Group 1 - The article emphasizes a personal investment strategy focused on growth and dividend income, aiming for an easy retirement through a portfolio that prioritizes compounding dividend income and growth [1] - The strategy includes structuring the portfolio to generate monthly dividend income that increases through reinvestment and annual raises [1] Group 2 - The author holds long positions in shares of major companies such as Amazon (AMZN), Meta (META), and Alphabet (GOOGL), indicating a belief in their potential for growth and income generation [1]

Core Viewpoint - The article highlights several high-quality dividend stocks that offer attractive yields above 5%, despite the overall decline in dividend yields in the market, particularly the S&P 500's yield at around 1.2% [1]. Group 1: Brookfield Infrastructure Partners - Brookfield Infrastructure Partners (BIP) currently yields approximately 5.8%, outperforming its corporate counterpart, Brookfield Infrastructure Corporation (BIPC), which yields 4.4% [3]. - About 85% of Brookfield's funds from operations (FFO) are derived from long-term contracts or regulated frameworks, with a conservative dividend payout ratio of 60%-70% [4]. - The company anticipates FFO per share growth of 10% or more, supporting annual dividend increases of 5% to 9% over the long term, extending its 16-year growth streak [5]. Group 2: EPR Properties - EPR Properties offers a yield of 6.7% and pays dividends monthly, appealing to investors seeking consistent passive income [6]. - The REIT focuses on experiential real estate investments, generating predictable rental income through long-term, primarily triple net leases [7]. - EPR plans to invest between $200 million and $300 million annually in acquisitions and development projects, aiming for a 3% to 4% annual growth in income per share [8]. Group 3: Main Street Capital - Main Street Capital has a unique dividend policy, paying a monthly dividend that has never been decreased or suspended, with a cumulative increase of 132% since its public debut in 2007, resulting in a yield of 6.6% [9]. - The company supports its dividends through a portfolio of debt and equity investments, maintaining an investment-grade credit rating [10]. Group 4: MPLX - MPLX, a master limited partnership, yields over 7.5% and generates stable cash flow from long-term contracts [11]. - The company produces cash sufficient to cover its distribution by 1.5 times, allowing for funding of expansion projects while maintaining a strong financial profile [12]. - MPLX's recent $2.4 billion acquisition of Northwind Midstream and ongoing organic projects are expected to support continued distribution increases, with a compound annual growth rate above 10% since 2021 [13]. Group 5: Realty Income - Realty Income yields more than 5.5% and owns a diversified portfolio of commercial real estate, providing stable rental income through net leases [14]. - The company has increased its dividend 131 times since its public listing in 1994, with a strong financial profile and significant room for expansion in the net lease market [15]. Group 6: Conclusion - The highlighted companies exhibit strong dividend-paying track records, stable and growing cash flows, and robust financial profiles, making them suitable candidates for long-term investment to boost income [16].

Core Insights - The pandemic initially caused significant uncertainties, leading to a historic drop in crude oil prices, which fell to negative $36.98 per barrel on April 20, 2020, but prices rebounded to $123.64 per barrel by March 8, 2022, due to vaccine rollouts and economic recovery [2]. Midstream Business Resilience - Midstream energy companies like Kinder Morgan, MPLX, and The Williams Companies are less vulnerable to commodity price volatility compared to oil and gas producers, as they generate stable fee-based revenues from long-term contracts [3][4]. - The midstream business model is characterized by lower risk exposure to oil and gas prices and volume fluctuations, making it more resilient during price volatility [4]. Company-Specific Insights - **Kinder Morgan (KMI)**: Operates a vast network of 79,000 miles of oil and gas pipelines, primarily earning revenue from take-or-pay contracts, which provide stable cash flows [5][8]. - **MPLX**: Focuses on transporting crude oil and refined products, securing stable cash flows through long-term contracts with shippers [6][8]. - **The Williams Companies (WMB)**: Engages in transporting, storing, gathering, and processing natural gas and natural gas liquids, well-positioned to meet the growing demand for clean energy [6][7].

Core Viewpoint - MPLX LP has successfully priced $4.5 billion in unsecured senior notes to fund acquisitions and general partnership purposes [1][2]. Group 1: Offering Details - The offering consists of four tranches: $1.25 billion of 4.800% senior notes due 2031, $750 million of 5.000% senior notes due 2033, $1.5 billion of 5.400% senior notes due 2035, and $1.0 billion of 6.200% senior notes due 2055 [1]. - The closing of the offering is expected on August 11, 2025, pending customary closing conditions [3]. Group 2: Use of Proceeds - A portion of the net proceeds will fund the acquisition of Northwind Delaware Holdings LLC and cover related fees and expenses [2]. - The remaining proceeds will be used for general partnership purposes, including capital expenditures and working capital [2]. Group 3: Company Overview - MPLX is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, including pipelines, terminals, and storage facilities [6].

Core Insights - MPLX LP reported Q2 2025 earnings of $1.03 per unit, missing the Zacks Consensus Estimate of $1.07, and down from $1.15 in the prior year [2] - Total quarterly revenues were $3 billion, below the Zacks Consensus Estimate of $3.2 billion, and decreased from $3.1 billion year-over-year [2] - The weak results were primarily due to decreased gathering throughput volumes and increased operating expenses [2] Segmental Highlights - MPLX has redefined its reporting segments to Crude Oil and Products Logistics and Natural Gas and NGL Services [3] - Adjusted EBITDA from the Crude Oil and Products Logistics segment increased to $1.14 billion, up from $1.1 billion a year ago, driven by higher rates and increased throughputs [4] - Total pipeline throughputs were 6.1 million barrels per day, a 1% increase from 6.02 million barrels per day in the prior year [4] - Adjusted EBITDA from the Natural Gas and NGL Services segment was $552 million, slightly below $554 million in the year-ago quarter, impacted by higher operating expenses and project spending [5] - Gathering throughput volumes averaged 6.56 billion cubic feet per day, a 1% decrease from the prior year, while natural gas processed volumes totaled 9.7 Bcf/d, indicating a 2% improvement [5] Costs and Expenses - Total costs and expenses were $1.71 billion, up from $1.63 billion in the previous year, primarily due to higher operating expenses [6] Cash Flow - Distributable cash flow totaled $1.42 billion, providing 1.5x distribution coverage, an increase from $1.4 billion in the year-ago quarter [7] - Adjusted free cash flow declined to $1.13 billion from $1.45 billion in Q2 2024 [7] Balance Sheet - As of June 30, 2025, MPLX had cash and cash equivalents of $1.4 billion and total debt of $21.2 billion [8]

MPLX LP Common Units (NYSE:MPLX) Q2 2025 Earnings Call August 5, 2025 9:30 AM ET Company Participants Carl Kristopher Hagedorn - Executive VP, CFO & Director of MPLX GP LLC David R. Heppner - Senior Vice President of MPLX GP LLC Gregory Scott Floerke - Executive VP & COO of MPLX GP LLC Kristina Anna Kazarian - Vice President of Finance & Investor Relations Maryann T. Mannen - President, CEO & Director of MPLX GP LLC Shawn M. Lyon - Senior Vice President of Storage Conference Call Participants Theresa Chen - ...

