Core Viewpoint - MPLX, a master limited partnership (MLP), offers a nearly 8% yield but possesses a strong financial profile and visible growth through 2029, making it a reliable investment despite its high yield [1][2]. Financial Performance - In the last year, MPLX generated $5.8 billion in distributable cash flow, covering its distribution by 1.4 times, and produced $1 billion in free cash flow after distributions [3]. - The company invested over $5.5 billion in growth investments, including a $2.4 billion acquisition of Northwind Midstream, while maintaining a leverage ratio of 3.7 times, below the 4.0 times threshold supported by its stable cash flows [4][5]. Growth Prospects - MPLX plans to invest an additional $2.4 billion in growth capital projects this year, with ongoing expansions including two new NGL fractionators expected to be completed in 2028 and 2029, and a Gulf Coast LPG export terminal in partnership with Oneok, also set to come online in 2028 [6]. - The company has approved the construction of the Secretariat II gas processing plant and the Marcellus Gathering System Expansion, both expected to enhance growth visibility with in-service dates in 2028 [7].

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][17] - The company returned $1.2 billion to unit holders in distributions and unit repurchases during the quarter [16] 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 [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 [14] - Gathered volumes in the natural gas and NGL segment increased by 2% year-over-year, while processing volumes decreased by 1% [15] Market Data and Key Metrics Changes - Natural gas demand in the U.S. is anticipated to grow over 15% through 2030, driven by LNG export capacity expansion and rising power needs [5] - The company is focusing 90% of its growth capital on the natural gas and NGL services segment, particularly in the Permian and Marcellus basins [7] Company Strategy and Development Direction - The company plans to invest $2.4 billion in 2026 to support long-term structural growth, with a focus on natural gas and NGL value chains [5] - The capital plan includes significant projects like the Harmon Creek III gas processing complex and the Secretariat II processing plant, expected to deliver mid-teens returns [9][11] - The company aims to optimize its 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 [8] - The company anticipates growth in 2026 to exceed that of 2025, driven by increased throughput on existing assets and new assets coming online [19] - Management expects to maintain a distribution growth rate of 12.5% for the next two years, supported by disciplined capital deployment [18] Other Important Information - The company ended the quarter with a cash balance of $2.1 billion and plans to utilize this cash in alignment with its capital allocation framework [17] - The company is focused on maintaining a leverage ratio below 4.0x and ensuring distribution coverage remains above 1.3 times [63] 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 [24] Question: Can you provide an update on the commercialization of the Northwind synergy projects? - Management noted that the Northwind sour gas facility is critical for future growth and will support both legacy and new volumes [28] Question: How do you view the new opportunities for LPG exports with the recent India-U.S. trade deal? - Management expressed strong demand for NGL and natural gas, viewing the trade deal as supportive of their long-term LPG export strategy [38] Question: Will you consider M&A opportunities in 2026 if the right opportunities arise? - Management confirmed they are open to M&A opportunities that meet their strict capital discipline and strategic alignment criteria [40] Question: How do recent consolidations in the upstream community affect your growth outlook? - Management indicated that recent consolidations do not pose immediate risks to contract renegotiations and will continue to be an important part of their portfolio [48] Question: Is the 2026 growth expectation inclusive of the headwind from the Rockies asset sale? - Management confirmed that the 2026 growth expectation accounts for the headwind from the Rockies asset sale [53] Question: How should we think about capital allocation and leverage moving forward? - Management reiterated their capital allocation philosophy, prioritizing maintenance capital, distribution growth, and growth capital while managing leverage [62]

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][17] - The company returned $1.2 billion to unit holders in distributions and unit repurchases during the quarter [16] 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][15] 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 noted higher gas-to-oil ratios in key shale basins, increasing supplies of NGL-rich gas [6] 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][7] - MPLX is optimizing its 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 [8] - 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 is advancing construction on several projects, including the Harmon Creek III gas processing complex and the Bengal pipeline expansion, which are expected to enhance capacity and support future growth [11][10] 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 alignment of projects with mid-single-digit growth targets, indicating confidence in achieving mid-teens returns [24] Question: Can you provide an update on the Northwind synergy projects? - Management noted that the Northwind sour gas facility is critical for future growth and that the Secretariat II plant will support both legacy and new volumes [28][30] Question: What are the new opportunities for LPG exports with the recent India-US trade deal? - Management highlighted strong global LPG demand and the potential for growth in exports, particularly with the new trade dynamics [38] Question: Will the company consider M&A opportunities in 2026? - Management confirmed that they remain open to M&A opportunities that meet their strict capital discipline and strategic alignment criteria [40][42] Question: How does recent consolidation in the upstream community affect your growth outlook? - Management indicated that recent consolidations do not pose immediate risks to contract renegotiations and that they continue to evaluate their asset portfolio for optimization [47][48] Question: Can you clarify the growth expectations for 2026? - Management stated that growth in 2026 is expected to be stronger than in 2025, inclusive of the headwind from the Rockies asset sale [53]

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 ...

