: Enhancing Permian Value Chain
ENHANCING PERMIAN VALUE CHAIN MPLX | 2Q 2025 HIGHLIGHTS Supports Permian wellhead-to- water strategy and accelerates Natural Gas & NGL growth Over 200,000 dedicated acres NEW MEXICO 200+ miles of gathering pipelines and up to 440 MMcf/d sour gas Midland treating capacity(a) Orla Secretariat Torñad
Slide 6: Permian NGL Value Chain
PERMIAN NGL VALUE CHAIN MPLX | 2Q 2025 VALUE CHAIN Treating Expanding to 440 MMcf/d Gas Processing Plant MPC Galveston Bay Refinery NGL Fractionator Processing LPG Export Terminal Midland Orla 1.4 Bcf/d total capacity(a) Benedum TEXAS Long-Haul Transportation Mont Belvieu Expanding BANGL to 300 mbpd
Slide 7: Permian Natural Gas Value Chain
PERMIAN NATURAL GAS VALUE CHAIN MPLX | 2Q 2025 VALUE CHAIN Integrated system Previously announced In-service enhances shipper flexibility TEXAS Midland Provides premium market Waha Rankin access Katy Projects expected to offer strong financial returns Corpus Christi ADCC Platform for additional Agua
Slide 8: 2025: Deploying Over $5B for Growth
2025: DEPLOYING OVER $5B FOR GROWTH(a) MPLX | 2Q 2025 NATURAL GAS & NGL SERVICES 2024 2025 (Est. In-Service) 2026+ (Est. In-Service) ▪ Utica gathering system expansion(b) ▪ Secretariat processing plant ▪ Harmon Creek III ▪ Harmon Creek II ▪ Expansion: ▪ Rio Bravo Pipeline(b) ▪ Preakness II ▪ BANGL P
Slide 9: Leading Midstream Operator
LEADING MIDSTREAM OPERATOR MPLX | 2Q 2025 Integrated value chains NG & NGLs Over 10% of all provide cash flow natural gas resiliency and a platform produced in the U.S. is handled by for growth MPLX Natural Gas & NGL Services Strong balance sheet bolsters financial Crude Oil & flexibility to grow th
Slide 10: Crude Oil and Products Logistics
CRUDE OIL AND PRODUCTS LOGISTICS MPLX | 2Q 2025 KEY DRIVERS 39 1,138 1,099 Higher rates and throughputs Partially offset by higher operating expenses OPERATING STATS - 2Q25 Volume vs. (MMbpd) 2Q24 Crude Oil Pipelines 4.0 2% Product Pipelines 2.1 1% Terminals 3.2 0% 2Q24 Segment 2Q25 Segment Adjusted
Slide 11: Natural Gas and NGL Services
NATURAL GAS AND NGL SERVICES MPLX | 2Q 2025 KEY DRIVERS Growth from equity affiliates 554 552 -2 Offset by higher operating expenses and project spending OPERATING STATS - 2Q25(a) Volume vs. 2Q24 Gathering 6.6 Bcf/d (1)% Processing 9.7 Bcf/d 2% Fractionation 634 mbpd (5)% 2Q24 Segment 2Q25 Segment A
Slide 12: 2Q 2025 Financial Highlights
2Q 2025 FINANCIAL HIGHLIGHTS MPLX | 2Q 2025 ADJUSTED EBITDA ($MM) DISTRIBUTABLE CASH FLOW ($MM) +2% YoY +1% YoY 1,690 1,420 1,653 1,404 2Q 2024 2025 2Q Three Months Ended June 30, 2024 2025 Distributions Declared ($/unit) $0.8500 $0.9565 Distribution Coverage 1.6x 1.5x Adjusted Free Cash Flow ($MM)
Slide 13: History of Strong Financial Performance
MPLX | 2Q 2025 HISTORY OF STRONG FINANCIAL PERFORMANCE ADJUSTED DISTRIBUTABLE QUARTERLY EBITDA(a) CASH FLOW(b) DISTRIBUTION GROWTH(c) + 6.8% CAGR + 6.9% CAGR + 10.7% CAGR $6.8 $5.7 12.5% $6.3 $5.2 10% 10% $4.9 $5.8 $4.6 $5.6 3% 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 STEADY CASH
Slide 14: Financial Priorities
FINANCIAL PRIORITIES MPLX | 2Q 2025 MAINTENANCE Maintain safety and reliability of 1 CAPITAL our assets BASE 2 Primary return of capital tool DISTRIBUTIONS GROWTH 3 Disciplined growth opportunities CAPITAL INCREMENTAL 4 Opportunistic return of capital to RETURN OF unitholders CAPITAL Strong balance
