Financial Performance - Net income attributable to MPLX increased by $508 million in Q3 2025 compared to Q3 2024, reaching $1,555 million[168]. - Total revenues and other income rose by $647 million in Q3 2025, primarily due to a $484 million gain on equity method investments from the BANGL Acquisition[168]. - Adjusted EBITDA attributable to MPLX LP was $1,766 million in Q3 2025, up from $1,714 million in Q3 2024[164]. - DCF attributable to MPLX LP was $1,468 million in Q3 2025, compared to $1,446 million in Q3 2024[164]. - Total revenues and other income increased by $876 million in the first nine months of 2025 compared to the same period in 2024[171]. - Net income attributable to MPLX increased by $501 million in the first nine months of 2025 compared to the same period in 2024[171]. Capital Expenditures and Investments - Capital expenditures for 2025 are projected at $2.0 billion, with $1.7 billion allocated for growth capital and $300 million for maintenance capital[232]. - Growth capital expenditures for the nine months ended September 30, 2025, totaled $1,358 million, a significant increase from $675 million in the same period in 2024, representing a 101% increase[234]. - Total growth and maintenance capital expenditures reached $1,505 million for the nine months ended September 30, 2025, up from $793 million in 2024, indicating an increase of 90%[234]. - The company completed significant acquisitions, including the BANGL Acquisition for $703 million and the Northwind Midstream Acquisition for $2.4 billion during the three months ended September 30, 2025[212]. Cash Flow and Liquidity - Net cash provided by operating activities was $1,431 million in Q3 2025, compared to $1,415 million in Q3 2024[166]. - Net cash provided by operating activities increased by $142 million to $4,413 million for the nine months ended September 30, 2025, compared to $4,271 million in 2024[1]. - Total liquidity as of September 30, 2025, was $5.3 billion, consisting of $3.5 billion in credit agreements and $1.765 billion in cash and cash equivalents[218]. - Net cash used in investing activities rose by $3,288 million to $(4,934) million in the first nine months of 2025, primarily due to the acquisition of Northwind Midstream for $2,413 million[1]. Revenue and Segment Performance - Service revenue increased by $69 million in Q3 2025, driven by $32 million from crude oil and products logistics tariff increases and $28 million from recent acquisitions[169]. - Product related revenue grew by $45 million in Q3 2025, mainly due to higher NGL sales volumes in the Southwest and Marcellus[169]. - Total segment revenues and other income for the Natural Gas and NGL Services segment increased by $721 million in the first nine months of 2025, largely due to a $484 million gain from the BANGL Acquisition[191]. - Segment Adjusted EBITDA for the Crude Oil and Products Logistics segment increased by $120 million for the first nine months of 2025 compared to the same period in 2024[182]. Acquisitions and Divestitures - Completed the acquisition of Northwind Delaware Holdings LLC for $2,413 million in cash in August 2025[160]. - Completed the acquisition of the remaining 55 percent interest in BANGL, LLC for $703 million in cash, plus an earnout provision of up to $275 million based on targeted EBITDA growth from 2026 to 2029[160]. - Entered into a definitive agreement to divest its Rockies gathering and processing operations for $1.0 billion in cash consideration[160]. Market Conditions and Expectations - The company expects natural gas demand to accelerate over the next few years to support increased electricity generation required for data centers[153]. - The profitability of pipeline transportation operations primarily depends on tariff rates and the volumes shipped through the pipelines[144]. - Natural Gas and NGL Services segment profitability is affected by prevailing commodity prices primarily as a result of processing at own or third-party processing plants[147]. Debt and Credit Profile - The company maintains an investment-grade credit profile, with credit ratings of BBB from Fitch, Baa2 from Moody's, and BBB from Standard & Poor's as of September 30, 2025[216]. - During the nine months ended September 30, 2025, the company's debt obligations increased by $4.8 billion due to the issuance and repayment of senior notes[243]. - MPLX intends to maintain an investment-grade credit profile, with no credit rating triggers in its debt agreements that would accelerate payments solely due to downgrades[217].

