Financial Data and Key Metrics Changes - The company reported a first quarter net loss of $0.24 per share and returned over $1,300,000,000 to shareholders through dividends and repurchases [18][19] - Adjusted EBITDA for the quarter was approximately $2,000,000,000, lower sequentially by $145,000,000 due to decreased results in refining and marketing and renewable diesel segments [19][21] - Operating cash flow excluding changes in working capital was $1,000,000,000 for the quarter, driven by the strength and growth of the midstream business [23] Business Line Data and Key Metrics Changes - Refining utilization was 89%, processing 2,600,000 barrels of crude per day, with significant planned turnaround activity particularly in the Gulf Coast region [5][19] - The Midstream segment adjusted EBITDA grew 8% year over year, with MPC receiving $619,000,000 in distributions from MPLX, a 12.5% increase compared to the previous year [6][20] - The renewable diesel segment faced challenges with a 70% utilization rate due to unplanned downtime, and changes in regulatory credits reduced margins across the industry [21][22] Market Data and Key Metrics Changes - Refined product inventories have drawn for the ninth straight week and are below the five-year average, which, along with lower retail prices, is expected to support demand during the summer driving season [7][8] - The company anticipates around 800,000 barrels per day coming offline across several refineries in the U.S. and Europe this year, which could strengthen margins [8][10] Company Strategy and Development Direction - The company is progressing a $1,250,000,000 standalone capital plan for 2025, with 70% targeted on high return projects [13] - Investments in the West Coast value chain are aimed at enhancing competitiveness and compliance with tighter emission regulations [9][10] - The company aims to leverage its fully integrated refining system and geographic diversification to deliver peer-leading cash generation [14] Management's Comments on Operating Environment and Future Outlook - Management noted improved refined cracks and strong demand signals, with expectations of 94% utilization in the second quarter [33][34] - The company remains optimistic about demand growth across its domestic and export businesses, with steady year-over-year demand for gasoline and growth in diesel and jet fuel [35][36] - Management emphasized the importance of operational excellence and commercial execution to deliver sustainable financial performance [28][29] Other Important Information - The company is focused on optimizing its portfolio to deliver outperformance and is committed to capital allocation that enhances competitiveness [29] - The company has a minimum cash target of $1,000,000,000 on the balance sheet to ensure sufficient liquidity [63][64] Q&A Session Summary Question: What is the current demand perspective as the company enters the second quarter? - Management observed improved refined cracks and strong demand signals, indicating readiness to meet seasonal demand [33][34] Question: How does the company view the long-term outlook for the West Coast? - Management believes investments in the LA asset provide a competitive advantage, and they are closely monitoring the regulatory environment [39][41] Question: What is the company's strategy regarding capture rates? - Management highlighted the importance of commercial performance and aims for capture rates approaching 100% through sustainable advantages [52][56] Question: What is the outlook for crude quality discounts? - The company expects to benefit from heavy crude runs and sees upside in Canadian crude pricing due to OPEC's increased volumes [71][72] Question: How sustainable is the 12.5% distribution growth from MPLX? - Management indicated that the 12.5% distribution increase is expected to be durable for multiple years, supported by growth opportunities and capital discipline [75][78] Question: What initiatives are being taken to improve the renewable diesel business? - Management is focused on optimizing operations and addressing unplanned downtime to enhance profitability [90][92]

Financial Data and Key Metrics Changes - The company reported a first quarter net loss of $0.24 per share and returned over $1,300,000,000 to shareholders through dividends and repurchases [18][25] - Adjusted EBITDA for the quarter was approximately $2,000,000,000, lower sequentially by $145,000,000 due to decreased results in refining and marketing and renewable diesel segments [19][20] - Operating cash flow excluding changes in working capital was $1,000,000,000 for the quarter, driven by the strength and growth of the midstream business [23] Business Line Data and Key Metrics Changes - Refining utilization was at 89%, processing 2,600,000 barrels of crude per day, with significant planned turnaround activity particularly in the Gulf Coast region [5][19] - The Midstream segment adjusted EBITDA grew 8% year over year, with distributions from MPLX increasing by 