MPLX LP (MPLX) 2024 Q4 法說會逐字稿

Welcome to the MPLX fourth-quarter 2024 earnings call. My name is Amanda, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 MPLX 2024 年第四季財報電話會議。我叫阿曼達，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

現在我將電話轉給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始囉。

Welcome to MPLX's fourth-quarter 2024 earnings conference call. The slides that accompany this call can be found on the website at mplx.com under the Investor tab. Joining me today on the call are Maryann Mannen, President and CEO; Chris Hagedorn, CFO; and other members of the executive team. We invite you to read the safe harbor statements on Slide 2.

歡迎參加 MPLX 2024 年第四季財報電話會議。本次電話會議附帶的幻燈片可在網站 mplx.com 的「投資者」標籤下找到。今天與我一起參加電話會議的還有總裁兼執行長 Maryann Mannen； Chris Hagedorn，財務長；以及其他執行團隊成員。我們邀請您閱讀投影片 2 上的安全港聲明。

We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there as well as in our filings with the SEC. As you saw in our earnings release, MPLX revised its reporting to better reflect the value chains and growth strategy of MPLX's operations. The logistics and storage segment, formerly referred to as L&S, has been renamed crude oil and products logistics. The gathering and processing segment, formerly referred to as G&P, has been renamed natural gas and NGL services.

今天我們將發表前瞻性聲明。實際結果可能有所不同。可能導致實際結果不同的因素都列在其中以及我們向美國證券交易委員會提交的文件中。正如您在我們的收益報告中所看到的，MPLX 修改了其報告，以更好地反映 MPLX 營運的價值鍊和成長策略。物流和倉儲部門（原名為L&S）已更名為原油和產品物流。收集和加工部門（以前稱為 G&P）已更名為天然氣和 NGL 服務。

With the change, certain equity method investments serving natural gas and NGL customers now reside in the natural gas and NGL services segment. Prior periods have been recast for comparability. Additional details on these reporting changes can be found on Slides 16 and 17.

隨著這一變化，為天然氣和 NGL 客戶提供服務的某些權益法投資現在屬於天然氣和 NGL 服務部門。為便於比較，先前時期已重新制定。關於這些報告變更的更多詳細資訊請參閱投影片 16 和 17。

With that, I will turn the call over to Maryann.

說完這些，我將把電話轉給瑪麗安。

Thanks, Kristina. Good morning, and thank you for joining our call. In 2024, we executed our strategic commitments. Full-year adjusted EBITDA was $6.8 billion, an 8% increase year over year. In the crude oil and products logistics segment, results were driven by strong operational performance and demand.

謝謝，克里斯蒂娜。早安，感謝您參加我們的電話會議。2024年，我們履行了戰略承諾。全年調整後 EBITDA 為 68 億美元，較去年同期成長 8%。在原油和產品物流領域，強勁的營運表現和需求推動了業績。

In the natural gas and NGL services segment, we placed two processing plants into service in 2024 and achieved record throughput driven by our growing asset portfolios in the Utica, Marcellus, and Permian Basins. And today, MPLX handled over 10% of all the natural gas produced in the United States. This was the fourth consecutive year of MPLX generating mid-single-digit adjusted EBITDA growth.

在天然氣和 NGL 服務領域，我們於 2024 年投入使用兩家加工廠，並在尤蒂卡、馬塞勒斯和二疊紀盆地不斷增長的資產組合的推動下實現了創紀錄的產量。如今，MPLX 處理著美國天然氣產量的 10% 以上。這是 MPLX 連續第四年實現中等個位數調整後 EBITDA 成長。

Since 2021, we have grown adjusted EBITDA at a compound annual rate of 7%. In 2024, we invested $1.7 billion in organic growth projects and strategic acquisitions of increased ownership interest in existing joint ventures. These capital investments were targeted in key basins and value chains where we operate. We believe these investments will generate mid-teens returns, extending the durability of our mid-single-digit EBITDA growth profile and our ability to return capital to our unitholders.

自 2021 年以來，我們的調整後 EBITDA 以 7% 的複合年增長率成長。2024 年，我們投資 17 億美元用於有機成長項目以及對現有合資企業增加所有權的策略性收購。這些資本投資針對的是我們營運的重點盆地和價值鏈。我們相信，這些投資將產生中等水準的回報，從而延長我們中位數 EBITDA 成長狀況的持久性以及我們向基金單位持有人返還資本的能力。

In November, we increased our quarterly distribution by 12.5%, marking the third consecutive year MPLX has increased its quarterly distribution by 10% or more. Over the course of 2024, MPLX returned nearly $4 billion of capital to unitholders while maintaining distribution coverage of 1.5 times strong given the stability of our business.

11 月份，我們將季度分紅增加了 12.5%，這是 MPLX 連續第三年將季度分紅增加 10% 或更多。2024 年期間，MPLX 向基金份額持有人返還了近 40 億美元的資本，同時鑑於業務的穩定性，保持了 1.5 倍的分銷覆蓋率。

Looking forward, our growth opportunities are robust. And today, we announced a capital expenditure outlook of $2 billion for 2025. 85% of our growth capital will be allocated to opportunities within our natural gas and NGL services segment. We anticipate mid-teen returns on these projects in aggregate and believe our execution on these investments will extend the durability of our mid-single-digit growth profile, allowing us to invest in the business and support annual distribution increases in the future. And we believe we have the financial flexibility to execute strategic acquisition opportunities that would be complementary to these organic capital deployment plans.

展望未來，我們的成長機會強勁。今天，我們宣布了2025年20億美元的資本支出預期。我們預計這些項目的總回報率將達到中等水平，並相信這些投資的執行將延長我們中等個位數成長前景的持久性，使我們能夠投資於業務並支持未來年度分銷的成長。我們相信，我們擁有財務靈活性來執行對這些有機資本部署計劃進行補充的策略性收購機會。

MPLX reached a significant milestone in its NGL wellhead-to-water chain strategy with the announcement of a project to construct a Gulf Coast fractionation complex and export terminal. MPLX's fully integrated NGL value chain connects the Permian to the Gulf Coast and will supply growing global demand for LPGs. Our $2.5 billion investment in the fractionation complex and export terminal complements MPLX's existing asset base and leverages existing infrastructure.

MPLX 宣布啟動墨西哥灣沿岸分餾綜合設施和出口終端建設項目，標誌著其 NGL 井口至水鏈戰略取得了重要里程碑。MPLX 完全整合的 NGL 價值鏈將二疊紀盆地與墨西哥灣沿岸連接起來，並將滿足全球對 LPG 日益增長的需求。我們對分餾綜合設施和出口終端的 25 億美元投資補充了 MPLX 現有的資產基礎並利用了現有的基礎設施。

MPLX will build and operate the Gulf Coast fractionation complex consisting of two 150,000 barrel per day fractionation facility and a 400,000 barrel per day LPG export terminal, all of which will be located adjacent to MPC's Galveston Bay refinery. MPLX has entered into a joint venture agreement with ONEOK for the export terminal and a bidirectional purity pipeline between Mont Belvieu and Texas City. ONEOK will market its 200,000 barrels per day and provide connectivity to Mont Belvieu storage, enhancing the competitiveness of the terminal.

MPLX 將建造和營運墨西哥灣沿岸分餾綜合設施，該綜合設施由兩個日產 15 萬桶的分餾設施和一個日產 40 萬桶的 ​​LPG 出口終端組成，全部位於 MPC 加爾維斯頓灣煉油廠附近。MPLX 已與 ONEOK 簽訂了合資協議，將在蒙特貝爾維尤和德克薩斯城之間建造出口終端和雙向純度管道。ONEOK 將銷售其每天 20 萬桶石油，並提供與 Mont Belvieu 儲存設施的連接，從而增強該終端的競爭力。

We also believe this strategic partnership with ONEOK will create additional optionality and value to our customers. We also see it as a platform for future collaboration and growth across our Gulf Coast assets. MPLX plans to market ethane production from the fracs to both existing and new customers. MPC plans to contract with MPLX to purchase the remaining LPG production from the fracs, which MPC will market globally through its existing marketing business via the new export terminal. This contract structure once again demonstrates the strength of our strategic relationship with MPC.

