Slide 1: First Quarter 2026 Earnings Conference Call
MPLX | 1Q 2026 FIRST QUARTER 2026 EARNINGS CONFERENCE CALL May 5, 2026
Slide 2: Forward-Looking Statements
MPLX | 1Q 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: First Quarter Business Update
MPLX | 1Q 2026 FIRST QUARTER BUSINESS UPDATE Advancing Operating Committed 2026 Growth Results Capital Returns Increasing sour gas Distributions of treating capacity to $1.7 B of $1.1 B to unitholders over 400 MMcf/d Adj. EBITDA $50 MM of unit Expanding BANGL 94% processing repurchases pipeline to 3
Slide 4: Investing for Durable Growth
MPLX | 1Q 2026 INVESTING FOR DURABLE GROWTH Allocating ~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 Processing P
Slide 5: Permian: Integrated Natural Gas System
MPLX | 1Q 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 6: Permian: Wellhead-to-Water NGL Platform
MPLX | 1Q 2026 PERMIAN: WELLHEAD-TO-WATER NGL PLATFORM Clear line-of-sight to volumes supporting our 400+ MMcf/d(a) Sour gas treating integrated system 1.7 Bcf/d(b) Gas processing 300 mbpd(c) NGLs 300 mbpd BANGL pipeline 300 mbpd Fractionation MBTC 200 mbpd(d) LPG exports Pipeline(e) Texas City Exte
Slide 7: Permian Integrated Value Chain Growth
MPLX | 1Q 2026 PERMIAN INTEGRATED VALUE CHAIN GROWTH FROM STRATEGY TO REALIZATION: DELIVERING OUR GROWTH PLATFORM 2015 2020 2025 In Progress Sour Gas Treating - - 150 > 400 MMcf/d Natural Gas Processing - 0.6 1.2 1.7 Bcf/d Long-Haul Natural Gas Pipelines(a) - - 5 > 18 Bcf/d Long-Haul NGL Pipelines -
Slide 8: Crude Oil and Products Logistics
MPLX | 1Q 2026 CRUDE OIL AND PRODUCTS LOGISTICS Durable, fee-based cash flow through integrated relationship with MPC Higher rates across the 14 1,111 business units 1,097 Partially offset by lower crude pipeline throughputs 1Q26 OPERATING STATS Volume vs. (MMbpd) 1Q25 Crude Oil Pipelines 3.7 (6)% P
Slide 9: Natural Gas and NGL Services
MPLX | 1Q 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 $37MM 660 gathering and processing assets in 2025 non- recurring -45 40 618 benef
Slide 10: History of Strong Financial Performance
MPLX | 1Q 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 11: Financial Priorities
MPLX | 1Q 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 12: Sustainability Highlights
MPLX | 1Q 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(b) 59% 10,215 ACRES Reduce Apply sustainable methane landscapes
Slide 13: 2026: Committed to Creating Exceptional Value
MPLX | 1Q 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 14: Appendix
MPLX | 1Q 2026 14 APPENDIX
Slide 15: Strong Balance Sheet
MPLX | 1Q 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 1Q26 Total Debt(a) 21,206 26,006 26,006 LTM Adj. EBITDA 6,764 7,017 6,98
Slide 16: Natural Gas and NGL Services Segment
MPLX | 1Q 2026 NATURAL GAS AND NGL SERVICES SEGMENT 1Q26 PROCESSED VOLUMES(a) Capacity at Average Utilization of Area End of Quarter Volume Available Capacity (MMcf/d)(b) (MMcf/d) (%)(b) Marcellus 6,520 6,160 94% Utica 1,325 938 71% Southwest 2,745 1,973 72% Southern Appalachia 405 190 47% Bakken 18
Slide 17: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
MPLX | 1Q 2026 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME $ 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 1 1 8 10 11 8 Net interest and other financial costs 291 229 983 921 923 925
Slide 18: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Cash Provided by Operating Activities
MPLX | 1Q 2026 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET CASH PROVIDED BY OPERATING ACTIVITIES $ 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 71 230
Slide 19: Reconciliation of Segment Adjusted EBITDA to Net Income
MPLX | 1Q 2026 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME $ 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 attribut
Slide 20: Reconciliation of Net Cash Provided by Operating Activities to Adjusted FCF
MPLX | 1Q 2026 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ 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 adju
Slide 21: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
MPLX | 1Q 2026 RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA $ Millions 1Q 2026 FY 2025 FY 2024 LTM Net income 4,738 4,952 4,357 Provision for income taxes 8 8 10 Net interest and other financial costs 1,045 983 921 LTM income from operations 5,791 5,943 5,288 Depreciation and amortization
Slide 22: Capital Expenditures
MPLX | 1Q 2026 CAPITAL EXPENDITURES $ Millions 1Q 2026 1Q 2025 Capital Expenditures Growth capital expenditures 608 220 Growth capital reimbursements (35) (27) Investments in unconsolidated affiliates 237 119 Capitalized interest (19) (5) Total growth capital expenditures(a) 791 307 Maintenance capi