SECOND QUARTER 2025 Earnings Conference Call August 5, 2025 M P L X | 2 Q 2 0 2 5 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, ope ...

Exhibit 99.1 Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,690 million, compared with $1,653 million for the second quarter of 2024. Crude Oil and Products Logistics segment adjusted EBITDA for the second quarter of 2025 was $1,138 million, compared with $1,099 million for the second quarter of 2024. Natural Gas and NGL Services segment adjusted EBITDA for the second quarter of 2025 was $552 million, compared with $554 million for the second qu ...

Core Insights - MPLX LP reported a net income of $1,048 million for Q2 2025, a decrease from $1,176 million in Q2 2024, and a total net income of $2,174 million for the first half of 2025, slightly down from $2,181 million in the same period of 2024 [1][5][10] Financial Performance - Adjusted EBITDA for Q2 2025 was $1,690 million, up from $1,653 million in Q2 2024, with the Crude Oil and Products Logistics segment contributing $1,138 million and the Natural Gas and NGL Services segment contributing $552 million [2][5][10] - Net cash provided by operating activities was $1,736 million for Q2 2025, with distributable cash flow of $1,420 million and adjusted free cash flow of $1,130 million [3][5][10] - The distribution per common unit for Q2 2025 was $0.9565, resulting in a distribution coverage ratio of 1.5x [3][5][10] Segment Performance - The Crude Oil and Products Logistics segment saw a 4% increase in adjusted EBITDA to $1,138 million, driven by higher rates and throughputs, despite increased operating expenses [7][10] - The Natural Gas and NGL Services segment experienced a slight decrease in adjusted EBITDA to $552 million, attributed to higher operating expenses and project spending [9][10] Strategic Developments - MPLX announced the acquisition of Northwind Midstream for $2.375 billion, aimed at enhancing its Natural Gas and NGL growth strategies in the Permian basin [4][12][10] - The company reported a 5% year-over-year adjusted EBITDA growth in the first half of 2025, supporting its mid-single digit growth strategy [4][10] Financial Position and Liquidity - As of June 30, 2025, MPLX had $1.4 billion in cash and a leverage ratio of 3.1x, indicating stable cash flows [15][10] - The company repurchased $100 million of common units in Q2 2025 and has an additional $320 million remaining under its unit repurchase authorization [16][10]

Core Insights - MPLX LP is expected to report quarterly earnings of $1.07 per share, reflecting a 7% decline year-over-year, while revenues are forecasted to increase by 6.2% to $3.24 billion [1] - Over the past month, the consensus EPS estimate has been revised downward by 0.4%, indicating a reassessment by analysts [1][2] Financial Metrics - Analysts project 'Pipeline throughput - Crude oil pipelines' at 3,810.91 thousand barrels per day, down from 3,950.00 thousand barrels per day in the same quarter last year [4] - The consensus estimate for 'Pipeline throughput - Total pipelines' is 5,715.73 thousand barrels per day, compared to 6,024.00 thousand barrels per day a year ago [5] - Expected 'Adjusted EBITDA- Natural Gas and NGL Services' is $616.54 million, up from $524.00 million in the same quarter last year [6] - 'Adjusted EBITDA- Crude Oil and Products Logistics' is anticipated to be $1.08 billion, down from $1.13 billion in the same quarter last year [6] Market Performance - MPLX LP shares have returned +1.6% over the past month, outperforming the Zacks S&P 500 composite's +0.6% change [6] - The company holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [6]

This MLP is an income-producing machine. MPLX (MPLX 0.75%) offers investors the best of both worlds. The master limited partnership (MLP) pays a high-yielding dividend (over 7%) and has a healthy growth profile. The company's growth drivers have helped fuel a steady rise in its distribution. The MLP has added a lot more fuel to its growth engine this year. The latest addition is its nearly $2.4 billion acquisition of Northwind Midstream. It further enhances the company's ability to increase its high-yieldin ...

Core Viewpoint - MPLX LP is expected to report its second-quarter 2025 results on August 5, with adjusted earnings per unit estimated at $1.07, reflecting a 7% decline from the previous year, while revenues are projected to increase by 6.2% to $3.2 billion [1][2][8]. Financial Performance - In the last reported quarter, MPLX's adjusted earnings were $1.10 per unit, surpassing the Zacks Consensus Estimate of $1.06, driven by higher pipeline throughputs and increased gathering and processing volumes [1]. - The Zacks Consensus Estimate for adjusted EBITDA from the Natural Gas and NGL Services segment is $616.54 million, up from $524 million in the prior-year quarter [4][8]. Business Stability - MPLX's business model is characterized by stability due to long-term usage of its oil and gas pipeline assets, which mitigates vulnerability to commodity price fluctuations, likely resulting in stable cash flows for the June quarter [3]. Earnings Prediction - The earnings prediction model indicates a potential earnings beat for MPLX, supported by a positive Earnings ESP of +1.36% and a Zacks Rank of 3 [5].

