MPLX LP (MPLX) 2025 Q1 法說會逐字稿

Welcome to the MPLX first-quarter 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 第一季財報電話會議。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。

Welcome to MPLX's first-quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at mplx.com under the Investor tab. Joining me on the call today are Maryann Mannen, President and CEO; Kris Hagedorn, CFO; and other members of the executive team.

歡迎參加 MPLX 2025 年第一季財報電話會議。本次電話會議附帶的幻燈片可以在我們網站 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、財務長 Kris Hagedorn 以及其他執行團隊成員。

We invite you to read the Safe Harbor statements on slide 2. 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.

我們邀請您閱讀投影片 2 上的安全港聲明。我們今天將做出前瞻性陳述。實際結果可能有所不同。可能導致實際結果不同的因素都包含在其中，以及我們向美國證券交易委員會提交的文件中。

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 the first quarter, adjusted EBITDA was $1.8 billion, a 7% increase year over year. Distributable cash flow was $1.5 billion, which supported nearly $1 billion of distribution to our unit holders and $100 million in unit repurchases.

謝謝，克里斯蒂娜。早安，感謝您參加我們的電話會議。第一季度，調整後的EBITDA為18億美元，年增7%。可分配現金流為 15 億美元，支持向我們的單位持有人分配近 10 億美元，並支持 1 億美元的單位回購。

Since the start of the year, MPLX has announced over $1 billion of strategic acquisitions. First, with our NGL value chain, MPLX will be acquiring the remaining 55% interest in the BANGL NGL pipeline system. Full ownership of BANGL and its expansion opportunities enhance our Permian platform as we connect growing NGL production from the wellhead to our recently announced Gulf Coast fractionation facilities. The BANGL transaction is anticipated to close in July, subject to the satisfaction of closing conditions.

自今年年初以來，MPLX 已宣布超過 10 億美元的策略性收購。首先，憑藉我們的 NGL 價值鏈，MPLX 將收購 BANGL NGL 管線系統剩餘 55% 的權益。完全擁有 BANGL 及其擴張機會增強了我們的二疊紀平台，因為我們將不斷增長的 NGL 產量從井口連接到我們最近宣布的墨西哥灣沿岸分餾設施。BANGL 交易預計將於 7​​ 月完成，但須滿足成交條件。

Second, MPLX expanded its crude oil value chain by acquiring gathering businesses from Whiptail Midstream in March. These San Juan Basin assets in the Four Corners region enhance our strategic relationship with MPC.

其次，MPLX於3月收購了Whiptail Midstream的集輸業務，擴大了其原油價值鏈。位於 Four Corners 地區的這些聖胡安盆地資產增強了我們與 MPC 的策略關係。

And third, MPLX has entered into an agreement to double its stake in the Matterhorn Express Pipeline from 5% to 10%. The transaction is expected to close in the second quarter of 2025, subject to the satisfaction of closing conditions. These acquisitions are expected to be immediately accretive.

第三，MPLX 已達成協議，將其在馬特洪峰快速輸油管中的股份從 5% 增加一倍至 10%。該交易預計將於 2025 年第二季完成，但須滿足成交條件。預計這些收購將立即帶來增值。

We're all well aware of the volatility in the commodity markets. However, we continue to see robust production across our Marcellus, Utica, and Permian operating regions. These basins have some of the lowest break-even prices in the US, offering economically advantaged and development opportunities. Based on feedback from our producer customers, we continue to expect year-over-year volume growth.

我們都很清楚商品市場的波動性。然而，我們繼續看到馬塞勒斯、尤蒂卡和二疊紀作業區的產量強勁。這些盆地擁有美國最低的損益平衡價格，提供了經濟優勢和發展機會。根據我們的生產商客戶的回饋，我們預計產量將繼續同比增長。

In the Marcellus and Utica basins, longer laterals are resulting in higher volumes with less incremental capital. In the Permian Basin, production growth continues to create growth opportunities across our Crude, Natural Gas, and NGL businesses.

在馬塞勒斯和尤蒂卡盆地，更長的水平段導致產量增加，而增量資本減少。在二疊紀盆地，產量成長持續為我們的原油、天然氣和天然氣凝析液業務創造成長機會。

The US is a low-cost producer of energy fuels needed across the globe. Notwithstanding current market volatility, the outlook for hydrocarbons remains robust. Grid electrification, on-shoring, near-shoring, and data center development are driving natural gas demand growth forecasts 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.

美國是全球所需能源燃料的低成本生產國。儘管當前市場波動，但碳氫化合物的前景仍然強勁。電網電氣化、在岸、近岸和資料中心的發展正在推動到本世紀末天然氣需求的成長預測。隨著對天然氣發電的需求不斷增加，我們已做好準備，支持生產商客戶的發展計畫。

MPLX is growing the base business by developing processing plants on a just-in-time basis, increasing the utilization of our existing assets, optimizing of our asset footprint, and enhancing our strategic relationship with MPC. At the same time, global demand for transportation fuels is expected to grow. The US refining industry is expected to remain structurally advantaged over the rest of the world. The accessibility of nearby crude, the availability of low-cost natural gas, and overall systems flexibility provide US refiners a competitive advantage over international sources of supply.

MPLX 透過即時開發加工廠、提高現有資產的利用率、優化資產足跡以及加強與 MPC 的策略關係來擴大基礎業務。同時，全球對運輸燃料的需求也預計會成長。預計美國煉油業仍將比世界其​​他地區保持結構優勢。附近原油的可取得性、低成本天然氣的可用性以及整體系統的靈活性使美國煉油廠相對於國際供應源具有競爭優勢。

Furthermore, we believe the MPC refining assets are the most competitive in each region where MPC operates. Our strategic relationship with MPC positions us well to facilitate crude and products logistics solutions which optimize the value chain supporting their operations. We have a very high degree of confidence in our investments as the macroeconomic environment for energy remains favorable. And we believe we have significant opportunities to grow the business, leveraging our existing value chain platforms.

