MPLX(MPLX) - 2025 Q1 - Quarterly Results

Executive Summary & Financial Highlights MPLX LP delivered strong Q1 2025 financial results with significant growth in net income and adjusted EBITDA, supported by strategic project execution and substantial capital returns to unitholders Overall Financial Performance MPLX LP reported strong first-quarter 2025 financial results, with significant year-over-year growth in net income and adjusted EBITDA, driven by effective execution of its value chain growth strategy. The company also generated substantial cash flow, enabling capital returns to unitholders Overall Financial Performance Metrics | Metric | Q1 2025 ($ millions) | Q1 2024 ($ millions) | Change ($ millions) | % Change | | :----------------------------------------- | :------------------- | :------------------- | :------------------ | :------- | | Net income attributable to MPLX LP | 1,126 | 1,005 | 121 | 12.0% | | Adjusted EBITDA attributable to MPLX LP | 1,757 | 1,635 | 122 | 7.5% | | Net cash provided by operating activities | 1,246 | - | - | - | | Distributable cash flow | 1,486 | - | - | - | | Adjusted free cash flow | 641 | - | - | - | - MPLX achieved 7% adjusted EBITDA growth year over year, supported by growth projects in the Permian and Marcellus basins[6] Key Financial Metrics The first quarter of 2025 saw an increase in distribution per common unit and a stable leverage ratio, reflecting the company's commitment to returning capital to unitholders while maintaining financial discipline Key Financial Metrics Overview | Metric | Q1 2025 | Q1 2024 | Change | % Change | | :-------------------------------------- | :------- | :------- | :------- | :------- | | Distribution per common unit | $0.9565 | $0.8500 | $0.1065 | 12.5% | | Distribution coverage | 1.5x | 1.6x | (0.1x) | (6.3%) | | Consolidated total debt to LTM adjusted EBITDA (Leverage ratio) | 3.3x | 3.2x | 0.1x | 3.1% | | Cash paid for common unit repurchases | $100 M | $75 M | $25 M | 33.3% | First-Quarter Achievements MPLX made strategic advancements in its Natural Gas & NGL growth strategy, including significant acquisitions and project FIDs, alongside robust financial performance that enabled substantial capital returns - Executed Natural Gas & NGL growth strategy with an agreement to acquire 100% ownership in BANGL, LLC and Final Investment Decision (FID) of the Traverse natural gas pipeline[8][13] - Reported first-quarter $1.1 billion net income attributable to MPLX and $1.2 billion net cash provided by operating activities[8] - Achieved $1.8 billion adjusted EBITDA attributable to MPLX, reflecting the execution of its value chain growth strategy[8] - Generated $1.5 billion distributable cash flow, facilitating the return of $1.1 billion of capital[8] Segment Performance MPLX's segments showed varied performance, with Crude Oil and Products Logistics seeing modest EBITDA growth and Natural Gas and NGL Services achieving significant EBITDA increases driven by strategic factors Crude Oil and Products Logistics The Crude Oil and Products Logistics segment experienced a modest increase in adjusted EBITDA, primarily driven by higher throughputs and improved tariff rates, despite an offset from increased operating expenses Crude Oil and Products Logistics Performance | Metric | Q1 2025 | Q1 2024 | % Change | | :-------------------------- | :------- | :------- | :------- | | Segment adjusted EBITDA | $1,097 M | $1,059 M | 4% | | Pipeline throughput (mbpd) | 5,928 | 5,293 | 12% | | Terminal throughput (mbpd) | 3,095 | 2,930 | 6% | | Average tariff rates ($/bbl)| $1.06 | $1.02 | 4% | - The adjusted EBITDA increase was primarily driven by higher throughputs and rates, partially offset by higher operating expenses[9] Natural Gas and NGL Services The Natural Gas and NGL Services segment demonstrated significant adjusted EBITDA growth, boosted by a non-recurring benefit and increased volumes from key basins, including contributions from equity affiliates Natural Gas and NGL Services Performance | Metric | Q1 2025 | Q1 2024 | % Change | | :------------------------------ | :------- | :------- | :------- | | Segment adjusted EBITDA | $660 M | $576 M | 15% | | Gathering throughput (MMcf/d) | 6,516 | 6,226 | 5% | | Natural gas processed (MMcf/d) | 9,781 | 9,371 | 4% | | C2 + NGLs fractionated (mbpd) | 660 | 632 | 4% | - Adjusted EBITDA increase was primarily due to a $37 million non-recurring benefit from a customer agreement and increased volumes in the Permian and Utica basins, including growth from equity affiliates[11] Strategic Updates and Growth Projects MPLX is strategically expanding its Natural Gas & NGL and Crude Oil & Products Logistics segments through acquisitions, new pipeline developments, and ongoing major projects to enhance capacity and market reach Natural Gas and NGL Services Projects MPLX is actively expanding its Permian to Gulf Coast integrated value chain through strategic acquisitions and new pipeline developments, aiming to enhance market access and processing capacity - Acquired the remaining 55% of BANGL, LLC for $715 million, achieving 100% ownership; the system transports NGLs from the Permian basin to the Gulf Coast and will connect to MPLX's announced Gulf Coast fractionation facilities, expected to close in July[13] - Announced Final Investment Decision (FID) for the Traverse Pipeline, a bi-directional pipeline designed to transport 1.75 bcf/d of natural gas along the Gulf Coast, expected in service in 2027[13] - Increased stake in the Matterhorn Express pipeline joint venture by 5% for $151 million, bringing 10% total interest; the pipeline transports up to 2.5 bcf/d of natural gas from the Permian basin to the Katy area, expected to close in Q2 2025[14] Crude Oil and Products Logistics Projects The Crude Oil and Products Logistics segment is expanding its crude gathering infrastructure and investing in asset optimization projects, including a recent acquisition in the San Juan basin - Expanded crude oil value chain by a $237 million acquisition of gathering businesses from Whiptail Midstream, LLC, primarily consisting of crude and natural gas gathering systems in the Four Corners region[17] - Ongoing expansion of crude gathering pipelines in the Permian and Bakken basins, and investments in projects for asset expansion or de-bottlenecking[16] Ongoing Major Projects MPLX continues to advance several large-scale projects across its value chain, including new fractionation facilities, an LPG export terminal, pipeline expansions, and gas processing plants, with anticipated in-service dates ranging from late 2025 to 2029 - Gulf Coast Fractionators: Two 150 thousand bpd facilities near Marathon Petroleum's Galveston Bay refinery, expected in service in 2028 and 2029[21] - LPG Export Terminal: Strategic partnership with ONEOK, Inc. to develop a 400 thousand bpd terminal and associated pipeline, anticipated in service in 2028[21] - BANGL Pipeline: Expanding from 250 thousand bpd to 300 thousand bpd, anticipated online in the second half of 2026[21] - Secretariat: A 200 mmcf/d processing plant expected online in Q4 2025, increasing Permian basin gas processing capacity to 1.4 bcf/d[21] - Harmon Creek III: A 300 mmcf/d processing plant and 40 thousand bpd de-ethanizer, expected online in H2 2026, increasing Northeast processing capacity to 8.1 bcf/d and fractionation capacity to 800 thousand bpd[21] Financial Position and Liquidity MPLX maintains a robust financial position with strong liquidity, active debt management, and a commitment to capital allocation strategies that enhance unitholder value Liquidity Overview MPLX maintains a strong liquidity position with substantial cash reserves and available credit facilities, supporting its operational and strategic needs while keeping its leverage ratio within a healthy range Liquidity Position | Metric | As of March 31, 2025 ($ millions) | | :-------------------------------------- | :-------------------------------- | | Cash and cash equivalents | $2,500 | | Available bank revolving credit facility| $2,000 | | Available intercompany loan with MPC | $1,500 | | Leverage ratio | 3.3x | - The stability of cash flows supports a leverage ratio in the range of 4.0x[18] Debt Management MPLX actively managed its debt portfolio during the