MPLX LP (MPLX) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the MPLX second 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 touch tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Brian Worthington. Brian, you may begin. Welcome to MPLX's second quarter 2026 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 Maryann Mannen, 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 Maryann. Thanks, Brian. Good morning, and thank you for joining our call. Our second quarter results reflect the consistent execution of our strategic priorities. MPLX delivered $1.8 billion of adjusted EBITDA in the second quarter. A 5% increase versus the same period last year, more than overcoming the divestiture of the Rockies assets in late 2025. This enabled the return of over $1.1 billion to our unit holders. 2026 is also a year of execution. We continue to advance high return projects across our integrated natural gas and NGL value chains. The sequencing of projects entering service gives us confidence in a meaningful increase in EBITDA in the second half of 2026 and next year. In the Delaware basin, we placed the Secretariat One processing plant into service in April and exited...