此外，我們認為 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 的策略關係使我們能夠提供原油和產品物流解決方案，從而優化支援其營運的價值鏈。由於能源的宏觀經濟環境仍然良好，我們對我們的投資非常有信心。我們相信，利用我們現有的價值鏈平台，我們擁有巨大的業務成長機會。

Within the Permian, MPLX advanced its strategic growth objectives as we are strengthening our NGL-integrated value chain. MPLX is completing construction of its seventh processing plant, Secretariat, a 200 million cubic feet per day processing plant expected online in the fourth quarter of 2025, bringing our processing capacity in the Permian Basin to 1.4 billion cubic feet per day.

在二疊紀盆地，MPLX 推進了其戰略成長目標，因為我們正在加強我們的 NGL 整合價值鏈。MPLX 的第七個加工廠——秘書處加工廠即將完工，該工廠日處理能力為 2 億立方英尺，預計將於 2025 年第四季度投入使用，屆時我們在二疊紀盆地的加工能力將達到日處理能力 14 億立方英尺。

In the first quarter, the BANGL Pipeline completed its expansion to a capacity of 250,000 barrels a day. The mainline expansion to 300,000 barrels per day is progressing and expected to be operational in the second half of 2026. We are progressing the 2025 portion of our $2.5 billion investment in our two Gulf Coast fractionators and joint venture export terminal. Frac 1 and the export terminal are expected to be in service in 2028, while Frac 2 is expected to be in service in late 2029. Our current customer commitments support this project.

第一季度，孟加拉石油管線完成擴建，輸油量達25萬桶/日。主線擴建至每天 30 萬桶的工程正在進行中，預計將於 2026 年下半年投入營運。我們正在推進墨西哥灣沿岸兩座分餾塔和合資出口碼頭的 25 億美元投資中的 2025 年部分。Frac 1 和出口終端預計將於 2028 年投入使用，而 Frac 2 預計將於 2029 年底投入使用。我們目前的客戶承諾支持該專案。

Volumes from our plants are currently fractionated at third-party facilities. And in the future, these volumes will move through our fractionation facilities. Upon completion of MPLX's fully integrated NGL value chain, the BANGL Pipeline will connect the Permian to the Gulf Coast fractionators and supply LPGs to a growing global market. Additionally, we believe the expansion of our Gulf Coast NGL value chain will create a platform for optimization and incremental growth opportunities.

目前，我們工廠生產的貨物在第三方設施進行分餾。將來，這些體積將透過我們的分餾設施進行運輸。在 MPLX 完全整合的 NGL 價值鏈完成後，BANGL 管道將連接二疊紀盆地和墨西哥灣沿岸的分餾塔，並向不斷增長的全球市場供應液化石油氣。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。

Within natural gas, last month, we announced another step in the advancement of our natural gas value chain. MPLX and its partners announced they will construct the Traverse Natural Gas Pipeline following the receipt of sufficient volume commitments. Traverse will be a 1.7 billion cubic feet per day pipeline and connect supply between Agua Dulce and Houston area.

在天然氣領域，上個月，我們宣布了天然氣價值鏈發展的又一步。MPLX 及其合作夥伴宣布，在收到足夠的數量承諾後，他們將建造 Traverse 天然氣管道。Traverse 管線日輸送量為 17 億立方英尺，連接 Agua Dulce 和休士頓地區之間的供水。

The project offers a compelling value proposition and complements the previously announced Blackcomb and Rio Bravo pipelines. MPLX will be a 34% partner in the project. Traverse is expected to be in service in the second half of 2027. The continued buildout of this natural gas system enhances our ability to provide Permian Basin shippers with premium market access and superior flexibility while enhancing MPLX's natural gas value chain through additional growth opportunities.

該項目提供了引人注目的價值主張，並對先前宣布的 Blackcomb 和 Rio Bravo 管道進行了補充。MPLX 將佔該項目 34% 的股份。Traverse 預計將於 2027 年下半年投入使用。此天然氣系統的持續建設增強了我們為二疊紀盆地托運人提供優質市場准入和卓越靈活性的能力，同時透過額外的成長機會增強了 MPLX 的天然氣價值鏈。

To execute our mid-single-digit growth strategy, our plans include spending $1.7 billion of capital on growth projects in 2025. 85% of our growth capital will be allocated to opportunities within our Natural Gas and NGL Services segment, driving third-party cash flows to MPLX.

為了執行我們的中等個位數成長策略，我們的計劃包括在 2025 年投資 17 億美元用於成長項目。我們 85% 的成長資本將分配給天然氣和 NGL 服務部門內的機會，推動第三方現金流流向 MPLX。

In the Marcellus, our largest operating region, construction of our Harmon Creek III processing plant and fractionation capacity align with producer drilling plans. With strong commitments to our system in the Northeast, this complex will include a 300 million cubic feet per day processing plant and 40,000 barrel per day de-ethanizer. MPLX anticipates that by the second half of 2026, gas processing capacity in the Northeast will reach 8.1 billion cubic feet per day and fractionation capacity will reach 800,000 barrels per day.