quarter, including the repayment of maturing senior notes and the issuance of new unsecured senior notes to optimize its capital structure - On February 18, 2025, MPLX repaid $0.5 billion aggregate principal amount of 4.000% senior notes due February 2025[19] - On March 10, 2025, MPLX issued $2.0 billion unsecured senior notes, consisting of $1.0 billion of 5.400% senior notes due 2035 and $1.0 billion of 5.950% senior notes due 2055[19] - Subsequent to quarter-end, on April 9, 2025, MPLX repaid all outstanding $1.2 billion senior notes due June 2025[20] Capital Allocation MPLX continued its capital allocation strategy by repurchasing common units and converting preferred units, demonstrating its commitment to enhancing unitholder value - The partnership repurchased $100 million of common units held by the public in the first quarter of 2025[22] - As of March 31, 2025, approximately $420 million remained available under its unit repurchase authorization[22] - On February 11, 2025, MPLX exercised its right to converted the remaining 6 million outstanding Series A preferred units into common units[18] Company Information This section provides an overview of MPLX LP's diversified midstream operations, along with essential contact and conference call information for investors and media About MPLX LP MPLX LP is a diversified master limited partnership operating extensive midstream energy infrastructure and logistics assets across key U.S. supply basins, providing a wide range of services from crude oil and refined product transportation to natural gas and NGL processing - MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services[24] - 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, and associated piping, and crude and light-product marine terminals[24] - The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins[24] Investor Relations & Media Contact information for investor relations and media inquiries is provided for stakeholders seeking further information about MPLX LP - Investor Relations Contact: (419) 421-2071, with key personnel listed[25] - Media Contact: (419) 421-3577, Jamal Kheiry, Communications Manager[25] Conference Call Information Details for accessing the conference call and webcast to discuss the reported results and operations update are provided, along with information on where to find financial materials - MPLX held a conference call and webcast at 9:30 a.m. ET on May 6, 2025, to discuss results and provide an operations update[23] - Interested parties can listen by visiting MPLX's website at www.mplx.com, where a replay will be available for two weeks[23] - Financial information, including the earnings release and other investor-related materials, is available online at **www.mplx.com**[23](index=23&type=chunk) Non-GAAP Financial Measures Definitions This section defines key non-GAAP financial measures, including Adjusted EBITDA, DCF, Adjusted FCF, and Leverage Ratio, outlining their purpose and limitations, along with the necessity for GAAP reconciliations Adjusted EBITDA Adjusted EBITDA is a key non-GAAP financial performance measure used by management and the investment community to assess the financial performance and operating results of MPLX's ongoing business operations, providing a comparable view across periods and companies - Adjusted EBITDA is used by management, industry analysts, investors, lenders, and rating agencies to assess financial performance and operating results[26] - 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[26] Distributable Cash Flow (DCF) Distributable Cash Flow (DCF) is a crucial non-GAAP measure for management and unitholders, indicating the cash available for distributions and evaluating the partnership's ability to support quarterly payouts, which is also a key factor for market valuation - DCF is a financial performance and liquidity measure used by management and the board of directors to determine cash distributions to unitholders[27] - It indicates cash return on investment and evaluates if sufficient cash flow is generated to support quarterly distributions[28] - 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[28] Adjusted