Financial Data and Key Metrics Changes - In Q2 2025, MPLX reported adjusted EBITDA of $1,700,000,000, a 2% increase year over year, and a 5% growth for the first half of the year compared to 2024 [10][21] - Distributable cash flow increased by 21% year over year to $1,400,000,000 [21] - The company returned nearly $1,000,000,000 to unitholders in distributions and $100,000,000 in unit repurchases [21] Business Line Data and Key Metrics Changes - In the Crude Oil and Products Logistics segment, adjusted EBITDA increased by $39,000,000 year over year, driven by higher rates and throughputs [18] - The Natural Gas and NGL Services segment saw a decrease in adjusted EBITDA by $2,000,000 due to higher operating expenses and project spending [19] - Processing volumes in the Utica increased by 13% year over year, reflecting strong producer activity [20] Market Data and Key Metrics Changes - The Marcellus and Utica regions maintained steady rig counts and strong volumes, with expectations for growth in the second half of the year [10] - In the Permian, steady drilling activity and rising gas-oil ratios are expected to support growth opportunities [11] - The company anticipates increased natural gas demand driven by electricity generation needs for data centers and overall grid demand [11] Company Strategy and Development Direction - MPLX announced the strategic acquisition of Northwind Midstream for just under $2,400,000,000, which is expected to be immediately accretive to distributable cash flow [5][6] - The company is focused on expanding its core business by constructing processing facilities and optimizing value chains [11][12] - MPLX aims for mid-single-digit adjusted EBITDA growth and has a robust pipeline of growth opportunities [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of mid-single-digit adjusted EBITDA growth outlook for 2025 and beyond [9] - The company highlighted strong financial flexibility and the ability to pursue strategic acquisitions while maintaining leverage below four times [17] - Management emphasized the importance of capital discipline and operational optimization to support consistent annual distribution increases [16][24] Other Important Information - MPLX's seventh processing plant, Secretariat, is expected to be online by the end of 2025, increasing total Permian processing capacity to 1,400,000,000 cubic feet per day [12] - The company has announced $3,500,000,000 in bolt-on transactions in 2025 and is on track to invest $1,700,000,000 in organic growth plans [14][24] Q&A Session Summary Question: Can you talk about the ramp on Northwind from here through 2026? - Management indicated that by the end of 2026, they expect to reach the run rate EBITDA that supports the seven times EBITDA multiple [31] Question: What are your thoughts on the distribution growth for this year and beyond? - Management believes the 12.5% distribution increase is durable and supported by the growth they are delivering [36] Question: How do you see the Permian growth strategy evolving over the next few years? - Management stated that they have been working on the Permian growth strategy for years and see continued opportunities for growth [45] Question: Can you clarify the contract duration on processing for Northwind? - Management mentioned that processing contracts are typically in the range of two to three years, with an average contract life of thirteen years for MVCs [53] Question: What are the logical strategic next steps to augment exposure to gas? - Management highlighted the importance of long-haul pipelines and the growing demand for gas, particularly in the Gulf Coast and data center markets [64]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the second quarter was $1,700,000,000, representing a 2% increase year over year, and a 5% growth for the first half of the year compared to 2024 [8][19] - Distributable cash flow increased by 21% year over year to $1,400,000,000 [19] - The company returned nearly $1,000,000,000 to unitholders in distributions and $100,000,000 in unit repurchases [19] Business Line Data and Key Metrics Changes - In the Crude Oil and Products Logistics segment, adjusted EBITDA increased by $39,000,000 compared to 2024, driven by higher rates and throughputs [15] - The Natural Gas and NGL Services segment saw a decrease in adjusted EBITDA by $2,000,000 due to higher operating expenses and project spending [16] - Processing volumes in the Utica increased by 13% year over year, while total fractionation volumes declined by 5% due to lower ethane recoveries [18] Market Data and Key Metrics Changes - In the Marcellus and Utica regions, rig counts remained steady, and production volumes are expected to grow in the second half of the year [8] - The Permian Basin is experiencing steady drilling activity, which supports growth opportunities for the company [9] - The company anticipates that natural gas demand will accelerate over the next few years, driven by increased electricity generation needs [9] Company Strategy and Development Direction - The company announced a strategic acquisition of Northwind Midstream for just under $2,400,000,000, which is expected to be immediately accretive to distributable cash flow [4][5] - MPLX is focused on expanding its core business by constructing processing facilities and optimizing value chains [9][12] - The company aims for mid single-digit adjusted EBITDA growth and has a strong pipeline of growth opportunities [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of mid single-digit adjusted EBITDA growth outlook for 2025 and beyond [7][22] - The company is committed to maintaining a strong balance sheet and keeping leverage below four times [14][19] - Management highlighted the importance of strategic acquisitions and organic growth in achieving long-term value for unitholders [21][22] Other Important Information - The company plans to invest $1,700,000,000 in organic growth in 2025, with over 90% allocated to natural gas and NGL services [12] - The anticipated completion of the Secretariat processing plant will increase total Permian processing capacity to 1,400,000,000 cubic feet per day [10] - The company has announced $3,500,000,000 in bolt-on transactions in 2025, enhancing its growth platform [21] Q&A Session Summary Question: Can you talk about the ramp on Northwind from here through 2026? - Management indicated that by the end of 2026, they expect to reach the run rate EBITDA that supports the seven times EBITDA multiple [28] Question: What are your thoughts on the distribution growth moving forward? - Management believes the 12.5% distribution increase is durable and supported by the growth in EBITDA and distributable cash flows [32] Question: Can you clarify your confidence in LPG exports given the bearish market sentiment? - Management expressed confidence in their ability to fill the fracs and see the economics in the export model despite market concerns [38] Question: How do you view your Permian growth strategy over the next few years? - Management stated that they have been working on their Permian growth strategy for years and see significant opportunities for further growth [42] Question: What is the contract duration on processing for Northwind? - Management mentioned that the processing contracts are typically in the range of two to three years, with an average contract life of thirteen years for MVCs [50] Question: How much incremental CapEx is needed to achieve full capacity for Northwind? - Management estimated about $500,000,000 will be necessary to complete the expansion to 440 million cubic feet per day [58] Question: What are the logical strategic next steps for gas exposure? - Management highlighted the importance of long-haul pipelines and the growing demand for gas, particularly in relation to LNG and data centers [62]

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 ...