我們也相信，與 ONEOK 的策略合作夥伴關係將為我們的客戶創造額外的選擇和價值。我們也將其視為未來跨墨西哥灣沿岸資產合作與成長的平台。MPLX 計劃向現有客戶和新客戶推銷壓裂生產的乙烷。MPC 計劃與 MPLX 簽訂合同，購買壓裂產生的剩餘液化石油氣，然後 MPC 將透過新的出口終端，利用其現有的行銷業務在全球範圍內銷售這些產品。該合約結構再次證明了我們與 MPC 的策略關係的牢固性。

The fractionation facilities are expected to be in service in 2028 and 2029, and the export terminal is expected to be in service in early 2028. We anticipate mid-teens returns on the project, which is expected to begin generating EBITDA when placed in service in 2028 and will ramp through the end of 2030. Additionally, we believe the expansion of our Gulf Coast NGL value chain will create a platform for optimization and incremental growth opportunities. As we look at additional opportunities for MPLX, we are investing for durable growth in response to strong producer demand. MPLX is expanding its natural gas and NGL integrated value chains, progressing long-haul pipeline growth projects and investing in processing capacity.

分餾設施預計將於 2028 年和 2029 年投入使用，出口終端預計將於 2028 年初投入使用。我們預計該專案的回報率將達到 15% 左右，預計 2028 年投入使用後將開始產生 EBITDA，到 2030 年底將逐步實現。此外，我們相信墨西哥灣沿岸NGL價值鏈的擴張將為優化和增量成長機會創造一個平台。當我們尋找 MPLX 的更多機會時，我們正在投資以實現持久成長，以滿足強勁的生產者需求。MPLX 正在擴大其天然氣和 NGL 綜合價值鏈，推動長途管道成長項目並投資於加工能力。

In the Permian Basin, MPLX is constructing its seventh processing plant, Secretariat, a 200 million cubic feet per day processing plant expected online in the fourth quarter of 2025, bringing our gas processing capacity in the Permian Basin to 1.4 billion cubic feet per day. Integral to our wellhead-to-water NGL strategy, the BANGL joint venture is progressing segment expansions, enabling additional NGLs to reach our Gulf Coast fractionation complex.

在二疊紀盆地，MPLX 正在建造其第七個加工廠——秘書處加工廠，這是一個每天處理 2 億立方英尺的加工廠，預計將於 2025 年第四季度投入使用，使我們在二疊紀盆地的天然氣處理能力達到每天 14 億立方英尺。作為我們從井口到水的 NGL 策略不可或缺的一部分，BANGL 合資企業正在進行分部擴張，以使更多的 NGL 能夠抵達我們的墨西哥灣沿岸分餾綜合設施。

The BANGL Pipeline's expansion to 250,000 barrels per day is expected to be in service by the end of the first quarter, and the JV partners have sanctioned the expansion of the mainline to 300,000 barrels per day, which is expected online in the second half of 2026.

BANGL管線擴建至25萬桶/日，預計在第一季末投入使用，合資夥伴已批准將主線擴建至30萬桶/日，預計於2026年下半年投入使用。

Within our natural gas value chain, the Matterhorn Express Pipeline began full commercial service in November, and we continue to see strong demand from shippers. Additionally, MPLX and its partners are progressing the Blackcomb and Rio Bravo pipeline designed to transport natural gas from the Permian to domestic and export markets along the Gulf Coast. Both pipelines are expected in service in the second half of 2026.

在我們的天然氣價值鏈中，馬特洪峰快線管道於 11 月開始全面投入商業運營，我們繼續看到來自托運人的強勁需求。此外，MPLX 及其合作夥伴正在推進 Blackcomb 和 Rio Bravo 管道建設，旨在將二疊紀盆地的天然氣輸送到墨西哥灣沿岸的國內和出口市場。預計這兩條管道將於 2026 年下半年投入使用。

In the Marcellus Basin, MPLX is constructing the Harmon Creek III processing plant and adding fractionation capacity as we work with our customers to align capacity expansion with their drilling plans. This complex will comprise of a 300 million cubic feet per day processing plant and 40,000 barrel per day de-ethanizer.

在馬塞勒斯盆地，MPLX 正在建造 Harmon Creek III 加工廠並增加分餾能力，同時我們與客戶合作，使產能擴張與他們的鑽井計畫保持一致。該綜合設施將包括日產 3 億立方英尺的加工廠和日產 4 萬桶的脫乙烷塔。

Following completion in the second half of 2026, MPLX expects gas processing capacity in the Northeast to total 8.1 billion cubic feet per day and fractionation capacity to total 800,000 barrels per day. Within the crude oil and products logistics segment, we anticipate spending $250 million on growth projects. This includes expanding crude gathering pipeline supporting the Permian and Bakken basins, various butane blending projects at our products terminals, and investing in other high-return investments targeted at the expansion or debottlenecking of assets.

MPLX 預計，2026 年下半年完工後，東北地區的天然氣處理能力將達到每天 81 億立方英尺，分餾能力將達到每天 80 萬桶。在原油和產品物流領域，我們預計將投資 2.5 億美元用於成長項目。這包括擴建支持二疊紀和巴肯盆地的原油收集管道、在我們的產品終端進行各種丁烷混合項目，以及投資於其他旨在擴大或消除資產瓶頸的高回報投資。

We have a very high degree of confidence in these investments as the macro environment for energy remains favorable. The United States is a low-cost producer of energy fuels needed across the globe, and the outlook for hydrocarbons remains robust. Grid electrification, onshoring, near-shoring and data center development are driving natural gas demand growth forecast through the end of the decade. As demand increases for natural gas-powered electricity, we are well positioned to support the development plans of our producer customers.

由於能源的宏觀環境仍然有利，我們對這些投資非常有信心。美國是全球所需能源燃料的低成本生產國，碳氫化合物的前景依然強勁。電網電氣化、在岸外包、近岸外包和資料中心發展將推動本世紀末天然氣需求的成長。隨著對天然氣發電的需求不斷增加，我們已做好準備來支持生產商客戶的發展計畫。

Globally, demand for transportation fuels is expected to grow. The US refining industry is expected to remain structurally advantaged over the rest of the world. Furthermore, we believe the MPC refining assets are the most competitive in each region MPC operates, and our strategic relationship with MPC will provide additional opportunities to enhance value chain supporting their operations. We are confident in our growth opportunities to generate durable cash flow for MPLX, supporting our commitment to return capital to unitholders.

全球範圍內，運輸燃料的需求預計將成長。預計美國煉油業仍將比世界其​​他地區保持結構優勢。此外，我們相信 MPC 煉油資產在 MPC 營運的每個地區都是最具競爭力的，我們與 MPC 的策略關係將提供更多機會來增強支援其營運的價值鏈。我們對我們的成長機會充滿信心，相信我們將為 MPLX 創造持久的現金流，並支持我們向基金份​​額持有者返還資本的承諾。

Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.

現在，讓我將電話轉給克里斯，討論本季的營運和財務表現。

Thanks, Maryann. Slide 8 outlines the fourth-quarter operational and financial performance highlights for our crude oil and products logistics segment. The segment adjusted EBITDA was a new record, increasing $60 million when compared to the fourth quarter of 2023. The increase was driven by higher rates and throughputs across our systems. Pipeline volumes were up year over year, primarily because of the timing of refinery maintenance and increased volumes in the Permian in 2024. Terminal volumes were also up year over year, primarily due to higher throughputs on the West Coast.

謝謝，瑪麗安。幻燈片 8 概述了我們原油和產品物流部門第四季度的營運和財務業績亮點。該部門調整後的 EBITDA 創下新高，與 2023 年第四季相比增加了 6,000 萬美元。這一增長是由我們系統的更高速率和吞吐量推動的。管道運輸量較去年同期成長，主要原因是煉油廠維護的時間安排以及 2024 年二疊紀盆地的運輸量增加。碼頭吞吐量也較去年同期成長，主要原因是西海岸的吞吐量增加。

Moving to our natural gas and NGL services segment on Slide 9. The segment established new record as segment adjusted EBITDA increased $79 million compared to the fourth quarter of 2023. This is driven by increased volumes, including contributions from increased ownership interest and existing joint ventures in the Utica and Permian Basins and growth from our equity affiliates. Gathered volumes increased 8% year over year, primarily due to the addition of dry gas volumes from Utica assets acquired earlier this year and increased production in the Marcellus.

