MPLX LP (MPLX) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the MPLX First Quarter 2026 Earnings Call. My name is Julie, 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. Press star 1 on your touchtone 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 2026 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 harbor statement 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. MPLX delivered over $1.7 billion of adjusted EBITDA, which enabled the return of over $1.1 billion to our unit holders. 2026 is the year of execution. with multiple investments expected to transition from construction to operations and EBITDA generation, with Secretariat I coming online in April, Harmon Creek III in the third quarter, and the Titan gas treating complex reaching over 400 million cubic feet per day of treating capacity in the fourth quarter. This gives us confidence that year-over-year growth in 2026 will exceed that of 2025. The underlying fundamentals in natural gas and NGLs remain strong. We see strategic opportunity to support increasing demand for these commodities. As an example, in the ...