Core Insights - MPLX has acquired a sour gas treating business in the Delaware Basin and a 55% interest in the BANGL NGL pipeline, enhancing its growth profile and targeting a distribution growth rate of 12.5% over the next few years, which would result in annual cash distributions exceeding $3.5 billion to Marathon Petroleum Corporation [1][5][30] - The company reported a strong demand for diesel and jet fuel, while gasoline demand remained flat to slightly lower, indicating tight supply conditions that are expected to persist into 2026 [2][45] - Marathon Petroleum Corporation generated $6 billion in operating cash flow and returned $3.2 billion to shareholders through the third quarter, reflecting confidence in its business outlook [3][6] Financial Performance - The third-quarter adjusted net income was reported at $3.01 per share, with adjusted EBITDA of $3.2 billion and cash flow from operations of $2.4 billion, excluding changes in working capital [6][10] - The refining and marketing segment achieved an adjusted EBITDA of $6.37 per barrel, with refinery utilization at 95%, processing 2.8 million barrels of crude per day [7][10] - The company returned over $900 million to shareholders in the quarter, including $650 million in share repurchases and $276 million in dividends [6][10] Market Dynamics - Current market fundamentals indicate tightness in supply, with gasoline and distillate inventory levels below five-year averages, suggesting strong demand [2][45] - The blended crack spread was reported at over $15 per barrel, which is 50% higher than the same period last year, indicating favorable market conditions [3][10] - The company faced headwinds in the West Coast due to lower clean product margins and a compressed jet to diesel differential, impacting overall capture rates [17][18] Strategic Initiatives - The company completed several strategic transactions, including the sale of its interest in an ethanol production joint venture, optimizing its portfolio [2][5] - Marathon Petroleum Corporation is focused on enhancing operational reliability and optimizing its renewable diesel operations, despite facing challenges with margins and feedstock costs [9][78] - The company is committed to maintaining a competitive edge in the West Coast market through ongoing investments and operational improvements [25][28] Future Outlook - The fourth-quarter outlook projects crude throughput volumes of 2.7 million barrels per day, with a turnaround expense estimated at approximately $420 million [10][11] - The company anticipates that the Galveston Bay resid hydrocracker will reach full operating capacity soon, which is expected to optimize Gulf Coast operations [10][11] - Marathon Petroleum Corporation is positioned to continue leading in capital returns, supported by the anticipated distribution growth from MPLX and ongoing share buyback initiatives [30][36]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through the third quarter, including a 10% increase in dividends [5][4] - The blended crack spread was over $15 per barrel in October, which is 50% higher than the same period last year [5] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed strong performance with adjusted EBITDA of $6.37 per barrel, and refinery utilization was at 95%, processing 2.8 million barrels of crude per day [9][8] - The renewable diesel segment operated at 86% utilization, but margins were weaker due to higher feedstock costs [10][9] - Midstream segment adjusted EBITDA increased by 5% year-over-year, with MPLX targeting a distribution growth rate of 12.5% over the next couple of years [10][6] Market Data and Key Metrics Changes - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5][4] - Product inventory levels for gasoline and distillates are below five-year averages, indicating strong demand [5][4] - Current market fundamentals suggest tightness in supply and supportive demand, expected to persist into 2026 [5][4] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic investments and completed several transactions to advance its objectives [6][4] - The company aims to leverage its integrated refining and marketing value chains to drive cash generation through all parts of the cycle [7][6] - The company is completing a multi-year infrastructure improvement project at its Los Angeles refinery to enhance competitiveness [12][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, citing strong cash generation and a commitment to sustainable commercial performance [4][5] - The fourth quarter is typically the strongest quarter, and management expects to maintain strong performance despite recent headwinds [18][17] - Management highlighted the importance of operational excellence and optimizing decision-making to capture market opportunities [14][13] Other Important Information - The company plans to maintain its share buyback program as a primary method of returning capital to shareholders, with no plans to take on debt for buybacks [40][39] - The company anticipates a turnaround expense of approximately $420 million in the fourth quarter, mainly focused on the West Coast [11][10] Q&A Session Summary Question: Capture rates in the quarter - Management noted a capture rate of 96%, down from 105% in the previous quarter, primarily due to West Coast dynamics and lower clean product margins [16][17] Question: Return of capital and share repurchase - Management confirmed no change in the approach to share buybacks and highlighted the expected $2.8 billion return from MPLX distributions [21][20] Question: West Coast refinery dynamics - Management discussed the competitive