前往投影片 9 上的天然氣和 NGL 服務部分。該部門調整後的 EBITDA 與 2023 年第四季相比增加了 7,900 萬美元，創下了新紀錄。這是由於產量增加所致，包括所有權權益增加和尤蒂卡和二疊紀盆地現有合資企業的貢獻以及我們的股權附屬公司的成長。收集量年增 8%，主要原因是今年稍早收購的尤蒂卡資產增加了乾氣量，以及馬塞勒斯產量增加。

Processing volumes increased 6% year over year, primarily from higher volumes in the Utica and Permian basins. In the Utica, processing volumes have increased nearly 50% year over year, highlighting the value producers are seeing in the liquids-rich acreage. Utica processing utilization exited 2024 at 70%. And as new wells are placed online, we are positioned for additional volumes with minimal capital spending in 2025. Marcellus' processing utilization was 92% in the quarter, reflecting the ramp of our Harmon Creek II processing plant. Total fractionation volumes grew 14% year over year, primarily due to higher process volumes and ethane recoveries in the Marcellus and Utica basins.

加工量較去年同期成長 6%，主要得益於尤蒂卡和二疊紀盆地的加工量增加。在尤蒂卡，加工量年增了近 50%，凸顯了生產者在富含液體的土地上所看到的價值。到 2024 年，尤蒂卡加工利用率將達到 70%。隨著新油井的投入使用，我們將在 2025 年以最少的資本支出實現額外的產量。本季度，馬塞勒斯 (Marcellus) 的加工利用率為 92%，這反映了我們 Harmon Creek II 加工廠產能的提升。總分餾量年增14％，主要由於馬塞勒斯和尤蒂卡盆地的加​​工量和乙烷回收率提高。

Moving to our fourth-quarter financial highlights on Slide 10. Total adjusted EBITDA of $1.8 billion and distributable cash flow of $1.5 billion increased 9% and 7%, respectively, from the prior year. MPLX returned nearly $1 billion to unitholders and distributions and $100 million in unit repurchases. During the quarter, MPLX retired $1.15 billion of senior notes, which matured in December. We ended the quarter with a cash balance of $1.5 billion and expect to retire another $500 million of senior notes maturing later this month.

前往投影片 10 上的第四季財務亮點。總調整後 EBITDA 為 18 億美元，可分配現金流量為 15 億美元，分別較上年成長 9% 及 7%。MPLX 向基金份額持有者和分配人返還了近 10 億美元，並透過基金份額回購返還了 1 億美元。本季度，MPLX 贖回了 12 月到期的價值 11.5 億美元的優先票據。本季結束時，我們的現金餘額為 15 億美元，並預計將於本月稍後償還另外 5 億美元的優先票據。

MPLX maintained strong financial flexibility and we expect to continue growing the partnership's cash flow, enabling the return of capital to unitholders. Now let me hand it back to Maryann for some final thoughts.

MPLX 保持了強大的財務靈活性，我們預計將繼續增加合夥企業的現金流，從而實現向基金份額持有人返還資本。現在讓我將其交還給瑪麗安，請她發表一些最後的想法。

Thanks, Chris. MPLX has a strong history of growing the partnership cash flows and its distributions to unitholders by executing its strategic priorities, all while maintaining capital discipline. While year-to-year growth may not be linear, we are targeting a mid-single-digit growth rate over multiyear periods. And as you can see from our results, we have achieved this growth.

謝謝，克里斯。MPLX 在透過執行其策略重點增加合作夥伴現金流及其對單位持有人的分配方面有著良好的記錄，同時保持了資本紀律。儘管逐年的成長可能不是線性的，但我們的目標是在多年內實現中等個位數的成長率。從我們的業績可以看出，我們實現了這一成長。

By deploying capital wisely, controlling our costs and optimizing operations to get the most out of our assets, we have delivered 7% growth on both an adjusted EBITDA and DCF on a three-year compound annual basis. Similarly, the growth and durability of our cash flows, combined with the strong coverage of 1.5 times and low leverage just above 3 times, has allowed MPLX to consistently increase its quarterly distribution most recently by 12.5% and we expect for years to come.

透過合理部署資本、控製成本和優化營運以最大限度地利用我們的資產，我們在三年複合年增長率的基礎上實現了調整後 EBITDA 和 DCF 均增長 7%。同樣，我們現金流的成長和持久性，加上 1.5 倍的強勁覆蓋率和略高於 3 倍的低槓桿率，使得 MPLX 能夠持續提高季度分紅，最近一次提高了 12.5%，並且我們預計未來幾年也將如此。

Our capital allocation priorities are unchanged. First, to maintenance capital, we are steadfast in our commitment to safely operate our assets, protect the health and safety of our employees, and support the communities we operate in. Second, we are focused on delivering a secure and growing distribution and expect this will remain our primary return of capital tool. Third, we will invest in growing business, seeking to achieve superior returns. After these priorities, we will assess the opportunistic return of capital to unitholders through unit repurchases.

我們的資本配置重點並沒有改變。首先，對於維護資本，我們堅定不移地致力於安全運作我們的資產，保護員工的健康和安全，並支持我們所在的社區。其次，我們專注於提供安全且不斷成長的分銷，並預期這仍將是我們主要的資本回報工具。第三，我們將投資不斷成長的業務，尋求實現優異的回報。在完成這些優先事項之後，我們將評估透過單位回購向單位持有人提供資本的機會回報。

In summary, the opportunities ahead of MPLX in 2025 are compelling as we execute our mid-single-digit adjusted EBITDA growth strategy. In addition to optimizing our highly contracted asset base, we see growth across our natural gas and NGL value chain.

總之，隨著我們執行中位數個位數調整後 EBITDA 成長策略，MPLX 在 2025 年面臨的機會十分誘人。除了優化我們高度合約化的資產基礎之外，我們還看到天然氣和天然氣凝析液價值鏈的成長。

In the Marcellus and Utica, producer activity remains robust, supporting growth of our gathering, processing, and fractionation footprint. Development of our Gulf Coast fractionation complex and export terminal will enhance our NGL value chain. And with our joint venture partners, we are progressing long-haul natural gas and NGL pipelines to meet growing demand from Gulf Coast and international markets. Advancing these high-return growth projects position us to grow our cash flow, allowing us to reinvest in the business and return capital to unitholders through a growing distribution.

在馬塞勒斯和尤蒂卡，生產商活動仍然強勁，支持了我們的收集、加工和分餾足跡的成長。墨西哥灣沿岸分餾綜合設施和出口終端的開發將增強我們的NGL價值鏈。我們正與合資夥伴一起推動長途天然氣和天然氣凝析液管道建設，以滿足墨西哥灣沿岸和國際市場日益增長的需求。推進這些高回報成長項目使我們能夠增加現金流，使我們能夠對業務進行再投資，並透過不斷增加的分配向基金份額持有人返還資本。

The growth and durability of our cash flows, combined with strong coverage and low leverage, provides MPLX considerable financial flexibility. We believe MPLX is positioned for additional distribution increases like the 12.5% seen in 2024. At the current distribution, MPC expects to receive $2.5 billion annually from MPLX, illustrating the strategic value of MPLX within MPC's portfolio.

我們現金流的成長和持久性，加上強大的覆蓋範圍和低槓桿，為MPLX 提供了相當大的財務靈活性。我們相信 MPLX 的分銷額度將進一步增加，到 2024 年將達到 12.5%。按照目前的分配，MPC 預計每年將從 MPLX 獲得 25 億美元，這表明 MPLX 在 MPC 投資組合中的戰略價值。

And as both pursue value-enhancing opportunities, the value of this strategic relationship is further strengthened. Our commitment to operational excellence, our growth opportunities, and our financial flexibility position us to generate durable cash flow for MPLX supporting our commitment to peer-leading capital returns to unitholders.

而且由於雙方都追求增值機會，這種策略關係的價值也進一步加強。我們致力於卓越營運、成長機會和財務靈活性，這使我們能夠為 MPLX 創造持久的現金流，支持我們為單位持有人提供同行領先的資本回報的承諾。

Now let me turn the call over to Kristina.

現在讓我把電話轉給克里斯蒂娜。

Thanks, Maryann. As we open the call for your questions, as a courtesy to all participants, we ask that you limit yourself to one question and a follow-up. If time permits, we will re-prompt for additional questions. We are ready for questions.

