Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 increased by 13% to $1.92 billion from $1.7 billion in Q3 2024, driven by higher revenues from expansion projects [11][12][14] - The company expects a midpoint EPS guidance of $2.10 for 2025, reflecting a 9% growth over 2024 and a 14% five-year CAGR [14][15] Business Line Data and Key Metrics Changes - Transmission, power, and Gulf business improved by $117 million, or 14%, due to higher revenues from expansion projects [11] - Northeast G&P business improved to $21 million, primarily from higher gathering and processing rates, with overall volumes up about 6% [12] - Gulf gathering volumes increased over 36% year-over-year, and NGL production rose about 78% [12] Market Data and Key Metrics Changes - The company reported a 14% overall volume growth, driven by the Haynesville region and the Sabre acquisition [12] - The Gulf region saw contributions from the Whale project and the Shenandoah project, which started up in July [11] Company Strategy and Development Direction - The company is focusing on strengthening its core business through deliberate expansion projects and increasing its backlog of attractive new opportunities [5][6] - A strategic LNG partnership and asset divestiture are part of the wellhead to water strategy, with a recent agreement to sell Haynesville upstream assets for $398 million [6][7] - The company plans to invest approximately $1.9 billion in capital into pipeline and LNG terminal projects, targeting fixed-fee, fully contracted cash flows [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued industry-leading growth, supported by a backlog of fully contracted projects [14][15] - The company anticipates a five-year EBITDA CAGR of approximately 9% and a five-year EPS CAGR of approximately 14% [15] - Management highlighted the importance of natural gas in managing energy affordability across the U.S. [49] Other Important Information - The company announced a planned investment of approximately $3.1 billion into two additional power innovation projects, with total committed capital now at approximately $5.1 billion [10] - The company is advancing its power innovation business, with a focus on delivering infrastructure solutions for clean, reliable, and affordable energy [10] Q&A Session Summary Question: Can you provide insights on the power innovation opportunities? - Management noted robust engagement and interest in speed to market and long-term power needs, with a backlog of commercialized projects exceeding $5 billion [21][22] Question: Can you elaborate on the recent LNG deal and its strategic logic? - The strategy focuses on connecting customers to the best end-use markets, with a small investment into an LNG facility that enhances the ability to attract customers [25][28] Question: What is the status of the procurement cycle for turbines? - Management confirmed confidence in being ahead of equipment needs through strategic partnerships, with projects expected to layer in through the end of the decade [33][34] Question: How does the company view the balance sheet's ability to sustain capital spending? - The balance sheet is expected to remain within the targeted leverage range, with high-returning organic investment opportunities filling capacity [42][44] Question: What is the outlook for the transmission side and the ability to expand Transco? - Management indicated that the expandability of Transco is fairly unlimited, with robust demand across the southeast and Gulf regions [76][79]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 increased by 13% to $1.92 billion from $1.7 billion in Q3 2024, driven by higher revenues from expansion projects [11][14] - The company expects a midpoint EPS guidance of $2.10 for 2025, reflecting a 9% growth over 2024 and a 14% five-year CAGR [14][15] Business Line Data and Key Metrics Changes - Transmission, power, and Gulf business improved by $117 million, or 14%, due to higher revenues from expansion projects [11] - Gulf gathering volumes increased by over 36% year-over-year, while NGL production rose by about 78% [12] - Northeast G&P business improved to $21 million, primarily due to higher gathering and processing rates [12] - The West segment saw an increase of $37 million, or 11%, driven by contributions from the Louisiana energy gateway project and higher Haynesville volumes [12] Market Data and Key Metrics Changes - The company reported a 14% overall volume growth, driven by growth in the Haynesville region [12] - The company continues to see robust demand across its operational footprint, particularly in the Southeast and Gulf regions [78] Company Strategy and Development Direction - The company is focusing on strengthening its core business through deliberate expansion projects and increasing its backlog of attractive new opportunities [5][9] - A strategic LNG partnership and asset divestiture are part of the wellhead to water strategy, with a recent agreement to sell upstream assets for $398 million [6][7] - The company plans to invest approximately $1.9 billion in pipeline and LNG terminal projects, targeting fixed-fee, fully contracted cash flows [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a five-year EBITDA CAGR of approximately 9% and a five-year EPS CAGR of approximately 14% [15] - The company is optimistic about the growth opportunities in the LNG market, emphasizing the importance of