advantage in the West Coast due to refinery closures and ongoing investments, expecting to generate above mid-cycle margins [25][26] Question: Impact of inventory build on margin capture - Management indicated that inventory changes had a 3%-5% impact on capture rates, with specific builds ahead of turnarounds affecting performance [63][65] Question: Renewable diesel market outlook - Management acknowledged headwinds in the renewable diesel segment but emphasized operational efficiency and the importance of regulatory clarity moving forward [99][100]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through the third quarter, including a 10% increase in dividends [5][4] - The blended crack spread was over $15 per barrel in October, which is 50% higher than the same period last year [5] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed strong performance with adjusted EBITDA of $6.37 per barrel, and refinery utilization was at 95%, processing 2.8 million barrels of crude per day [9][8] - The midstream segment's adjusted EBITDA increased by 5% year-over-year, driven by MPLX's growth strategy [10] - Renewable diesel facilities operated at 86% utilization, but margins were weaker due to higher feedstock costs [10] Market Data and Key Metrics Changes - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5] - Product inventory levels for gasoline and distillates are below five-year averages, indicating strong demand [5] - Current market fundamentals suggest tight supply and supportive demand, expected to persist into 2026 [5] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic transactions, including the sale of its interest in an ethanol production joint venture and acquisitions by MPLX [6] - The company aims to lead in cash generation through the cycle, leveraging its integrated refining and marketing value chains [7] - Infrastructure improvements at the Los Angeles refinery are expected to enhance competitiveness and operational efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, citing strong cash generation and a commitment to returning capital to shareholders [5][4] - The fourth quarter is typically the strongest, and management anticipates continued strong performance despite headwinds faced in the third quarter [18] - The company expects to maintain a competitive advantage in the West Coast market due to refinery upgrades and strategic positioning [30][27] Other Important Information - The company completed several transactions to optimize its portfolio and expects to receive $2.8 billion annually from MPLX, with a targeted distribution growth rate of 12.5% [6] - Turnaround expenses for the fourth quarter are projected to be approximately $420 million, with significant activity focused on the West Coast [11] Q&A Session Summary Question: Capture rates in the quarter - Management noted a capture rate of 96%, down from 105% in the previous quarter, primarily due to West Coast dynamics and lower clean product margins [16][17] Question: Return of capital and share repurchase - Management confirmed no change in the strategy for share buybacks, emphasizing the importance of MPLX's distribution growth in supporting capital returns [21][22] Question: West Coast refinery dynamics - Management discussed the competitive advantages in the West Coast market, highlighting the impact of refinery closures and the potential for above mid-cycle margins [25][27] Question: Jet to diesel dynamics - Management acknowledged unprecedented volatility in the jet to diesel differential, attributing it to inventory and supply-driven factors [50][51] Question: Renewable diesel market outlook - Management indicated that while there are headwinds in the renewable diesel segment, they are focused on operational efficiency without significant capital investment [99][100] Question: Crude differentials and market dynamics - Management provided insights on the widening differentials for various crude grades, attributing it to supply-demand dynamics and geopolitical factors [103][104]

Financial Data and Key Metrics Changes - The company reported third quarter adjusted net income of $3.01 per share and adjusted EBITDA of $3.2 billion, with cash flow from operations of $2.4 billion, excluding changes in working capital [8][4][5] - Year-to-date operating cash flow reached $6 billion, with $3.2 billion returned to shareholders through share repurchases and dividends [5][4] - The company announced a 10% increase in dividends, reflecting confidence in its business outlook [5][4] Business Line Data and Key Metrics Changes - Refining and Marketing (R&M) segment results showed adjusted EBITDA of $6.37 per barrel, with refineries running at 95% utilization, processing 2.8 million barrels of crude per day [9][10] - The midstream segment's adjusted EBITDA increased by 5% year-over-year, driven by MPLX's growth strategy [10][11] - Renewable diesel facilities operated at 86% utilization, but margins were weaker due to higher feedstock costs [11][10] Market Data and Key Metrics Changes - The blended crack was over $15 per barrel in October, 50% higher than the same period last year [5][4] - Diesel and jet demand increased modestly, while gasoline demand remained flat to slightly lower [5][4] - Product inventory draws indicated strong demand, with gasoline and distillate inventory levels below five-year averages [5][4] Company Strategy and Development Direction - The company is focused on optimizing its portfolio through strategic transactions, including the sale of its interest in an ethanol production joint venture [6][4] - MPLX is expected to target a distribution growth rate of 