在我們最大的營運區域馬塞勒斯，我們的 Harmon Creek III 加工廠和分餾能力的建設與生產商鑽井計劃相一致。憑藉我們對東北地區系統的堅定承諾，該綜合設施將包括每天 3 億立方英尺的處理廠和每天 40,000 桶的脫乙烷塔。MPLX預計，2026年下半年，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。

Within the Crude Oil and Products Logistics segment, we are expanding crude gathering pipelines, supporting the Permian and Bakken basins, undertaking butane blending projects at our product terminals and investing in other high returns targeted at the expansion or debottlenecking of assets. We expect mid-teens returns on our investments and believe our execution of these projects 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.

在原油和產品物流領域，我們正在擴大原油收集管道，支持二疊紀和巴肯盆地，在我們的產品終端開展丁烷混合項目，並投資於其他旨在擴大或消除資產瓶頸的高回報項目。我們預計我們的投資回報率將達到十五六成，並相信這些項目的實施將延長我們中等個位數成長的持久性，使我們能夠投資於業務並支持未來年度分銷的成長。

We have the financial flexibility to execute strategic acquisitions that complement our organic capital deployment plans and will continue to evaluate opportunities as they arise. We have ample capacity to undertake additional strategic acquisitions while maintaining leverage below 4 times. We are committed to growing the partnership through our lens of capital discipline and are confident in our growth opportunities to generate durable cash flow for MPLX, supporting our commitment to return capital to unit holders.

我們擁有財務靈活性來執行補充我們有機資本部署計劃的策略性收購，並將繼續評估出現的機會。我們有足夠的能力進行額外的策略性收購，同時將槓桿率保持在 4 倍以下。我們致力於透過資本紀律的視角來發展合作夥伴關係，並對我們的成長機會充滿信心，為 MPLX 創造持久的現金流，支持我們向單位持有者返還資本的承諾。

Now, let me turn the call over to Kris 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 9 outlines the first-quarter operational and financial performance highlights for our Crude Oil and Products Logistics segment. Segment adjusted EBITDA increased $38 million when compared to the first quarter of 2024. The increase was driven by higher throughputs across our systems, partially offset by higher operating expenses associated with those increased throughputs.

謝謝，瑪麗安。第9張幻燈片概述了我們原油和產品物流部門第一季的營運和財務業績亮點。與 2024 年第一季相比，分部調整後 EBITDA 增加了 3,800 萬美元。這一成長是由我們系統的吞吐量增加所推動的，但部分被與吞吐量增加相關的營運費用增加所抵消。

Pipeline volumes were up year over year, primarily due to less refinery maintenance impact and increased volumes in the Permian. Terminal volumes were also up year over year, primarily due to the West Coast.

管道輸送量較去年同期成長，主要原因是煉油廠維護影響減少以及二疊紀盆地輸送量增加。碼頭吞吐量也較去年同期成長，主要得益於西海岸。

Moving to our Natural Gas and NGL Services segment on slide 10, the segment established a new record, as segment adjusted EBITDA increased $84 million compared to the first quarter of 2024. The increase was driven by a $37 million non-recurring benefit and volumes in the Permian and Utica basins, including growth from equity affiliates.

轉到幻燈片 10 上的天然氣和 NGL 服務部門，該部門創下了新紀錄，因為與 2024 年第一季相比，該部門調整後的 EBITDA 增加了 8,400 萬美元。成長的動力來自 3700 萬美元的非經常性收益以及二疊紀盆地和尤蒂卡盆地的產量，其中包括股權附屬公司的成長。

Gather volumes increased 5% year over year, primarily due to increased drilling and production in the Permian and the addition of dry gas volumes from Utica assets acquired in 2024. Processing volumes increased 4% year over year, primarily in the Permian and Utica basins. Processing in the Utica alone have increased by 24% year over year, demonstrating the value of the liquids-rich acreage.

收集量年增 5%，主要原因是二疊紀鑽探和產量增加，以及 2024 年收購的尤蒂卡資產增加了乾氣量。加工量較去年同期成長 4%，主要集中在二疊紀盆地和尤蒂卡盆地。光是尤蒂卡一地的加工量就比去年同期成長了 24%，彰顯了這片富含液體的土地的價值。

Marcellus processing utilization was 92% in the quarter, reflecting continued strong producer activity in the region. Total fractionation volumes grew 4% year over year, primarily due to higher process volumes and ethane recoveries in the Marcellus and Utica basins.

本季馬塞勒斯的加工利用率為 92%，反映出該地區的生產活動持續強勁。總分餾量年增 4%，主要原因是馬塞勒斯和尤蒂卡盆地的加​​工量和乙烷回收率增加。

Moving to our first-quarter financial highlights on slide 11. Total adjusted EBITDA of $1.8 billion and distributable cash flow of $1.5 billion increased 7% and 8%, respectively, from the prior year. MPLX returned $1 billion to unit holders and distributions and $100 million in unit repurchases during the quarter.

前往投影片 11 上的第一季財務亮點。總調整後 EBITDA 為 18 億美元，可分配現金流量為 15 億美元，分別較上年增加 7% 和 8%。MPLX 在本季向單位持有人和分配人返還了 10 億美元，並回購了 1 億美元的單位。

We repaid $500 million of maturing debt in February and also issued $2 billion of senior notes. A portion of the proceeds were used to retire $1.2 billion of senior notes maturing in June. And we ended the quarter with a cash balance of $2.5 billion.

我們在二月償還了5億美元的到期債務，並發行了20億美元的優先票據。部分收益用於償還 6 月到期的 12 億美元優先票據。本季末我們的現金餘額為 25 億美元。

As a reminder, the first quarter is typically our lowest quarter for project-related expenses. Like prior years, we anticipate these expenses will increase nearly $40 million in the second quarter, reflecting more favorable weather to undertake project-related work. MPLX maintained strong financial flexibility, and we expect to continue growing the partnership's cash flows, enabling the return of capital to unit holders.