connecting customers to international markets [25][28] - Management highlighted the need for natural gas infrastructure to manage energy affordability across the U.S. [49][50] Other Important Information - The company has a backlog of fully contracted projects, which provides confidence in continued growth [14] - The planned investment in power innovation projects now stands at approximately $5.1 billion, with a targeted five-times EBITDA build multiple [10] Q&A Session Summary Question: Can you provide an update on the power innovation opportunities? - Management noted robust engagement and interest in speed to market and long-term power needs, with a backlog of commercialized projects exceeding $5 billion [21] Question: Can you elaborate on the recent LNG deal and its strategic rationale? - The LNG deal is seen as a strategic transaction that enhances the company's ability to connect customers to international markets, with a focus on demand-driven strategies [25][28] Question: What is the status of the procurement cycle for turbines? - Management indicated confidence in being ahead of equipment needs through the end of the decade, with ongoing discussions for future projects [33][70] Question: How does the company view the expandability of Transco? - Management stated that the expandability of Transco is fairly unlimited, with a majority of the project backlog focused along the Transco corridor [78] Question: What is the current status of NESI and Constitution projects? - Management expressed confidence that the elections would not impact NESI or Constitution, with both projects continuing to progress [50][51]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $1.92 billion, up 13% from $1.7 billion in Q3 2024, driven by higher revenues from expansion projects [10][12] - The company maintained its adjusted EBITDA guidance for 2025 at a midpoint of $7.75 billion, expecting 9% growth over 2024 [13][14] Business Line Data and Key Metrics Changes - Transmission, power, and Gulf business improved by $117 million, or 14%, due to higher revenues from expansion projects [10] - Gulf gathering volumes increased over 36% year-over-year, and NGL production rose about 78% [11] - Northeast G&P business improved to $21 million, primarily due to higher gathering and processing rates [11] - The West segment was up $37 million, or 11%, driven by contributions from the Louisiana energy gateway project and higher Haynesville volumes [11] Market Data and Key Metrics Changes - The company reported a 14% overall volume growth, driven by growth in the Haynesville region [12] - The company is expanding its pipeline capacity to accommodate increased LNG exports and power demand growth in the Gulf Coast and Southeast regions [4][5] Company Strategy and Development Direction - The company is focusing on strengthening its core business through deliberate expansion projects and strategic investments, including a partnership with Woodside Energy for a new LNG pipeline [5][6] - The company plans to invest approximately $1.9 billion in capital into pipeline and LNG terminal projects to support growing global LNG demand [6][9] - The company aims to enhance its core infrastructure business while maintaining a disciplined approach to capital allocation [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued industry-leading growth, with a five-year EBITDA compound annual growth rate (CAGR) of approximately 9% and a five-year EPS CAGR of approximately 14% [15] - The management highlighted the importance of natural gas as a key factor in managing energy affordability across the U.S. [44][45] Other Important Information - The company has a backlog of fully contracted projects, which provides confidence in continued growth [14] - The company is advancing its wellhead to water strategy through a strategic LNG partnership and asset divestiture [5][6] Q&A Session Summary Question: Can you provide an update on the power innovation opportunities? - Management noted robust engagement and interest in power innovation projects, with a backlog of commercialized projects exceeding $5 billion [19][20] Question: Can you elaborate on the recent LNG deal and its strategic logic? - The LNG deal is part of a demand-driven strategy to connect customers to international markets, enhancing the company's ability to attract customers [22][23] Question: What is the status of the procurement cycle for turbines? - Management indicated confidence in their position with equipment suppliers and the ability to meet project needs through the end of the decade [29][31] Question: How does the company view the growth outlook and capital spending? - Management expressed optimism about the investment opportunities and the balance sheet's ability to sustain high levels of capital expenditure [37][40] Question: What is the status of the NESI and Constitution projects? - Management is hopeful for progress on NESI and Constitution post-election, with NESI on a quicker timeline [45][46] Question: Can you clarify the offtake capacity at the LNG facility? - The LNG terminal is fully contracted with take-or-pay agreements, primarily with Woodside [72][73]