[Second-Quarter 2025 Financial Results Overview](index=1&type=section&id=Second-Quarter%202025%20Financial%20Results%20Overview) [Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) MPLX LP reported a decrease in Q2 2025 net income attributable to MPLX but an increase in Adjusted EBITDA compared to Q2 2024, generating strong cash flow and maintaining healthy distribution coverage and leverage Key Financial Highlights (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ millions) | Q2 2024 ($ millions) | % Change (Q2) | H1 2025 ($ millions) | H1 2024 ($ millions) | % Change (H1) | | :----------------------------------------- | :------------------- | :------------------- | :------------ | :------------------- | :------------------- | :------------ | | Net income attributable to MPLX LP | 1,048 | 1,176 | (11)% | 2,174 | 2,181 | (0.3)% | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | 2% | 3,447 | 3,288 | 5% | | Net cash provided by operating activities | 1,736 | 1,565 | 11% | 2,982 | 2,856 | 4% | | Distributable cash flow attributable to MPLX LP | 1,420 | 1,404 | 1% | 2,906 | 2,774 | 5% | | Distribution per common unit | $0.9565 | $0.8500 | 13% | $1.9130 | $1.7000 | 13% | | Distribution coverage | 1.5x | 1.6x | (6)% | 1.5x | 1.6x | (6)% | | Consolidated total debt to LTM adjusted EBITDA | 3.1x | 3.4x | (9)% | 3.1x | 3.4x | (9)% | | Cash paid for common unit repurchases | $100 | $75 | 33% | $200 | $150 | 33% | [CEO Commentary](index=1&type=section&id=1.2%20CEO%20Commentary) CEO Maryann Mannen highlighted progress on Natural Gas and NGL growth strategies, including the Northwind Midstream acquisition, noting **5% year-over-year adjusted EBITDA growth** in H1 2025, supporting reinvestment and capital returns - The planned acquisition of Northwind Midstream demonstrates progress on Natural Gas and NGL growth strategies in the Permian basin[5](index=5&type=chunk) - Operational and commercial performance delivered **5% year-over-year adjusted EBITDA growth** in the first half of 2025[5](index=5&type=chunk) - This execution of the mid-single digit growth strategy allows for reinvestment in the business and return of capital to unitholders through anticipated annual distribution increases[5](index=5&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) [Crude Oil and Products Logistics](index=2&type=section&id=2.1%20Crude%20Oil%20and%20Products%20Logistics) The Crude Oil and Products Logistics segment experienced a **$39 million increase in adjusted EBITDA** for Q2 2025 compared to Q2 2024, primarily due to higher rates and throughputs, partially offset by increased operating expenses Crude Oil and Products Logistics Segment Performance | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :----------- | :----------- | :------------ | :----------- | :----------- | :------------ | | Segment adjusted EBITDA | $1,138 million | $1,099 million | 4% | $2,235 million | $2,158 million | 4% | | Pipeline throughput (mbpd) | 6,103 | 6,024 | 1% | 6,017 | 5,660 | 6% | | Terminal throughput (mbpd) | 3,183 | 3,197 | —% | 3,139 | 3,063 | 2% | | Average tariff rates ($/bbl)| $1.06 | $0.98 | 8% | $1.06 | $1.00 | 6% | - The increase in adjusted EBITDA was primarily driven by higher rates and throughputs, partially offset by higher operating expenses[8](index=8&type=chunk) [Natural Gas and NGL Services](index=2&type=section&id=2.2%20Natural%20Gas%20and%20NGL%20Services) The Natural Gas and NGL Services segment saw a slight decrease of **$2 million in adjusted EBITDA** for Q2 2025 compared to Q2 2024, as growth from equity affiliates was counteracted by higher operating expenses and project spending Natural Gas and NGL Services Segment Performance | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :------------------------------ | :----------- | :----------- | :------------ | :----------- | :----------- | :------------ | | Segment adjusted EBITDA | $552 million | $554 million | —% | $1,212 million | $1,130 million | 7% | | Gathering throughput (MMcf/d) | 6,562 | 6,614 | (1)% | 6,539 | 6,420 | 2% | | Natural gas processed (MMcf/d) | 9,740 | 9,568 | 2% | 9,760 | 9,470 | 3% | | C2 + NGLs fractionated (mbpd) | 634 | 665 | (5)% | 647 | 649 | —% | - The decrease in adjusted EBITDA was due to growth from equity affiliates being offset by higher operating expenses and project spending[10](index=10&type=chunk) [Strategic Developments](index=2&type=section&id=Strategic%20Developments) [Natural Gas and NGL Services Growth Strategy](index=2&type=section&id=3.1%20Natural%20Gas%20and%20NGL%20Services%20Growth%20Strategy) MPLX expands its Permian to Gulf Coast value chain, investing in processing and pipelines, highlighted by the **$2.375 billion Northwind Midstream acquisition** - MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects, and investing in Permian and Marcellus processing capacity[12](index=12&type=chunk) - MPLX has entered into a definitive agreement to acquire Northwind Delaware Holdings LLC (Northwind Midstream) for **$2.375 billion in cash**, expected to be immediately accretive to distributable cash flow and close in Q3 2025[12](index=12&type=chunk)[14](index=14&type=chunk) - Northwind Midstream provides sour gas gathering, treating, and processing services in Lea County, New Mexico, with over **200,000 dedicated acres**, **200+ miles of gathering pipelines**, and a system designed for **440 MMcf/d of sour gas treating capacity**, anticipated to be fully online in H2 2026[12](index=12&type=chunk)[14](index=14&type=chunk) - **Secretariat:** **200 MMcf/d** processing plant in Permian basin, increasing capacity to **1.4 Bcf/d**; expected in service end of 2025[21](index=21&type=chunk) - **Harmon Creek III:** **300 MMcf/d** processing plant and **40 mbpd** de-ethanizer in the Northeast, increasing processing capacity to **8.1 Bcf/d** and fractionation capacity to **800 mbpd**; expected in service in H2 2026[21](index=21&type=chunk) - **BANGL Pipeline:** MPLX acquired the remaining **55%** for **100% ownership**; expanding from **250 mbpd to 300 mbpd**; expected in service in H2 2026[21](index=21&type=chunk) - **Blackcomb and Rio Bravo Pipelines:** Designed to transport natural gas from the Permian to Gulf Coast markets (up to **2.5 Bcf/d** and **4.5 Bcf/d**, respectively); expected in service in H2 2026[21](index=21&type=chunk) - **Traverse Pipeline:** Bi-directional **2.5 Bcf/d** pipeline along the Gulf Coast; expected in service in 2027[21](index=21&type=chunk) - **Gulf