MPLX LP (MPLX) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the MPLX first quarter earnings call. My name is Amanda and I will be your operator for today's call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. Please press star one on your touch tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Christina Kazarian. Christina, you may begin. Welcome to MPLX's first quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at MPLX.com under the Investor tab. Joining me on the call today are Marianne Manin, President and CEO, Chris Hagedorn, CFO, and other members of the executive team. We invite you to read the safe, hard-to-verse statements on slide two. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC. With that, I will turn the call over to Marianne. Thanks, Christina. Good morning, and thank you for joining our call. In the first quarter, adjusted EBITDA was $1.8 billion, a 7% increase year over year. Distributable cash flow was $1.5 billion, which supported nearly $1 billion of distribution to our unit holders and $100 million in unit repurchases. Since the start of the year, MPLX has announced over $1 billion of strategic acquisitions. First, with our NGL value chain, MPLX will be acquiring the remaining 55% interest in the Bengal NGL pipeline system. Full ownership of Bengal and its expansion opportunities enhance our Permian platform as we connect growing NGL production from the wellhead to our recently announced Gulf Coast fractionation facilities. The Bengal transaction is anticipated to close in Jul...