I have been a happy MPLX LP ( MPLX ) investor since 2024, and it makes me happy not only because of the generous distribution yield but also because of the share price appreciation. It delivered aComing from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident in my investment ...

Core Insights - MPLX LP reported fourth-quarter 2025 earnings of $1.17 per unit, exceeding the Zacks Consensus Estimate of $1.08 and increasing from $1.07 in the same quarter last year [2] - Total quarterly revenues were $3.25 billion, falling short of the Zacks Consensus Estimate of $3.32 billion but rising from $3.06 billion year-over-year [2] - The strong earnings were driven by increased throughput in oil and product pipelines, as well as natural gas and NGL gathering [2] Segmental Highlights - Adjusted EBITDA from the Crude Oil and Products Logistics segment rose nearly 5% to $1.18 billion from $1.12 billion a year ago, supported by a $37 million benefit from a FERC tariff ruling and higher rates, despite increased operating expenses [3] - Pipeline throughputs averaged 5.91 million barrels per day (mbpd), a 1% increase from 5.86 mbpd in the prior-year quarter, while terminal throughputs decreased by 2% to 3.08 mbpd from 3.13 mbpd [3] - Adjusted EBITDA from the Natural Gas and NGL Services segment was $629 million, down almost 2% from $639 million in the year-ago quarter, primarily due to divestitures and lower natural gas liquids prices, partially offset by contributions from acquired assets and increased volumes [4] Costs & Expenses - Total costs and expenses increased to $1.77 billion from $1.72 billion a year ago, mainly due to higher operating expenses, including purchased product costs [6] Cash Flow - Distributable cash flow for the quarter was $1.42 billion, providing 1.3X distribution coverage, down from $1.48 billion in the year-ago quarter [7] - Adjusted free cash flow improved to $1.57 billion from $1.32 billion in the corresponding period of 2024 [7] Balance Sheet - As of December 31, 2025, MPLX had cash and cash equivalents of $2.14 billion and total debt of $25.65 billion [8] Future Outlook - MPLX expects to maintain mid-single-digit adjusted EBITDA growth while continuing investments in its Permian and Marcellus basin operations, with a capital spending plan of $2.7 billion for 2026 [11] - This plan includes $2.4 billion for growth investments and $300 million for maintenance activities, with new investments expected to be operational by the second half of 2028 [11]

Core Viewpoint - MPLX LP has announced the pricing of $1.5 billion in unsecured senior notes, which includes $1.0 billion of 5.300% senior notes due in 2036 and $500 million of 6.100% senior notes due in 2056 [1][2]. Group 1: Offering Details - The net proceeds from this offering will be used to repay $1.5 billion of 1.750% senior notes that are due in March 2026 [2]. - The closing of the offering is expected on February 12, 2026, pending customary closing conditions [2]. - Citigroup Global Markets Inc., Barclays Capital Inc., MUFG Securities Americas Inc., and RBC Capital Markets, LLC are the joint book-running managers for this offering [2]. Group 2: Company Overview - MPLX LP is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, providing fuels distribution services [4]. - The company's assets include a network of crude oil and refined product pipelines, an inland marine business, light-product terminals, storage caverns, refinery tanks, docks, loading racks, and associated piping [4]. - MPLX 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 [4].