Free Cash Flow (Adjusted FCF) Adjusted Free Cash Flow (Adjusted FCF) and Adjusted FCF after distributions are liquidity measures utilized by management for capital allocation and performance assessment, providing insights into the company's ability to manage leverage and return capital to unitholders - Adjusted FCF and Adjusted FCF after distributions are liquidity measures used by management for capital allocation and assessing financial performance[29] - Unitholders may use these metrics to analyze the ability to manage leverage and return capital[29] - 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[29] Leverage Ratio The leverage ratio is a critical liquidity measure employed by various stakeholders to evaluate MPLX's capacity to manage and service its debt obligations and fund capital expenditures - Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders, and rating agencies[30] - It analyzes the company's ability to incur and service debt and fund capital expenditures[30] Limitations and Reconciliations MPLX acknowledges the limitations of non-GAAP financial measures, emphasizing that they should not be considered substitutes for GAAP results and provides reconciliations to their most directly comparable GAAP measures - Non-GAAP measures should not be considered alternatives to GAAP net income or net cash provided by operating activities due to inherent limitations[31] - These measures should not be considered in isolation or as substitutes for analysis of results reported under GAAP[31] - Reconciliations of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions, and the leverage ratio to their most directly comparable GAAP measures are provided in the tables[32] Forward-Looking Statements This section outlines MPLX's forward-looking statements regarding its business, financial priorities, strategic plans, and ESG goals, cautioning that these are based on current expectations and subject to various risks and uncertainties that could cause actual results to differ materially Forward-Looking Statements This section outlines MPLX's forward-looking statements regarding its business, financial priorities, strategic plans, and ESG goals, cautioning that these are based on current expectations and subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements relate to MPLX's expectations, estimates, and projections concerning its business, financial priorities, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and ESG goals[33] - MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of MPLX's control[33][34] - Factors that could cause actual results to differ materially include political or regulatory developments, volatility in economic conditions, adequacy of capital resources, changes in commodity prices, project construction costs and in-service dates, and the ability to realize expected returns on projects[34] Condensed Consolidated Financial Statements This section presents MPLX's condensed consolidated financial statements, including results of operations, key financial statistics, and balance sheet data, highlighting overall financial performance and position Condensed Consolidated Results of Operations The condensed consolidated results of operations show an increase in total revenues and other income, leading to higher net income attributable to MPLX LP for the first quarter of 2025 compared to 2024 Condensed Consolidated Results of Operations | (In millions, except per unit data) | March 31, 2025 | March 31, 2024 | Change | % Change | | :---------------------------------- | :------------- | :------------- | :----- | :------- | | Operating revenue | $1,420 | $1,217 | $203 | 16.7% | | Operating revenue - related parties | $1,467 | $1,387 | $80 | 5.8% | | Income from equity method investments | $186 | $157 | $29 | 18.5% | | Total revenues and other income | $3,124 | $2,846 | $278 | 9.8% | | Total costs and expenses | $1,758 | $1,595 | $163 | 10.2% | | Income from operations | $1,366 | $1,251 | $115 | 9.2% | | Net income attributable to MPLX LP | $1,126 | $1,005 | $121 | 12.0% | | Limited partners' interest in net income attributable to MPLX LP | $1,126 | $995 | $131 | 13.2% | | Common – basic (per unit) | $1.10 | $0.98 | $0.12 | 12.2% | Select Financial Statistics Key financial statistics highlight increased common unit distributions and distributable cash flow, alongside a slight decrease in distribution coverage, reflecting the company's capital return strategy Select Financial Statistics | (In millions, except ratio data) | March 31, 2025 | March 31, 2024 | Change | % Change | | :------------------------------- | :------------- | :------------- | :----- | :------- | | Common units (LP) – public | $357 | $314 | $43 | 13.7% | | Common units – MPC | $619 | $550 | $69 | 12.5% | | Total LP distribution declared | $976 | $864 | $112 | 13.0% | | Adjusted EBITDA attributable to MPLX LP | $1,757 | $1,635 | $122 | 7.5% | | DCF attributable to LP unitholders | $1,486 | $1,360 | $126 | 9.3% | | Distribution coverage | 1.5x | 1.6x | (0.1x) | (6.3%) | | Net cash flow provided by operating activities | $1,246 | $1,291 | ($45) | (3.5%) | | Net cash flow used in investing activities | ($601) | ($996) | $395 | (39.7%) | | Net cash flow provided by (used in) financing activities | $370 | ($958) | $1,328 | 138.6% | Financial Data (Balance Sheet) MPLX's balance sheet reflects a stronger cash position and increased total assets, with a slight rise in total debt and leverage ratio, while total equity also grew Condensed Consolidated Balance Sheet Data | (In millions, except ratio data) | March 31, 2025 | December 31, 2024 | Change | % Change | | :------------------------------- | :------------- | :---------------- | :----- | :------- | | Cash and cash equivalents | $2,534 | $1,519 | $1,015 | 66.8% | | Total assets | $38,972 | $37,511 | $1,461 | 3.9% | | Total debt | $22,418 | $20,948 | $1,470 | 7.0% | | Redeemable preferred units | — | $203 | ($203) | (100.0%) | | Total equity | $14,068 | $13,807 | $261 | 1.9% | | Consolidated debt to LTM adjusted EBITDA | 3.3x | 3.1x | 0.2x | 6.5% | Detailed Operating Statistics This section provides detailed operating statistics for MPLX's Crude Oil and Products Logistics and Natural Gas and NGL Services segments, highlighting throughput volumes and tariff rates Crude Oil and Products Logistics Operating Statistics The Crude Oil and Products Logistics segment demonstrated robust growth in pipeline and terminal throughput, with an overall increase in average tariff rates, indicating strong operational performance Crude Oil and Products Logistics Operating Statistics | Metric | Q1 2025 | Q1 2024 | % Change | | :------------------------------ | :------- | :------- | :------- | | Crude oil pipelines throughput (mbpd) | 3,908 | 3,462 | 13% | | Product pipelines throughput (mbpd) | 2,020 | 1,831 | 10% | | Total pipelines throughput (mbpd) | 5,928 | 5,293 | 12% | | Crude oil pipelines average tariff rates ($/bbl) | $1.03 | $1.03 | — % | | Product pipelines average tariff rates ($/bbl) | $1.11 | $1.00 | 11% | | Total pipelines average tariff rates ($/bbl) | $1.06 | $1.02 | 4% | | Terminal throughput (mbpd) | 3,095 | 2,930 | 6% | Natural Gas and NGL Services Operating Statistics - Consolidated Consolidated operating statistics for Natural Gas and NGL Services show significant growth in total gathering throughput, driven by Southwest Operations, and a modest increase in natural gas processed and NGLs fractionated Natural Gas and NGL Services Operating Statistics - Consolidated | Metric | Q1 2025 | Q1 2024 | % Change | | :------------------------------ | :------- | :------- | :------- | | Marcellus Operations gathering throughput (MMcf/d) | 1,500 | 1,493 | — % | | Southwest Operations gathering throughput (MMcf/d) | 1,785 | 1,601 | 11% | | Total gathering throughput (MMcf/d) | 4,276 | 3,839 | 11% | | Marcellus Operations natural gas processed (MMcf/d) | 4,325 | 4,325 | — % | | Southwest Operations natural gas processed (MMcf/d) | 1,879 | 1,629 | 15% | | Total natural gas processed (MMcf/d) | 7,166 | 6,993 | 2% | | Total C2 + NGLs fractionated (mbpd) | 596 | 588 | 1% | Natural Gas and NGL Services Operating Statistics - Operated Operated statistics for Natural Gas and NGL Services reveal strong growth in total gathering