Coast Fractionators:** Two **150 mbpd** fractionation facilities near Marathon Petroleum's Galveston Bay refinery; expected in service in 2028 and 2029[21](index=21&type=chunk) - **LPG Export Terminal:** Strategic partnership with ONEOK, Inc. to develop a **400 mbpd** LPG export terminal and associated pipeline; anticipated in service in 2028[21](index=21&type=chunk) [Crude Oil and Products Logistics Expansion](index=3&type=section&id=3.2%20Crude%20Oil%20and%20Products%20Logistics%20Expansion) MPLX is expanding its crude gathering pipelines in the Permian and Bakken basins and investing in projects aimed at expanding or de-bottlenecking existing assets - MPLX is expanding its crude gathering pipelines in the Permian and Bakken basins[16](index=16&type=chunk) - The company is investing in projects targeted at the expansion or de-bottlenecking of assets[16](index=16&type=chunk) [Financial Position and Capital Allocation](index=3&type=section&id=Financial%20Position%20and%20Capital%20Allocation) [Liquidity and Debt Management](index=3&type=section&id=4.1%20Liquidity%20and%20Debt%20Management) As of June 30, 2025, MPLX maintained strong liquidity with **$1.4 billion in cash** and significant availability on its credit facilities, with a leverage ratio of **3.1x** well within its target range, and successfully repaid **$1.2 billion in senior notes** - Cash and cash equivalents as of June 30, 2025: **$1.4 billion**[17](index=17&type=chunk) - Available on bank revolving credit facility: **$2.0 billion**[17](index=17&type=chunk) - Available through intercompany loan agreement with MPC: **$1.5 billion**[17](index=17&type=chunk) - MPLX's leverage ratio was **3.1x** at the end of Q2 2025, well within the stability of cash flows support range of **4.0x**[4](index=4&type=chunk)[17](index=17&type=chunk) - On April 9, 2025, MPLX repaid all of its outstanding **$1.2 billion senior notes** due June 2025[18](index=18&type=chunk) - MPLX intends to finance its recently completed acquisition of the remaining **55%** of the BANGL pipeline system and its announced acquisition of Northwind Midstream with debt[18](index=18&type=chunk) [Unit Repurchase Program](index=3&type=section&id=4.2%20Unit%20Repurchase%20Program) MPLX repurchased **$100 million of common units** in Q2 2025 and announced a new authorization for up to **$1.0 billion** in additional common unit repurchases, incremental to the remaining **$320 million** under the previous authorization - The partnership repurchased **$100 million of common units** held by the public in the second quarter of 2025[18](index=18&type=chunk) - As of June 30, 2025, MPLX had approximately **$320 million** remaining available under its unit repurchase authorization[18](index=18&type=chunk) - MPLX announced a new authorization for the repurchase of up to **$1.0 billion** of MPLX common units held by the public, incremental to the remaining available authorization, with no expiration date[19](index=19&type=chunk) - Repurchases may utilize various methods, including open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers, or open market solicitations, potentially through Rule 10b5-1 plans[20](index=20&type=chunk) [Company Information and Non-GAAP Measures](index=4&type=section&id=Company%20Information%20and%20Non-GAAP%20Measures) [Conference Call and About MPLX LP](index=4&type=section&id=5.1%20Conference%20Call%20and%20About%20MPLX%20LP) MPLX LP is a diversified master limited partnership operating midstream energy infrastructure and logistics assets across key U.S. supply basins, with a conference call held on August 5, 2025, to discuss financial results and operations - MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services[23](index=23&type=chunk) - MPLX's assets include a network of crude oil and refined product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks, loading racks, associated piping, crude and light-product marine terminals, crude oil and natural gas gathering systems, and natural gas and NGL processing and fractionation facilities in key U.S. supply basins[23](index=23&type=chunk) - A conference call and webcast were held on August 5, 2025, to discuss reported results and provide an update on operations, with a replay available on www.mplx.com[22](index=22&type=chunk) [Non-GAAP Financial Measures Definitions](index=4&type=section&id=5.2%20Non-GAAP%20Financial%20Measures%20Definitions) MPLX utilizes several non-GAAP financial measures, including Adjusted EBITDA, leverage ratio, Distributable Cash Flow (DCF), Adjusted Free Cash Flow (Adjusted FCF), and Adjusted FCF after distributions, to analyze performance and liquidity, with definitions and reconciliations provided - Management utilizes non-GAAP measures such as Adjusted EBITDA, leverage ratio, Distributable Cash Flow (DCF), Adjusted Free Cash Flow (Adjusted FCF), and Adjusted FCF after distributions to analyze performance[24](index=24&type=chunk) - Adjusted EBITDA is defined as net income adjusted for provision for income taxes, net interest and other financial costs, depreciation and amortization, income/(loss) from equity method investments, distributions and adjustments related to equity method investments, impairment expense, noncontrolling interests, and other adjustments[25](index=25&type=chunk) - DCF is defined as Adjusted EBITDA adjusted for deferred revenue impacts, sales-type lease payments, adjusted net interest and other financial costs, net maintenance capital expenditures, equity method investment capital expenditures paid out, and other adjustments[26](index=26&type=chunk) - Adjusted FCF is defined as net cash provided by operating activities adjusted for net cash used in investing activities, cash contributions from MPC, and cash distributions to noncontrolling interests; Adjusted FCF after distributions is Adjusted FCF less base distributions to common and preferred unitholders[27](index=27&type=chunk) - The leverage ratio is defined as consolidated total debt to LTM adjusted EBITDA, used to analyze the ability to incur and service debt and fund capital expenditures[24](index=24&type=chunk)[28](index=28&type=chunk) - These non-GAAP measures have limitations and should not be considered alternatives to GAAP net income or net cash provided by operating activities[29](index=29&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking statements, which are based on management's current knowledge and expectations and are subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties that could cause actual results and events to differ materially[31](index=31&type=chunk) - Factors include political or regulatory developments, volatility in economic/market conditions, adequacy of capital resources and liquidity, timing and extent of changes in commodity prices and demand, changes to expected construction costs and in-service dates of projects, ability to obtain regulatory approvals for transactions (e.g., Northwind), and ability to realize expected returns on projects[31](index=31&type=chunk)[32](index=32&type=chunk) - Other risks include industrial incidents, suspension/reduction of MPC's obligations, imposition of windfall profit taxes, tariffs, and other risk factors inherent to MPLX's industry[31](index=31&type=chunk)[32](index=32&type=chunk) - MPLX undertakes no obligation to update any forward-looking statement except to the extent required by applicable law[33](index=33&type=chunk) [Unaudited Financial Tables and Reconciliations](index=7&type=section&id=Unaudited%20Financial%20Tables%20and%20Reconciliations) [Condensed Consolidated Results of Operations](index=7&type=section&id=7.1%20Condensed%20Consolidated%20Results%20of%20Operations) This table presents the condensed consolidated statements of operations for the three and six months ended June 30, 2025, and 2024, detailing revenues, costs, income from operations, net income, and per unit data Condensed Consolidated Results of Operations (unaudited) | (In millions, except per unit data) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :---------------------------------- | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | Operating revenue | $1,338 | $1,253 | | | | Operating revenue - related parties | 1,450 | 1,431 | | | | Income from equity method investments | 170 | 325 | | | | Other income | 45 | 43 | | | | **Total revenues and other income** | **3,003** | **3,052** | | | | Operating expenses | 821 | 780 | | | | Operating expenses - related parties | 426 | 393 | | | | Depreciation and amortization | 324 | 320 | | | | General and administrative expenses | 107 | 107 | | | | Other taxes | 32 | 33 | | | | **Total costs and expenses** | **1,710** | **1,633** | | | | Income from operations | 1,293 | 1,419 | | | | Net interest and other financial costs | 234 | 231 | | | | Income before income taxes | 1,059 | 1,188 | | | | Provision for income taxes | 1 | 2 | | | | Net income | 1,058 | 1,186 | | | | Less: Net income attributable to noncontrolling interests | 10 | 10 | | | | Net income attributable to MPLX LP | 1,048 | 1,176 | | | | Less: Series A preferred unitholders interest in net income | — | 5 | | | | Limited partners' interest in net income attributable to MPLX LP | $1,048 | $1,171 | | | | **Six Months Ended** | | | | | | Operating revenue | | | $2,758 | $2,470 | | Operating revenue - related parties | | | 2,917 | 2,818 | | Income from equity method investments | | | 356 | 482 | | Other income | | | 96 | 128 | | **Total revenues and other income** | | | **6,127** | **5,898** | | Operating expenses | | | 1,688 | 1,539 | | Operating expenses - related parties | | | 846 | 769 | | Depreciation and amortization | | | 650 | 637 | | General and administrative expenses | | | 219 | 216 | | Other taxes | | | 65 | 67 | | **Total costs and expenses** | | | **3,468** | **3,228** | | Income from operations | | | 2,659 | 2,670 | | Net interest and other financial costs | | | 463 | 466 | | Income before income taxes | | | 2,196 | 2,204 | | Provision for income taxes | | | 2 | 3 | | Net income | | | 2,194 | 2,201 | | Less: Net income attributable to noncontrolling interests | | | 20 | 20 | | Net income attributable to MPLX LP | | | 2,174 | 2,181 | | Less: Series A preferred unitholders interest in net income | | | — | 15 | | Limited partners' interest in net income attributable to MPLX LP | | | $2,174 | $2,166 | | **Per Unit Data** | | | | | | Net income attributable to MPLX LP per limited partner unit: ||||| | Common – basic | $1.03 | $1.15 | $2.13 | $2.13 | | Common – diluted | $1.03 | $1.15 | $2.13 | $2.13 | | Weighted average limited partner units outstanding: ||||| | Common units – basic | 1,020 | 1,019 | 1,020 | 1,013 | | Common units – diluted | 1,021 | 1,020 | 1,020 | 1,014 | [Select Financial Statistics](index=8&type=section&id=7.2%20Select%20Financial%20Statistics) This table provides key financial statistics, including common and preferred unit distributions, Adjusted EBITDA, DCF attributable to LP unitholders, distribution coverage, and cash flow data for operating, investing, and financing activities Select Financial Statistics (unaudited) | (In millions, except ratio data) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------- | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | Common unit distributions declared by MPLX LP: ||||| | Common units (LP) – public | $356 | $317 | | | | Common units – MPC | 619 | 551 | | | | Total LP distribution declared | 975 | 868 | | | | Series A preferred unit distributions | — | 5 | | | | Total preferred unit distributions | — | 5 | | | | **Other Financial Data** | | | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | DCF attributable to LP unitholders | $1,420 | $1,399 | | | | Distribution coverage | 1.5x | 1.6x | | | | **Cash Flow Data** | | | | | | Net cash flow provided by (used in): ||||| | Operating activities | $1,736 | $1,565 | | | | Investing activities | (602) | (114) | | | | Financing activities | $(2,282) | $665 | | | | **Six Months Ended** | | | | | | Common unit distributions declared by MPLX LP: ||||| | Common units (LP) – public | | | $713 | $631 | | Common units – MPC | | | 1,238 | 1,101 | | Total LP distribution declared | | | 1,951 | 1,732 | | Series A preferred unit distributions | | | — | 15 | | Total preferred unit distributions | | | — | 15 | | **Other Financial Data** | | | | | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | DCF attributable to LP unitholders | | | $2,906 | $2,759 | | Distribution coverage | | | 1.5x | 1.6x | | **Cash Flow Data** | | | | | | Net cash flow provided by (used in): ||||| | Operating activities | | | $2,982 | $2,856 | | Investing activities | | | (1,203) | (1,110) | | Financing activities | | | $(1,912) | $(293) | [Financial Data](index=9&type=section&id=7.3%20Financial%20Data) This table presents key financial data as of June 30, 2025, and December 31, 2024, including cash, total assets, total debt, equity, leverage ratio, and