謝謝，瑪麗安。當我們開始回答您的問題時，為了尊重所有參與者，我們要求您將提問限制在一個問題和一個後續問題上。如果時間允許，我們將再次提示其他問題。我們已經準備好回答問題了。

(Operator Instructions) John Mackay, Goldman Sachs.

（操作員指示）高盛的約翰·麥凱。

I just wanted to start on the NGL value chain announcement. Maybe you can just share a little more background on the strategic rationale here among bringing the partners like ONEOK, having MPC take the offtake and what that means for your confidence in the return profile overall.

我只是想開始談論 NGL 價值鏈。也許您可以分享更多關於此策略原理的背景信息，包括引入 ONEOK 等合作夥伴，讓 MPC 承擔承銷業務，以及這對您對整體回報狀況的信心意味著什麼。

Sure. First and foremost, this Gulf Coast NGL value chain expansion that we talked about this morning, as you know, over the last several quarters, we've been talking about our ability to build out our wellhead-to-water strategy. We've shared our thoughts around how we were building optionality, ensuring that this opportunity could yield mid-single-digit growth. We think that this project demonstrates our ability over the long term to continue to do that.

當然。首先，我們今天早上談到的墨西哥灣沿岸 NGL 價值鏈擴張，正如你們所知，在過去幾個季度裡，我們一直在談論建造井口到水戰略的能力。我們分享了關於如何建立可選性的想法，以確保這個機會能夠帶來中等個位數的成長。我們認為，這個計畫證明了我們長期繼續這樣做的能力。

Beginning at the wellhead, we have incrementally grown processing capacity over the last few years, serving some of the best producer customers in the Permian Basin. I mentioned earlier this morning, we're bringing on Secretariat's seventh processing plant in the Permian as an example. Last quarter, we talked about our increase in ownership in the BANGL pipeline to 45%. And as you know, this increased ownership gives us the long-haul pipeline to bring the volumes. BANGL, as I mentioned this morning, also expanding the mainline to 300,000 barrels a day.

從井口開始，我們在過去幾年中逐步提高了加工能力，為二疊紀盆地的一些最好的生產商客戶提供服務。我今天早上提到過，我們將以秘書處在二疊紀的第七個加工廠為例。上個季度，我們談到了將 BANGL 管道所有權增加至 45% 的問題。如您所知，所有權的增加為我們提供了長期的銷售管道。正如我今天早上提到的那樣，孟加拉石油公司也將主線產能擴大到每天 30 萬桶。

So we think this investment in the fractionation complex and the export terminal really complements MPLX's existing asset base. I think the second part of your question was sort of why the JVs, if you will, with ONEOK. The JV for the export terminal and the purity pipeline include ONEOK. ONEOK will bring marketing and provide connectivity at the Mont Belvieu storage, and we think this improves the competitiveness of the terminal. Also, we think this strategic partnership with ONEOK will create additional optionality and value for our customers and clearly give us some optionality for the future.

因此，我們認為對分餾綜合設施和出口終端的投資確實補充了 MPLX 現有的資產基礎。我認為你問題的第二部分是為什麼要與 ONEOK 建立合資企業。出口終端和純度管線的合資企業包括 ONEOK。ONEOK 將在 Mont Belvieu 倉庫進行行銷並提供連接，我們認為這將提高終端的競爭力。此外，我們認為與 ONEOK 的策略合作夥伴關係將為我們的客戶創造額外的可選性和價值，並顯然為我們的將來提供一些可選性。

So putting all of that together, given our current infrastructure and the opportunity that we see, we have a high grade of confidence that this project will continue to extend our EBITDA growth into the future. Let me pause there.

所以綜合考慮所有這些，考慮到我們目前的基礎設施和我們看到的機會，我們高度有信心該項目將繼續延長我們的 EBITDA 增長。讓我在這裡暫停一下。

And maybe it's just my follow-up. You touched a couple of times on additional opportunities in the future. Maybe you could flesh that out for us. If we look at the capacity of this footprint, there's probably some more room for you to add some processing, upstream. What else could we be talking about here for these incremental opportunities?

或許這只是我的後續行動。您幾次提到未來的更多機會。也許您可以為我們詳細說明一下。如果我們看一下這個佔地面積的容量，可能還有更多的空間可以增加一些上游處理。關於這些增量機會我們還能在這裡談論什麼？

Yes, certainly. So as you know, the NGL and nat gas opportunity set for us, as we've been talking about, we think is an extremely important platform, particularly as we look at the connectivity to our export markets and what we might be able to do in the future.

是的，當然。如你所知，正如我們一直在談論的，NGL 和天然氣機會為我們設定了一個極其重要的平台，特別是當我們考慮與出口市場的連結性以及我們未來可能做的事情時。

I'm going to ask Dave to give you a little more color on what some of those opportunities longer term might be.

我將請戴夫向您更詳細地介紹一下長期來看這些機會是什麼。

Yes. Thanks, Maryann. So maybe I'll set the stage with when we use the word strategy, think about long-term road map of where we want to go within the crude, the nat gas, and NGL value chains. And those will continue to evolve and develop. So when you think about the announcement today of our Gulf Coast fractionation complex, we talked a lot and we continue to talk a lot about the justification, the rationale around that.

是的。謝謝，瑪麗安。因此，當我們使用戰略這個詞時，也許我會先奠定基礎，思考一下我們想要在原油、天然氣和天然氣液價值鏈中走向的長期路線圖。這些也將繼續演變和發展。因此，當您想到今天我們宣布的墨西哥灣沿岸分餾綜合設施時，我們談論了很多，並且我們將繼續談論其理由和基本原理。

But also think about the Gulf Coast. And within the Gulf Coast, some of our refinery assets at MPC and the interconnectivity opportunities that will provide in the future in addition to that, the Gulf Coast, as everybody knows, has got a very large petrochemical footprint. And think about the interconnectivity with some of our existing or new customers down the road in the petrochemical side of the business.

但也要考慮墨西哥灣沿岸。在墨西哥灣沿岸，我們在 MPC 的一些煉油廠資產以及未來將提供的互聯互通機會，除此之外，眾所周知，墨西哥灣沿岸擁有非常大的石化足跡。並考慮我們與石化業務領域的一些現有或新客戶的互聯互通。

And finally, and Maryann touched on it very well with our new JV partner, ONEOK as we continue to build out this project and look at incremental opportunities between that partnership, we believe there is a road map for some pretty substantial growth opportunities there also. So I think the combination of those three within the US Gulf Coast footprint has a lot of growth potential in the NGL platform.

最後，Maryann 與我們的新合資夥伴 ONEOK 進行了很好的討論，隨著我們繼續建設這個項目並尋找合作夥伴關係之間的增量機會，我們相信那裡也有一些相當大的增長機會的路線圖。因此，我認為這三者在美國墨西哥灣沿岸的結合在 NGL 平台上具有很大的成長潛力。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I think one of the unique features of your stock, MPLX, is the double-digit distribution growth. And I'm trying to understand with these new projects that you have added, have you been able to extend that for a period of time where we can say maybe for the [new] in the next four or five years, MPLX could continue to grow their distribution in double digits?

我認為你們股票 MPLX 的獨特之處之一是兩位數的分銷成長。並且我想了解，透過您添加的這些新項目，您是否能夠將其延長一段時間，以便我們可以說，也許在未來四五年內，MPLX 的[新]項目能夠繼續以兩位數的速度增長其分銷量？

So certainly, as we look at this opportunity as well as putting other capital to work this year, next year, we remain optimistic about mid-single-digit growth EBITDA. I shared, it might not be perfectly linear just based on how that capital goes to work and when these projects actually come to fruition. But our reason for the 12.5% distribution increase last year was certainly predicated on the fact that we believed it was durable. The cash flow is being generated from these projects. As you've seen over the last few years, the growth in EBITDA, the growth in the DCF. So we are certainly optimistic that this level of distribution increase, like the 12.5% that our unitholders experienced in 2024, we'll be able to do that for years to come.