Financial Performance - Fourth-quarter 2025 net income attributable to MPLX was $1,193 million, a 8.5% increase from $1,099 million in Q4 2024[2] - Adjusted EBITDA for Q4 2025 was $1,804 million, up from $1,762 million in Q4 2024, reflecting a growth of 2.4%[2] - For the full year 2025, MPLX generated $5.9 billion in net cash from operating activities, consistent with 2024, while distributable cash flow was $5.8 billion, up from $5.7 billion in 2024[4] - Full-year 2025 adjusted EBITDA was $7.0 billion, compared to $6.8 billion in 2024, indicating a growth of 3.7%[8] - Operating revenue for Q4 2025 was $1,399 million, a 1.7% increase from $1,376 million in Q4 2024[33] - Total revenues and other income for the year ended December 31, 2025, reached $12,998 million, up 8.9% from $11,933 million in 2024[33] - Net income attributable to MPLX LP for the year ended December 31, 2025, was $4,912 million, a 13.9% increase from $4,317 million in 2024[33] - The company reported a net income of $1,203 million for Q4 2025, compared to $1,109 million in Q4 2024, reflecting a year-over-year increase of 8.5%[47] - Adjusted EBITDA for the twelve months ended December 31, 2025, reached $7,061 million, up from $6,808 million in 2024, reflecting a 3.7% increase[52] Capital Expenditures and Investments - MPLX's capital spending outlook for 2026 is $2.7 billion, with $2.4 billion allocated for growth initiatives[13] - The company plans to invest $5.5 billion in growth investments for 2025, alongside returning $4.4 billion to unitholders[8] - Capital expenditures for growth in the three months ended December 31, 2025, were $649 million, significantly higher than $227 million in the same period of 2024[58] - Total growth capital expenditures for the twelve months ended December 31, 2025, were $3,316 million, compared to $622 million for the same period in 2024[60] - The company invested $2.4 billion in the acquisition of Northwind Midstream during the twelve months ended December 31, 2025[57] Debt and Leverage - The leverage ratio at the end of Q4 2025 was 3.7x, compared to 3.1x in Q4 2024[6] - Total debt as of December 31, 2025, was $25,653 million, an increase from $20,948 million in 2024[37] - The consolidated debt to LTM adjusted EBITDA ratio increased to 3.7x in 2025 from 3.1x in 2024[37] - Consolidated total debt as of December 31, 2025, was $26,006 million, compared to $21,206 million in 2024, indicating a 22.5% rise[52] Distribution and Cash Flow - The company announced a fourth-quarter 2025 distribution of $1.0765 per common unit, resulting in a distribution coverage ratio of 1.3x[3] - Common unit distributions declared for Q4 2025 totaled $1,092 million, up from $972 million in Q4 2024[34] - DCF attributable to LP unitholders for Q4 2025 was $1,417 million, a decrease from $1,471 million in Q4 2024[34] - The company anticipates maintaining a distribution coverage ratio of approximately 1.4x for the upcoming year[34] - Adjusted free cash flow for the three months ended December 31, 2025, was $1,567 million, compared to $1,324 million in 2024, marking an 18.4% increase[56] Operational Metrics - Pipeline throughput for Q4 2025 was 5,908 mbpd, a 1% increase from 5,857 mbpd in Q4 2024[10] - Crude oil pipeline throughput for Q4 2025 was 3,811 mbpd, a decrease of 1% from Q4 2024's 3,831 mbpd, while total pipeline throughput increased by 1% to 5,908 mbpd[39] - Total gathering throughput for Natural Gas and NGL Services decreased by 12% to 3,892 MMcf/d in Q4 2025 compared to 4,401 MMcf/d in Q4 2024, with significant declines in Utica and Rockies operations[40] - Total natural gas processed in Q4 2025 was 7,174 MMcf/d, a decrease of 3% from 7,388 MMcf/d in Q4 2024, with notable declines in Rockies operations[40] - The company’s total gathering throughput for the year 2025 was 4,043 MMcf/d, down 4% from 4,226 MMcf/d in 2024, indicating a need for strategic adjustments[42] Challenges and Costs - Natural Gas and NGL Services segment adjusted EBITDA for Q4 2025 decreased by $10 million to $629 million, impacted by lower natural gas liquids prices[11] - Transaction-related costs associated with acquisitions and divestitures amounted to $12 million in Q4 2025, impacting overall financial performance[47] - The average tariff rate for crude oil pipelines decreased by 3% to $1.05 per barrel in Q4 2025, while product pipelines saw a 5% increase to $1.08 per barrel[39] - Total C2 + NGLs fractionated decreased by 4% to 599 mbpd in Q4 2025 from 624 mbpd in Q4 2024, indicating challenges in the fractionation segment[40] - The company reported a loss on extinguishment of debt of $3 million for the twelve months ended December 31, 2025[56]

