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]

Core Viewpoint - The Eiger Express Pipeline project, a joint venture involving ONEOK, Enbridge, MPLX, and WhiteWater, is set to enhance the growth potential of these high-yielding dividend stocks by transporting natural gas from the Permian Basin to the Gulf Coast, with completion expected by mid-2028 [1][2][4]. Group 1: Eiger Express Pipeline Overview - The Eiger Express Pipeline will transport up to 2.5 million cubic feet per day of natural gas, enabling producers in the Permian Basin to access higher-value markets along the Gulf Coast [4]. - The pipeline will support growing demand from gas-fired power plants and LNG export terminals, receiving gas from various processing facilities in the Permian Basin [4]. Group 2: Financial Structure and Ownership - Firm transportation contracts with terms of 10 years or more will provide stable income for the pipeline's owners upon its commercial service launch in mid-2028 [5]. - The Matterhorn JV, which owns 70% of the Eiger Express Pipeline, includes WhiteWater (65%), ONEOK (15%), MPLX (10%), and Enbridge (10%) [5]. Group 3: Growth Prospects for ONEOK - ONEOK will hold a 25.5% interest in the Eiger Express Pipeline, positioning it as the largest beneficiary among publicly traded pipeline companies [6]. - The company is also involved in other significant projects, including a JV with MPLX for the Texas City Logistics LPG export terminal and associated MBTC pipeline, with an investment of approximately $1 billion [6]. Group 4: MPLX's Growth Strategy - MPLX will have a 15% direct interest in the Eiger Express Pipeline, enhancing its long-term growth outlook alongside several expansion projects in its backlog [9]. - The company aims for mid-single-digit annual earnings growth, supporting distribution growth at or above this level, with a historical increase in payouts exceeding 10% annually since 2021 [10]. Group 5: Enbridge's Expansion Plans - Enbridge will have a 10% interest in the Matterhorn JV, but it has a substantial expansion project backlog exceeding 32 billion Canadian dollars ($23 billion) [11]. - The company anticipates 3% compound annual cash flow per-share growth through 2026, increasing to around 5% annually thereafter, supporting dividend growth of up to 5% per year [12]. Group 6: Investment Outlook - The Eiger Express Pipeline adds a significant growth driver for ONEOK, MPLX, and Enbridge, enhancing their ability to grow high-yielding dividends, making them attractive long-term investment options for passive income [13].

Core Viewpoint - The Eiger Express Pipeline is a new infrastructure project aimed at transporting natural gas from the Permian Basin to the Gulf Coast, addressing the increasing demand for natural gas in electricity generation and LNG exports [1][4]. Pipeline Details - The Eiger Express Pipeline will span approximately 450 miles and have a diameter of 42 inches, with a capacity to transport up to 2.5 billion cubic feet per day (Bcf/d) [2]. - It will connect natural gas from processing facilities owned by ONEOK and MPLX, as well as pipeline connections in the Midland and Delaware basins [2]. Joint Venture Ownership - The Eiger Express Pipeline joint venture is owned 70% by the Matterhorn JV, with ONEOK and MPLX each holding a 15% stake [3]. - ONEOK's total ownership interest in the pipeline is 25.5%, which includes its stake in the Matterhorn JV [3]. Strategic Importance - The pipeline is positioned to enhance transportation capacity from the Permian Basin, which is known for its high productivity [4]. - It is supported by firm transportation agreements with contract terms of 10 years or longer, ensuring stable revenue streams [4]. Construction and Timeline - WhiteWater will be responsible for the construction and operation of the pipeline, which is expected to be completed by mid-2028, pending regulatory approvals [4]. Company Background - ONEOK is a leading midstream operator with a vast pipeline network of approximately 60,000 miles, providing essential energy products and services [5]. - The company is headquartered in Tulsa, Oklahoma, and is part of the S&P 500 [6]. Matterhorn Joint Venture - The Matterhorn JV, which includes WhiteWater, ONEOK, MPLX, and Enbridge, owns long-haul natural gas pipelines that connect the Permian Basin to the Gulf Coast and LNG export markets [7]. WhiteWater Overview - WhiteWater is an infrastructure company based in Austin, Texas, operating multiple gas transmission assets, including the Eiger Express Pipeline [8]. MPLX Overview - MPLX is a diversified master limited partnership that operates midstream energy infrastructure and logistics assets, including crude oil and refined product pipelines [9]. Enbridge Overview - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, and is investing in modern energy delivery infrastructure [10].

Group 1: Eiger Express Pipeline Overview - The Eiger Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (Bcf/d) of natural gas through approximately 450 miles of 42-inch pipeline from the Permian Basin in West Texas to the Katy area [2] - The pipeline will source supply from multiple connections in the Permian Basin, including gas processing facilities in the Midland Basin and from the Delaware Basin via the Agua Blanca Pipeline [2] - The Eiger Express Pipeline is a joint venture owned 70% by the Matterhorn JV, with ONEOK and MPLX each holding a 15% stake, resulting in 25.5% and 22% ownership in the pipeline for ONEOK and MPLX respectively [3] Group 2: Matterhorn Joint Venture - The Matterhorn JV is owned by WhiteWater (65%), ONEOK (15%), MPLX (10%), and Enbridge (10%), and it owns long-haul natural gas pipelines that transport gas from the Permian Basin to the Gulf Coast [4] - The Matterhorn JV also owns the Matterhorn Express Pipeline and 70% of the Eiger Express Pipeline [4] Group 3: Company Profiles - WhiteWater is an Austin, Texas-based infrastructure company that operates multiple gas transmission assets, including the Matterhorn Express Pipeline and the Eiger Express Pipeline [5] - ONEOK is a leading midstream operator with a pipeline network of approximately 60,000 miles, providing essential energy products and services [8][9] - MPLX is a diversified master limited partnership that owns and operates midstream energy infrastructure and logistics assets [10] - Enbridge connects millions to energy through its North American natural gas, oil, and renewable power networks, and is investing in modern energy delivery infrastructure [11]