12.5% compared to the previous year [6][21] - The renewable diesel segment faced challenges with a 70% utilization rate due to unplanned downtime and changes in regulatory credits impacting margins [21][22] Market Data and Key Metrics Changes - Refined product inventories have drawn for the ninth straight week and are below the five-year average, which is expected to support demand as the summer driving season approaches [7][8] - The company anticipates around 800,000 barrels per day of refinery closures in the U.S. and Europe this year, which could strengthen margins [8][10] - The Gulf Coast refinery completed its closure in the first quarter, with additional closures expected in California over the next twelve months [8][10] Company Strategy and Development Direction - The company is progressing a $1,250,000,000 standalone capital plan for 2025, with 70% targeted on high return projects [13] - Investments are being made in the West Coast value chain, particularly in the Los Angeles refinery, to improve reliability and energy efficiency while complying with emission regulations [9][10] - The company aims to leverage its fully integrated refining system and geographic diversification to deliver peer-leading cash generation [14][28] Management's Comments on Operating Environment and Future Outlook - Management noted improved refined cracks and strong demand signals, indicating readiness to meet seasonal demand in the second quarter [34][36] - The company remains optimistic about demand growth across its domestic and export businesses, with steady year-over-year demand for gasoline and growth in diesel and jet fuel [36][38] - Management expressed confidence in the long-term competitive advantage of the U.S. refining industry due to accessibility to nearby crude and low-cost natural gas [11][12] Other Important Information - The company is focused on optimizing its portfolio to deliver outperformance and enhance competitiveness through capital allocation [29] - The company has a minimum target of about $1,000,000,000 of cash on the balance sheet to ensure sufficient liquidity [25][64] - The company is committed to maintaining an investment-grade credit profile while managing its balance sheet effectively [25][66] Q&A Session Summary Question: Demand perspective and economic slowdown - Management observed improved refined cracks and strong demand signals, indicating readiness to meet seasonal demand [34][36] Question: West Coast multiyear outlook - Management highlighted investments in the LA asset and its competitive advantages, while monitoring the regulatory environment closely [40][42] Question: Capture rates and commercial performance - Management emphasized the importance of commercial performance and sustainable advantages built over the years, aiming for capture rates approaching 100% [54][56] Question: Crude quality discounts and OPEC volumes - Management expressed optimism about benefiting from heavy crude runs and potential discounts from OPEC's increased volumes [72][74] Question: Midstream distribution growth sustainability - Management indicated that the 12.5% distribution increase is expected to be durable for multiple years, supported by growth opportunities in MPLX [78][81] Question: Renewable diesel business profitability - Management is focused on operational improvements and regulatory engagement to enhance profitability in the renewable diesel segment [91][96]

Financial Data and Key Metrics Changes - The company reported a first quarter net loss of $0.24 per share, with adjusted EBITDA approximately $2,000,000,000, which decreased sequentially by $145,000,000 due to lower results in refining and marketing and renewable diesel segments [18][19] - The company returned over $1,300,000,000 to shareholders through dividends and repurchases during the quarter [18] - Operating cash flow excluding changes in working capital was $1,000,000,000 for the quarter, driven by the strength and growth of the midstream business [23] Business Line Data and Key Metrics Changes - Refining utilization was at 89%, processing 2,600,000 barrels of crude per day, with significant planned turnaround activity particularly in the Gulf Coast region [4][19] - The Midstream segment adjusted EBITDA grew 8% year over year, with $619,000,000 received from MPLX, a 12.5% increase compared to the previous year [20][21] - The renewable diesel segment faced challenges with a 70% utilization rate due to unplanned downtime, but actions are being taken to optimize production [21][22] Market Data and Key Metrics Changes - Refined product inventories have drawn for the ninth straight week and are below the five-year average, which, along with lower retail prices, is expected to support demand during the summer driving season [6][7] - The company anticipates around 800,000 barrels per day coming offline across several refineries in the U.S. and Europe this year, which could strengthen margins [7][10] Company Strategy and Development Direction - The company is progressing