Slide 15: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPLX | 2Q 2025 PUBLISHED LATEST PERSPECTIVES ON CLIMATE- METHANE EMISSIONS BIODIVERSITY RELATED SCENARIOS AND SUSTAINABILITY REPORTS INTENSITY TARGET RIGHT-OF-WAY TARGET CONTINUING TO DRIVE ENERGY 2030 Goal Progress(a) 2025 Goal Progress(a) EFFICIENCY IMPROVEMENTS 59% 8,825
Slide 16: 2025: Committed to Creating Exceptional Value
2025: COMMITTED TO CREATING MPLX | 2Q 2025 EXCEPTIONAL VALUE Targeting Mid-Single Digit Growth: Expanding integrated Permian natural gas and NGL value chains Building on significant Marcellus footprint Compelling Driving higher utilization in the Utica Value Proposition Durable cash flow growth ← At
Slide 17: Appendix
APPENDIX MPLyx Gz70z 02 | X1dWN
Slide 18: Strong Balance Sheet
STRONG BALANCE SHEET MPLX | 2Q 2025 CONSOLIDATED TOTAL DEBT TO DEBT MATURITIES - THROUGH 2030 LTM ADJUSTED EBITDA APPENDIX $ Millions (unless otherwise noted) YE23 YE24 2Q25 Consolidated Total Debt(a) 20,706 21,206 21,507 LTM Adj. EBITDA 6,269 6,764 6,923 Consolidated Total Debt to LTM Adj. EBITDA 3
Slide 19: Natural Gas and NGL Services Segment
MPLX | 2Q 2025 NATURAL GAS AND NGL SERVICES SEGMENT 2Q25 PROCESSED VOLUMES(a) Capacity at End Average Utilization of Area of Quarter Volume Available Capacity (MMcf/d) (MMcf/d) (%) Marcellus 6,520 6,019 92% APPENDIX Utica 1,325 940 71% Southwest 2,745 1,821 66% Southern Appalachia 425 205 48% Bakken
Slide 20: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
RECONCILIATION OF ADJUSTED EBITDA AND MPLX | 2Q 2025 DISTRIBUTABLE CASH FLOW FROM NET INCOME $ Millions 2Q 2025 2Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net income 1,058 1,186 4,357 3,966 3,978 3,112 Provision for income taxes 1 2 10 11 8 1 Net interest and other financial costs 234 231 921 923 925 8
Slide 21: Reconciliation of Adjusted EBITDA and DCF and Net Cash Provided by Operating Activities
RECONCILIATION OF ADJUSTED EBITDA AND MPLX | 2Q 2025 DISTRIBUTABLE CASH FLOW AND NET CASH PROVIDED BY OPERATING ACTIVITIES $ Millions 2Q 2025 2Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by operating activities 1,736 1,565 5,946 5,397 5,019 4,911 Changes in working capital items (313) (
Slide 22: Reconciliation of Segment Adjusted EBITDA to Net Income
RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET MPLX | 2Q 2025 INCOME $ Millions 2Q 2025 2Q 2024 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,138 1,099 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 552 554 APPENDIX Adjusted EBITDA
Slide 23: Reconciliation of Net Cash from Operations to Adjusted Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING MPLX | 2Q 2025 ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 2Q 2025 2Q 2024 APPENDIX Net cash provided by operating activities 1,736 1,565 Adjustments to reconcile net cash provided by operating activitie
Slide 24: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED MPLX | 2Q 2025 EBITDA $ Millions 2Q 2025 FY 2024 FY 2023 LTM Net income 4,350 4,357 3,966 Provision for income taxes 9 10 11 Net interest and other financial costs 918 921 923 APPENDIX LTM income from operations 5,277 5,288 4,900 Depreciation and amor
Slide 25: Capital Expenditures
CAPITAL EXPENDITURES MPLX | 2Q 2025 $ Millions 2Q 2025 2Q 2024 YTD 2Q YTD 2Q 2025 2024 Capital Expenditures Growth capital expenditures 286 156 506 321 Growth capital reimbursements (37) (29) (64) (50) Investments in unconsolidated affiliates 203 35 322 154 Return of capital (39) — (39) — APPENDIX C