MPLX LP (MPLX) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the MPLX fourth quarter 2025 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 fourth quarter 2025 earnings conference call. The slides that accompany the call today 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 Hagenhorn, 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 our filings with the SEC. As a reminder, in the fourth quarter of 2025, MPLX divested non-core gathering and processing assets, which had a $23 million year-over-year impact on our adjusted EBITDA within our natural gas and NGL services segment. Additional details on the impact of this divestiture can be found on page 11 in our earnings release. With that, I will turn the call over to Mary Ann. Thanks, Christina. Good morning, and thank you for joining our call. 2025 was a year of disciplined investment and strong returns. It was our fourth consecutive year achieving a mid-single-digit three-year adjusted EBITDA growth CAGR. Adjusted EBITDA reached just over $7 billion. The strengths across our business gave us confidence to continue our history of returning meaningful capital to our unit holders. We increased our distribution by 12.5%, bringi...