12.5% over the next couple of years, implying annual cash distributions to the company of over $3.5 billion [6][4] - The company aims to leverage its integrated refining and marketing value chains to deliver industry-leading cash generation [7][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate market headwinds, with a capture rate of 96% in the third quarter, down from 105% in the previous quarter [18][19] - The fourth quarter is typically the strongest quarter, and management expects to maintain strong performance despite challenges [19][18] - Current market fundamentals indicate tightness in supply and supportive demand, expected to persist into 2026 [5][4] Other Important Information - The company completed several transactions to advance strategic objectives, including the acquisition of a Delaware Basin sour gas treating business by MPLX [6][4] - The Galveston Bay REZID Hydrocracker is expected to return to full capacity soon, which will optimize Gulf Coast operations [12][13] Q&A Session Summary Question: Capture rates in the quarter - Management noted a sequential decline in capture rates to 96%, primarily driven by West Coast dynamics and lower clean product margins [18][19] Question: Return of capital and share repurchase outlook - Management confirmed no change in the strategy for share buybacks, emphasizing the importance of MPLX's distribution growth in supporting capital returns [21][22] Question: West Coast refinery dynamics and future margins - Management highlighted competitive advantages in the West Coast due to refinery closures and ongoing investments, suggesting potential for above mid-cycle margins [26][29] Question: Impact of inventory build on margin capture - Management indicated that inventory builds in the third quarter had a 3% to 5% impact on capture rates [64][65] Question: Renewable diesel market outlook - Management acknowledged challenges in the renewable diesel segment but emphasized a focus on operational efficiency without significant capital investment [100][102] Question: Crude slate and sourcing advantages - Management discussed plans to run a higher percentage of sweet crude in the fourth quarter, leveraging increased availability of advantageous barrels [110]

Core Insights - MARA Holdings reported third-quarter 2025 revenues of $252.4 million and net income of $123.1 million, marking a significant turnaround from a net loss in the previous year [1][2] - The company is expanding into artificial intelligence infrastructure and energy-integrated data centers, indicating a strategic shift to diversify revenue streams beyond Bitcoin mining [4][6] Financial Performance and Bitcoin Operations - The company mined 2,144 BTC and purchased 2,257 BTC during the quarter, increasing total holdings to 52,850 BTC as of September 30 [2] - Revenues increased by 92% compared to the same period in 2024, when revenues were $131.6 million and the company reported a net loss of $124.8 million [2] - MARA's energized hashrate grew 64% year-over-year to 60.4 EH/s, with cost per petahash per day improving by 15% to $31.3 [3] - Adjusted EBITDA reached $395.6 million, representing a 1,671% increase from the prior year [3] - The company will transition to quarterly production updates starting with Q4 2025 results [3] Strategic Expansion into AI and Energy Infrastructure - MARA announced a partnership with MPLX to develop power generation and data center campuses in West Texas, targeting an initial capacity of 400 MW, scalable to 1.5 GW [4] - The partnership includes a tolling agreement for natural gas supply, with facilities transitioning from mining operations to AI workloads as the project scales [4] - The company deployed its first ten AI inference racks at its Granbury, Texas site after the quarter ended [5] - MARA signed an agreement to acquire approximately 64% of Exaion, a Paris-based AI and high-performance computing subsidiary of Électricité de France, with the acquisition expected to close in Q4, subject to regulatory approvals [5]

Financial Data and Key Metrics Changes - MPLX reported adjusted EBITDA of $1.8 billion for the third quarter, reflecting a 3% increase year-over-year [15] - Year-to-date adjusted EBITDA reached $5.2 billion, showing a 4% growth compared to the same period last year [5] - Distributable cash flows amounted to $1.5 billion, supporting a return of $1.1 billion to unit holders [5][15] - The company increased its quarterly distribution by 12.5% for the second consecutive year, marking a total annualized base distribution growth of over 50% in the past four years [4][17] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $43 million compared to Q3 2024, driven by higher rates despite flat pipeline volumes and a 3% decline in terminal volumes [13] - The natural gas and NGL services segment saw adjusted EBITDA rise by $9 million year-over-year, with gathered volumes increasing by 3% primarily due to production growth in the Utica [14] - Processing volumes in the Utica increased by 24% year-over-year, while Marcellus processing utilization was at 95% for the quarter [15] Market Data and Key Metrics Changes - MPLX's investments are primarily focused on natural gas and NGL services, with over 90% of total investments allocated to these segments this year [10] - The company is advancing its strategic growth objectives in the Permian Basin, with significant expansions planned for its processing and treating capabilities [8][10] Company Strategy and Development Direction - MPLX aims for mid-single-digit adjusted EBITDA growth anchored in the Marcellus and Permian basins, supported by strategic acquisitions