因此，當我們審視這個機會並在今年和明年投入其他資本時，我們仍然對中等個位數成長的 EBITDA 保持樂觀。我分享說，僅基於資本如何運作以及這些項目何時真正實現，它可能並不完全是線性的。但我們去年將分銷量提高 12.5% 的原因無疑是基於我們相信這一增長將是持久的。現金流正在從這些項目中產生。正如您在過去幾年中看到的，EBITDA 和 DCF 都在增長。因此，我們當然對這種分配水準的成長感到樂觀，就像我們的單位持有者在 2024 年經歷的 12.5% 一樣，我們將能夠在未來幾年內做到這一點。

My quick follow-up is, obviously, these are very good organic projects with excellent returns. But you have a good balance sheet. If the right small bolt-on opportunities do come along the way, could you still look at them for growth? And then the parent obviously has some assets which can also be moved into MPLX. So how are you thinking about those things?

我的快速跟進是，顯然，這些都是非常好的有機項目，並且具有極好的回報。但你的資產負債表很好。如果在此過程中確實出現了合適的小型附加機會，您是否還會將其視為成長機會？然後母公司顯然有一些資產也可以轉移到 MPLX。那麼您對這些事情有什麼看法？

Sure. So maybe a minute on -- just to be sure we're clear on how will you think about capital. If I step back first to 2024, we've talked about capital in and about $1 billion per year. But if you've seen, we actually put about $1.9 billion to work in 2024. Some of that, what we would classify as traditional capital, but another $800 million or so in small bolt-on M&A.

當然。所以也許需要花一分鐘時間——只是為了確保我們清楚您如何看待資本。如果我先回顧 2024 年，我們討論的資本是每年約 10 億美元。但如果你看到的話，我們實際上在 2024 年投入了約 19 億美元。其中一部分，我們歸類為傳統資本，但另外約 8 億美元屬於小額附加併購。

You may remember early in the year, we did a Summit transaction, we took incremental ownership in BANGL, Wink to Webster. So a couple of examples. This year, we're talking a capital expenditure estimate in and about $2 billion. Keep in mind, as you know, we've got the balance sheet capability to be able to do that. But 85% of the capital we are saying would be targeted toward the nat gas and NGL services.

您可能還記得，今年年初，我們進行了 Summit 交易，獲得了 BANGL 和 Wink 的增量所有權，並將其轉讓給 Webster。舉幾個例子。今年，我們預計資本支出約為 20 億美元。請記住，如您所知，我們擁有能夠做到這一點的資產負債表能力。但我們所說的 85% 的資本將用於天然氣和 NGL 服務。

So obviously, the project that we just got announcing this morning is a part of that: Secretariat that we will be completing in the back half of this year, Harmon Creek III that we talked about back half of next year. And then certainly, if there were to be incremental bolt-on M&A opportunities that met all of our criteria, so first and foremost, strategic fit, our mid-teens returns, extension of our value chains, all of those criteria, we would certainly have the capacity at the MPLX level to be able to do that.

顯然，我們今天早上宣布的項目是其中的一部分：秘書處項目將在今年下半年完成，而 Harmon Creek III 項目則將於明年下半年完成。當然，如果有增量式附加併購機會滿足我們所有的標準，那麼首先也是最重要的，戰略契合度、我們的中等回報率、價值鏈的延伸，所有這些標準，我們肯定有能力在 MPLX 級別做到這一點。

I think your last question to me was whether or not we would consider drops. And as you know, over the past couple of years, drops were probably lower on our items of priority. I think a few things about drops today. One, it certainly makes sense of that there's just a small few to get those assets to the midstream side, putting those assets where they belong.

我想你問我的最後一個問題是我們是否會考慮放棄。如您所知，在過去幾年中，我們優先考慮的項目下降幅度可能較低。我今天想了一些有關滴劑的事情。首先，只有少數人將這些資產運送到中游，將這些資產放置在它們應該去的地方，這當然是有道理的。

Having said that, in no way would we do that to support mid-single-digit growth. We believe the organic opportunities that we have support our mid-single-digit growth. If we were to do drops, then that cash that would be a part of MPC, of course, we could use to increase the buyback given the valuation that we see at MPC, but it should be clear that if we do a drop, it would not be because we're trying to support mid-single-digit growth with those drops because that EBITDA is in the enterprise today.

話雖如此，我們絕不會這樣做來支持中等個位數的成長。我們相信，我們擁有的有機機會將支持我們實現中等個位數的成長。如果我們確實要降價，那麼這些現金將成為 MPC 的一部分，當然，考慮到 MPC 的估值，我們可以用來增加回購，但應該清楚的是，如果我們降價，那並不是因為我們試圖通過這些降價來支持中等個位數的增長，因為 EBITDA 已經在今天的企業中了。

Congrats on a great quarter.

恭喜您度過了一個美好的季度。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just wanted to come back to the NGL strategy a bit more, quite kicking up high gear here. I wanted to touch base on a couple of points. As far as it relates to the fractionation component, is this a take-or-pay contract for MPLX, where it's all kind of firmed up and MPC is responsible for the marketing, so there's not that type of exposure at MPLX? And then if I think back on the MarkWest assets, MPLX has G&P in a lot of different areas. Could those areas be piped into this frac and export facility? Or what's the art of what's possible here?

只是想再回顧 NGL 策略，這裡相當積極。我想要談幾點。就分餾部分而言，對於 MPLX 來說，這是否是一個照付不議的合約？ 其中所有事項都已確定，MPC 負責行銷，因此 MPLX 不會受到此類影響？然後，如果我回想一下 MarkWest 資產，MPLX 在許多不同領域都有 G&P。那些區域能透過管道輸送到該壓裂和出口設施嗎？或者這裡可能出現的藝術是什麼？

So first and foremost, I want to be sure that we understand, particularly on the contract with MPC and MPLX. As you know, as we have in all other contracts, any commodity risk would be borne by MPC, not by MPLX.

因此，首先，我想確保我們理解，特別是與 MPC 和 MPLX 的合約。如您所知，與我們在所有其他合約中一樣，任何商品風險都由 MPC 承擔，而不是由 MPLX 承擔。

I'm going to pass it to Dave first, and he can give you a little bit of color on the contracts, and then I'll move on to Greg, who can talk about the MarkWest assets.

我將首先將其交給戴夫，他可以向您介紹一些合約情況，然後我將交給格雷格，他可以談論 MarkWest 資產。

So let me touch on -- and I think Maryann did a nice job of articulating it. But I want to be clear with the contracts between MPLX and specifically MPC from the fracs and then over the export terminal. Those will be turned up agreements without the commodity exposure on the MPLX side of the equation. So I just want to be clear there that the commodity exposure and the marketing of those C3s, specifically coming out of the fracs, because as Maryann touched on earlier, the ethane will be going to existing customers or new customers in the market, but the contracts between MPLX and MPC for the C3-plus out of the fracs and across the dock will be commercial agreements without commodity exposure on the MPLX side of the equation. So hopefully, that answers your question.

所以請讓我談談——我認為瑪麗安很好地表達了這一點。但我想明確指出 MPLX 和 MPC 之間從壓裂到出口終端的合約。這些將是不包括 MPLX 方商品風險的協議。因此，我只想明確指出，商品曝光和這些 C3 的營銷，特別是來自壓裂的 C3，因為正如 Maryann 之前提到的，乙烷將流向市場上的現有客戶或新客戶，但 MPLX 和 MPC 之間關於來自壓裂和碼頭的 C3-plus 的合約將是商業協議，在等式的 MPLX 方面沒有商品曝光。希望這能回答你的問題。

Jeremy, this is Greg. With regard to your question on the data centers, data center power demand has continued (technical difficulty)

傑里米，這是格雷格。關於你關於資料中心的問題，資料中心的電力需求持續（技術難度）

I'm sorry, Greg, he was asking about MarkWest assets. Can they be integrated. That was Jeremy's question.

對不起，格雷格，他問的是 MarkWest 資產。它們可以整合在一起嗎？這是傑里米的問題。

I'm sorry, I apologize. I misheard the question. In terms of -- the facilities that we have -- I'm sorry, I misunderstood the question. Our facilities in the Permian Delaware Basin are already piped into to deliver NGLs to BANGL. And the BANGL pipe will be extended to our Gulf Coast facilities which then will allow access, both for fractionation and for terminal access to water.

對不起，我很抱歉。我聽錯問題了。就我們擁有的設施而言，抱歉，我誤解了這個問題。我們位於二疊紀特拉華盆地的設施已經通過管道將 NGL 輸送到 BANGL。BANGL 管道將延伸至我們的墨西哥灣沿岸設施，然後可實現分餾和終端取水。

But I think that you might have G&P assets in other basins and just want to see if those could be integrated into the system.

