Mplx Lp · NYSE:MPLX
Mplx Lp — Q1 2025 Earnings Presentation
24 slides from Mplx Lp's earnings presentation, May 6, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
FIRST QUARTER 2025 Earnings Conference Call May 6, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPLX | 1Q 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: First Quarter Business Update
FIRST QUARTER BUSINESS UPDATE MPLX | 1Q 2025 Strong Investing for Committed Performance Growth Return of Capital $1.8 B of Adj. Announced over Distributions of EBITDA $1 B of bolt-on $978 MM to acquisitions(a) unitholders 7% Increase in Adj. 100% ownership in $100 MM of unit EBITDA YoY BANGL pipelin
Slide 4: Business Mix
MPLX | 1Q 2025 BUSINESS MIX PERMIAN & GULF COAST OPERATIONS Wellhead-to-Water Value Chains B A Permian A B NORTHEAST OPERATIONS Our operating locations are Largest Operating driven by favorable long-term Region market outlooks Note: Illustrative representation of asset map (a) includes MPC/MPLX owne
Slide 5: Permian NGL Value Chain
PERMIAN NGL VALUE CHAIN MPLX | 1Q 2025 VALUE CHAIN Processing Gas Processing Plant 1.4 Bcf/d total capacity(a) MPC Galveston Bay Refinery NGL Fractionator Midland LPG Export Terminal Orla Long-Haul Transportation Benedum TEXAS Expanding BANGL to 300 MBPD Mont Belvieu Galveston Bay MBTC Fractionation
Slide 6: Permian Natural Gas Value Chain
PERMIAN NATURAL GAS VALUE CHAIN MPLX | 1Q 2025 TRAVERSE PIPELINE Traverse – FID Previously announced Expands MPLX’s In-service natural gas value chain TEXAS Midland Enhanced access to Waha Rankin premium markets Katy 1.75 Bcf/d capacity Corpus Christi ADCC Agua Dulce Expect in-service in 2027 Browns
Slide 7: 2025: $1.7 Billion Growth Plan
2025: $1.7 BILLION GROWTH PLAN MPLX | 1Q 2025 NATURAL GAS & NGL SERVICES 2024 2025 (Est. In-Service) 2026+ (Est. In-Service) ▪ Utica gathering system ▪ Secretariat processing plant ▪ Harmon Creek III expansion(a) ▪ Expansion: ▪ Rio Bravo Pipeline(a) ▪ Harmon Creek II ▪ BANGL Pipeline(a) ▪ Blackcomb
Slide 8: Leading Midstream Operator
LEADING MIDSTREAM OPERATOR MPLX | 1Q 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 9: Crude Oil and Products Logistics
CRUDE OIL AND PRODUCTS LOGISTICS MPLX | 1Q 2025 KEY DRIVERS Higher throughputs and rates Partially offset by higher operating expenses OPERATING STATS - 1Q25 Volume vs. (MMBPD) 1Q24 Crude Oil Pipelines 3.9 13% Product Pipelines 2.0 10% Terminals 3.1 6% 9
Slide 10: Natural Gas and NGL Services
NATURAL GAS AND NGL SERVICES MPLX | 1Q 2025 KEY DRIVERS A $37 million non-recurring benefit associated with a customer agreement Increased volumes in the Permian and Utica basins, including growth from equity affiliates OPERATING STATS - 1Q25(a) Volume vs. 1Q24 Gathering 6.5 Bcf/d 5% Processing 9.8
Slide 11: 1Q 2025 Financial Highlights
1Q 2025 FINANCIAL HIGHLIGHTS MPLX | 1Q 2025 ADJUSTED EBITDA ($MM) DISTRIBUTABLE CASH FLOW ($MM) +7% YoY +8% YoY 2024 2025 Three Months Ended March 31, 2024 2025 Distributions Declared ($/unit) $0.8500 $0.9565 Distribution Coverage 1.6x 1.5x Adjusted Free Cash Flow ($MM) $294 $641 Total Capital Retur
Slide 12: History of Strong Financial Performance
MPLX | 1Q 2025 HISTORY OF STRONG FINANCIAL PERFORMANCE STEADY CASH FLOW GROWTH SUPPORTS REINVESTMENT AND CAPITAL RETURN TO UNITHOLDERS See appendix for additional information and reconciliations for Adj. EBITDA and Distributable Cash Flow. (a) Attributable to MPLX LP. (b) Attributable to LP Unithold