提醒一下，第一季通常是我們專案相關費用最低的季度。與往年一樣，我們預計第二季這些費用將增加近 4,000 萬美元，這反映出開展專案相關工作的天氣更加有利。MPLX 維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，從而實現向單位持有人返還資本。

Now, let me hand it back to Maryann for some concluding thoughts.

現在，讓我把主題交還給瑪麗安，請她發表一些總結性的想法。

Thanks, Kris. MPLX has a strong history of growing the partnership's cash flows and its distributions to unit holders 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 multi-year periods.

謝謝，克里斯。 MPLX 在透過執行策略重點來增加合夥企業的現金流量和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。雖然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。

And as you can see from our historical results, we have achieved this growth by deploying capital wisely, controlling our costs, and optimizing operations to get the most out of our assets. We have delivered 7% growth for both adjusted EBITDA and DCF on a four-year compound annual basis.

從我們的歷史績效可以看出，我們透過明智地部署資本、控製成本和優化營運來最大限度地利用我們的資產，從而實現了這一增長。我們的調整後 EBITDA 和 DCF 四年複合年增長率均達到 7%。

Similarly, the growth and durability of our cash flows, combined with strong coverage of 1.5 times and low leverage, has allowed MPLX to consistently increase its quarterly distribution, most recently by 12.5%. And our growing portfolio is expected to support this level of annual distribution increases in the future.

同樣，我們現金流的成長和持久性，加上 1.5 倍的強勁覆蓋率和低槓桿率，使得 MPLX 能夠持續增加其季度分配，最近增加了 12.5%。我們不斷成長的投資組合預計將在未來支持這一水準的年度分銷成長。

In summary, the opportunities ahead of MPLX in 2025 remain compelling as we execute our mid-single-digit adjusted EBITDA growth strategy. MPLX is a strategic investment for Marathon, 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 unit holders.

總之，隨著我們執行中位數個位數調整後的 EBITDA 成長策略，MPLX 在 2025 年面臨的機會依然引人注目。MPLX 是 Marathon 的策略性投資，隨著雙方都追求增值機會，這種策略關係的價值將進一步加強。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, I'll turn the call over to Kristina.

現在，我將把電話轉給克里斯蒂娜。

Thanks, Maryann. As we open the call for 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.

謝謝，瑪麗安。既然我們開始提問了，為了尊重所有參與者，我們要求你們只提一個問題，並附上後續內容。如果時間允許，我們將再次提示其他問題。

Operator, we are ready for the questions.

接線員，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。

Hey. Good morning. Thank you for the time. So Maryann, I appreciate the comments on the kind of more positive tone of the macro backdrop, but I do want to go back to something we probably haven't talked about in a while.

嘿。早安.感謝您抽出時間。所以，瑪麗安，我很欣賞你對宏觀背景中更積極的基調的評論，但我確實想回到我們可能有一段時間沒有談論過的事情。

Do you and the team mind just kind of running through and reminding us what the business looks like right now in terms of kind of contract mix, take or pay, et cetera? Any comments on both sides of the business would be helpful, particularly as the partnership has grown over the last couple of years. Thanks.

您和您的團隊是否介意簡單介紹一下目前的業務狀況，例如合約組合、照付不議等？雙方的任何評論都會很有幫助，特別是在過去幾年合作關係不斷增長的情況下。謝謝。

Yeah. Good morning, John. Thanks for the question. First and foremost, if we take sort of step back and try to look at the business overall, we're obviously seeing a little bit of volatility. We're watching a few of our producer customers very closely. Obviously, some of them having announced in the last few days, but we think our strategy truly positions us well. We believe that the strategy is durable and we can succeed really in generating the kinds of returns and growth through most of these macroeconomic environments.

是的。早安，約翰。謝謝你的提問。首先，如果我們退一步來看整個業務，我們顯然看到了一些波動。我們正在密切關註一些生產商客戶。顯然，其中一些已經在過去幾天宣布了這一消息，但我們認為我們的策略確實為我們帶來了優勢。我們相信該策略是持久的，我們能夠在大多數宏觀經濟環境中真正成功地創造回報和成長。

The strategic relationship with MPC is a key part of that. I mentioned it as well, I think keep in mind that, notwithstanding this volatility, we're seeing that most of the earnings in our business are coming from Nat Gas in the NGL segment in the Northeast. Those natural gas prices are remaining strong and the producers are relatively less sensitive to that.

與 MPC 的策略關係是其中的關鍵部分。我也提到了這一點，我想請記住，儘管存在這種波動，但我們看到我們業務中的大部分收益來自東北地區 NGL 部門的天然氣。天然氣價格維持堅挺，生產商對此相對較不敏感。

So in general, I think you also saw the announcements that we made in the quarter, the incremental purchase to 100% to 55% in BANGL. You saw our announcement in increasing Matterhorn 5% to 10% as well. And so these things continue to be supportive.

總的來說，我想您也看到了我們在本季發布的公告，即 BANGL 的增量購買量從 100％ 降至 55％。您也看到了我們關於將馬特洪峰價格提高 5% 至 10% 的公告。因此這些事情將繼續起到支持作用。

The other comment that I'd make, and then I'll pass it to Kris to talk a little bit more about the contract mix, is much of our business is not spec. We are building just in time. So our projects, if you look at what we're doing in the Permian, seventh gas processing plant there that brings us to 1.4 BCF is really just in time. So that project will continue. And again, we expect that to be accretive and meet our goals.