Core Insights - MPLX LP reported a fourth-quarter 2025 net income of $1,193 million, an increase from $1,099 million in the fourth quarter of 2024, with adjusted EBITDA rising to $1,804 million from $1,762 million in the same period [1][5]. Financial Performance - For Q4 2025, MPLX generated $1,496 million in net cash from operating activities, $1,417 million in distributable cash flow, and $1,567 million in adjusted free cash flow [2]. - The full year 2025 saw MPLX generate $5.9 billion in net cash from operating activities, $5.8 billion in distributable cash flow, and $1.0 billion in adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion in 2024 respectively [3]. - The company announced a distribution of $1.0765 per common unit for Q4 2025, resulting in a distribution coverage of 1.3x for the quarter [2][5]. Growth and Investments - In 2025, MPLX invested over $4 billion to grow its natural gas and NGL value chains and plans to execute growth anchored in the Permian and Marcellus basins in 2026 [4]. - The company is advancing its strategic initiatives to meet the growing demand for natural gas and NGLs, aiming for mid-single digit adjusted EBITDA growth [4]. Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA increased by $52 million in Q4 2025 compared to Q4 2024, driven by a FERC tariff ruling and higher rates [9]. - The Natural Gas and NGL Services segment's adjusted EBITDA decreased by $10 million in Q4 2025, primarily due to a reduction associated with the divestiture of non-core assets and lower natural gas liquids prices [11]. Capital Expenditure and Future Outlook - MPLX's capital spending outlook for 2026 is $2.7 billion, with $2.4 billion allocated for growth and $300 million for maintenance [13]. - The company is focusing on expanding its Permian to Gulf Coast integrated value chain and investing in processing capacity in response to producer demand [13]. Financial Position - As of December 31, 2025, MPLX had $2.1 billion in cash and a leverage ratio of 3.7x, with cash flows supporting a leverage range of 4.0x [18]. - The partnership repurchased $100 million of common units in Q4 2025, with approximately $1.1 billion remaining under its unit repurchase authorizations [19].

Wall Street analysts forecast that MPLX LP (MPLX) will report quarterly earnings of $1.08 per share in its upcoming release, pointing to a year-over-year increase of 0.9%. It is anticipated that revenues will amount to $3.32 billion, exhibiting an increase of 8.6% compared to the year-ago quarter.The current level reflects a downward revision of 0.7% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their ...

Group 1 - MPLX LP (NYSE:MPLX) is recognized for its role in maintaining energy infrastructure, which includes gathering, processing, and distributing natural gas, crude oil, and refined petroleum products [2] - The company's operations extend to marine transport services, storage terminals, and the marketing of natural gas liquids and renewable fuels [2] - Jim Cramer views MPLX as a solid investment choice, particularly for older investors seeking income, describing it as a terrific and inexpensive stock [1] Group 2 - While MPLX is acknowledged as a potential investment, there are opinions suggesting that certain AI stocks may offer greater upside potential and carry less downside risk [3] - The article hints at the existence of undervalued AI stocks that could benefit from current economic trends, such as tariffs and onshoring [3]

Company Performance - MPLX LP closed at $55.73, with a daily increase of +1.75%, outperforming the S&P 500's gain of 0.41% [1] - Over the past month, MPLX shares gained 1.41%, lagging behind the Oils-Energy sector's gain of 7.63% but outperforming the S&P 500's gain of 0.38% [1] Upcoming Earnings - The earnings report for MPLX LP is expected on February 3, 2026, with an anticipated EPS of $1.08, reflecting a 0.93% increase year-over-year [2] - The Zacks Consensus Estimate projects net sales of $3.34 billion, an increase of 8.88% from the previous year [2] Fiscal Year Estimates - For the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.73 per share and revenue of $13.08 billion, indicating a 12.35% increase in earnings and no change in revenue compared to the previous year [3] Analyst Estimates - Recent adjustments to analyst estimates for MPLX LP reflect short-term business trends, with upward revisions indicating analysts' positive outlook on the company's profitability [4] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks MPLX LP at 3 (Hold), with a 1.68% rise in the Zacks Consensus EPS estimate over the past month [6] Valuation Metrics - MPLX LP has a Forward P/E ratio of 12.24, which is lower than the industry average of 17.1 [7] - The company has a PEG ratio of 4.95, compared to the industry average PEG ratio of 1.81 [7] Industry Overview - The Oil and Gas - Production and Pipelines industry, part of the Oils-Energy sector, holds a Zacks Industry Rank of 99, placing it in the top 41% of over 250 industries [8]