a $1,250,000,000 standalone capital plan for 2025, with 70% targeted on high-return projects [12] - Investments are being made in the fully integrated West Coast value chain, particularly in the Los Angeles refinery, to improve reliability and energy efficiency [8][9] - The company aims to leverage its geographic diversification and integrated refining system to deliver peer-leading cash generation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding demand, noting steady year-over-year demand for gasoline and growth in diesel and jet fuel, with no signs of an economic slowdown [36][37] - The company believes that the U.S. refining industry will remain structurally advantaged due to locational advantages and flexibility in refining systems [10][11] - Management is focused on optimizing operations and capital allocation to enhance competitiveness and deliver strong financial performance [28][29] Other Important Information - The company is managing its balance sheet to maintain an investment-grade credit profile, with a minimum target of $1,000,000,000 in cash [24][25] - The company has a strong liquidity position with $3,800,000,000 in consolidated cash and undrawn credit facilities of $5,000,000,000 [25] Q&A Session Summary Question: Demand perspective and economic slowdown - Management noted refined cracks have improved, indicating a seasonal uptick in demand, with overall utilization projected at 94% for the second quarter [34][35] Question: West Coast outlook and political environment - Management highlighted investments in the LA asset and the competitive advantage of their integrated operations, while monitoring regulatory changes closely [40][42] Question: Capture rates and commercial performance - Management emphasized the importance of commercial performance and sustainable advantages built over the years, aiming for capture rates approaching 100% [55][58] Question: Crude quality discounts and OPEC volumes - Management expressed optimism regarding benefits from heavy crude processing, anticipating discounts to improve due to OPEC's increased volumes [74][75] Question: Midstream growth and distribution sustainability - Management confirmed a durable growth outlook for MPLX distributions, supported by ongoing projects and capital discipline [78][82] Question: Renewable diesel profitability and operational reliability - Management is focused on optimizing operations and addressing challenges from Q1, with expectations for an EBITDA positive quarter in Q2 [120][121]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $1,800,000,000, representing a 7% increase year over year [5] - Distributable cash flow was $1,500,000,000, supporting nearly $1,000,000,000 in distributions to unitholders and $100,000,000 in unit repurchases [5][20] - Total adjusted EBITDA and distributable cash flow increased by 78% respectively from the prior year [20] Business Line Data and Key Metrics Changes - In the Crude Oil and Products Logistics segment, adjusted EBITDA increased by $38,000,000 compared to Q1 2024, driven by higher throughputs [18] - The Natural Gas and NGL Services segment set a new record with adjusted EBITDA increasing by $84,000,000 year over year, supported by increased drilling and production in the Permian and Utica basins [19] - Gather volumes increased by 5% year over year, while processing volumes rose by 4% year over year, particularly in the Permian and Utica basins [19] Market Data and Key Metrics Changes - The company noted robust production across the Marcellus, Utica, and Permian basins, which have some of the lowest breakeven prices in the U.S. [7] - The U.S. refining industry is expected to remain structurally advantaged over the rest of the world due to accessibility of nearby crude and low-cost natural gas [10] Company Strategy and Development Direction - MPLX is focused on strategic acquisitions, having announced over $1,000,000,000 in acquisitions since the start of the year [5] - The company is developing processing plants on a just-in-time basis and optimizing its asset footprint to enhance its strategic relationship with Marathon Petroleum [9][11] - MPLX plans to spend $1,700,000,000 on growth projects in 2025, with 85% allocated to natural gas and NGL services [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macroeconomic environment for energy, anticipating year-over-year volume growth despite market volatility [8][11] - The company expects to maintain a mid-single-digit growth rate over multi-year periods, supported by strong cash flow and low leverage [23][24] - Management highlighted the importance of their strategic relationship with Marathon Petroleum in navigating market challenges [30] Other Important Information - MPLX is completing construction of its seventh processing plant, expected to be operational in Q4 2025, increasing processing capacity in the Permian Basin [12] - The company is advancing its natural gas value chain with the construction of the Traverse natural gas pipeline, expected to be