我要說的另一點是，我們的許多業務都不是規格性的，然後我會把它傳遞給克里斯，讓他進一步談論合約組合。我們正在及時建設。因此，如果您看看我們在二疊紀盆地所做的事情，您就會知道那裡的第七個天然氣處理廠將使我們的產量達到 1.4 BCF，這確實來得正是時候。因此該項目將繼續進行。我們再次期望這能夠帶來增值並實現我們的目標。

Let me pass it to Kris to talk about the mix there.

讓我把它傳給克里斯來討論那裡的混合。

Yeah. John, just to get maybe a little more granular into the mix, we'll start with Crude and Products Logistics. That's about, if you recall, two-thirds of our EBITDA for MPLX in total. And about 90% of that segment revenue is generated from Marathon Petroleum. So when you think about those arrangements with MPC, they provide significant protection during lower refinery utilization. And I just would have you think back to the 2020 COVID year when we actually were able to grow distributions and EBITDA.

是的。約翰，為了更詳細地了解情況，我們將從原油和產品物流開始。如果你還記得的話，這大約佔 MPLX EBITDA 總額的三分之二。該部門約 90% 的收入來自馬拉松石油。因此，當您考慮與 MPC 的這些安排時，它們會在煉油廠利用率較低期間提供顯著的保護。我只是想讓你回想一下 2020 年的新冠疫情年，當時我們實際上能夠增加分銷和 EBITDA。

And then when you think about our Natural Gas and NGL segment, roughly two-thirds of that EBITDA is still being driven by the Marcellus Basin. And when you think about the Marcellus Basin, those contracts are fee-based and have over 75% in BC protection. That's maybe a general overview.

然後，當您想到我們的天然氣和 NGL 部門時，大約三分之二的 EBITDA 仍然由馬塞勒斯盆地推動。當您想到馬塞勒斯盆地時，這些合約都是基於費用的，並且有超過 75% 的 BC 保護。這也許只是一個總體概述。

Yeah, that's helpful. I appreciate the detail. One more, and again, acknowledging the comments and kind of the just-in-time project focus, but if we're looking at the capital budget and just kind of spending from here, I guess what's the sensitivity on that to the macro backdrop, let's say, of Permian production starts to slow a little bit more? How can you kind of be flexible on some of these projects?

是的，這很有幫助。我很欣賞這個細節。再說一次，我承認這些評論和即時專案重點，但如果我們看看資本預算和目前的支出，我想這對宏觀背景的敏感度是什麼，比如說，二疊紀的生產開始放緩一點？您如何才能在這些項目上保持靈活性？

And maybe in particular, since a lot of these are JVs, maybe even like the export dock, how do we think about kind of really governance with your partners on choosing or being able to flex some of that spend? Thanks.

尤其是，由於其中許多都是合資企業，甚至可能像出口碼頭一樣，我們如何考慮與合作夥伴進行真正的治理，以選擇或靈活運用部分支出？謝謝。

Thanks, John. Let me just remind you, if I might, as we look at our capital plan for 2025, we said about $1.7 billion that was focused on growth. About 85% of that is really NGL and nat gas-related. Secretariat is in that mix. We do not anticipate slowing that. That project or that processing facility is expected to be complete at the end of the year. We've also talked about Harmon Creek III in the Marcellus. That project, again, expected and on its way.

謝謝，約翰。請容許我提醒您，當我們回顧 2025 年的資本計畫時，我們說過約有 17 億美元將專注於成長。其中約 85% 確實與 NGL 和天然氣有關。秘書處就屬於其中之一。我們預計這一進程不會減緩。該項目或該加工廠預計將於今年底完工。我們也討論了馬塞勒斯的 Harmon Creek III。該項目再次符合預期並正在進行中。

One where we are in the early stages, but we're spending this year's portion is for the fracs and the export terminal, 2028 and 2029. I would say the rest of that, we can obviously continue to evaluate and have the ability to flex some of that as needed, but for the most part, that's really how we're seeing capital for this year.

我們目前處於早期階段，但今年的支出將用於壓裂和出口終端，即 2028 年和 2029 年。我想說的是，對於其餘部分，我們顯然可以繼續評估，並有能力根據需要靈活調整其中的一些，但在大多數情況下，這就是我們對今年資本的看法。

I'm going to pass it to Greg and let him give you a little more color there.

我要把它傳給格雷格，讓他跟你講解更多細節。

Yeah. Thanks, John. I think that Maryann's points were all -- just to add a little bit to that, we do have strong customers, a solid customer base in the Permian and all across the regions. And the Secretariat plant that we are constructing now is under -- is being built not to spec, but under contract.

是的。謝謝，約翰。我認為 Maryann 的觀點都是——補充一點，我們確實擁有強大的客戶，在二疊紀和所有地區都有穩固的客戶群。我們目前正在建造的秘書處工廠不是按照規格建造的，而是按照合約建造的。

So we take a long-term approach and our customers are too. Obviously, volatility right now and some fluidity in terms of crude pricing, but the gas and gas processing side, we're still bullish on. And as the gas fill ratio goes up on even the producing wells, regardless of the pace of new crude drilling, that also drives volume in the Permian Delaware Basin.

因此，我們採取了長期策略，我們的客戶也是如此。顯然，目前原油價格波動較大，但天然氣和天然氣加工方面我們仍然看好。而且，無論新原油鑽探的速度如何，隨著生產井的天然氣填充率上升，這也將推動二疊紀特拉華盆地的產量。

And John, this is Maryann, I want to make sure, I think you also asked a question about whether or not we would consider slowing or halting the project on the export business. I think that was your question. And I would say at this juncture right now, we continue to think that LPG exports will continue. They need to find a home placement in Europe, Southeast Asia, Japan. We saw just the other day, frankly, the tariffs get lifted on ethane. So at this juncture, we continue to believe it's an appropriate course for us to proceed.

