Slide 1: Fourth Quarter 2025 Earnings Conference Call
MPLX | 4Q 2025 FOURTH QUARTER 2025 EARNINGS CONFERENCE CALL February 3, 2026
Slide 2: Forward-Looking Statements
MPLX | 4Q 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: 2025: Execution of Commitments
MPLX | 4Q 2025 2025: EXECUTION OF COMMITMENTS Strong $5.5 B Invested Committed Performance for Growth Capital Returns Delaware basin sour $7 B of gas treating platform 12.5% increase to Adj. EBITDA quarterly distribution Gulf Coast 6.7% 3-year Adj. fractionation facilities $400 MM of unit EBITDA CAG
Slide 4: 2026: Platform for Growth
MPLX | 4Q 2025 2026: PLATFORM FOR GROWTH $2.7 B capital outlook for 2026 2026 SPEND ASSOCIATED ~$2.4 B growth WITH NG & NGL ~$0.3 B maintenance PROJECTS: Southwest: 200 2,700 ▪ $950 MM: Two Gulf Coast fractionation 2,200 facilities and LPG export terminal ▪ $400 MM: Completion of Delaware basin sour
Slide 5: Permian Integrated Value Chain Growth
MPLX | 4Q 2025 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 6: Permian: Integrated Natural Gas System
MPLX | 4Q 2025 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(a) Enhanced access to premium markets Midland Waha Platform for additional g
Slide 7: Investing for Durable Growth
MPLX | 4Q 2025 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 Secretariat II to 250 mbpd Gas Processing Plant Gas Processing Pla
Slide 8: Crude Oil and Products Logistics
MPLX | 4Q 2025 CRUDE OIL AND PRODUCTS LOGISTICS Durable, fee-based cash flow through integrated relationship with MPC +4.6% A $37 million benefit from a 52 1,175 FERC tariff ruling issued in 1,123 November Higher rates Partially offset by higher project-related expenses 4Q25 OPERATING STATS Volume v
Slide 9: Natural Gas and NGL Services
MPLX | 4Q 2025 NATURAL GAS AND NGL SERVICES Handles ~10% of all natural gas produced in the United States Contributions from recently acquired assets and higher volumes 639 13 629 A $23 million impact from -23 divestiture of non-core gathering and processing assets Lower natural gas liquids prices 4
Slide 10: 4Q 2025 Financial Highlights
MPLX | 4Q 2025 4Q 2025 FINANCIAL HIGHLIGHTS Adjusted Distributable EBITDA ($MM) Cash Flow ($MM) +2% YoY -4% YoY 1,762 1,804 1,477 1,417 2024 2025 THREE MONTHS ENDED DECEMBER 31, 2024 2025 Distributions Declared ($/unit) $0.9565 $1.0765 Distribution Coverage 1.5x 1.3x Adjusted Free Cash Flow ($MM) $1
Slide 11: History of Strong Financial Performance
MPLX | 4Q 2025 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 $7.0 $5.8 $6.8 12.5% 12.5% $5.7 $6.3 $5.8 $5.2 10% 10% $4.9 2022 2023 2024 2025 2022 2023 2024 2025 2022
Slide 12: Financial Priorities
MPLX | 4Q 2025 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 13: Sustainability Highlights
MPLX | 4Q 2025 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 14: 2026: Committed to Creating Exceptional Value
MPLX | 4Q 2025 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 15: Appendix
MPLX | 4Q 2025 15 APPENDIX
Slide 16: Strong Balance Sheet
MPLX | 4Q 2025 STRONG BALANCE SHEET Consolidated 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) YE23 YE24 4Q25 Consolidated Total Debt(a) 20,706 21,206 26,006 LTM Ad
Slide 17: Natural Gas and NGL Services Segment
MPLX | 4Q 2025 NATURAL GAS AND NGL SERVICES SEGMENT 4Q25 PROCESSED VOLUMES(a) Capacity at Average Utilization of Area End of Quarter Volume Available Capacity (MMcf/d)(b) (MMcf/d) (%)(b) Marcellus 6,520 6,312 97% Utica 1,325 958 72% Southwest 2,745 1,933 70% Southern Appalachia 425 202 48% Bakken 18
Slide 18: Historical Growth Capex by Segment
MPLX | 4Q 2025 HISTORICAL GROWTH CAPEX BY SEGMENT GROWTH CAPITAL ($ MILLIONS) Crude Oil and Natural Gas and Total Growth Year Products NGL Services Capital(b) Logistics(a) 2026 Outlook 200 2,200 2,400 FY 2025 245 1,792 2,037 FY 2024 309 580 889 FY 2023 256 498 754 FY 2022 181 531 712 (a) 2024 and 20
Slide 19: Reconciliation of Adjusted EBITDA and Distributable Cash Flow from Net Income
MPLX | 4Q 2025 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME $ Millions 4Q 2025 4Q 2024 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Net income 1,203 1,109 4,952 4,357 3,966 3,978 3,112 Provision for income taxes 3 5 8 10 11 8 1 Net interest and other financial costs 277 2
Slide 20: Reconciliation of Adjusted EBITDA and Distributable Cash Flow and Net Cash Provided by Operating Activities
MPLX | 4Q 2025 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW AND NET CASH PROVIDED BY OPERATING ACTIVITIES $ Millions 4Q 2025 4Q 2024 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by operating activities 1,496 1,675 5,909 5,946 5,397 5,019 4,911 Changes in working capital
Slide 21: Reconciliation of Segment Adjusted EBITDA to Net Income
MPLX | 4Q 2025 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME $ Millions 4Q 2025 4Q 2024 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,175 1,123 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 629 639 Adjusted EBITDA attribut
Slide 22: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
MPLX | 4Q 2025 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 4Q 2025 4Q 2024 Net cash provided by operating activities 1,496 1,675 Adjustments to reconcile net cash provided by operating activities to adju
Slide 23: Reconciliation of LTM Net Income to LTM Adjusted EBITDA
MPLX | 4Q 2025 RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA $ Millions FY 2025 FY 2024 FY 2023 LTM Net income 4,952 4,357 3,966 Provision for income taxes 8 10 11 Net interest and other financial costs 983 921 923 LTM income from operations 5,943 5,288 4,900 Depreciation and amortization
Slide 24: Capital Expenditures
MPLX | 4Q 2025 CAPITAL EXPENDITURES $ Millions 4Q 2025 4Q 2024 FY 2025 FY 2024 Capital Expenditures Growth capital expenditures 649 227 1,668 796 Growth capital reimbursements (36) (51) (136) (115) Investments in unconsolidated affiliates 232 50 794 236 Return of capital (150) (8) (251) (12) Capital