in service in the second half of 2027 [14] Q&A Session Summary Question: Can you provide details on the current contract mix and take-or-pay arrangements? - Management noted that most earnings come from the natural gas and NGL segment in the Northeast, with strong natural gas prices and a significant portion of contracts being fee-based with over 75% volume commitment protection [31][34] Question: How flexible is the capital budget in response to macroeconomic changes? - Management indicated that while they can evaluate and flex some capital spending, key projects like the Secretariat processing plant are expected to proceed as planned [38][42] Question: Can you elaborate on the acquisition of the gathering business from Whiptail Midstream? - The acquisition supports production in the 4 Corners region and enhances the strategic relationship with Marathon Petroleum, expected to be immediately accretive [48] Question: How does the Traverse pipeline fit into the overall strategy? - The Traverse pipeline provides optionality and flexibility for shippers, enhancing the overall value chain from the Permian to the Gulf Coast [52] Question: What is the level of buybacks executed in Q1 and future plans? - Management stated that capital allocation priorities remain unchanged, focusing on growth while also considering equity valuation for buybacks [66] Question: Are there any impacts from tariffs on project costs? - Management indicated minimal impact from tariffs on operations and projects, emphasizing control over project costs [70]

Financial Performance - Adjusted EBITDA increased by 7% year-over-year to $1.8 billion[7,9] - Distributable cash flow (DCF) increased by 8% year-over-year[31] - Distributions to unitholders totaled $978 million[7] - Unit repurchases amounted to $100 million[7] - Adjusted free cash flow was $641 million[31] - Total capital returned to unitholders was $1.078 billion[31] Strategic Investments and Growth - Over $1 billion of bolt-on acquisitions were announced[9] - MPLX acquired the remaining 55% interest in BANGL, LLC for $715 million[7] - A crude gathering system was acquired for $237 million[7] - An additional 5% interest in the Matterhorn Express Pipeline joint venture was acquired for $151 million[7] - The company plans to expand the BANGL pipeline to 300 thousand barrels per day (MBPD)[15] Operational Highlights - Crude oil pipeline volume was 3.9 million barrels per day (MMBPD), a 13% increase[26] - Product pipeline volume was 2.0 MMBPD, a 10% increase[26] - Terminal volume was 3.1 MMBPD, a 6% increase[26] - Natural gas gathering volume was 6.5 billion cubic feet per day (Bcf/d), a 5% increase[27] - Natural gas processing volume was 9.8 Bcf/d, a 4% increase[27] - Fractionation volume was 660 MBPD, a 4% increase[27]

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) 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](index=1&type=section&id=Overall%20Financial%20Performance) 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](index=6&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) 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](index=1&type=section&id=First-Quarter%20Achievements) 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](index=8&type=chunk)[13](index=13&type=chunk) - Reported first-quarter **$1.1 billion net income** attributable to MPLX and **$1.2 billion net cash provided by operating activities**[8](index=8&type=chunk) - Achieved **$1.8 billion adjusted EBITDA** attributable to MPLX, reflecting the execution of its value chain growth strategy[8](index=8&type=chunk) - Generated **$1.5 billion distributable cash flow**, facilitating the return of **$1.1 billion of capital**[8](index=8&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) 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](index=2&type=section&id=Crude%20Oil%20and%20Products%20Logistics) 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](index=9&type=chunk) [Natural Gas and NGL Services](index=2&type=section&id=Natural%20Gas%20and%20NGL%20Services) 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](index=11&type=chunk) [Strategic Updates and Growth Projects](index=2&type=section&id=Strategic%20Updates%20and%20Growth%20Projects) 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](index=2&type=section&id=Natural%20Gas%20and%20NGL%20Services%20Projects) 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](index=13&type=chunk) - 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](index=13&type=chunk) - 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](index=14&type=chunk) [Crude Oil and Products Logistics Projects](index=3&type=section&id=Crude%20Oil%20and%20Products%20Logistics%20Projects) 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](index=17&type=chunk) - Ongoing **expansion of crude gathering pipelines** in the Permian and Bakken basins, and **investments in projects for asset expansion or de-bottlenecking**[16](index=16&type=chunk) [Ongoing Major Projects](index=3&type=section&id=Ongoing%20Major%20Projects) 