約翰，我是瑪麗安，我想確認一下，我想你也問過一個問題，我們是否會考慮放緩或停止出口業務項目。我想這就是你的問題。我想說，在目前的這個時刻，我們仍然認為液化石油氣出口將會持續下去。他們需要在歐洲、東南亞、日本找到安置地。坦白說，就在前幾天，我們看到乙烷的關稅被取消了。因此，在這個關鍵時刻，我們仍然相信這是我們繼續前進的適當方針。

All right. That's great. Really appreciate the color. Thank you.

好的。那太棒了。真的很欣賞這個顏色。謝謝。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning. With a strong M&A to drive growth, my quick question here is, can you give some more details around this acquisition of gathering business from Whiptail Midstream? How did this come about, the benefits to your midstream portfolio? And it looks like it might actually be a little bit of synergy to your refining business also, if you could talk about that.

早安.透過強大的併購來推動成長，我的快速問題是，您能否提供有關此次從 Whiptail Midstream 收購收集業務的更多細節？這是怎麼發生的？這對您的中游投資組合有什麼好處？而且看起來它實際上可能對您的煉油業務有一點協同效應，如果您可以談論的話。

Good morning, Manav. Thanks for the question. Yeah, so Whiptail, it's a crude oil, natural gas, and water gathering business, and it's really supports production in the Four Corners region.

早安，馬納夫。謝謝你的提問。是的，Whiptail 是一家原油、天然氣和水收集公司，它確實支持了 Four Corners 地區的生產。

I think you said it well, as we have continued to try to talk about the strategic relationship and our ability to optimize across our full value chains, this asset really complements MPLX's existing presence in the region, as well as enhances our strategic relationship with MPC, particularly when you think about its connectivity to the El Paso Refinery.

我認為您說得很好，因為我們一直在嘗試談論戰略關係以及我們優化整個價值鏈的能力，這項資產確實補充了 MPLX 在該地區的現有業務，並增強了我們與 MPC 的戰略關係，特別是當您考慮到它與埃爾帕索煉油廠的連通性時。

So about a $237 million transaction, I think it really supports our requirements when we think about putting capital to work. We expect it to be immediately accretive, deliver mid-teens returns, and really complement the strategic relationship and the value chains between MPC and MPLX.

因此，關於 2.37 億美元的交易，我認為當我們考慮投入資本時，它確實支持了我們的要求。我們預計它將立即增值，帶來中等水準的回報，並真正補充 MPC 和 MPLX 之間的戰略關係和價值鏈。

Perfect. My quick follow-up here is, can you talk about the WPC JV? Three strong partners, looks like your guys are moving ahead with the Traverse Pipeline. So how does this project benefit the overall portfolio? And also, how do you see this JV developing, three partners coming together, versus trying to do all alone on yourself? Can you talk about those benefits a little?

完美的。我的快速跟進問題是，您能談談 WPC JV 嗎？三位強大的合作夥伴，看起來你們正在推進 Traverse 管線建設。那麼這個計畫如何使整體投資組合受益？另外，您如何看待這家合資企業的發展，是三家合作夥伴攜手合作，還是獨自一人獨自完成所有工作？能稍微談談這些好處嗎？

Sure, Manav. I think as we talk about our nat gas, wellhead, the water strategy, we're really always looking to optimize those value chains, whether it's natural gas, the NGLs, crude. We don't think this is static. We're going to continue to adapt as we see the market. And I think this is an example of an opportunity here as we're looking for the longer-term growth in our natural gas value chains.

當然，馬納夫。我認為，當我們談論天然氣、井口和水資源策略時，我們實際上一直在尋求優化這些價值鏈，無論是天然氣、天然氣液體還是原油。我們不認為這是靜態的。我們將根據市場情況不斷調整。我認為這是一個機遇，因為我們正在尋求天然氣價值鏈的長期成長。

But let me pass it to Dave, and he can give you some of the specifics around Traverse.

但讓我把它傳給戴夫，他可以給你提供有關 Traverse 的一些具體資訊。

Hey. Thanks, Maryann. Yeah. Manav, so let me give a little more color about our Permian nat gas to Gulf Coast strategy and how Traverse fits into that, because I think it's real important.

嘿。謝謝，瑪麗安。是的。Manav，請容許我更詳細地介紹一下我們的二疊紀天然氣至墨西哥灣沿岸戰略以及 Traverse 如何融入其中，因為我認為這非常重要。

So first of all, let me set the stage that we have and continue to see strong Permian growth along with strong customer demand. And we're always looking to participate in the opportunities along that value chain. So that's kind of the backdrop.

首先，讓我先介紹一下我們已經並將繼續看到的二疊紀盆地的強勁成長以及強勁的客戶需求。我們一直在尋求參與該價值鏈上的機會。這就是背景。

And so first was all around egress out of the Permian Basin to the Gulf Coast. So what I want you to think about there is Whistler and Blackcomb, Permian to the Agua Dulce market, and then Matterhorn from the Permian to the Katy market. So those are the long-haul pipes that clear the barrels out of the Permian Basin.

因此，首先要解決的是從二疊紀盆地到墨西哥灣沿岸的所有出口問題。所以我希望你們考慮一下惠斯勒和黑梳山，從二疊紀到阿瓜杜爾塞市場，然後是從二疊紀到凱蒂市場的馬特洪峰。這些是將桶子從二疊紀盆地中清理出來的長距離管道。

Second was the connectivity, the final connectivity to the demand hub, which is the LNG facilities in the Gulf Coast. So there, think about ADCC from Agua Dulce to Corpus Christi, and then Rio Bravo, most recently from Agua Dulce to the Brownsville, Texas, market. So that's kind of that last mile to the demand hub, the LNG facilities.