throughput and natural gas processed, particularly in Utica and Southwest Operations, and a significant increase in NGLs fractionated in Utica Natural Gas and NGL Services Operating Statistics - Operated | Metric | Q1 2025 | Q1 2024 | % Change | | :------------------------------ | :------- | :------- | :------- | | Utica Operations gathering throughput (MMcf/d) | 2,438 | 2,286 | 7% | | Southwest Operations gathering throughput (MMcf/d) | 1,785 | 1,601 | 11% | | Total gathering throughput (MMcf/d) | 6,516 | 6,226 | 5% | | Utica Operations natural gas processed (MMcf/d) | 965 | 777 | 24% | | Southwest Operations natural gas processed (MMcf/d) | 1,879 | 1,629 | 15% | | Total natural gas processed (MMcf/d) | 9,781 | 9,371 | 4% | | Utica Operations C2 + NGLs fractionated (mbpd) | 64 | 44 | 45% | | Total C2 + NGLs fractionated (mbpd) | 660 | 632 | 4% | Non-GAAP Reconciliations This section provides comprehensive reconciliations of various non-GAAP financial measures, including Adjusted EBITDA, DCF, and Adjusted Free Cash Flow, to their most directly comparable GAAP measures Reconciliation of Segment Adjusted EBITDA to Net Income This reconciliation details the adjustments made from segment-level Adjusted EBITDA to arrive at the consolidated net income attributable to MPLX LP, highlighting the impact of depreciation, interest, equity method investments, and noncontrolling interests Reconciliation of Segment Adjusted EBITDA to Net Income | (In millions) | March 31, 2025 | March 31, 2024 | | :------------------------------------------------ | :------------- | :------------- | | Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP | $1,097 | $1,059 | | Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP | $660 | $576 | | Adjusted EBITDA attributable to MPLX LP | $1,757 | $1,635 | | Depreciation and amortization | ($326) | ($317) | | Net interest and other financial costs | ($229) | ($235) | | Income from equity method investments | $186 | $157 | | Net income | $1,136 | $1,015 | Reconciliation of Segment Adjusted EBITDA to Income from Operations This reconciliation provides a breakdown of how segment-specific Adjusted EBITDA is adjusted for depreciation, equity method investments, and other items to derive the income from operations for each segment and consolidated Reconciliation of Segment Adjusted EBITDA to Income from Operations | (In millions) | March 31, 2025 | March 31, 2024 | | :------------------------------------------------ | :------------- | :------------- | | Crude Oil and Products Logistics Segment adjusted EBITDA | $1,097 | $1,059 | | Crude Oil and Products Logistics Depreciation and amortization | ($133) | ($130) | | Natural Gas and NGL Services Segment adjusted EBITDA | $660 | $576 | | Natural Gas and NGL Services Depreciation and amortization | ($193) | ($187) | | Income from operations | $1,366 | $1,251 | Reconciliation of Adjusted EBITDA and DCF from Net Income This reconciliation illustrates the detailed adjustments from net income to Adjusted EBITDA and subsequently to Distributable Cash Flow (DCF) attributable to LP unitholders, providing transparency on the calculation of these key non-GAAP metrics Reconciliation of Adjusted EBITDA and DCF from Net Income | (In millions) | March 31, 2025 | March 31, 2024 | | :------------------------------------------------ | :------------- | :------------- | | Net income | $1,136 | $1,015 | | Provision for income taxes | $1 | $1 | | Net interest and other financial costs | $229 | $235 | | Income from operations | $1,366 | $1,251 | | Depreciation and amortization | $326 | $317 | | Adjusted EBITDA attributable to MPLX LP | $1,757 | $1,635 | | Deferred revenue impacts | ($18) | $13 | | Adjusted net interest and other financial costs | ($219) | ($222) | | Maintenance capital expenditures, net of reimbursements | ($35) | ($35) | | DCF attributable to LP unitholders | $1,486 | $1,360 | Reconciliation of Net Income to LTM Adjusted EBITDA This reconciliation details the adjustments from net income to Last Twelve Month (LTM) Adjusted EBITDA, providing a trailing twelve-month view of the company's operational performance and its leverage ratio