partnership units outstanding Financial Data (unaudited) | (In millions, except ratio data) | June 30, 2025 | December 31, 2024 | | :------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $1,386 | $1,519 | | Total assets | 37,841 | 37,511 | | Total debt | 21,225 | 20,948 | | Redeemable preferred units | — | 203 | | Total equity | $14,049 | $13,807 | | Consolidated debt to LTM adjusted EBITDA | 3.1x | 3.1x | | Partnership units outstanding: | | | | MPC-held common units | 647 | 647 | | Public common units | 373 | 370 | [Operating Statistics - Crude Oil and Products Logistics](index=9&type=section&id=7.4%20Operating%20Statistics%20-%20Crude%20Oil%20and%20Products%20Logistics) This table details operating statistics for the Crude Oil and Products Logistics segment, including crude oil and product pipeline throughput, average tariff rates, terminal throughput, and fleet counts for barges and towboats Crude Oil and Products Logistics Operating Statistics (unaudited) | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Pipeline throughput (mbpd): ||||||| | Crude oil pipelines | 4,012 | 3,950 | 2% | 3,961 | 3,707 | 7% | | Product pipelines | 2,091 | 2,074 | 1% | 2,056 | 1,953 | 5% | | Total pipelines | 6,103 | 6,024 | 1% | 6,017 | 5,660 | 6% | | Average tariff rates ($/bbl): ||||||| | Crude oil pipelines | $1.06 | $0.99 | 7% | $1.05 | $1.01 | 4% | | Product pipelines | $1.05 | $0.96 | 9% | $1.08 | $0.98 | 10% | | Total pipelines | $1.06 | $0.98 | 8% | $1.06 | $1.00 | 6% | | Terminal throughput (mbpd) | 3,183 | 3,197 | —% | 3,139 | 3,063 | 2% | | Barges at period-end | 320 | 312 | 3% | 320 | 312 | 3% | | Towboats at period-end | 29 | 29 | —% | 29 | 29 | —% | [Operating Statistics - Natural Gas and NGL Services (Consolidated)](index=10&type=section&id=7.5%20Operating%20Statistics%20-%20Natural%20Gas%20and%20NGL%20Services%20(Consolidated)) This table provides consolidated operating statistics for the Natural Gas and NGL Services segment, broken down by region for gathering throughput, natural gas processed, and C2 + NGLs fractionated Natural Gas and NGL Services Operating Statistics (Consolidated, unaudited) | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Gathering throughput (MMcf/d): ||||||| | Marcellus Operations | 1,488 | 1,524 | (2)% | 1,494 | 1,508 | (1)% | | Utica Operations | — | 363 | (100)% | 133 | 181 | (27)% | | Southwest Operations | 1,734 | 1,589 | 9% | 1,759 | 1,595 | 10% | | Bakken Operations | 162 | 184 | (12)% | 168 | 184 | (9)% | | Rockies Operations | 541 | 585 | (8)% | 545 | 574 | (5)% | | Total gathering throughput | 3,925 | 4,245 | (8)% | 4,099 | 4,042 | 1% | | Natural gas processed (MMcf/d): ||||||| | Marcellus Operations | 4,312 | 4,362 | (1)% | 4,318 | 4,343 | (1)% | | Utica Operations | — | — | —% | — | — | —% | | Southwest Operations | 1,821 | 1,748 | 4% | 1,850 | 1,689 | 10% | | Southern Appalachia Operations | 205 | 218 | (6)% | 196 | 220 | (11)% | | Bakken Operations | 162 | 184 | (12)% | 168 | 183 | (8)% | | Rockies Operations | 593 | 635 | (7)% | 597 | 635 | (6)% | | Total natural gas processed | 7,093 | 7,147 | (1)% | 7,129 | 7,070 | 1% | | C2 + NGLs fractionated (mbpd): ||||||| | Marcellus Operations | 545 | 571 | (5)% | 556 | 562 | (1)% | | Utica Operations | — | — | —% | — | — | —% | | Southern Appalachia Operations | 11 | 12 | (8)% | 10 | 12 | (17)% | | Bakken Operations | 13 | 21 | (38)% | 14 | 20 | (30)% | | Rockies Operations | 5 | 5 | —% | 5 | 5 | —% | | Total C2 + NGLs fractionated | 574 | 609 | (6)% | 585 | 599 | (2)% | [Operating Statistics - Natural Gas and NGL Services (Operated)](index=11&type=section&id=7.6%20Operating%20Statistics%20-%20Natural%20Gas%20and%20NGL%20Services%20(Operated)) This table presents operated operating statistics for the Natural Gas and NGL Services segment, including data for consolidated entities and partnership-operated equity method investments, across various regions Natural Gas and NGL Services Operating Statistics (Operated, unaudited) | Metric | Q2 2025 | Q2 2024 | % Change (Q2) | H1 2025 | H1 2024 | % Change (H1) | | :-------------------------- | :------ | :------ | :------------ | :------ | :------ | :------------ | | Gathering throughput (MMcf/d): ||||||| | Marcellus Operations | 1,488 | 1,524 | (2)% | 1,494 | 1,508 | (1)% | | Utica Operations | 2,566 | 2,664 | (4)% | 2,503 | 2,475 | 1% | | Southwest Operations | 1,734 | 1,589 | 9% | 1,759 | 1,595 | 10% | | Bakken Operations | 162 | 184 | (12)% | 168 | 184 | (9)% | | Rockies Operations | 612 | 653 | (6)% | 615 | 658 | (7)% | | Total gathering throughput | 6,562 | 6,614 | (1)% | 6,539 | 6,420 | 2% | | Natural gas processed (MMcf/d): ||||||| | Marcellus Operations | 6,019 | 5,951 | 1% | 5,997 | 5,938 | 1% | | Utica Operations | 940 | 832 | 13% | 952 | 805 | 18% | | Southwest Operations | 1,821 | 1,748 | 4% | 1,850 | 1,689 | 10% | | Southern Appalachia Operations | 205 | 218 | (6)% | 196 | 220 | (11)% | | Bakken Operations | 162 | 184 | (12)% | 168 | 183 | (8)% | | Rockies Operations | 593 | 635 | (7)% | 597 | 635 | (6)% | | Total natural gas processed | 9,740 | 9,568 | 2% | 9,760 | 9,470 | 3% | | C2 + NGLs fractionated (mbpd): ||||||| | Marcellus Operations | 545 | 571 | (5)% | 556 | 562 | (1)% | | Utica Operations | 60 | 56 | 7% | 62 | 50 | 24% | | Southern Appalachia Operations | 11 | 12 | (8)% | 10 | 12 | (17)% | | Bakken Operations | 13 | 21 | (38)% | 14 | 20 | (30)% | | Rockies Operations | 5 | 5 | —% | 5 | 5 | —% | | Total C2 + NGLs fractionated | 634 | 665 | (5)% | 647 | 649 | —% | [Reconciliation of Segment Adjusted EBITDA to Net Income](index=12&type=section&id=7.7%20Reconciliation%20of%20Segment%20Adjusted%20EBITDA%20to%20Net%20Income) This table reconciles segment adjusted EBITDA attributable to MPLX LP to net income for the three and six months ended June 30, 2025, and 2024 Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP | $1,138 | $1,099 | | | | Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP | 552 | 554 | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | Depreciation and amortization | (324) | (320) | | | | Net interest and other financial costs | (234) | (231) | | | | Income from equity method investments | 170 | 325 | | | | Distributions/adjustments related to equity method investments | (229) | (218) | | | | Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | | | | Other | (26) | (34) | | | | Net income | $1,058 | $1,186 | | | | **Six Months Ended** | | | | | | Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP | | | $2,235 | $2,158 | | Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP | | | 1,212 | 1,130 | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | Depreciation and amortization | | | (650) | (637) | | Net interest and other financial costs | | | (463) | (466) | | Income from equity method investments | | | 356 | 482 | | Distributions/adjustments related to equity method investments | | | (456) | (418) | | Adjusted EBITDA attributable to noncontrolling interests | | | 22 | 22 | | Other | | | (62) | (70) | | Net income | | | $2,194 | $2,201 | [Reconciliation of Segment Adjusted EBITDA to Income from Operations](index=12&type=section&id=7.8%20Reconciliation%20of%20Segment%20Adjusted%20EBITDA%20to%20Income%20from%20Operations) This table reconciles segment adjusted EBITDA to income from operations for both Crude Oil and Products Logistics and Natural Gas and NGL Services segments Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | **Crude Oil and Products Logistics** | | | | | | Segment adjusted EBITDA | $1,138 | $1,099 | | | | Depreciation and amortization | (135) | (131) | | | | Income from equity method investments | 59 | 79 | | | | Distributions/adjustments related to equity method investments | (77) | (90) | | | | Other | (17) | (15) | | | | **Natural Gas and NGL Services** | | | | | | Segment adjusted EBITDA | 552 | 554 | | | | Depreciation and amortization | (189) | (189) | | | | Income from equity method investments | 111 | 246 | | | | Distributions/adjustments related to equity method investments | (152) | (128) | | | | Adjusted EBITDA attributable to noncontrolling interests | 11 | 11 | | | | Other | (8) | (17) | | | | Income from operations | $1,293 | $1,419 | | | | **Six Months Ended** | | | | | | **Crude Oil and Products Logistics** | | | | | | Segment adjusted EBITDA | | | $2,235 | $2,158 | | Depreciation and amortization | | | (268) | (261) | | Income from equity method investments | | | 115 | 143 | | Distributions/adjustments related to equity method investments | | | (149) | (163) | | Other | | | (34) | (28) | | **Natural Gas and NGL Services** | | | | | | Segment adjusted EBITDA | | | 1,212 | 1,130 | | Depreciation and amortization | | | (382) | (376) | | Income from equity method investments | | | 241 | 339 | | Distributions/adjustments related to equity method investments | | | (307) | (255) | | Adjusted EBITDA attributable to noncontrolling interests | | | 22 | 22 | | Other | | | (26) | (39) | | Income from operations | | | $2,659 | $2,670 | [Reconciliation of Adjusted EBITDA and DCF from Net Income](index=13&type=section&id=7.9%20Reconciliation%20of%20Adjusted%20EBITDA%20and%20DCF%20from%20Net%20Income) This table provides a reconciliation of Adjusted EBITDA attributable to MPLX LP and DCF attributable to LP unitholders, starting from net income Reconciliation of Adjusted EBITDA and DCF from Net Income (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | Net income | $1,058 | $1,186 | | | | Provision for income taxes | 1 | 2 | | | | Net interest and other financial costs | 234 | 231 | | | | Income from operations | 1,293 | 1,419 | | | | Depreciation and amortization | 324 | 320 | | | | Income from equity method investments | (170) | (325) | | | | Distributions/adjustments related to equity method investments | 229 | 218 | | | | Other | 25 | 32 | | | | Adjusted EBITDA | 1,701 | 1,664 | | | | Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | Deferred revenue impacts | (10) | 8 | | | | Sales-type lease payments, net of income | 14 | 8 | | | | Adjusted net interest and other financial costs | (225) | (217) | | | | Maintenance capital expenditures, net of reimbursements | (45) | (45) | | | | Equity method investment maintenance capital expenditures paid out | (3) | (3) | | | | Other | (1) | — | | | | DCF attributable to MPLX LP | 1,420 | 1,404 | | | | Preferred unit distributions | — | (5) | | | | DCF attributable to LP unitholders | $1,420 | $1,399 | | | | **Six Months Ended** | | | | | | Net income | | | $2,194 | $2,201 | | Provision for income taxes | | | 2 | 3 | | Net interest and other financial costs | | | 463 | 466 | | Income from operations | | | 2,659 | 2,670 | | Depreciation and amortization | | | 650 | 637 | | Income from equity method investments | | | (356) | (482) | | Distributions/adjustments related to equity method investments | | | 456 | 418 | | Other | | | 60 | 67 | | Adjusted EBITDA | | | 3,469 | 3,310 | | Adjusted EBITDA attributable to noncontrolling interests | | | (22) | (22) | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | Deferred revenue impacts | | | (28) | 21 | | Sales-type lease payments, net of income | | | 27 | 13 | | Adjusted net interest and other financial costs | | | (444) | (439) | | Maintenance capital expenditures, net of reimbursements | | | (80) | (80) | | Equity method investment maintenance capital expenditures paid out | | | (8) | (7) | | Other | | | (8) | (22) | | DCF attributable to MPLX LP | | | 2,906 | 2,774 | | Preferred unit distributions | | | — | (15) | | DCF attributable to LP unitholders | | | $2,906 | $2,759 | [Reconciliation of Net Income to LTM Adjusted EBITDA](index=14&type=section&id=7.10%20Reconciliation%20of%20Net%20Income%20to%20LTM%20Adjusted%20EBITDA) This table reconciles net income to Last Twelve Month (LTM) Adjusted EBITDA attributable to MPLX LP and presents the consolidated total debt to LTM adjusted EBITDA ratio Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | December 31, 2024 | | :------------------------------------------------ | :------------ | :------------ | :---------------- | | LTM Net income | $4,350 | $4,273 | $4,357 | | Provision for income taxes | 9 | 13 | 10 | | Net interest and other financial costs | 918 | 913 | 921 | | LTM income from operations | 5,277 | 5,199 | 5,288 | | Depreciation and amortization | 1,296 | 1,244 | 1,283 | | Income from equity method investments | (676) | (803) | (802) | | Distributions/adjustments related to equity method investments | 966 | 849 | 928 | | Gain on equity method investments | — | (92) | — | | Garyville incident response costs | — | 16 | — | | Other | 104 | 138 | 111 | | LTM Adjusted EBITDA | 6,967 | 6,551 | 6,808 | | Adjusted EBITDA attributable to noncontrolling interests | (44) | (44) | (44) | | LTM Adjusted EBITDA attributable to MPLX LP | 6,923 | 6,507 | 6,764 | | Consolidated total debt | $21,507 | $22,356 | $21,206 | | Consolidated total debt to LTM adjusted