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved adjusted earnings per share of $10.70 and adjusted EBITDA of approximately $12 billion, with a cash flow from operations of $8.7 billion [13][5] - The fourth quarter adjusted earnings per share was reported at $4.07, with adjusted EBITDA around $3.5 billion [13][5] - The refining and marketing segment adjusted EBITDA per barrel was $5.63 for the year and $7.15 for the fourth quarter [13][5] Business Line Data and Key Metrics Changes - The midstream segment grew adjusted EBITDA year-over-year, reaching nearly $7 billion, while the refining and marketing segment's fourth quarter adjusted EBITDA was $2 billion [5][14] - Refining utilization was reported at 95% for the fourth quarter, with total throughput exceeding 3 million barrels per day [14][15] - The renewable segment achieved 94% utilization, benefiting from a one-time sale of credits [17] Market Data and Key Metrics Changes - Global consumption trends for refined products remained steady, with gasoline and distillates each growing by approximately 1% and jet fuel demand increasing nearly 4% [6] - The global refining system is expected to remain tight, with limited new capacity coming online in 2026, further tightening U.S. markets due to regional closures [6] Company Strategy and Development Direction - The company plans to invest approximately $700 million in refining value-enhancing capital in 2026, focusing on lowering operating costs and enhancing system reliability [7] - Investments in marketing are set at $250 million to expand the reach of branded stations in targeted markets, supporting long-term secured offtake [8] - The company aims for a disciplined capital strategy, targeting returns of 25% or above on capital deployment [10] Management's Comments on Operating Environment and Future Outlook - Management remains constructive on refined product demand, expecting growth to outpace capacity additions through the end of the decade [6] - The company anticipates that the structural demand growth across refined products will continue, supported by a strong midstream business outlook [10] - Management expressed confidence in the long-term fundamentals of the energy markets, particularly in the context of MPLX's growth and distribution [12][20] Other Important Information - The company returned $4.5 billion to shareholders in 2025, including a 6.5% reduction in shares outstanding [13] - The company has a net debt to capital ratio within the range of 25%-30% and targets an annual cash balance of $1 billion [18] Q&A Session Summary Question: Capture Rate Performance - The capture rate was strong at 114%, attributed to optimization through the commercial team and improved structural capabilities [25][26] Question: Return of Capital Expectations - The company expects to match or exceed the $4.5 billion returned to shareholders in 2026 based on current market conditions [31][32] Question: Venezuelan Crude Absorption - The company views access to Venezuelan crude positively, with capabilities to absorb incremental barrels, enhancing its competitive position [35][36] Question: Refining Utilization Sensitivity - The company can adjust refining operations to optimize margins based on market conditions, demonstrating flexibility in its operations [50][51] Question: CapEx Guidance - The company expects a 20% reduction in refining capital expenditures in 2026, with further reductions anticipated in 2027 and 2028 [53][56] Question: Negotiations with USW - Ongoing negotiations with the United Steelworkers are progressing positively, with rolling extensions in place [64][65]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved adjusted earnings per share of $10.70 and adjusted EBITDA of approximately $12 billion, with a fourth quarter adjusted earnings per share of $4.07 and adjusted EBITDA of about $3.5 billion [13][14] - The company generated $8.3 billion in cash from operations and returned $4.5 billion to shareholders through share repurchases and dividends, reflecting a 6.5% reduction in shares outstanding [5][13] Business Line Data and Key Metrics Changes - The refining and marketing segment reported adjusted EBITDA of $2 billion for the fourth quarter, with refineries running at 95% utilization and total throughput just over 3 million barrels per day [14][15] - The midstream segment's adjusted EBITDA grew year-over-year, reaching a record of nearly $7 billion, although fourth quarter results declined due to divestitures of non-core assets [5][11][17] Market Data and Key Metrics Changes - Global refined product demand is expected to continue growing, with gasoline and distillates each increasing by roughly 1% and jet fuel demand rising nearly 4% [6] - The global refining system is anticipated to remain tight, with limited new capacity coming online in 2026, further tightening U.S. markets due to regional closures [6][10] Company Strategy and Development Direction - The company plans to invest approximately $700 million in refining value-enhancing capital in 2026, focusing on lowering operating costs and enhancing system reliability [7][10] - Investments in marketing will total $250 million to expand the reach of branded stations in targeted markets, supporting long-term secured offtake and enhancing performance [8] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about refined product demand and expects growth to outpace the net effect of capacity additions through the end of the decade [6][10] - The company emphasizes a disciplined capital strategy and aims for returns of 25% or above on capital investments, reflecting confidence in long-term opportunities across the energy space [10][12] Other Important Information - The company achieved its strongest process safety performance in the last four years and the lowest OSHA recordable injury rate, reflecting a commitment to safe and environmentally sound operations [5] - MPLX, the company's midstream segment, plans to invest $2.4 billion in growth capital, with 90% directed towards natural gas and NGL services, targeting a distribution growth rate of 12.5% over the next two years [11][12] Q&A Session Summary Question: Capture rate performance - Management highlighted that the strong capture rate of 114% was driven by optimization through the commercial team and improved structural capabilities [25][26][28] Question: Return of capital expectations - Management indicated that based on current market conditions, they expect to match or exceed the previous year's capital return of $4.5 billion [31][32] Question: Incremental Venezuelan crude absorption - Management expressed confidence in their ability to absorb more Venezuelan crude, leveraging their system's capabilities and optimizing sour crude processing [35][36][39] Question: CapEx guidance and negotiations with USW - Management confirmed that CapEx for 2026 is expected to be lower than in 2025, and negotiations with the USW are ongoing with positive dialogue [62][65][66]

FOURTH QUARTER 2025 EARNINGS CONFERENCE CALL February 3, 2026 M P C | 4 Q 2 0 2 5 1 M P C | 4 Q 2 0 2 5 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC). These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduct ...