Core Viewpoint - Plains All American Pipeline has announced a definitive agreement to acquire a 55% non-operated interest in EPIC Crude Holdings for approximately $1.57 billion, which includes about $600 million of debt, with the transaction expected to enhance cash flow and provide synergistic opportunities [1][4][5] Transaction Details - The acquisition includes a potential earnout payment of $193 million if the pipeline expansion to a capacity of at least 900,000 barrels per day is sanctioned by the end of 2027 [1] - The transaction is anticipated to be immediately accretive to distributable cash flow, with expected mid-teens unlevered returns [1][7] Asset Overview - The EPIC Pipeline provides long-haul crude oil takeaway from the Permian and Eagle Ford basins to the Gulf Coast market at Corpus Christi, with approximately 800 miles of pipelines and an operating capacity of over 600,000 barrels per day [2][6] - EPIC Crude Holdings has around 7 million barrels of operational storage and over 200,000 barrels per day of export capacity [6] Strategic Benefits - The acquisition strengthens Plains' position as a premier crude oil midstream provider and enhances its asset footprint, improving customer connectivity and flexibility [4][5] - The combined assets will allow for additional service offerings and value creation through expanded scale and integration [5][7] Financial Position - Plains plans to finance the acquisition using its balance sheet while maintaining a pro-forma leverage ratio within its established target range [5][7] - The transaction is expected to support additional return of capital opportunities for unit holders [5][7] Completion Timeline - The transaction is expected to be completed by early 2026, pending customary closing conditions, including regulatory clearance [8]

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 - Full year adjusted EBITDA for 2024 was $6,800,000,000, an 8% increase year over year [6] - Total adjusted EBITDA for Q4 was $1,800,000,000, a 9% increase from the prior year [21] - Distributable cash flow for Q4 was $1,500,000,000, a 7% increase year over year [21] - The company returned nearly $4,000,000,000 of capital to unitholders in 2024, maintaining distribution coverage of 1.5 times [8][21] Business Line Data and Key Metrics Changes - In the Crude Oil and Products Logistics segment, adjusted EBITDA increased by $60,000,000 compared to Q4 2023, driven by higher rates and throughputs [18] - The Natural Gas and NGL Services segment achieved a record adjusted EBITDA increase of $79,000,000 compared to Q4 2023, with gathered volumes up 8% year over year [19] - Processing volumes in the Utica increased nearly 50% year over year, with Marcellus processing utilization at 92% [20] Market Data and Key Metrics Changes - MPLX handles over 10% of all natural gas produced in the United States [7] - The company anticipates mid-teen returns on its capital expenditure outlook of $2,000,000,000 for 2025, with 85% allocated to natural gas and NGL Services [9] Company Strategy and Development Direction - MPLX is focused on organic growth projects and strategic acquisitions, investing $1,700,000,000 in 2024 [7] - The company announced a significant project to construct a Gulf Coast fractionation complex and export terminal, enhancing its NGL value chain [10] - MPLX aims to maintain a mid-single-digit growth rate over multi-year periods while optimizing its asset base [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunities, citing favorable macro conditions for energy and robust demand for natural gas [15][16] - The company is well-positioned to support the development plans of producer customers, with expectations for continued distribution increases [26] Other Important Information - MPLX's capital allocation priorities include maintenance capital, secure and growing distributions, and investments in growth opportunities [24] - The company plans to market ethane production from the new fractionation complex to both existing and new customers [11] Q&A Session Summary Question: Background on NGL value chain announcement - Management explained the strategic rationale behind the Gulf Coast NGL value chain expansion and the partnership with ONEOK, emphasizing confidence in future EBITDA growth [30][34] Question: Future opportunities for processing capacity - Management discussed the potential for additional processing capacity and the importance of connectivity to export markets [35][36] Question: Distribution growth outlook - Management remains optimistic about mid-single-digit growth in EBITDA and the sustainability of distribution increases, including the recent 12.5% hike [44][45] Question: Capital deployment cadence - Management clarified that the $2,000,000,000 capital expenditure estimate for 2025 is primarily for organic growth, with M&A opportunities considered separately [78][80] Question: LPG export project partnership details - Management provided insights into the joint venture structure with ONEOK for the export terminal and the strategic importance of storage in Mont Belvieu [81][85] Question: NGL control and contracting - Management indicated that currently, NGLs from processing plants are fractionated at third-party facilities, but future projects will allow for more control [91][93] Question: Marcellus activity trends - Management confirmed that Marcellus activity is trending as expected, with high utilization rates and positive market conditions [112] Question: Balancing growth and shareholder returns - Management emphasized that the primary return of capital tool will remain distributions, with share repurchases considered opportunistically [115]