EBITDA | 3.1x | 3.4x | 3.1x | [Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities](index=15&type=section&id=7.11%20Reconciliation%20of%20Adjusted%20EBITDA%20and%20DCF%20from%20Net%20Cash%20Provided%20by%20Operating%20Activities) This table reconciles Adjusted EBITDA attributable to MPLX LP and DCF attributable to LP unitholders, starting from net cash provided by operating activities Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | Net cash provided by operating activities | $1,736 | $1,565 | | | | Changes in working capital items | (313) | (166) | | | | All other, net | (6) | (4) | | | | Loss on extinguishment of debt | 3 | — | | | | Adjusted net interest and other financial costs | 225 | 217 | | | | Other adjustments related to equity method investments | 22 | 21 | | | | Other | 34 | 31 | | | | Adjusted EBITDA | 1,701 | 1,664 | | | | Adjusted EBITDA attributable to noncontrolling interests | (11) | (11) | | | | Adjusted EBITDA attributable to MPLX LP | 1,690 | 1,653 | | | | Deferred revenue impacts | (10) | 8 | | | | Sales-type lease payments, net of income | 14 | 8 | | | | Adjusted net interest and other financial costs | (225) | (217) | | | | Maintenance capital expenditures, net of reimbursements | (45) | (45) | | | | Equity method investment maintenance capital expenditures paid out | (3) | (3) | | | | Other | (1) | — | | | | DCF attributable to MPLX LP | 1,420 | 1,404 | | | | Preferred unit distributions | — | (5) | | | | DCF attributable to LP unitholders | $1,420 | $1,399 | | | | **Six Months Ended** | | | | | | Net cash provided by operating activities | | | $2,982 | $2,856 | | Changes in working capital items | | | (83) | (95) | | All other, net | | | (4) | (10) | | Loss on extinguishment of debt | | | 3 | — | | Adjusted net interest and other financial costs | | | 444 | 439 | | Other adjustments related to equity method investments | | | 61 | 41 | | Other | | | 66 | 79 | | Adjusted EBITDA | | | 3,469 | 3,310 | | Adjusted EBITDA attributable to noncontrolling interests | | | (22) | (22) | | Adjusted EBITDA attributable to MPLX LP | | | 3,447 | 3,288 | | Deferred revenue impacts | | | (28) | 21 | | Sales-type lease payments, net of income | | | 27 | 13 | | Adjusted net interest and other financial costs | | | (444) | (439) | | Maintenance capital expenditures, net of reimbursements | | | (80) | (80) | | Equity method investment maintenance capital expenditures paid out | | | (8) | (7) | | Other | | | (8) | (22) | | DCF attributable to MPLX LP | | | 2,906 | 2,774 | | Preferred unit distributions | | | — | (15) | | DCF attributable to LP unitholders | | | $2,906 | $2,759 | [Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow](index=15&type=section&id=7.12%20Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Adjusted%20Free%20Cash%20Flow) This table reconciles net cash provided by operating activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after distributions Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | Net cash provided by operating activities | $1,736 | $1,565 | | | | Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow: ||||| | Net cash used in investing activities | (602) | (114) | | | | Contributions from MPC | 7 | 8 | | | | Distributions to noncontrolling interests | (11) | (11) | | | | Adjusted free cash flow | 1,130 | 1,448 | | | | Distributions paid to common and preferred unitholders | (976) | (874) | | | | Adjusted free cash flow after distributions | $154 | $574 | | | | **Six Months Ended** | | | | | | Net cash provided by operating activities | | | $2,982 | $2,856 | | Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow: ||||| | Net cash used in investing activities | | | (1,203) | (1,110) | | Contributions from MPC | | | 14 | 18 | | Distributions to noncontrolling interests | | | (22) | (22) | | Adjusted free cash flow | | | 1,771 | 1,742 | | Distributions paid to common and preferred unitholders | | | (1,954) | (1,750) | | Adjusted free cash flow after distributions | | | $(183) | $(8) | [Capital Expenditures](index=16&type=section&id=7.13%20Capital%20Expenditures) This table details capital expenditures, distinguishing between growth and maintenance capital, including reimbursements, investments in unconsolidated affiliates, and additions to property, plant, and equipment Capital Expenditures (unaudited) | (In millions) | June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | | :------------------------------------------------ | :------------ | :------------ | :------------ | :------------ | | **Three Months Ended** | | | | | | **Capital Expenditures:** | | | | | | Growth capital expenditures | $286 | $156 | | | | Growth capital reimbursements | (37) | (29) | | | | Investments in unconsolidated affiliates | 203 | 35 | | | | Return of capital | (39) | — | | | | Capitalized interest | (7) | (4) | | | | Total growth capital expenditures | 406 | 158 | | | | Maintenance capital expenditures | 55 | 53 | | | | Maintenance capital reimbursements | (10) | (8) | | | | Capitalized interest | (1) | (1) | | | | Total maintenance capital expenditures | 44 | 44 | | | | Total growth and maintenance capital expenditures | 450 | 202 | | | | Investments in unconsolidated affiliates | (203) | (35) | | | | Return of capital | 39 | — | | | | Growth and maintenance capital reimbursements | 47 | 37 | | | | (Increase)/Decrease in capital accruals | (40) | 4 | | | | Capitalized interest | 8 | 5 | | | | Additions to property, plant and equipment | $301 | $213 | | | | **Six Months Ended** | | | | | | **Capital Expenditures:** | | | | | | Growth capital expenditures | | | $506 | $321 | | Growth capital reimbursements | | | (64) | (50) | | Investments in unconsolidated affiliates | | | 322 | 154 | | Return of capital | | | (39) | — | | Capitalized interest | | | (12) | (8) | | Total growth capital expenditures | | | 713 | 417 | | Maintenance capital expenditures | | | 103 | 98 | | Maintenance capital reimbursements | | | (23) | (18) | | Capitalized interest | | | (2) | (1) | | Total maintenance capital expenditures | | | 78 | 79 | | Total growth and maintenance capital expenditures | | | 791 | 496 | | Investments in unconsolidated affiliates | | | (322) | (154) | | Return of capital | | | 39 | — | | Growth and maintenance capital reimbursements | | | 87 | 68 | | (Increase)/Decrease in capital accruals | | | (41) | 49 | | Capitalized interest | | | 14 | 9 | | Additions to property, plant and equipment | | | $568 | $468 |