Mplx Lp · NYSE:MPLX
Mplx Lp — Q2 2026 Earnings Presentation
22 slides from Mplx Lp's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
MPLX | 2Q 2026 SECOND QUARTER 2026 EARNINGS CONFERENCE CALL August 4, 2026
Slide 2: Forward-Looking Statements
MPLX | 2Q 2026 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: Second Quarter Business Update
MPLX | 2Q 2026 SECOND QUARTER BUSINESS UPDATE Advancing Operating Committed 2026 Growth Results Capital Returns 300 MMcf/d Harmon $1.8 B of Adj. EBITDA; Creek III processing +5% increase Distributions of plant beginning year-over-year $1.1 B to unitholders operations in August 96% processing $50 MM
Slide 4: Investing for Durable Growth
MPLX | 2Q 2026 INVESTING FOR DURABLE GROWTH Allocating over 90% of 2026 growth capital to investments in our Natural Gas and NGL Services segment 2025 2026 (Est. In-Service) 2027+ (Est. In-Service) Expansion of BANGL Pipeline Secretariat I Secretariat II to 250 mbpd Gas Processing Plant Gas Processi
Slide 5: Positioned for Second Half Weighted Growth in 2026
MPLX | 2Q 2026 POSITIONED FOR SECOND HALF WEIGHTED GROWTH IN 2026 4Q26 (Est. In-Service) Expansion of 300 mbpd long-haul Permian NGL pipeline BANGL Pipeline Expansion of Delaware Over 400 MMcf/d sour gas treating capacity Sour Gas Treating Facility Blackcomb Pipeline(a) 2.5 Bcf/d of Permian takeaway
Slide 6: Permian: Integrated Natural Gas System
MPLX | 2Q 2026 PERMIAN: INTEGRATED NATURAL GAS SYSTEM Delivering natural gas to export facilities along the Gulf Coast 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 Katy oppor
Slide 7: Permian: Wellhead-to-Water NGL Platform
MPLX | 2Q 2026 PERMIAN: WELLHEAD-TO-WATER NGL PLATFORM Clear line-of-sight to volumes supporting our integrated system Integrated NGL value chain positioned to support growing demand for U.S. NGL exports Producer Volume Expanded BANGL pipeline provides critical takeaway capacity as in-basin NGL volu
Slide 8: Crude Oil and Products Logistics
MPLX | 2Q 2026 CRUDE OIL AND PRODUCTS LOGISTICS Durable, fee-based cash flow through integrated relationship with MPC Higher rates across the business units 23 1,161 1,138 Increased butane blending Lower crude pipeline throughputs from planned MPC turnaround activity Higher operating expenses due to
Slide 9: Natural Gas and NGL Services
MPLX | 2Q 2026 NATURAL GAS AND NGL SERVICES Provides essential Midstream services for over 10% 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 99 614 gathering and processing assets in 2025 Increased volumes including growth
Slide 10: Financial Priorities
MPLX | 2Q 2026 FINANCIAL PRIORITIES Maintenance Base Growth Incremental Capital Distributions Capital Return of Capital Maintain safety and Primary return of Disciplined growth Opportunistic return of reliability of assets capital tool opportunities capital to unitholders STRONG BALANCE SHEET FOUNDA
Slide 11: Sustainability Highlights
MPLX | 2Q 2026 SUSTAINABILITY HIGHLIGHTS PUBLISHED LATEST PERSPECTIVES ON CLIMATE- METHANE EMISSIONS BIODIVERSITY RELATED SCENARIOS AND SUSTAINABILITY REPORTS INTENSITY TARGET RIGHT-OF-WAY TARGET 2030 Goal Progress(a) 2025 Goal Progress(a) 68% 10,215 ACRES Apply sustainable Reduce landscapes to meth
Slide 12: 2026: Committed to Creating Exceptional Value
MPLX | 2Q 2026 2026: COMMITTED TO CREATING EXCEPTIONAL VALUE VALUE PROPOSITION Growing integrated value chains Durable cash flow Enhancing sour gas treating platform growth Building on significant Marcellus footprint TARGETING MID-SINGLE DIGIT GROWTH Attractive growth opportunities Durable distribut
Slide 13: Appendix
MPLX | 2Q 2026 13 APPENDIX
Slide 14: History of Strong Financial Performance
MPLX | 2Q 2026 HISTORY OF STRONG FINANCIAL PERFORMANCE Adjusted Distributable Quarterly EBITDA(a) Cash Flow(b) Distribution Growth(c) +6.7% CAGR +6.1% CAGR +11.6% CAGR $ Billion $ Billion $/unit $5.8 12.5% 12.5% $7.0 $5.7 $6.8 $6.3 10% 10% $5.8 $5.2 $4.9 2022 2023 2024 2025 2022 2023 2024 2025 2022
Slide 15: Strong Balance Sheet
MPLX | 2Q 2026 STRONG BALANCE SHEET Total Debt to LTM Debt Maturities Through 2030 Adjusted EBITDA Ratio 2 4.0x $ Billions 1 3.5x 3.0x 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 $ Millions (unless otherwise noted) YE24 YE25 2Q26 Total Debt(a) 21,206 26,006 26,005 LTM Adj. EBITDA 6,764 7,017 7,07
Slide 16: Natural Gas and NGL Services Segment
MPLX | 2Q 2026 NATURAL GAS AND NGL SERVICES SEGMENT 2Q26 PROCESSED VOLUMES(a) Capacity at Average Utilization of Area End of Quarter Volume Available Capacity (MMcf/d) (MMcf/d) (%)(b) Marcellus 6,520 6,232 96% Utica 1,325 964 73% Southwest 2,945 2,013 70% Southern Appalachia 405 220 54% Bakken 185 1
Slide 17: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
MPLX | 2Q 2026 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME $ Millions 2Q 2026 2Q 2025 FY 2025 FY 2024 FY 2023 FY 2022 Net income 1,087 1,058 4,952 4,357 3,966 3,978 Provision for income taxes 2 1 8 10 11 8 Net interest and other financial costs 289 234 983 921 923 9
Slide 18: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Operating Activities
MPLX | 2Q 2026 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET CASH PROVIDED BY OPERATING ACTIVITIES $ Millions 2Q 2026 2Q 2025 FY 2025 FY 2024 FY 2023 FY 2022 Net cash provided by operating activities 1,702 1,736 5,909 5,946 5,397 5,019 Changes in working capital items (261)
Slide 19: Reconciliation of Segment Adjusted EBITDA to Net Income
MPLX | 2Q 2026 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME $ Millions 2Q 2026 2Q 2025 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,161 1,138 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 614 552 Adjusted EBITDA attribut
Slide 20: Reconciliation of Operating Cash Flow to Adjusted Free Cash Flow
MPLX | 2Q 2026 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 2Q 2026 2Q 2025 Net cash provided by operating activities 1,702 1,736 Adjustments to reconcile net cash provided by operating activities to adju
Slide 21: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
MPLX | 2Q 2026 RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA $ Millions 2Q 2026 FY 2025 FY 2024 LTM Net income 4,767 4,952 4,357 Provision for income taxes 9 8 10 Net interest and other financial costs 1,100 983 921 LTM income from operations 5,876 5,943 5,288 Depreciation and amortization
Slide 22: Capital Expenditures
MPLX | 2Q 2026 CAPITAL EXPENDITURES $ Millions 2Q 2026 2Q 2025 Capital Expenditures Growth capital expenditures 746 286 Growth capital reimbursements (49) (37) Investments in unconsolidated affiliates 202 203 Return of capital — (39) Capitalized interest (25) (7) Total growth capital expenditures 87