Mplx Lp · NYSE:MPLX
Mplx Lp — Q3 2025 Earnings Presentation
28 slides from Mplx Lp's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
THIRD QUARTER 2025 Earnings Conference Call November 4, 2025
Slide 2: Forward-Looking Statements
MPLX | 3Q 2025 FORWARD-LOOKING STATEMENTS 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: Third Quarter Business Update
MPLX | 3Q 2025 THIRD QUARTER BUSINESS UPDATE Increased quarterly distribution 12.5% for second consecutive year to $4.31 per unit annualized Strong Portfolio Committed Performance Optimization Return of Capital $5.2 B of Acquired sour gas $1.1 B total YTD Adj. EBITDA treating business in capital ret
Slide 4: Expanding Portfolio for Growth
MPLX | 3Q 2025 EXPANDING PORTFOLIO FOR GROWTH ACQUIRED Remaining 55% interest in BANGL ~$700MM in cash at closing Delaware basin sour gas treating business ~$2.4B in cash Incremental investment of ~$500MM 7x multiple on forecast 2027 EBITDA DIVESTING Rockies gathering & processing assets $1B in cash
Slide 5: Delaware Basin Sour Gas Treating Highlights
MPLX | 3Q 2025 DELAWARE BASIN SOUR GAS TREATING HIGHLIGHTS Supports Permian wellhead-to- water strategy and accelerates Natural Gas & NGL growth Over 200,000 dedicated acres NEW MEXICO Over 400 MMcf/d sour gas treating capacity, 200+ miles of gathering Midland pipelines, and 3 acid gas injection (
Slide 6: Permian NGL Value Chain
MPLX | 3Q 2025 PERMIAN NGL VALUE CHAIN VALUE CHAIN Treating Expanding to over 400 MMcf/d Gas Processing Plant MPC Galveston Bay Refinery Midland NGL Fractionator Processing Orla 1.4 Bcf/d total capacity(a) Benedum TEXAS LPG Export Terminal Long-Haul Transportation Mont Belvieu Expanding BANGL to 300
Slide 7: Gulf Coast Fracs & Export Dock Project Update
MPLX | 3Q 2025 GULF COAST FRACS & EXPORT DOCK PROJECT UPDATE Anticipating mid-teen returns Total expected capex: ~$2.5B MPLX JV LPG Export Facility Est. in-service dates: 2028 – 2029 Third Party LPG Export Facilities HOUSTON SHIP CHANNEL Construction progressing on JV export terminal and purity pipe
Slide 8: Permian Natural Gas Value Chain
MPLX | 3Q 2025 PERMIAN NATURAL GAS VALUE CHAIN Natural Gas Pipeline VALUE CHAIN In-Service FID/Under Construction 10 Bcf/d of long-haul Permian egress(a) Agua 2.5 Bcf/d of bi-directional Blanca Midland TEXAS Venture Global capacity between Agua Calcasieu Waha Dulce and Katy(a) Pass Katy Enhanced acc
Slide 9: Executing Growth Platforms
MPLX | 3Q 2025 EXECUTING GROWTH PLATFORMS Positioned in Executing Deploying the fastest- wellhead-to- over $5B growing water for growth basins strategy MARCELLUS & UTICA PERMIAN ~10% natural gas growth through 2030 ~40% natural gas growth through 2030 Permian Our operating locations are driven by fa
Slide 10: Platform for Compelling Growth
MPLX | 3Q 2025 PLATFORM FOR COMPELLING GROWTH TOTAL INVESTMENTS ($B) DISCIPLINED GROWTH $5.5 Over 90% of 2025 growth capital in Natural Gas & NGLs $3.5B of acquisitions Growing third-party cash flow $1.9 $1.2 $0.9 Optimizing portfolio toward growth regions 2022 2023 2024 2025E Maintenance Capital Gr
Slide 11: Leading Midstream Operator
MPLX | 3Q 2025 LEADING MIDSTREAM OPERATOR Integrated value chains Over 10% of all NG & NGLs provide cash flow natural gas produced in the resiliency and a platform U.S. passes for growth through the Natural Gas & MPLX system NGL Services Strong balance sheet bolsters financial Crude Oil & flexibilit
Slide 12: Crude Oil and Products Logistics
MPLX | 3Q 2025 CRUDE OIL AND PRODUCTS LOGISTICS HIGHLIGHTS 43 1,137 Higher rates 1,094 Partially offset by higher operating expenses Segment Adjusted EBITDA +3.9% YoY OPERATING STATS – 3Q25 Volume vs. (MMbpd) 3Q24 Crude Oil Pipelines 3.9 (1)% Product Pipelines 2.1 0% 3Q24 Segment 3Q25 Segment Adjust
Slide 13: Natural Gas and NGL Services
MPLX | 3Q 2025 NATURAL GAS AND NGL SERVICES HIGHLIGHTS Contributions from recently acquired assets and higher volumes 9 629 620 Partially offset by higher operating expenses Segment Adjusted EBITDA +1.5% YoY OPERATING STATS – 3Q25(a) vs. Volume 3Q24 Gathering 6.9 Bcf/d 3% Processing 10.1 Bcf/d 3% 3Q
Slide 14: 3Q 2025 Financial Highlights