但我認為您可能在其他盆地擁有 G&P 資產，只是想看看是否可以將它們整合到系統中。

Yes. We definitely have NGL access fractionation in other basins, and those NGLs would have the ability, in some cases, to be directed down towards our fractionators and our export facilities on the Gulf Coast.

是的。我們確實在其他盆地擁有 NGL 分餾通道，在某些情況下，這些 NGL 可以被引導至我們位於墨西哥灣沿岸的分餾塔和出口設施。

Jeremy, just making sure we got your question now. Are you good?

傑里米，只是想確保我們現在收到了你的問題。你好嗎？

Yes, I just wanted to see what was possible there. And then maybe, I guess, going towards the data center side as you touch on there, there's a lot of talk about what's possible and what mid-streamers could provide for solutions there. Would MPLX look at laterals to beat gas into data centers or even possibly behind meter or anything else? Just wondering what's on your radar at this point.

是的，我只是想看看那裡有什麼可能發生。然後我想，也許，正如您提到的那樣，談到資料中心方面，有很多關於什麼是可能的以及中游企業可以在那裡提供什麼解決方案的討論。MPLX 是否會考慮利用水平管道將天然氣輸送至資料中心或甚至可能輸送至儀表或其他任何地方？只是想知道此時你的焦點是什麼。

Yes, Jeremy. Great question, and I'm going to give Greg the opportunity to share because he's got a lot to offer on this topic. But as I mentioned, you look at the amount, 10% of US gas production is going through MPLX. We think there are opportunities, particularly when you look at the location of our producer customers, the amount of residue gas that we have, and the opportunities over the long haul, we think we're well situated to support our producer customers.

是的，傑瑞米。這個問題問得很好，我會給格雷格分享的機會，因為他在這個主題上有很多東西可以提供。但正如我所提到的那樣，你看一下這個數量，美國 10% 的天然氣產量都要經過 MPLX。我們認為有機會，特別是當你考慮到我們的生產商客戶的位置、我們擁有的殘餘氣體數量以及長期機會時，我們認為我們有能力為我們的生產商客戶提供支援。

But let me pass it back to Greg because I know he's got some things that he wants to share there.

但請讓我把它交還給格雷格，因為我知道他有一些事情想分享。

Jeremy, with regard to the power supply for data centers, data center power needs and demand has been growing, and we think it will continue to grow. Whether or not it's AI-driven or whether it's basically cooling for these large data centers. Natural gas is positioned to be the primary fuel source, we believe, for that growth. And in order to generate that power, you need processed and treated gas. So that could either be colocation off of one of our large processing plants or any of our processing plants or off of downstream residue pipelines.

傑里米，關於資料中心的電源，資料中心的電力需求一直在增長，我們認為它還會繼續增長。無論它是否由人工智慧驅動，或者它是否基本上為這些大型資料中心提供冷卻。我們相信，天然氣將成為這一成長的主要燃料來源。為了產生這種電力，你需要對天然氣進行加工和處理。因此，這可以是與我們的一個大型加工廠或任何一個加工廠的共置，也可以是與下游殘渣管道的共置。

We think that we do have the ability, either through short pipe connections or colocation to be locations where cogeneration would be favorable as well as potentially even data center development. It's easier at this point to put in more fiber optic cable for long haul to transmit data than to build new electric transmission lines or pipe. So we think there may be definitely colocation for power generation but potentially data centers as well.

我們認為，我們確實有能力，無論是透過短管道連接還是主機託管，都能夠成為有利於熱電聯產甚至可能發展資料中心的地點。此時，鋪設更多的光纜進行長距離傳輸資料比建造新的輸電線或管道更容易。因此，我們認為肯定存在用於發電的主機託管，但也可能存在用於資料中心的主機託管。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

With the organic CapEx step-up in 2025, just wanted to get more color and clarify your views on the cadence of capital deployment both organic and inorganic over the next couple of years with the backlog that you have of organic projects. So is the $2.0 billion a good run rate for organic, taking into account additional potential processing the backlog and then M&A would come on top of that? Or how should we think about that?

隨著 2025 年有機資本支出的增加，我只是想獲得更多細節，並根據您積壓的有機項目，闡明您對未來幾年有機和無機資本部署節奏的看法。那麼，考慮到處理積壓訂單的潛在額外收入以及隨後的併購，20 億美元的有機營運率是否良好？或者說我們該如何思考這個問題？

Thanks, Theresa. What I would tell you, yes, indeed, the $2 billion is different than the $1 billion we've communicated historically. And as Maryann had articulated, we've always talked about the one, but we've been deploying more such as the $1.9 billion that she went through last year in 2024. And if you look back even 2023, it was closer to about $1.4 billion with the [Torniato] acquisition we did at the end of the year.

謝謝，特蕾莎。我想告訴你，是的，20 億美元與我們過去溝通的 10 億美元確實不同。正如瑪麗安所說，我們一直在談論這個，但我們一直在部署更多的資金，例如她去年在 2024 年投入的 19 億美元。如果你回顧 2023 年，我們在年底收購 [Torniato] 時，價值接近 14 億美元。

Looking forward, the $2 billion is a rough number. That is growth capital with maintenance this year. I would expect that number to look similar in future years. But I also would tell you, I don't think it's going to be linear in nature. I also would tell you, Theresa, that the $2 billion is not inclusive of M&A. We're not projecting M&A. But as Maryann had stated, we will absolutely look at M&A that fits into our strategic footprint and hits our return profiles. So with our significant balance sheet flexibility we currently have, we think we're in a great position to be able to do that.

展望未來，20億美元是一個粗略的數字。這是今年的維護成長資本。我預計未來幾年這個數字將會相似。但我還要告訴你，我認為它本質上不會是線性的。我還要告訴你，特蕾莎，20 億美元不包括併購資金。我們沒有計劃進行併購。但正如瑪麗安所說，我們絕對會考慮符合我們的策略足跡並能達到我們的回報狀況的併購。因此，憑藉我們目前擁有的巨大資產負債表彈性，我們認為我們完全有能力做到這一點。

And in terms of the LPG export project, can you share how that partnership with ONEOK is going to work? Will we be operating the facility? Is it a JV, UJI? And will all the storage be in Mont Belvieu? Does all of it exist at this point? Is it underground? Any color around that would be great.

關於液化石油氣出口項目，您能否分享一下與ONEOK的合作將如何進行？我們會營運該設施嗎？這是合資企業還是宇治企業？所有的儲存都會放在貝爾維尤山嗎？現在一切都存在了嗎？是地下嗎？周圍的任何顏色都很好。

Theresa, this is Dave. Let me touch on that a little bit. And we use the word JV -- to be probably consistent, we use the plural JVs, and I'll touch on that in a minute. So let me start on the pipelines. The JV pipeline from Mont Belvieu to Texas City by directional, we'll be a 20% equity owner, and they'll be an 80% equity owner in that. That will be constructed and operated by ONEOK on that piece of the equation.

特蕾莎，這是戴夫。讓我稍微談談這一點。我們使用 JV 這個詞 - 為了保持一致，我們使用複數 JV，稍後我將談到這一點。那麼讓我從管道開始講起。對於從蒙特貝爾維尤到德克薩斯城的定向合資管道，我們將擁有 20% 的股權，而他們將擁有 80% 的股權。這將由 ONEOK 根據該等式構建和運營。

The second JV, which is the export terminal, will be a 50-50 terminal, which will be constructed and operated by MPLX. So that's a nuance on the JV as far as the equation. So there is no UJI within this Gulf Coast fractionation relationship. It's purely JVs, very similar, different equity ownership on the two and different operational, both construction and operational differences between the two, between ONEOK and MPLX. So I hope that gives a little more color on that.

第二家合資公司為出口碼頭，雙方各佔50%的股份，由MPLX興建及營運。所以就方程式而言，這就是合資企業的一個細微差別。因此，墨西哥灣沿岸分餾關係中不存在 UJI。這是純粹的合資企業，非常相似，兩者的股權不同，營運也不同，ONEOK 和 MPLX 之間的建設和營運都存在差異。我希望這能對此提供更多的詮釋。

And just the storage piece, as alluded to earlier, how is that going to work?