第二是連通性，最終是與需求中心的連結性，也就是墨西哥灣沿岸的液化天然氣設施。因此，想想從 Agua Dulce 到 Corpus Christi，然後是 Rio Bravo，最近又從 Agua Dulce 到德克薩斯州布朗斯維爾市場的 ADCC。這是到達需求中心即液化天然氣設施的最後一哩路。

And then third is where Traverse comes in. And that's providing optionality and flexibility to our shippers and access to Permian markets. So Traverse is a bidirectional pipeline between Agua Dulce and Katy to give them -- to give our shippers that optionality and flexibility. So that's really how it all fits together.

第三個是 Traverse。這為我們的托運人提供了選擇性和靈活性，並進入了二疊紀市場。因此，Traverse 是 Agua Dulce 和 Katy 之間的雙向管道，為我們的托運人提供選擇性和靈活性。這就是一切真正結合在一起的方式。

So going forward, back to your question, we'll continue, as always, to evaluate opportunities, to optimize and evaluate and enhance our Permian to Gulf Coast value chain to meet this continued growth that we see and the continued customer demand and the flexibility that they're looking for. So hopefully, that gives you a little more color in our overall strategy.

所以，回到你的問題，我們將一如既往地繼續評估機會，優化、評估和增強我們的二疊紀到墨西哥灣沿岸價值鏈，以滿足我們看到的持續增長以及持續的客戶需求和他們所尋求的靈活性。所以希望這能讓您對我們的整體策略有更多的了解。

Thank you. And congrats on a very strong quarter.

謝謝。恭喜本季業績表現強勁。

Burke Sansiviero, Wolfe Research.

伯克桑西維羅（Burke Sansiviero），沃爾夫研究公司。

Hi. Good morning. Just with the buyout of your partner's interest in BANGL, the two new fracs and the export project, would you say the company now has sufficient scale to compete in the integrated NGL value chain? Or are there more pieces you'd like to add to increase the size and scale of the platform?

你好。早安.僅透過收購合作夥伴在 BANGL 的權益、兩個新的壓裂項目和出口項目，您是否認為該公司現在已擁有足夠的規模來參與綜合 NGL 價值鏈的競爭？或者您想添加更多部分來增加平台的大小和規模？

Good morning, Burke, and thanks for the question. As we think about BANGL, when we started with about 25% ownership, last year, we bought incremental ownership to get us to 45%. And now this year, we're announcing the final 55% that gives us 100% ownership of BANGL. We think this transaction and the level of ownership there, the 100% ownership, is a really critical link in our integrated NGL value chain and it strengthens our control there. Plus, we think it positions us to support our producer customers well.

早安，伯克，謝謝你的提問。當我們考慮 BANGL 時，我們一開始擁有約 25% 的所有權，去年我們購買了增量所有權，使所有權達到 45%。今年，我們宣布獲得最後 55% 的股份，這將使我們擁有 BANGL 的 100% 所有權。我們認為，這筆交易以及那裡的所有權水平（100％所有權）是我們綜合 NGL 價值鏈中非常關鍵的環節，它加強了我們在那裡的控制力。此外，我們認為這使我們能夠更好地支援我們的生產商客戶。

I would say, as you know and have heard us say, we continue to see opportunities. This strategy is critically important to us, and we'll look for opportunities to put capital to work that meet our requirements, that is growth, EBITDA, mid-single-digit over the long term, being able to generate mid-teens returns, and ultimately then support the 12.5% distribution. So we'll continue to evaluate those opportunities in addition to this transaction.

我想說，正如您所知和聽到我們所說的，我們繼續看到機會。這項策略對我們至關重要，我們將尋找機會將資本投入到符合我們要求的項目中，即成長、EBITDA、長期中等個位數成長，能夠產生中等十幾個百分點的回報，並最終支持 12.5% 的分配。因此，除了此次交易之外，我們還將繼續評估這些機會。

I'm going to ask Shawn to give you a bit of color on BANGL as well.

我還想請 Shawn 給你介紹一下 BANGL。

Good morning, Burke, and thanks, Maryann. Hey, Burke, we continue to see really strong volumes and growth profile in the Permian Basin and the BANGL Pipeline.

早安，伯克，謝謝你，瑪麗安。嘿，伯克，我們繼續看到二疊紀盆地和孟加拉國國家石油管道的產量和成長勢頭非常強勁。

What we call segment B, which is Gardendale to Sweeney expansion, was completed this first quarter of 250,000 barrels per day. And then the additional expansion to 300,000 barrels per day is expected to be completed in the second half of '26. So in summary, we're confident in the growth profile of BANGL, especially as we execute, as Maryann mentioned, our wellhead to water strategy continuing forward.

我們所謂的 B 段，即從加登代爾到斯威尼的擴建段，已於今年第一季完工，日產量為 25 萬桶。預計在 26 年下半年將進一步擴大至每天 30 萬桶。總而言之，我們對 BANGL 的成長前景充滿信心，特別是正如 Maryann 所提到的，我們將繼續執行從井源到水的策略。

Thanks for the color there. And just for my second one, how contracted are the frac and export projects with MPC? And is it only the ethane that MPLX would need to sell to third parties?

感謝那裡的色彩。我的第二個問題是，與 MPC 簽訂的壓裂和出口專案合約是怎樣的？MPLX 是否只需要將乙烷賣給第三方？

Yeah, Burke, Maryann. We talked about the fact that ethane is what MPLX would be marketing last quarter, and then MPC and MPLX will enter into a contract for all of the C3.

