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]

Financial Performance - Adjusted EBITDA reached $1.7 billion[8], with a 5% year-over-year increase in year-to-date Adjusted EBITDA[8] - Distributions to unitholders totaled $976 million[8] - Unit repurchases amounted to $100 million[8] Acquisition and Growth - The acquisition of Northwind Midstream for $2.375 billion[8, 9] is expected to accelerate growth in the Delaware basin, adding 200,000 dedicated acres[8, 11] - The Northwind Midstream acquisition is anticipated to have a mid-teen return and is expected to be immediately accretive to DCF[9, 10] - MPLX is deploying over $5 billion for growth in 2025, primarily in natural gas and NGL services[19, 29] Operational Highlights - Crude oil pipelines volume averaged 4.0 million barrels per day (MMbpd), a 2% increase compared to Q2 2024[34] - Product pipelines volume averaged 2.1 MMbpd, a 1% increase compared to Q2 2024[34] - Natural gas gathering volume was 6.6 billion cubic feet per day (Bcf/d), a 1% decrease compared to Q2 2024[36] - Natural gas processing volume was 9.7 Bcf/d, a 2% increase compared to Q2 2024[36]

[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 |

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]

Core Viewpoint - MPLX is positioned as a high-yielding investment opportunity with a dividend yield exceeding 7% and a robust growth profile, bolstered by strategic acquisitions and expansion projects [1][12]. Group 1: Acquisition and Growth Strategy - MPLX has announced the acquisition of Northwind Midstream for approximately $2.4 billion, which is expected to enhance cash flow and provide growth potential through in-process expansions [2][4]. - The acquisition of Northwind Midstream will expand MPLX's services into southeast New Mexico and improve access to natural gas and natural gas liquids, supporting downstream operations [7][8]. - MPLX has previously secured over $1 billion in bolt-on acquisitions, including a $715 million purchase of the remaining 55% interest in the BANGL Pipeline, which will contribute to immediate cash flow and future growth [9]. Group 2: Financial Health and Capacity - MPLX ended the first quarter with $2.5 billion in cash and a low leverage ratio of 3.3 times, indicating a strong financial position to fund acquisitions [5]. - The company has consistently raised its distribution since its formation in 2012, achieving an annual growth rate of over 10% since 2021, with a coverage ratio of 1.5 times at the end of the first quarter [11]. Group 3: Expansion Projects - MPLX is involved in several major pipeline projects, including the Traverse Pipeline, Blackcomb, and Rio Bravo Pipelines, which are expected to enhance gas transportation from the Permian Basin to the Gulf Coast [10]. - Additional growth investments include the construction of two gas processing plants and two NGL fractionation facilities, with completion dates ranging from 2025 to 2029 [13].

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]