MPLX | 3Q 2025 3Q 2025 FINANCIAL HIGHLIGHTS ADJUSTED EBITDA ($MM) DISTRIBUTABLE CASH FLOW ($MM) +3% YoY +2% YoY 1,468 1,766 1,446 1,714 3Q 2024 2025 3Q Three Months Ended September 30, 2024 2025 Distributions Declared ($/unit) $0.9565 $1.0765 Distribution Coverage 1.5x 1.3x Adjusted Free Cash Flow (
Slide 15: History of Strong Financial Performance
MPLX | 3Q 2025 HISTORY OF STRONG FINANCIAL PERFORMANCE ADJUSTED DISTRIBUTABLE QUARTERLY EBITDA(a) CASH FLOW(b) DISTRIBUTION GROWTH(c) + 6.8% CAGR + 6.9% CAGR + 11.6% CAGR $6.8 $5.7 12.5% 12.5% $6.3 $5.2 10% 10% $4.9 $5.8 $4.6 $5.6 2021 2022 2023 2024 2021 2022 2023 2024 2022 2023 2024 2025 STEADY CA
Slide 16: Financial Priorities
MPLX | 3Q 2025 FINANCIAL PRIORITIES 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 17: Sustainability Highlights
MPLX | 3Q 2025 SUSTAINABILITY HIGHLIGHTS 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 18: 2025: Committed to Creating Exceptional Value
MPLX | 3Q 2025 2025: COMMITTED TO CREATING EXCEPTIONAL VALUE Targeting Mid-Single Digit Growth: Expanding integrated Permian natural gas and NGL value chains Expansion of sour gas treating solutions Compelling Building on significant Marcellus footprint Value Proposition Durable cash flow growth ← A
Slide 19: Appendix
APPENDIX MPL gzoz 0e€ | X1dW
Slide 20: Strong Balance Sheet
MPLX | 3Q 2025 STRONG BALANCE SHEET CONSOLIDATED TOTAL DEBT TO DEBT MATURITIES - THROUGH 2030 LTM ADJUSTED EBITDA APPENDIX $ Millions (unless otherwise noted) YE23 YE24 3Q25 Consolidated Total Debt(a) 20,706 21,206 26,007 LTM Adj. EBITDA 6,269 6,764 6,975 Consolidated Total Debt to LTM Adj. EBITDA 3
Slide 21: 2025: Deploying Over $5B for Growth
MPLX | 3Q 2025 2025: DEPLOYING OVER $5B FOR GROWTH (a) NATURAL GAS & NGL SERVICES 2024 2025 (Est. In-Service) 2026+ (Est. In-Service) ▪ Utica gathering system expansion(b) ▪ Secretariat processing plant ▪ Harmon Creek III processing plant ▪ Harmon Creek II processing plant ▪ Expansion: ▪ Rio Bravo p
Slide 22: Natural Gas and NGL Services
MPLX | 3Q 2025 NATURAL GAS AND NGL SERVICES SEGMENT 3Q25 PROCESSED VOLUMES(a) Capacity at End Average Utilization of Area of Quarter Volume Available Capacity (MMcf/d) (MMcf/d) (%) Marcellus 6,520 6,180 95% APPENDIX Utica 1,325 983 74% Southwest 2,745 1,983 72% Southern Appalachia 425 168 40% Bakken
Slide 23: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
MPLX | 3Q 2025 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME $ Millions 3Q 2025 3Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net income 1,555 1,047 4,357 3,966 3,978 3,112 Provision for income taxes 3 2 10 11 8 1 Net interest and other financial costs 243 226 921 923 925 8
Slide 24: Reconciliation of Adjusted EBITDA and DCF and Net Cash Provided by Operating Activities
MPLX | 3Q 2025 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW AND NET CASH PROVIDED BY OPERATING ACTIVITIES $ Millions 3Q 2025 3Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by operating activities 1,431 1,415 5,946 5,397 5,019 4,911 Changes in working capital items 40 40 (
Slide 25: Reconciliation of Segment Adjusted EBITDA to Net Income
MPLX | 3Q 2025 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME $ Millions 3Q 2025 3Q 2024 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,137 1,094 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 629 620 APPENDIX Adjusted EBITDA
Slide 26: Reconciliation of Net Cash from Operations to Adjusted Free Cash Flow
MPLX | 3Q 2025 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 3Q 2025 3Q 2024 APPENDIX Net cash provided by operating activities 1,431 1,415 Adjustments to reconcile net cash provided by operating activitie
Slide 27: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
MPLX | 3Q 2025 RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA $ Millions 3Q 2025 FY 2024 FY 2023 LTM Net income 4,858 4,357 3,966 Provision for income taxes 10 10 11 Net interest and other financial costs 935 921 923 APPENDIX LTM income from operations 5,803 5,288 4,900 Depreciation and amo
Slide 28: Capital Expenditures
MPLX | 3Q 2025 CAPITAL EXPENDITURES $ Millions 3Q 2025 3Q 2024 YTD 3Q YTD 3Q 2025 2024 Capital Expenditures Growth capital expenditures 513 248 1,019 569 Growth capital reimbursements (36) (14) (100) (64) Investments in unconsolidated affiliates 240 32 562 186 Return of capital (62) (4) (101) (4) AP