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](index=21&type=chunk) - LPG Export Terminal: Strategic partnership with ONEOK, Inc. to develop a **400 thousand bpd terminal** and associated pipeline, **anticipated in service in 2028**[21](index=21&type=chunk) - BANGL Pipeline: **Expanding from 250 thousand bpd to 300 thousand bpd**, **anticipated online in the second half of 2026**[21](index=21&type=chunk) - Secretariat: A **200 mmcf/d processing plant** **expected online in Q4 2025**, increasing Permian basin gas processing capacity to **1.4 bcf/d**[21](index=21&type=chunk) - 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](index=21&type=chunk) [Financial Position and Liquidity](index=3&type=section&id=Financial%20Position%20and%20Liquidity) 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](index=3&type=section&id=Liquidity%20Overview) 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](index=18&type=chunk) [Debt Management](index=3&type=section&id=Debt%20Management) 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](index=19&type=chunk) - 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](index=19&type=chunk) - Subsequent to quarter-end, on April 9, 2025, MPLX **repaid all outstanding $1.2 billion senior notes** due June 2025[20](index=20&type=chunk) [Capital Allocation](index=3&type=section&id=Capital%20Allocation) 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](index=22&type=chunk) - As of March 31, 2025, approximately **$420 million remained available** under its unit repurchase authorization[22](index=22&type=chunk) - On February 11, 2025, MPLX exercised its right to **converted the remaining 6 million outstanding Series A preferred units** into common units[18](index=18&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) 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](index=4&type=section&id=About%20MPLX%20LP) 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](index=24&type=chunk) - 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](index=24&type=chunk) - 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](index=24&type=chunk) [Investor Relations & Media](index=4&type=section&id=Investor%20Relations%20%26%20Media) 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](index=25&type=chunk) - **Media Contact: (419) 421-3577, Jamal Kheiry**, Communications Manager[25](index=25&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) 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](index=23&type=chunk) - Interested parties can listen by visiting **MPLX's website at www.mplx.com**, where a replay will be available for two weeks[23](index=23&type=chunk) - 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](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) 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](index=4&type=section&id=Adjusted%20EBITDA) 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](index=26&type=chunk) - 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](index=26&type=chunk) [Distributable Cash Flow (DCF)](index=4&type=section&id=Distributable%20Cash%20Flow%20(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](index=27&type=chunk) - It indicates **cash return on investment** and evaluates if **sufficient cash flow** is generated to support quarterly distributions[28](index=28&type=chunk) - 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](index=28&type=chunk) [Adjusted Free Cash Flow (Adjusted FCF)](index=5&type=section&id=Adjusted%20Free%20Cash%20Flow%20(Adjusted%20FCF)) 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](index=29&type=chunk) - Unitholders may use these metrics to analyze the ability to **manage leverage and return capital**[29](index=29&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**[29](index=29&type=chunk) [Leverage Ratio](index=5&type=section&id=Leverage%20Ratio) 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](index=30&type=chunk) - It analyzes the company's ability to **incur and service debt and fund capital expenditures**[30](index=30&type=chunk) [Limitations and Reconciliations](index=5&type=section&id=Limitations%20and%20Reconciliations) 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](index=31&type=chunk) - These measures should **not be considered in isolation or as substitutes** for analysis of results reported under GAAP[31](index=31&type=chunk) - **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](index=32&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) 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](index=5&type=section&id=Forward-Looking%20Statements) 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](index=33&type=chunk) - 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](index=33&type=chunk)[34](index=34&type=chunk) - 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](index=34&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) 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](index=7&type=section&id=Condensed%20Consolidated%20Results%20of%20Operations) 