Core Insights - MPLX LP is expected to report quarterly earnings of $1.07 per share, a decline of 7% year-over-year, with revenues forecasted at $3.24 billion, reflecting a 6.2% increase compared to the previous year [1] - The consensus EPS estimate has been revised down by 0.4% over the last 30 days, indicating a reevaluation by analysts [2] - Analysts emphasize the importance of earnings estimate revisions in predicting investor reactions and stock price performance [3] Revenue and Income Estimates - The consensus estimate for 'Revenues and Other Income- L&S- Income from equity method investments' is $61.64 million, indicating a significant decline of 76.3% year-over-year [5] - 'Revenues and other income- L&S' is projected to reach $1.60 billion, showing a year-over-year increase of 39.7% [5] Pipeline and Throughput Metrics - Analysts predict 'Pipeline throughput - Crude oil pipelines' to be 3,810.91 thousand barrels per day, down from 3,950.00 thousand barrels per day reported in the same quarter last year [6] - The estimate for 'Pipeline throughput - Total pipelines' is 5,715.73 thousand barrels per day, compared to 6,024.00 thousand barrels per day in the same quarter of the previous year [7] EBITDA Estimates - The average prediction for 'Adjusted EBITDA- Natural Gas and NGL Services' is $616.54 million, up from $524.00 million in the same quarter last year [8] - 'Adjusted EBITDA- Crude Oil and Products Logistics' is expected to reach $1.08 billion, compared to $1.13 billion in the previous year [8] Stock Performance - MPLX LP shares have changed by +2% in the past month, slightly underperforming the +2.7% move of the Zacks S&P 500 composite [8]

Core Viewpoint - MPLX LP has announced a definitive agreement to acquire Northwind Delaware Holdings LLC for $2.375 billion in cash, which is expected to enhance its cash flow and growth opportunities in the midstream energy sector [1][5]. Group 1: Acquisition Details - The acquisition will be financed through debt and is projected to be immediately accretive to distributable cash flow, with a 7x multiple on forecast 2027 EBITDA [1]. - The transaction is anticipated to close in the third quarter of 2025, pending customary closing conditions [5]. Group 2: Northwind's Operations - Northwind provides sour gas gathering, treating, and processing services in Lea County, New Mexico, with over 200,000 dedicated acres and 200+ miles of gathering pipelines [2]. - The current sour gas treating capacity is 150 million cubic feet per day (MMcf/d), with plans to expand to 440 MMcf/d by the second half of 2026 [2]. Group 3: Strategic Implications - The integration of Northwind's assets will enhance MPLX's existing natural gas system in the Delaware Basin, increasing access to natural gas and NGL volumes [4][5]. - The acquisition is expected to provide access to up to 400 MMcf/d of incremental gas for processing and up to 70,000 barrels per day of new NGL volumes, accelerating growth opportunities for MPLX [4].

Core Insights - A well-diversified portfolio should be built on a foundation of a high-quality low-cost S&P 500 fund [1] - The technology sector is recommended for overweight positions due to its early stages in a long-term secular bull market [1] - Large oil and gas companies are suggested for strong dividend income and growth, reflecting the author's background in the industry [1] Investment Strategy - A top-down capital allocation approach is advised, tailored to individual investor situations such as age, risk tolerance, and financial goals [1] - Suggested investment categories include S&P 500, technology, dividend income, sector ETFs, growth, speculative growth, gold, and cash [1]

Company Overview - MPLX LP is a master limited partnership (MLP) based in Findlay, OH, providing a wide range of midstream energy services, including fuel distribution solutions [11] - The partnership was established in 2012 to own, operate, and develop midstream energy infrastructures and logistics assets primarily for its parent company, Marathon Petroleum Corporation, which holds approximately 64% of MPLX's outstanding common units [11] Investment Ratings - MPLX is currently rated 2 (Buy) on the Zacks Rank, indicating a favorable investment outlook [12] - The company has a VGM Score of B, suggesting it has attractive value, growth, and momentum characteristics [12] Growth Potential - MPLX is projected to experience year-over-year earnings growth of 6.9% for the current fiscal year [12] - In the last 60 days, five analysts have revised their earnings estimates upwards, with the Zacks Consensus Estimate increasing by $0.14 to $4.50 per share [12] - The company has an average earnings surprise of +4.8%, indicating a history of exceeding earnings expectations [12] Conclusion - With a solid Zacks Rank and strong Growth and VGM Style Scores, MPLX is positioned as a compelling option for growth investors [13]