and capital deployment [5][10] - The company is optimizing its competitive position through acquisitions, including full ownership of the Bangle NGL Pipeline System and a Delaware Basin sour gas treating business [6][8] - MPLX is focused on expanding gathering infrastructure and enhancing butane blending at terminals to maximize asset utilization [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025 [22][24] - The company anticipates that adjusted EBITDA growth will not be linear, with a focus on throughput growth from existing and new assets [17] - Management highlighted the importance of strategic partnerships and operational excellence in driving cash flow growth and delivering capital returns to unit holders [18] Other Important Information - MPLX maintains a solid balance sheet with leverage below its comfort level of four times, entering the quarter with a cash balance of $1.8 billion [16] - The company is progressing on schedule and on budget for its Gulf Coast Fractionation facility and LPG export terminal, expected to enter service in 2028 [9] Q&A Session Summary Question: EBITDA growth outlook - Management indicated that growth from 2025 to 2026 is expected to be stronger than from 2024 to 2025, supported by recent acquisitions and projects coming online [22][23] Question: Power LOI and opportunity set - Management discussed the importance of the LOI with MPC, emphasizing the potential for in-basin demand and lower-cost reliable power for producer customers [26] Question: Permian sour gas opportunity - Management confirmed that no additional AGI wells are needed to run the sour gas asset at full capacity, with a $500 million incremental capital investment planned [32] Question: Data center opportunities - Management is evaluating additional letters of intent for data center opportunities, with a focus on supporting producer customers [34] Question: In-basin demand growth - Management highlighted growth in the Marcellus and Utica regions, with expectations for new greenfield pipelines to support demand [50] Question: Distribution growth policy - Management sees a path for 12.5% distribution growth for the next couple of years, with evaluations ongoing beyond that period [65] Question: Impact of crude oil prices on logistics segment - Management noted strong demand and throughput in the logistics segment, supported by partnerships with Marathon Petroleum [71][72]

Financial Data and Key Metrics Changes - MPLX reported adjusted EBITDA of $1.8 billion for the third quarter, reflecting a 3% increase year-over-year [15][17] - Year-to-date adjusted EBITDA reached $5.2 billion, showing a 4% growth compared to the same period last year [5][17] - Distributable cash flows amounted to $1.5 billion, a 2% increase year-over-year, supporting $1.1 billion returned to unit holders [15][17] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $43 million compared to Q3 2024, driven by higher rates despite increased operating expenses [13] - The natural gas and NGL services segment saw adjusted EBITDA rise by $9 million year-over-year, with gathered volumes up 3% primarily due to production growth in the Utica [14][15] - Processing volumes in the Utica increased by 24% year-over-year, while Marcellus processing utilization was at 95% for the quarter [14][15] Market Data and Key Metrics Changes - MPLX's investments are primarily focused on natural gas and NGL services, with over 90% of total investments allocated to these segments this year [10] - The company is positioned for long-term natural gas volume growth in key operating regions, including the Marcellus, Utica, and Permian Basins [10] Company Strategy and Development Direction - MPLX aims for mid-single-digit adjusted EBITDA growth, supported by strategic acquisitions and organic growth initiatives [5][10] - The company is advancing its strategic commitments in the Permian Basin, with significant investments in processing and treating facilities [6][10] - MPLX's distribution increase of 12.5% marks the fourth consecutive year of double-digit increases, reflecting a strong commitment to returning capital to unit holders [4][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025 [17][24] - The company anticipates that the integration of recent acquisitions will enhance operational capabilities and support future growth [41][42] - Management highlighted a favorable market outlook for natural gas, driven by increasing demand for LNG exports and power generation [10][12] Other Important Information - MPLX closed two strategic acquisitions during the third quarter, including full ownership of the BANGL NGL Pipeline System and a Delaware Basin sour gas treating business [5][6] - The company maintains a solid balance sheet with leverage below its comfort level of four times [16] Q&A Session Summary Question: EBITDA growth outlook - Management indicated that growth from 2025 to 2026 is expected to be stronger than from 2024 to 2025, supported by new projects and acquisitions [21][23] Question: Power LOI and future opportunities - Management discussed the importance of the LOI with MPC for in-basin demand and indicated that this project is not expected to materialize until after 2026 [27][28] Question: Permian sour gas opportunity - Management confirmed that no additional AGI wells are needed to run the sour gas asset at full capacity, with a $500 million incremental capital investment planned [31][32] Question: Data center opportunities - Management is evaluating potential data center opportunities and remains open to generating electricity if the right conditions arise [34][36] Question: In-basin demand growth assumptions - Management highlighted ongoing growth in the Marcellus and Utica, supported by new plant construction and increasing utilization rates [48][49] Question: Distribution growth policy - Management sees a path for 12.5% distribution growth for the next couple of years, with evaluations ongoing beyond that period [63]