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](index=8&type=section&id=Select%20Financial%20Statistics) 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)](index=9&type=section&id=Financial%20Data%20(Balance%20Sheet)) 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 | $261 | 1.9% | | Consolidated debt to LTM adjusted EBITDA | 3.3x | 3.1x | 0.2x | 6.5% | [Detailed Operating Statistics](index=9&type=section&id=Detailed%20Operating%20Statistics) This section provides detailed operating statistics for MPLX's Crude Oil and Products Logistics and Natural Gas and NGL Services segments, highlighting throughput volumes and tariff rates [Crude Oil and Products Logistics Operating Statistics](index=9&type=section&id=Crude%20Oil%20and%20Products%20Logistics%20Operating%20Statistics) The Crude Oil and Products Logistics segment demonstrated robust growth in pipeline and terminal throughput, with an overall increase in average tariff rates, indicating strong operational performance Crude Oil and Products Logistics Operating Statistics | Metric | Q1 2025 | Q1 2024 | % Change | | :------------------------------ | :------- | :------- | :------- | | Crude oil pipelines throughput (mbpd) | 3,908 | 3,462 | 13% | | Product pipelines throughput (mbpd) | 2,020 | 1,831 | 10% | | Total pipelines throughput (mbpd) | 5,928 | 5,293 | 12% | | Crude oil pipelines average tariff rates ($/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](index=10&type=section&id=Natural%20Gas%20and%20NGL%20Services%20Operating%20Statistics%20-%20Consolidated) 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](index=11&type=section&id=Natural%20Gas%20and%20NGL%20Services%20Operating%20Statistics%20-%20Operated) 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](index=12&type=section&id=Non-GAAP%20Reconciliations) 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](index=12&type=section&id=Reconciliation%20of%20Segment%20Adjusted%20EBITDA%20to%20Net%20Income) 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](index=12&type=section&id=Reconciliation%20of%20Segment%20Adjusted%20EBITDA%20to%20Income%20from%20Operations) 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](index=13&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20and%20DCF%20from%20Net%20Income) 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](index=14&type=section&id=Reconciliation%20of%20Net%20Income%20to%20LTM%20Adjusted%20EBITDA) 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](index=15&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20and%20DCF%20from%20Net%20Cash%20Provided%20by%20Operating%20Activities) 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](index=15&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Adjusted%20Free%20Cash%20Flow) 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](index=56&type=chunk) - Net cash used in investing activities for Q1 2025 and Q1 2024 included **acquisitions of $237 million and $622 million**, respectively[57](index=57&type=chunk) [Capital Expenditures](index=16&type=section&id=Capital%20Expenditures) 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](index=16&type=section&id=Capital%20Expenditures) 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](index=59&type=chunk)

FINDLAY, Ohio, May 6, 2025 /PRNewswire/ -- Executing Natural Gas & NGL growth strategy with agreement to acquire 100% ownership in BANGL, LLC and FID of the Traverse natural gas pipeline First-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.2 billion Adjusted EBITDA attributable to MPLX of $1.8 billion, reflecting execution of value chain growth strategy Distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capitalMPLX LP ...

Core Viewpoint - MPLX LP is expected to report its first-quarter 2025 results on May 6, with positive indicators suggesting a potential earnings beat based on previous performance and current estimates [1][6]. Financial Performance - In the last reported quarter, MPLX's adjusted earnings were $1.07 per unit, surpassing the Zacks Consensus Estimate of $1.04, driven by higher throughputs and contributions from newly acquired assets [1]. - The Zacks Consensus Estimate for first-quarter earnings per unit is $1.06, reflecting an 8.2% improvement from the prior year's figure [2]. - Revenue estimates stand at $3.2 billion, indicating a 12.9% increase from the previous year [3]. - The adjusted EBITDA estimate for the Logistics and Storage segment is $1,118.78 million, up from $1,098 million in the prior-year quarter [5]. Business Model and 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 [4]. - The partnership is expected to generate stable cash flows supported by its extensive network of crude oil and refined product pipelines, as well as gathering systems for crude oil and natural gas [4]. Earnings Predictions - The earnings model indicates a likelihood of an earnings beat for MPLX, supported by a positive Earnings ESP of +3.07% and a Zacks Rank of 3 (Hold) [6].

