MPLX LP (MPLX) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Later, we will conduct a question-answer session. Press star 1 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 second quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at MPLX.com under the Investors 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 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 Mary Ann. Thanks, Christina. Good morning, and thank you for joining our call. Last week, we announced the strategic acquisition of North Wind Midstream for just under $2.4 billion. Northwind provides sour gas gathering and treating services in Lee County, New Mexico. The system adds over 200,000 dedicated acres in the Delaware Basin, 200 plus miles of gathering pipelines, two operating acid gas injection wells, and a third permitted. The system currently has 150 million cubic feet per day of sour gas treating capacity. we will be completing the expansion to 440 million cubic feet per day, expected to be online in the second half of next year. The system is supported by minimum volume commitments by top regional producers. The transaction is expected to be immediately accretive to MPLX's distributable cash flow and represents a seven times multiple on forecasted 2027 EBITDA after the treating system reaches full capacity. The anticipated mid-teen unlevered ...