正如之前提到的，儲存部分是如何運作的？

Yes, I missed that piece. So yes, that is one of the strategic rationales when we looked at potential partners for this Gulf Coast fractionation project and the continuation of our wellhead-to-water strategy. Storage was a key element of that. And that is one of the pieces that ONEOK brings to the table, storage in Mont Belvieu, its existing storage. And I think your question is what type it is. Cavern storage, just to be clear on that.

是的，我錯過了那件作品。所以是的，這是我們為墨西哥灣沿岸分餾計畫尋找潛在合作夥伴以及延續我們的井口到水戰略時的戰略理由之一。儲存是其中的關鍵要素。這是 ONEOK 提供的服務之一，即位於 Mont Belvieu 的現有儲存。我認為你的問題是它是什麼類型。洞穴儲存，只是為了清楚這一點。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

First, any color you can give on how much of your NGLs from your Permian processing plants do you control today and you'd be able to move through the pipeline, fracs, and export dock? Are some of them committed long term elsewhere? Or are they pretty much under your control?

首先，您能否透露一下，目前您控制著多少來自二疊紀加工廠的天然氣液體，以及這些天然氣液體有多少可以透過管道、壓裂井和出口碼頭輸送？他們中是否有人已經在其他地方長期任職？或者說他們基本上都在你的掌控之下？

This is Greg. The answer to that question is that some of the -- we don't have our own fractionation right now. This is part of why we're building the fractionation so all of the NGLs that are produced at our six plants, soon to be seven plants, are fractionated at third-party facilities. And so right now, we don't have direct responsibility for those liquids that producers do. But the fact that we're building the plants and have the ability to redirect these barrels in the future is what's given us confidence to build the new fractionators. So as those contracts roll off, we do expect to have ability to redirect liquids to our fractionators.

這是格雷格。這個問題的答案是，我們現在還沒有自己的分餾分。這就是我們建造分餾設施的原因之一，這樣我們六家工廠（很快就會增加到七家）生產的所有 NGL 都會在第三方設施進行分餾。所以現在，我們對生產商生產的這些液體不負直接責任。但事實是，我們正在建造這些工廠，並且有能力在未來重新定向這些桶，這給了我們建造新分餾塔的信心。因此，隨著這些合約的到期，我們確實希望能夠將液體重新引導至我們的分餾塔。

Keith, it's Maryann. I just want to reiterate what Greg just said. Today, we are using third-party. In the future, that won't be the case. And that's what gives us confidence in our ability to fill these fracs as well as its proximity to GBR and other basins that we believe will also be contributing. So we have got a high degree of confidence in our ability to feed these fracs.

基思，我是瑪麗安。我只是想重申格雷格剛才說的話。今天，我們使用第三方。將來，情況就不會如此了。這使我們對填補這些壓裂井的能力充滿信心，而且它與大堡礁和其他盆地的距離也很近，我們相信這也會有所貢獻。因此，我們對供給這些壓裂液的能力非常有信心。

Second question was a follow-up from an earlier one. I understand there's no commodity exposure on the contracting with MPC. But what percentage of the frac and export capacity is actually contracted with MPC versus still available to contract with the market? Is most of it kind of spoken for with MPC? Just any sense you can give there.

第二個問題是之前問題的後續。據我了解，與 MPC 簽訂的合約中沒有商品風險。但是，與 MPC 實際簽訂的壓裂和出口產能合約佔比是多少，與仍可與市場簽訂的合約比例是多少？其中大部分都是透過 MPC 來表達的嗎？只要您能給出任何意義即可。

Yes, Keith, this is Dave. I won't give specifics on percentage, but I'll say the vast majority of the volumes coming out of the fracs. And again, ex-ethane, I'm talking C3-plus propane coming out of the fracs, will be contracted with MPC.

是的，基思，這是戴夫。我不會給出特定的百分比，但我會說絕大多數產量都來自於壓裂。再說一遍，除乙烷外，我指的是從壓裂中出來的 C3 以上的丙烷，將與 MPC 簽訂合約。

Michael Blum, Wells Fargo.

富國銀行的麥可布魯姆。

I wanted to ask about the maintenance CapEx for 2025. It's a pretty noticeable jump from the run rate you've had the last few years. I'm just wondering if there's anything -- any kind of onetime items or anything to call out there? Or is this just the result of, I don't know, a larger asset base?

我想問 2025 年的維護資本支出。與過去幾年的運行率相比，這是一個相當明顯的飛躍。我只是想知道是否有任何東西 - 任何一次性物品或任何需要注意的東西？或者這只是資產基礎擴大的結果（我不知道）？

Yes. Thanks, Michael. What I would tell you -- first, maybe let me just step back and tell you how we develop our maintenance capital, both expense and capital every year. First, it's bottoms up. So when I say that, we look asset by asset and determine what we need to do to make sure that that asset runs safely. Always our first priority is have safe, reliable operations, and that's what our capital and expense maintenance programs really reflect.

是的。謝謝，麥可。我想告訴你的是——首先，也許讓我退一步告訴你我們每年如何發展維護資本，包括費用和資本。首先，它是自下而上的。所以當我這麼說的時候，我們會逐一審查資產，並確定我們需要做什麼來確保該資產安全運作。我們的首要任務始終是確保安全、可靠的運營，而這正是我們的資本和費用維護計劃真正反映的。

What I will tell you, you do see a bit of a step-up in 2025. But even with that step up, we remain extremely confident in our ability to grow EBITDA in the mid-single digits. One thing I would point to that is in the 2025 budget, and it's something I know that you're familiar with, would be the new [quado] regulations. So when you look at some of the emissions -- capitals and requirements that you see from a regulatory perspective, some of that's built into that 2025 budget. So that's one reason you see a bit of a creep up.

我要告訴你的是，到 2025 年你確實會看到一些進步。但即使採取這樣的措施，我們仍然對實現 EBITDA 中等個位數成長的能力充滿信心。我想指出的一件事是，在 2025 年的預算中，我知道您對此很熟悉，將會是新的 [quado] 法規。因此，當您從監管角度看待一些排放——資本和要求時，您會發現其中一些已納入 2025 年預算。這就是您看到有點爬升的一個原因。

Michael, this is Shawn. I'll just tag on to Chris' comments. So there's not any one particular thing outside of what he mentioned about quado. It's really just our ability to make sure our assets are safe or viable based on the age, and as we risk manage those, what we need to do. So there's no special story on that. It's just the cycles that you go through on maintenance.

邁克爾，這是肖恩。我只是想補充一下克里斯的評論。因此，除了他提到的 quado 之外，沒有任何特別的事情。這實際上只是我們根據年限確保資產安全或可行的能力，以及我們在管理這些資產的風險時需要做的事情。因此這沒有什麼特別的故事。這只是您在維護過程中經歷的周期。

And then just wanted to ask about BANGL. With the change in ownership at EPIC NGL, I realize you're announcing a modest expansion of BANGL this morning, but just wanted to see if that -- does that limit your ability at all to expand BANGL further down the road? And just how does that play into your wellhead-to-water strategy from the pipeline perspective on things?

然後只是想問一下有關 BANGL 的問題。隨著 EPIC NGL 所有權的變更，我知道你們今天早上宣布了 BANGL 的適度擴張，但我只是想看看這是否會限制你們進一步擴張 BANGL 的能力？那麼從管道角度來看，這與您的井源到水策略有何關係？

Thanks, Michael, for that question. This is Shawn. If you take a step back on BANGL, it's been a really capital-efficient growth project for us. And we'll continue that as we go. We've gone from [125, 250] first quarter, [300] second half of '26. And then as needed the demand, we will look at those expansion opportunities at that time.

謝謝邁克爾提出這個問題。這是肖恩。如果你回顧 BANGL，你會發現它對我們來說是一個真正資本有效率的成長項目。我們會繼續這樣做。我們的成績從第一季的[125, 250]，到26年下半年的[300]。然後根據需求，我們會研究當時的擴張機會。

And regarding the specific question about EPIC, we don't anticipate that relationship will change just like we had our existing relationship with EPIC just because P66 is purchasing. So that will continue to be working clearly on the operational side as we move forward on our NGL strategy.

關於 EPIC 的具體問題，我們預計這種關係不會因為 P66 的收購而改變，就像我們與 EPIC 現有的關係一樣。因此，隨著我們推進 NGL 策略，這將繼續在營運方面發揮重要作用。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

My first question is on Appalachia for you all, specifically. Just wondering when you see it today, is Marcellus activity trending today largely as you all were expecting? And wondering if you're expecting any sort of step-up in activity in the latter part of this year based on sort of macro today?