Core Viewpoint - MPLX LP is expected to report quarterly earnings of $1.06 per share, reflecting an 8.2% increase year-over-year, with revenues projected at $3.21 billion, a 12.9% increase compared to the previous year [1]. Earnings Estimates - Analysts have collectively revised the consensus EPS estimate downward by 0.9% over the past 30 days, indicating a reassessment of initial projections [1][2]. Revenue and Income Projections - The combined assessment suggests 'Revenues and Other Income- L&S- Income from equity method investments' will likely reach $98.69 million, marking a year-over-year change of +10.9% [4]. - The consensus estimate for 'Revenues and other income- L&S' stands at $1.65 billion, indicating a change of +6% from the prior-year quarter [4]. Pipeline and Processing Metrics - Analysts forecast 'Pipeline throughput - Crude oil pipelines' to reach 3,698.43 million barrels of oil per day, up from 3,462 million barrels per day a year ago [5]. - 'Natural Gas Processed - Southwest operations' is expected to come in at 2,318.02 million cubic feet per day, compared to 1,629 million cubic feet per day in the previous year [5]. - 'Gathering throughput - Southwest Operations' is projected to reach 2,242.36 million cubic feet per day, up from 1,601 million cubic feet per day in the same quarter last year [6]. - 'Pipeline throughput - Total pipelines' is expected to reach 5,599.47 million barrels of oil per day, compared to 5,293 million barrels per day in the same quarter last year [6]. EBITDA Estimates - 'Adjusted EBITDA- Gathering and Processing' is expected to be $642.66 million, compared to $537 million in the same quarter of the previous year [7]. - The estimated 'Adjusted EBITDA- Logistics and Storage' is projected at $1.12 billion, slightly up from $1.10 billion a year ago [7]. Stock Performance - Over the past month, MPLX LP shares have recorded returns of -2.5%, while the Zacks S&P 500 composite has changed by -0.5% [7].

Core Viewpoint - Oneok is positioned as an attractive long-term investment opportunity due to its high-yielding dividend and strong earnings growth potential, with total returns averaging 13% annually over the past decade [1][2]. Financial Performance - Oneok has achieved a remarkable adjusted EBITDA growth rate of over 16% annually for 11 consecutive years, despite declines in crude oil prices during this period [3]. - The company's adjusted EBITDA is projected to increase from $5.2 billion in 2023 to over $8.2 billion in 2024, representing a nearly 60% surge [6]. Growth Drivers - The company has made significant acquisitions, including an $18.8 billion acquisition of Magellan Midstream Partners in 2023 and a $5.9 billion purchase of Medallion Midstream and a controlling interest in EnLink Midstream [5]. - Oneok expects to capture over $250 million in synergies from its acquisitions this year, with additional synergies anticipated in 2026 and 2027 [7]. Expansion Projects - Oneok is undertaking several organic expansion projects, including the expansion of its refined products system in Denver, expected to be completed by mid-2024, and a 210,000-barrel-per-day natural gas liquids fractionator in Medford, OK, set to come online in late 2026 and early 2027 [8]. - A joint venture with MPLX to build an LPG export terminal in Texas City, Texas, and a new pipeline is also in progress, with completion expected in early 2028 [9]. Dividend and Shareholder Returns - The company anticipates increasing its dividend payout by approximately 3% to 4% per year, supported by strong earnings growth from both acquisitions and organic projects [10]. - Oneok's combination of income and growth positions it as a compelling investment opportunity for those seeking both yield and capital appreciation [11].