MPLX LP (MPLX) 2025 Q4 法說會逐字稿

Welcome to the MPLX fourth quarter 2025 earnings call. My name is Julie, and I will be your operator for today's call. (Operator Instructions) I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

歡迎參加 MPLX 2025 年第四季財報電話會議。我叫朱莉，今天將由我來為您接聽電話。（操作員指示）我現在將把電話轉接給 Kristina Kazarian。克里斯蒂娜，你可以開始了。

Welcome to MPLX's fourth quarter 2025 Earnings Conference Call. The slides that accompany the call today can be found on our website at mplx.com under -- joining me on the call today are Maryann Mannen, President and CEO; Chris Hagedorn, CFO; and other members of the executive team. We invite you to read the safe harbour statements on Slide 2. We will be making forward-looking statements today. Actual results may differ.

歡迎參加 MPLX 2025 年第四季財報電話會議。今天電話會議的幻燈片可以在我們的網站 mplx.com 下找到——今天和我一起參加電話會議的有總裁兼首席執行官 Maryann Mannen；首席財務官 Chris Hagedorn；以及其他執行團隊成員。請閱讀投影片 2 上的安全港聲明。我們今天將發表一些前瞻性聲明。實際結果可能有所不同。

Factors that could cause actual results to differ are included there as well as our filings with the SEC. As a reminder, in the fourth quarter of 2025, MPLX divested noncore gathering and processing assets, which had a $23 million year-over-year impact on our adjusted EBITDA within our natural gas and NGL Services segment. Additional details on the impact of this divestiture can be found on Page 11 in our earnings release. With that, I will turn the call over to Maryann.

可能導致實際結果出現差異的因素以及我們向美國證券交易委員會提交的文件都包含在內。提醒一下，在 2025 年第四季度，MPLX 剝離了非核心的收集和加工資產，這導致我們天然氣和 NGL 服務部門的調整後 EBITDA 同比下降了 2,300 萬美元。有關此資產剝離的影響的更多詳情，請參閱我們的獲利報告第 11 頁。接下來，我將把電話交給瑪莉安。

Thanks, Kristina. Good morning and thank you for joining our call. 2025 was a year of disciplined investment and strong returns. It was our fourth consecutive year achieving a mid-single-digit 3-year adjusted EBITDA growth CAGR. Adjusted EBITDA reached just over $7 billion.

謝謝你，克里斯蒂娜。早安，感謝各位參加我們的電話會議。 2025年是穩健投資並獲得豐厚回報的一年。這是我們連續第四年實現 3 年調整後 EBITDA 複合年增長率達到個位數中段水準。調整後 EBITDA 略高於 70 億美元。

The strength across our business gave us confidence to continue our history of returning meaningful capital to our unitholders. We increased our distribution by 12.5%, bringing total returns in 2025 to $4.4 billion. This decision reflects our commitment to return the value we create as we advance MPLX's growth strategy with our unitholders.

我們業務各方面的強勁表現使我們有信心繼續保持向股東返還可觀資本的傳統。我們將分紅提高了 12.5%，使 2025 年的總回報達到 44 億美元。這項決定體現了我們致力於在推進 MPLX 成長策略的過程中，與我們的單位持有者共同創造價值並予以回報的承諾。

Over the past year, we took meaningful steps to position MPLX for the next phase of growth. We deployed $5.5 billion to our natural gas and NGL value chains, primarily focused on the fastest-growing region in the country. We optimized our portfolio through divestitures of noncore assets. ensuring our future capital deployment is aligned with the strongest return opportunities as we build the infrastructure that will fuel tomorrow's energy needs.

過去一年，我們採取了切實有效的措施，為MPLX的下一階段成長做好準備。我們向天然氣和液化天然氣價值鏈投入了 55 億美元，主要集中在該國成長最快的地區。我們透過剝離非核心資產優化了投資組合，確保未來的資本部署與最具回報的機會保持一致，同時我們也在建立能夠滿足未來能源需求的基礎設施。

Together, these investments and portfolio actions create a more resilient and competitive MPLX, one that we believe can continue delivering growth while maintaining our strong track record of returning capital to our unitholders.