Slide 13: Financial Priorities
MPLX | 1Q 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 14: Sustainability Highlights
MPLX | 1Q 2025 SUSTAINABILITY HIGHLIGHTS METHANE EMISSIONS BIODIVERSITY MPLX FOCUS AREAS FOR METHANE REDUCTIONS INTENSITY TARGET RIGHT-OF-WAY TARGET 2030 Goal Progress(a) 2025 Goal Progress(a) 62% 8,825 ACRES Pneumatic Pipeline Fugitive Leak Control Devices Launchers and Detection and Reciprocating
Slide 15: 2025: Committed to Creating Exceptional Value
MPLX | 1Q 2025 2025: COMMITTED TO CREATING EXCEPTIONAL VALUE Execution of mid-single digit growth strategy is expected to allow us to reinvest in the business and support annual distribution increases in the future 15
Slide 16: Appendix
APPENDIX MPLyx Gz0z OL | X1dWN
Slide 17: Strong Balance Sheet
STRONG BALANCE SHEET MPLX | 1Q 2025 CONSOLIDATED TOTAL DEBT TO DEBT MATURITIES - THROUGH 2030(b) LTM ADJUSTED EBITDA APPENDIX $ Millions (unless otherwise noted) YE23 YE24 1Q25 Consolidated Total Debt(a) 20,706 21,206 22,708 LTM Adj. EBITDA 6,269 6,764 6,886 Consolidated Total Debt to LTM Adj. EBITD
Slide 18: Natural Gas and NGL Services Segment
MPLX | 1Q 2025 NATURAL GAS AND NGL SERVICES SEGMENT 1Q25 PROCESSED VOLUMES(a) Capacity at End Average Utilization of Area of Quarter Volume Available Capacity (MMcf/d) (MMcf/d) (%) Marcellus 6,520 5,975 92% APPENDIX Utica 1,325 965 73% Southwest 2,745 1,879 68% Southern Appalachia 425 188 44% Bakken
Slide 19: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
MPLX | 1Q 2025 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME $ Millions 1Q 2025 1Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net income 1,136 1,015 4,357 3,966 3,978 3,112 Provision for income taxes 1 1 10 11 8 1 Net interest and other financial costs 229 235 921 923 925 8
Slide 20: Reconciliation of Adjusted EBITDA and DCF and Net Cash Provided by Operating Activities
MPLX | 1Q 2025 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW AND NET CASH PROVIDED BY OPERATING ACTIVITIES $ Millions 1Q 2025 1Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by operating activities 1,246 1,291 5,946 5,397 5,019 4,911 Changes in working capital items 230 71
Slide 21: Reconciliation of Segment Adjusted EBITDA to Net Income
MPLX | 1Q 2025 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME $ Millions 1Q 2025 1Q 2024 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,097 1,059 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 660 576 APPENDIX Adjusted EBITDA
Slide 22: Reconciliation of Net Cash from Operations to Adjusted Free Cash Flow
MPLX | 1Q 2025 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 1Q 2025 1Q 2024 APPENDIX Net cash provided by operating activities 1,246 1,291 Adjustments to reconcile net cash provided by operating activitie
Slide 23: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
MPLX | 1Q 2025 RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA $ Millions 1Q 2025 FY 2024 FY 2023 LTM Net income 4,478 4,357 3,966 Provision for income taxes 10 10 11 Net interest and other financial costs 915 921 923 APPENDIX LTM income from operations 5,403 5,288 4,900 Depreciation and amo
Slide 24: Capital Expenditures
MPLX | 1Q 2025 CAPITAL EXPENDITURES $ Millions 1Q 2025 1Q 2024 Capital Expenditures Growth capital expenditures 220 165 Growth capital reimbursements (27) (21) Investments in unconsolidated affiliates 119 119 Capitalized interest (5) (4) APPENDIX Total growth capital expenditures(a) 307 259 Maintena