是的，伯克，瑪麗安。我們談到乙烷是 MPLX 上個季度要銷售的產品，然後 MPC 和 MPLX 將簽訂有關所有 C3 的合約。

But I'll pass it to Greg and let him give you additional color.

但我會把它傳給格雷格，讓他給你更多細節。

Thanks, Maryann. Burke, we have facilities very near our planned Texas City fracs and other options in that area that we don't plan at this point to export ethane, but we do have plenty of offtake options and we're working those. But that will be, as you mentioned, MPLX in charge of closing those deals.

謝謝，瑪麗安。伯克，我們在德克薩斯城計劃的壓裂設施附近有設施，並且該地區還有其他選擇，我們目前不打算出口乙烷，但我們確實有很多承購選擇，我們正在努力實現這些選擇。但正如您所說，MPLX 將負責完成這些交易。

Thanks. Appreciate it.

謝謝。非常感謝。

(Operator Instructions) Michael Blum, Wells Fargo.

（操作員指示）邁克爾布魯姆，富國銀行。

Thanks. Good morning, everyone. Can you speak to the level of buybacks executed in the first quarter? In light of the fact you've stepped up your level of CapEx, you have, I think, less excess free cash flow after distribution than you've had in the past, and the macro environment is obviously a little more uncertain, so how do we think about buybacks going forward?

謝謝。大家早安。能談談第一季的回購水準嗎？鑑於您已經提高了資本支出水平，我認為，分配後的超額自由現金流比過去要少，而且宏觀環境顯然更加不確定，那麼我們如何看待未來的回購？

Yeah. Good morning, Michael. Thanks for the question. First and foremost, I would say, as we think about our capital allocation priorities, they really haven't changed, and so we want to be sure that we are deploying capital to meet that mid-single-digit growth over the period of time, as I said. We don't necessarily expect it to be linear, but over a long period of time, we're saying mid-single-digit growth. At the same time, we want to be able to generate mid-teens returns on that capital that we put to work, because we think maintaining that 12.5% distribution, as we have been talking about, is critically important.

是的。早上好，麥可。謝謝你的提問。首先，我想說，當我們考慮資本配置優先順序時，它們實際上並沒有改變，所以我們希望確保我們部署的資本能夠滿足一段時間內中等個位數的成長，正如我所說的。我們不一定期望它是線性的，但在很長一段時間內，我們預計它會實現中等個位數的成長。同時，我們希望能夠從投入的資本中獲得中等水準的回報，因為我們認為維持 12.5% 的分配率（正如我們一直在談論的那樣）至關重要。

At the same time, when we look at the valuation of the equity, when we look at our growth plans and we look at the opportunities, those that we're here talking about today and those that we continue to evaluate, we think the equity is undervalued. And so we are using that as the ability amongst all the rest of the capital allocation priorities to lean in there as well.

同時，當我們審視股權估值、審視我們的成長計畫和機會時，我們今天在這裡談論的那些以及我們繼續評估的那些，我們認為股權被低估了。因此，我們將這項能力作為所有其他資本配置優先事項的重要面向。

I think you said it well. We're looking at the volatility in the short term, but overall, this year, we are expecting year-over-year volume growth, as I shared. So hopefully, that's helpful, Michael.

我覺得你說得很好。我們正在關注短期內的波動，但總體而言，正如我所說，今年我們預計銷量將同比增長。所以希望這對你有幫助，邁克爾。

Yeah, thanks for that. Appreciate it. And then, I just wanted to ask a broad question on tariffs. It hasn't really come up much on this call. Is there just any impacts we should think about for MPLX, maybe to incremental project costs, returns, or any other elements we should be thinking of? Thanks.

是的，謝謝。非常感謝。然後，我只想問一個關於關稅的廣泛問題。這次通話中並沒有真正談到太多內容。我們是否應該考慮 MPLX 受到的影響，例如增加專案成本、增加回報，或考慮其他我們應該考慮的因素？謝謝。

Yeah. Sure, Michael. I would say at this juncture, for what we know about the tariffs and the intentions, notwithstanding what may happen within this less than 90-day window that's remaining here for resolution, but it really has very minimal impact on MPLX, particularly as we think about the operations. Certainly, some of the projects that we talked about, particularly our fracs, et cetera, we've tried to get in very early and ensure that we don't have cost creep, et cetera.

是的。當然，邁克爾。我想說，就我們目前對關稅和意圖的了解而言，無論在剩下的不到90天的時間內可能會發生什麼，但這對MPLX的影響確實非常小，尤其是在我們考慮營運的情況下。當然，我們討論的一些項目，特別是我們的壓裂項目等等，我們已經嘗試儘早進入並確保我們不會出現成本攀升等等。

So what I would tell you is, we are controlling, as you know, we try to do. We're controlling the things that we absolutely can. We're trying to stay ahead of those curves and ensuring that we can bring those projects in as expected. So minimal impact as we sit here today for what we know.

所以我想告訴你的是，我們正在控制，正如你所知，我們正在努力做到這一點。我們正在控制我們絕對能夠控制的事情。我們正努力保持領先地位，並確保能夠如預期完成這些項目。因此，就我們今天坐在這裡所了解的情況而言，影響微乎其微。

Thank you.

謝謝。

You are welcome.

不客氣。

Thank you. And at this time, we have no further questions. I'll now turn the call over back to Kristina.

謝謝。目前我們沒有其他問題。我現在將電話轉回給克里斯蒂娜。

Thank you for your interest in MPLX. Should you have more questions or would you like clarifications on topics discussed this morning, please contact us, and our team will be available to help with your questions. Thank you for joining us today.

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，我們的團隊將隨時為您解答。感謝您今天加入我們。

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

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。