Financial Data and Key Metrics Changes - MPLX reported adjusted EBITDA of $1.8 billion for the third quarter, reflecting a 3% increase from the prior year [12] - Year-to-date adjusted EBITDA reached $5.2 billion, showing a 4% growth compared to the same period last year [4] - Distributable cash flows amounted to $1.5 billion, supporting a return of $1.1 billion to unit holders [4][12] - The company increased its quarterly distribution by 12.5% for the second consecutive year, marking a total annualized base distribution growth of over 50% in the past four years [3][14] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $43 million year-over-year, driven by higher rates despite flat pipeline volumes and a 3% decline in terminal volumes [11] - The natural gas and NGL services segment saw adjusted EBITDA rise by $9 million compared to the third quarter of 2024, with gathered volumes increasing by 3% year-over-year, primarily due to production growth in the Utica [11][12] - Processing volumes in the Utica increased by 24% year-over-year, while Marcellus processing utilization was at 95% for the quarter [12] Market Data and Key Metrics Changes - MPLX's investments are primarily focused on natural gas and NGL services, with over 90% of total investments allocated to these segments this year [8] - The company is well-positioned for long-term natural gas volume growth in key operating regions, including the Marcellus, Utica, and Permian Basins [8] Company Strategy and Development Direction - MPLX aims for mid-single-digit adjusted EBITDA growth, supported by strategic acquisitions and organic growth opportunities [4][15] - The company is advancing its strategic commitments in the Permian Basin, with significant expansions planned for the Bangle NGL Pipeline System and sour gas treating capabilities [5][6] - MPLX's approach to growth is structured to deliver mid-teens returns on investments while maximizing the utilization of existing assets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025 [19][20] - The company anticipates that adjusted EBITDA growth will not be linear, with growth in 2026 expected to exceed that of 2025 [14] - Management highlighted the importance of strategic partnerships and operational excellence in driving cash flow growth and delivering capital returns to unit holders [15] Other Important Information - MPLX closed two strategic acquisitions during the third quarter, including full ownership of the Bangle NGL Pipeline System and a Delaware Basin sour gas treating business [4][5] - The company maintains a solid balance sheet with leverage below its comfort level of four times [13] Q&A Session Summary Question: EBITDA growth outlook and future expectations - Management indicated that growth from 2025 to 2026 is expected to be stronger than from 2024 to 2025, supported by recent acquisitions and projects [19][20] Question: Details on the Permian sour gas opportunity - Management confirmed that no additional AGI wells are needed to run the sour gas asset at full capacity, with a $500 million incremental capital investment planned [28][29] Question: Potential for future letters of intent and electricity generation - Management stated that while they are evaluating data center opportunities, they are currently focused on being a natural gas supplier rather than entering the electricity generation business [31][34] Question: Integration of Titan Complex and customer interest - Management reported positive integration with the sour gas acquisition, with customers expressing satisfaction and increased interest in services [38][40] Question: In-basin demand growth and pipeline capacity - Management highlighted ongoing growth in the Marcellus and Utica, with strong utilization rates and in-basin demand for power generation [48] Question: Distribution growth policy - Management sees a path for 12.5% distribution growth for the next couple of years, with evaluations ongoing beyond that period [61]

Financial Performance - The company increased its quarterly distribution by 125% for the second consecutive year, reaching $431 per unit annualized[9] - Year-to-date Adjusted EBITDA was $52 billion, a 4% increase year-over-year[9] - Third quarter Adjusted EBITDA reached $1766 million, a 3% increase year-over-year[41] - Distributable cash flow for the third quarter was $1468 million, a 2% increase year-over-year[41] Portfolio Optimization and Capital Allocation - The company returned $11 billion in total capital, including $975 million in distributions and $100 million in unit repurchases[9] - The company acquired the remaining 55% interest in BANGL for approximately $700 million in cash[10] - The company is divesting Rockies gathering & processing assets for $1 billion in cash[10] - The company is deploying over $5 billion for growth, with over 90% allocated to Natural Gas & NGLs[24, 28] Strategic Growth and Sustainability - The company is expanding its Permian natural gas and NGL value chains, including sour gas treating capacity exceeding 400 MMcf/d[13] - The company is targeting mid-single digit growth by expanding integrated Permian natural gas and NGL value chains and building on its Marcellus footprint[59] - The company aims to reduce methane emissions intensity by 75% by 2030 from 2016 levels[50]