這些投資和投資組合策略共同打造了一個更具韌性和競爭力的 MPLX，我們相信它能夠繼續實現成長，同時保持我們為單位持有者帶來資本回報的良好記錄。

Today, we announced our capital plan for 2026.

今天，我們公佈了2026年的資本計畫。

We are planning to invest $2.4 billion as we execute on a robust pipeline of capital projects that support long-term structural growth. The long-term fundamentals for natural gas and NGL demand remain strong. In the US, natural gas demand is anticipated to grow over 15% through 2030, driven by the rapid expansion of LNG export capacity and rising power needs, particularly from data centres. We are also seeing higher gas-to-oil ratios across key shale basins as aging wells produce more associated gas per barrel of oil.

我們計劃投資 24 億美元，以實施一系列強有力的資本項目，從而支持長期結構性成長。天然氣和液化天然氣需求的長期基本面依然強勁。在美國，受液化天然氣出口能力快速擴張和電力需求（尤其是資料中心的電力需求）不斷增長的推動，預計到 2030 年，天然氣需求將增加超過 15%。我們也看到，隨著老舊油井每桶原油產出更多伴生氣，主要頁岩盆地的油氣比也在上升。

This trend is increasing supplies of NGL-rich gas and underscores the strategic importance of our infrastructure in the Permian. Globally, petrochemical demand for ethane and propane are driving increased NGL exports the strength of the long-term outlook. 90% of our growth capital will be directed towards our natural gas and NGL Services segment, where we see some of the most compelling opportunities in the midstream sector.

這一趨勢增加了富含NGL的天然氣的供應，凸顯了我們在二疊紀盆地的基礎設施的戰略重要性。在全球範圍內，石油化工產業對乙烷和丙烷的需求推動了天然氣凝液出口的成長，這增強了長期前景。我們將把90%的成長資金投入天然氣和天然氣凝液服務業務板塊，我們認為該板塊在中游領域擁有最具吸引力的機會。

These projects are concentrated in the Permian and Marcellus, 2 of the most prolific and competitive basins in North America and are expected to generate mid-teens returns when they come into service in 2028 and beyond.

這些項目集中在北美產量最高、競爭力最強的兩個盆地——二疊紀盆地和馬塞勒斯盆地，預計在 2028 年及以後投入營運後，將產生十幾個百分點的回報。

These investments reflect our confidence in the long-term fundamentals of the energy market and in MPLX's ability to continue capturing value as these opportunities unfold. Execution of our Permian NGL wellhead-to-water strategy continues to advance. We are integrating the sour gas treating operations we acquired last year into our existing gathering and processing footprint in the Delaware Basin.

這些投資體現了我們對能源市場長期基本面的信心，以及對 MPLX 在這些機會出現時繼續創造價值的能力的信心。我們的二疊紀天然氣凝液井口到水戰略的執行正在持續推進。我們將去年收購的酸性天然氣處理業務整合到我們在特拉華盆地現有的天然氣收集和加工業務中。

Titan treating complex construction continues and is progressing on time and on budget. expect to be treating more than 40 -- our EBITDA grew from 35 which is planned for 2025 and provides an attractive solution for producers who are increasing activity in the low-cost sour gas window of the Delaware.

Titan 複雜處理項目的建設仍在繼續，並按時按預算推進。預計將處理超過 40 個氣田——我們的 EBITDA 從 35 增長到 2025 年的計劃水平，並為在特拉華州低成本酸性天然氣窗口增加活動的生產商提供了一個有吸引力的解決方案。

Building on the downstream opportunities created by this platform, today, we announced Secretariat II, a new 300 million cubic feet per day processing plant. Expected to deliver mid-teens returns, the $320 million plant will be our eighth gas processing facility in the Delaware Basin and is expected online in the second half of 2028. Once in service, our total processing capacity in the basin will reach approximately 1.7 billion cubic feet per day.

基於該平台創造的下游機遇，今天，我們宣布啟動 Secretariat II 項目，這是一座日處理量達 3 億立方英尺的新加工廠。預計該工廠將帶來十幾個百分點的回報，耗資 3.2 億美元，將成為我們在特拉華盆地的第八個天然氣處理廠，預計將於 2028 年下半年投入營運。一旦投入使用，我們在該盆地的總處理能力將達到每天約 17 億立方英尺。

Further downstream, the BANGL pipeline expansion remains on schedule with incremental capacity expected online in the fourth quarter of this year. Beyond BANGL, we are advancing construction of a 300,000 barrel per day of Gulf Coast fractionation capacity as well as our 400,000 barrel per day LPG export terminal JV.