MPLX (NYSE:MPLX) Q4 2025 Earnings call February 03, 2026 09:30 AM ET Company ParticipantsC. Kristopher Hagedorn - VP and ControllerGregory Floerke - EVP of OperationsKristina Kazarian - VP, Finance and Investor RelationsMaryann Mannen - President and CEOShawn Lyon - SVP of Logistics and StorageConference Call ParticipantsElvira Scotto - Managing Director, Senior Equity Research AnalystJohn Mackay - AnalystKeith Stanley - AnalystManav Gupta - AnalystOperatorWelcome to the MPLX fourth quarter 2025 earnings ca ...

MPLX (NYSE:MPLX) Q4 2025 Earnings call February 03, 2026 09:30 AM ET Company ParticipantsC. Kristopher Hagedorn - VP and ControllerGregory Floerke - EVP of OperationsKristina Kazarian - Head of Investor RelationsMaryann Mannen - President and CEOShawn Lyon - SVP of Logistics and StorageConference Call ParticipantsElvira Scotto - Managing Director, Senior Equity Research AnalystJohn Mackay - AnalystKeith Stanley - AnalystManav Gupta - AnalystOperatorWelcome to the MPLX fourth quarter 2025 earnings call. My n ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2025 reached just over $7 billion, reflecting a mid-single-digit three-year growth CAGR [4] - Adjusted EBITDA for the fourth quarter increased by 2% year-over-year to $1.8 billion, while Distributable Cash Flow decreased by 4% to $1.4 billion due to increased interest expenses [16][18] - Total returns for 2025 amounted to $4.4 billion, with a distribution increase of 12.5% [4][18] Business Line Data and Key Metrics Changes - In the crude oil and products logistics segment, adjusted EBITDA increased by $52 million year-over-year, driven by a revised FERC tariff and higher rates, despite a 2% decrease in terminal volumes [13] - The natural gas and NGL services segment saw adjusted EBITDA decrease by $10 million year-over-year, primarily due to the divestiture of non-core assets and lower NGL prices, although gathered volumes increased by 2% [14] Market Data and Key Metrics Changes - Natural gas demand in the U.S. is expected to grow over 15% through 2030, driven by LNG export capacity expansion and rising power needs [5] - The company is experiencing higher gas-to-oil ratios in key shale basins, which is increasing supplies of NGL-rich gas [5] Company Strategy and Development Direction - The company plans to invest $2.4 billion in 2026, focusing on capital projects that support long-term structural growth, particularly in the natural gas and NGL services segment [5] - The strategy includes optimizing the portfolio through divestitures of non-core assets to align future capital deployment with the strongest return opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the energy market and the company's ability to capture value from growth opportunities [7] - The company anticipates growth in 2026 to exceed that of 2025, driven by increased throughput on existing assets and new assets coming online [19] Other Important Information - The company has secured key construction permits for its projects, reflecting strong regulatory and stakeholder engagement [10] - The Titan Treating Complex is expected to treat over 400 million cubic feet per day of sour gas by the end of 2026 [7] Q&A Session Summary Question: Can you talk about your confidence in the mid-teens return target for the project backlog? - Management emphasized strict capital discipline and the expectation of mid-teens returns from capital investments, supporting mid-single-digit growth [22][23] Question: Can you provide an update on the commercialization of Northwind synergy projects? - Management confirmed that the Northwind sour gas facility is critical for future growth and will support both legacy and new volumes [26][27] Question: How do recent trends in the upstream community affect your growth outlook? - Management indicated that recent consolidations among upstream customers do not pose immediate risks to contract renegotiations [46] Question: What are the expectations for growth in 2026 compared to 2025? - Management stated that growth in 2026 is expected to be stronger than in 2025, inclusive of headwinds from the Rockies asset sale [50][51] Question: How does the new FERC index change impact your outlook? - Management noted that the negative FERC adder was anticipated and is already factored into their growth plans [52] Question: Can you comment on new growth projects in the Marcellus? - Management highlighted the importance of the Harmon Creek III project and its expected contribution to capacity and returns [55]

FOURTH QUARTER 2025 EARNINGS CONFERENCE CALL February 3, 2026 M P L X | 4 Q 2 0 2 5 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, o ...