我的第一個問題是關於阿巴拉契亞山脈的，具體來說。只是想知道，當您今天看到它時，馬塞勒斯的活動趨勢是否與您預期的大致相同？想知道根據今天的宏觀形勢，您是否預計今年下半年的經濟活動將會增加？

Neal, this is Greg. Yes, we are seeing the activity that we expected in the Marcellus. We are seeing growth in some of the areas, as indicated by our new Harmon Creek III plant that's in construction and will come into service later next year. We've been as high as 95% utilization in that area. And as we brought on the Harmon Creek II plant, that dropped down. But as we fill that, we're moving back up. So we're in that mid-90% utilization range and expect we'll continue to keep those plants fill the Marcellus. Certainly, higher gas prices are good, and the NGL market is very good for us right now, too.

尼爾，這是格雷格。是的，我們在馬塞勒斯看到了我們預期的活動。我們在某些​​領域看到了成長，例如我們正在建造並將於明年稍後投入使用的新的 Harmon Creek III 工廠。該地區的利用率已高達 95%。隨著我們啟用 Harmon Creek II 工廠，產量開始下降。但當我們填補了這個空缺時，我們又會重新上升。因此，我們的利用率處於 90% 左右，預計我們將繼續保持這些工廠滿足 Marcellus 的產能。當然，更高的天然氣價格是好事，而且目前的 NGL 市場對我們來說也非常有利。

And then maybe just a second question on -- I wonder how you all look at this. When I'm looking at sort of your growth versus shareholder return, I'm just wondering how do you weigh the prospects of buybacks against -- I know you all announced the [1.7] capital that's earmarked for growth because, I mean, when I look at your [sales], it still seem discounted after last year's solid return yet you definitely have a number of exciting growth prospects like you've laid out this morning. So just wondering how you sort of bounce those, too.

然後也許只是第二個問題——我想知道你們如何看待這個問題。當我審視貴公司的成長與股東回報時，我只是想知道你們如何權衡回購的前景——我知道你們都宣布了專門用於增長的 [1.7] 資本，因為，我的意思是，當我查看貴公司的 [銷售額] 時，它在去年的穩健回報之後似乎仍處於折扣狀態，但您肯定擁有許多令人興奮的增長前景，就像您今天早上所說的那樣。所以只是想知道你是如何反彈這些的。

Neal, it's Maryann. Thank you for the question. I think, look, first and foremost, as we said, our main return to capital tool will continue to be our distribution. And we hope based on our opportunities for mid-single-digit growth that you'll be able to see similar distribution increases for years to come. Our growth opportunities, like we talked about here this morning, have to meet our strategic road maps. They have to have those mid-teen returns that we think are critical to be sure that we're deploying capital. We do that through the lens of strict capital discipline, always have, and we will continue to do that.

尼爾，我是瑪麗安。感謝您的提問。我認為，首先，正如我們所說，我們主要的資本回報工具將繼續是我們的分配。我們希望，基於我們實現中等個位數成長的機會，您將能夠在未來幾年看到類似的分銷成長。正如我們今天上午所談論的，我們的成長機會必須符合我們的策略路線圖。他們必須獲得我們認為至關重要的中等水平的回報才能確保我們部署資本。我們透過嚴格的資本紀律來做到這一點，我們始終如此，並將繼續這樣做。

And we need to be sure that that capital are extensions of the value chains that we've been talking about. Absent that, share repurchase will be a tool that we will use to return capital. And as you can see in this last quarter, we returned about $100 million really trying to support the fact that we continue to see our equity as undervalued. So certainly, another opportunity for us post all of the allocations that I just mentioned. No change in that.

我們需要確保這些資本是我們一直在談論的價值鏈的延伸。除此之外，股票回購將成為我們返還資本的工具。正如您在上個季度看到的，我們返還了約 1 億美元，這確實證明我們的股權仍然被低估。因此，當然，這對我們來說還有另一個機會發布我剛才提到的所有分配。沒有改變。

Neil Mehta, Bank of America.

美國銀行的尼爾梅塔 (Neil Mehta)。

Congrats on all the downstream NGL announcements today. I just had a couple of questions on the export facility. So first of all, how are you able to kind of commercialize this with the MPC-MPLX complex as a greenfield export facility when the Brownfield players have been kind of very able to crowd people out? And the second part of it is, is this commercialized? Or are we waiting to see contracts to completely FID this? How are you looking at term versus spot and how you're going to actually sell the NGLs over the dock?

祝賀今天所有下游 NGL 公告。我對出口設施有幾個問題。那麼首先，當棕地參與者已經能夠排擠他人的時候，您如何能夠利用 MPC-MPLX 綜合體作為綠地出口設施來實現其商業化？第二部分是，這是否商業化了？或者我們正在等待合約來完全確定 FID？您如何看待定期原油和現貨原油？

Neil, this is Dave again. Let me touch on this. One of the key elements that I touched on with the dock and the export terminal is the joint venture with ONEOK. And the reason that that's important is it gives us to a world-class scale dock. So you're very capital efficient, number one, when you're doing a 400,000 barrel a day dock.

尼爾，我又是戴夫。讓我談一下這一點。我談到的碼頭和出口碼頭的關鍵要素之一是與 ONEOK 的合資企業。這之所以重要是因為它為我們提供了世界級規模的碼頭。因此，當你建造一個每天可容納 40 萬桶的碼頭時，你的資本效率非常高，這是第一點。

And then as I say, it's a 50-50 JV. So each of us, both ONEOK and MPLX, will have control of 50% of that dock and then MPLX will contract with MPC for our 50% of what we control the dock. So that will be that commercial relationship between MPLX and MPC. And then MPC would then market internationally and take on any commodity exposure and any upside or downside relative to that.

正如我所說，這是一個 50-50 的合資企業。因此，我們（ONEOK 和 MPLX）各自將控制該碼頭 50% 的部分，然後 MPLX 將與 MPC 簽訂合同，獲得我們對碼頭控制權的 50% 的部分。這就是 MPLX 和 MPC 之間的商業關係。然後，MPC 將在國際上進行行銷，並承擔任何商品風險以及與此相關的上行或下行風險。

So on your second piece of your question on, hey, do we have the volumes to FID and commit this project. The answer is yes. We wouldn't have FIDed and announced it. So we're very confident in this project. We've been working on it for a long time. We've been talking about it for a long time. As with any large complex projects, a lot of work done behind the scenes to get this to this point, both from a project schedule, project planning, and then also commercial relationships with a new JV partner.

所以關於你提出的第二個問題，嘿，我們是否有足夠的資金來 FID 並承諾這個專案。答案是肯定的。我們不會做出最終決定並宣布它。所以我們對這個項目非常有信心。我們已經為此努力了很長時間。我們已經討論這個問題很久了。與任何大型複雜專案一樣，為了達到這一點，我們在幕後做了大量工作，包括專案進度表、專案規劃，以及與新合資夥伴的商業關係。

Neil, this is Maryann. Just maybe one other additional point to all of Dave's comments on the commercial side, particularly as we're looking at MPC. Keep in mind, export markets are clearly something that MPC participates in today. And our ability to continue to extend the sustainability of that commercial excellence, both in the short term and over the long term, is the key strategic tenant that has been and will continue to be part of MPC's value proposition as well. So confidence in our ability to execute that also.

尼爾，這是瑪麗安。也許對於 Dave 關於商業方面的所有評論還有一點需要補充，特別是當我們在關注 MPC 時。請記住，出口市場顯然是 MPC 目前參與的活動。我們繼續擴大這種商業卓越可持續性的能力（無論是短期還是長期）是 MPC 價值主張的關鍵策略原則，並且一直是、並將繼續是 MPC 價值主張的一部分。因此，我們對自己的執行能力也充滿信心。

All right. With that, thank you for your interest in MPLX. Should you have more questions or would you want clarification on the topics discussed this morning, please contact us and our team will be available to take your calls. Thank you for joining us today.

好的。最後，感謝您對 MPLX 的關注。如果您有更多問題或想要澄清今天上午討論的主題，請聯絡我們，我們的團隊將隨時接聽您的電話。感謝您今天加入我們。

That concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。