下游的 BANGL 管線擴建工程仍在按計畫進行，預計今年第四季新增產能投入營運。除了 BANGL 項目之外，我們還在推進建設日處理能力為 30 萬桶的墨西哥灣沿岸分餾能力項目，以及每日處理能力為 40 萬桶的液化石油氣出口碼頭合資項目。

Engineering and construction continues. We have secured key construction permits, reflecting strong regulatory and stakeholder engagement. Site grading is near completion and is being executed with strong safety performance and responsible environmental stewardship. The LPG export terminal expected online in 2028 will benefit from its advantaged proximity to open water, positioning us to serve growing global markets with greater efficiency. Elsewhere in the Permian, MPLX continues to invest in its integrated natural gas value chain.

工程建設仍在繼續。我們已獲得關鍵的施工許可證，這反映了我們與監管機構和利害關係人的密切合作。場地平整工作已接近尾聲，施工過程中嚴格遵守安全規範，並專注於環境保護。預計將於 2028 年投入使用的液化石油氣出口碼頭將受益於其靠近開闊水域的優越地理位置，使我們能夠更有效率地服務於不斷增長的全球市場。在二疊紀盆地的其他地區，MPLX 繼續投資其一體化天然氣價值鏈。

In November, MPLX, along with its JV partners, announced the expansion of the Eiger Express natural gas pipeline to 3.7 billion cubic feet per day. The expansion demonstrates the record demand for firm takeaway capacity we are seeing across the basin.

11 月，MPLX 及其合資夥伴宣布將 Eiger Express 天然氣管道擴建至每天 37 億立方英尺。此次擴建表明，整個盆地對食品外賣能力的需求創下歷史新高。

Construction is also progressing on several long-haul JV pipeline systems. These investments are underpinned by commitments from the basin's leading producers and will enhance shippers access to multiple premium markets along the Gulf Coast. In the Marcellus, our largest operating region, construction is advancing on the 300 million cubic feet per day Harmon Creek III gas processing and fractionation complex.

多個長途合資管道系統的建設也在穩步推進。這些投資得到了盆地主要生產商的承諾支持，並將增強托運人進入墨西哥灣沿岸多個優質市場的機會。在馬塞勒斯頁岩氣田（我們最大的營運區域），每日處理能力達 3 億立方英尺的 Harmon Creek III 天然氣處理和分餾綜合體的建設正在推進中。

Upon completion, expected in the third quarter of 2026, our Northeast processing capacity will reach 8.1 billion cubic feet per day and fractionation capacity of 800,000 barrels per day, positioning MPLX to serve growing Marcellus and Utica volumes. MPLX is also expanding its Marcellus gathering system to meet producer needs through a $450 million project, which will add compression, support well connections and enhance MPLX's Majorsville gas processing complex.

預計在 2026 年第三季完工後，我們東北地區的加工能力將達到每天 81 億立方英尺，分餾能力將達到每天 80 萬桶，使 MPLX 能夠服務於不斷增長的馬塞勒斯和尤蒂卡頁岩氣產量。MPLX 還透過一項 4.5 億美元的項目擴大其馬塞勒斯集氣系統，以滿足生產商的需求，該項目將增加壓縮、支持井連接並增強 MPLX 的梅傑斯維爾天然氣處理綜合體。

The project is expected to deliver mid-teens returns and enter service in the first half of 2028. Our capital deployment strategy positions MPLX for durable long-term growth. We are building the infrastructure system that will support rising North American future energy needs.

該計畫預計將帶來十幾個百分點的回報，並於 2028 年上半年投入使用。我們的資本部署策略使 MPLX 能夠實現持久的長期成長。我們正在建造基礎設施系統，以滿足北美未來不斷增長的能源需求。

From new treating and processing capacity to downstream fractionation and export, we plan to deliver on our commitment to create sustainable value for our unitholders. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.