Reconciliation of Net Income to LTM Adjusted EBITDA | (In millions) | March 31, 2025 | March 31, 2024 | December 31, 2024 | | :------------------------------------------------ | :------------- | :------------- | :---------------- | | LTM Net income | $4,478 | $4,029 | $4,357 | | Provision for income taxes | $10 | $11 | $10 | | Net interest and other financial costs | $915 | $915 | $921 | | LTM income from operations | $5,403 | $4,955 | $5,288 | | Depreciation and amortization | $1,292 | $1,234 | $1,283 | | LTM Adjusted EBITDA attributable to MPLX LP | $6,886 | $6,385 | $6,764 | | Consolidated total debt | $22,708 | $20,706 | $21,206 | | Consolidated total debt to LTM adjusted EBITDA | 3.3x | 3.2x | 3.1x | Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities This reconciliation provides an alternative view of deriving Adjusted EBITDA and DCF, starting from net cash provided by operating activities and adjusting for working capital changes, interest costs, and capital expenditures Reconciliation of Adjusted EBITDA and DCF from Net Cash Provided by Operating Activities | (In millions) | March 31, 2025 | March 31, 2024 | | :------------------------------------------------ | :------------- | :------------- | | Net cash provided by operating activities | $1,246 | $1,291 | | Changes in working capital items | $230 | $71 | | Adjusted net interest and other financial costs | $219 | $222 | | Adjusted EBITDA attributable to MPLX LP | $1,757 | $1,635 | | Deferred revenue impacts | ($18) | $13 | | Maintenance capital expenditures, net of reimbursements | ($35) | ($35) | | DCF attributable to LP unitholders | $1,486 | $1,360 | Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow This reconciliation details the calculation of Adjusted Free Cash Flow and Adjusted Free Cash Flow after distributions, starting from net cash provided by operating activities and accounting for investing activities, contributions, and distributions Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow | (In millions) | March 31, 2025 | March 31, 2024 | | :------------------------------------------------ | :------------- | :------------- | | Net cash provided by operating activities | $1,246 | $1,291 | | Net cash used in investing activities | ($601) | ($996) | | Contributions from MPC | $7 | $10 | | Distributions to noncontrolling interests | ($11) | ($11) | | Adjusted free cash flow | $641 | $294 | | Distributions paid to common and preferred unitholders | ($978) | ($876) | | Adjusted free cash flow after distributions | ($337) | ($582) | - Net cash provided by operating activities for Q1 2025 and Q1 2024 included working capital builds of $230 million and $71 million, respectively[56] - Net cash used in investing activities for Q1 2025 and Q1 2024 included acquisitions of $237 million and $622 million, respectively[57] Capital Expenditures MPLX increased its growth capital expenditures in Q1 2025, reflecting ongoing investments in expansion projects, while maintenance capital expenditures remained stable, demonstrating a balanced approach to growth and asset upkeep Capital Expenditures MPLX increased its growth capital expenditures in Q1 2025, reflecting ongoing investments in expansion projects, while maintenance capital expenditures remained stable, demonstrating a balanced approach to growth and asset upkeep Capital Expenditures Summary | (In millions) | March 31, 2025 | March 31, 2024 | Change | % Change | | :------------------------------------------------ | :------------- | :------------- | :----- | :------- | | Growth capital expenditures | $220 | $165 | $55 | 33.3% | | Growth capital reimbursements | ($27) | ($21) | ($6) | 28.6% | | Investments in unconsolidated affiliates | $119 | $119 | $0 | 0.0% | | Total growth capital expenditures | $307 | $259 | $48 | 18.5% | | Maintenance capital expenditures | $48 | $45 | $3 | 6.7% | | Total maintenance capital expenditures | $34 | $35 | ($1) | (2.9%) | | Total growth and maintenance capital expenditures | $341 | $294 | $47 | 16.0% | - Total growth capital expenditures for Q1 2025 and Q1 2024 exclude acquisitions of $237 million and $622 million, respectively[59]