從新的處理和加工能力到下游分餾和出口，我們計劃履行我們為股東創造永續價值的承諾。現在我把電話交給克里斯，讓他來討論我們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 and Logistics segment. Segment adjusted EBITDA increased $52 million compared to the fourth quarter of 2024.

謝謝你，瑪麗安。第 8 頁概述了我們原油及產品和物流部門第四季度的營運和財務業績亮點。與 2024 年第四季相比，分部調整後 EBITDA 增加了 5,200 萬美元。

The increase was primarily driven by a $37 million benefit from a revised FERC tariff issued in November and higher rates, partially offset by higher planned project-related expenses. Pipeline volumes increased 1%, while terminal volumes decreased 2% year-over-year.

此次成長主要得益於 11 月發布的修訂版聯邦能源監管委員會關稅帶來的 3700 萬美元收益以及更高的費率，但部分被計劃中更高的項目相關支出所抵消。管道輸送量較去年同期成長 1%，而終端輸送量較去年同期下降 2%。

Moving to our natural gas and NGL Services segment on Slide 9. Segment adjusted EBITDA decreased $10 million compared to the fourth quarter of 2024 as the divestiture of noncore gathering and processing assets and lower NGL prices more than offset growth from recently acquired assets and higher volumes.

接下來，請看第 9 張投影片，了解我們的天然氣和 NGL 服務部分。與 2024 年第四季相比，分部調整後的 EBITDA 減少了 1000 萬美元，原因是剝離非核心收集和加工資產以及 NGL 價格下降，抵消了最近收購的資產和更高銷售量帶來的成長。

After considering the $23 million impact of divesting noncore gathering and processing assets, we actually grew 2.1% year-over-year for the fourth quarter. Gathered volumes increased 2% year-over-year, primarily due to production growth in the Utica.

考慮到剝離非核心收集和加工資產帶來的 2,300 萬美元影響，我們第四季的實際年增率為 2.1%。收集量年增 2%，主要原因是尤蒂卡河的產量成長。

Processing volumes decreased 1% year-over-year as increased production in the Marcellus was more than offset by the sale of noncore assets. Processing volumes in the Utica have increased 4% year-over-year as producers continue to target this liquids-rich acreage. Marcellus processing utilization was 97% for the quarter, nearing capacity as Harmon Creek III is positioned to come online on a just-in-time basis later this year.

由於馬塞勒斯頁岩氣產量增加，但非核心資產的出售抵消了產量增加，導致加工量年減 1%。由於生產商繼續瞄準這片富含液體的土地，尤蒂卡地區的加工量比去年同期增加了 4%。本季馬塞勒斯頁岩氣處理利用率達到 97%，接近產能，因為 Harmon Creek III 預計將於今年稍後以即時生產的方式上線。

Total fractionation volumes decreased 2% year-over-year as higher ethane recoveries in the Marcellus and Utica were more than offset by the sale of the Rockies assets. Within our natural gas and NGL business, recent freezing conditions across the country have impacted crude oil and natural gas production. We have seen minimal impact to our assets, but some producer customers have experienced frozen well pads and equipment, impacting volumes at a few of our facilities in the Permian. Moving to our fourth quarter financial highlights on Slide 10.

由於馬塞勒斯頁岩和尤蒂卡頁岩的乙烷回收率提高，但落基山脈資產的出售抵消了這一增長，因此總分餾量比去年同期下降了 2%。在我們的天然氣和液化天然氣業務中，近期全國各地的嚴寒天氣對原油和天然氣的生產造成了影響。我們的資產受到的影響很小，但一些生產商客戶的井場和設備被凍結了，影響了我們在二疊紀盆地的一些設施的產量。接下來，請看第 10 張投影片，了解我們第四季的財務亮點。

Adjusted EBITDA of $1.2 billion increased 2% from the prior year, while distributable cash flow of $1.4 billion decreased 4% over the same time frame due to interest expense associated with incremental debt used to finance recent acquisitions and growth capital. During the quarter, MPLX returned $1.2 billion to unitholders in distributions and unit repurchases.

經過調整的 EBITDA 為 12 億美元，比上年增長 2%；而可分配現金流量為 14 億美元，同期下降 4%，原因是用於為近期收購和增長資本融資的新增債務產生的利息支出。本季度，MPLX 透過分紅和單位回購向單位持有人返還了 12 億美元。

MPLX ended the quarter with a cash balance of $2.1 billion and plans to utilize this cash in alignment with our capital allocation framework. MPLX maintains a solid balance sheet which is planned for 2025 still not revealed the annual report will be in two months to follow reach full run rate and our organic growth projects are placed into service. Now let me hand it back to Maryann for some concluding thoughts.

MPLX 本季末現金餘額為 21 億美元，並計劃按照我們的資本配置框架使用這些現金。MPLX 保持穩健的資產負債表，2025 年的計畫尚未公佈，年度報告將在兩個月後發布，屆時將達到全面運行速度，我們的有機成長項目也將投入使用。現在，我把麥克風交還給瑪麗安，讓她做一些總結性發言。

Thanks, Chris. Through disciplined capital deployment execution and optimization of our integrated value chains we have achieved in the second half of this year, we anticipate seeing contributions from the second. Titan sour gas treatment plant, Harmon Creek III Driven by increased throughput on existing assets and new assets being placed into service. As these assets ramp to full capacity, we anticipate they will also support mid-single-digit EBITDA growth in 2027 as well. We remain confident these investments will enhance our cash flows and enable us to continue returning meaningful capital to our shareholders.

謝謝你，克里斯。透過今年下半年我們嚴格的資本部署執行和一體化價值鏈的優化，我們預計從下半年開始將取得成果。泰坦酸性氣體處理廠，哈蒙溪三期工程，由現有資產處理能力的提高和新資產投入使用所驅動。隨著這些資產逐步達到滿載運轉，我們預計它們在 2027 年也將支援中等個位數的 EBITDA 成長。我們仍然相信這些投資將改善我們的現金流，並使我們能夠繼續為股東帶來可觀的回報。

Now let me turn the call over to Kristina.

現在我把電話交給克莉絲蒂娜。

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

謝謝你，瑪麗安。在我們開放提問環節之際，為了尊重所有參與者，我們要求每位參與者只提出一個問題，並可提出後續問題。如果時間允許，我們會問是否有其他問題。接線員，請開通提問線。

(Operator Instructions) John Mackay, Goldman Sachs.

（操作說明）約翰·麥凱，高盛。

Your line is open.

您的線路已開通。

Hey, good morning team. Thank you for the time. Maryann, I wanted to pull up together a couple of points you mentioned. Can you talk a little bit more about your confidence in that mid-teens return target for the project backlog, particularly in the context of maybe lower growth in '25 versus the mid-single-digit overall target going forward. And maybe particularly, anything you can share around contract protections, et cetera. Thank you.

嘿，各位早安。感謝你們抽出時間。瑪麗安，我想把你提到的幾個要點整理一下。您能否再詳細談談您對專案積壓訂單實現十幾個百分點回報目標的信心，尤其是在 2025 年成長可能低於未來整體個位數成長目標的背景下？或許尤其歡迎分享合約保護等方面的內容。謝謝。

Yeah, good morning, John. Thank you. And certainly, when we think about 2026 and frankly, when we think about any capital investment that we put to work, we continue to use our lens of strict capital discipline and ensure that we are delivering mid-teens returns and that those projects are also supportive of our mid-single-digit growth. As I mentioned from a period or two ago, as we look at the growth going forward, it is unlikely that we're going to be able to be completely Lear.

早安，約翰。謝謝。當然，當我們展望 2026 年，坦白說，當我們考慮任何我們投入的資本投資時，我們將繼續秉持嚴格的資本紀律，確保我們實現兩位數中段的回報，並確保這些項目也能支持我們中個位數的增長。正如我一兩個時期前提到的那樣，展望未來的發展，我們不太可能完全像李爾王那樣。

We're putting capital to work that has EBITDA contribution that's coming online in later years. And then we're also adding in our organic M&A opportunities projects that come online in the short term in order to be able to deliver that as well. Let me give you a couple of examples of that. You think about BANGL, the incremental ownership comes online in 2026 incremental EBITDA I mentioned Secretary at One ramping up through 2026. That will add incremental EBITDA again this year.

我們正在投入資金，這些資金將在未來幾年內產生 EBITDA 貢獻。此外，我們還將增加短期內上線的有機併購機會項目，以便也能實現這一目標。我舉幾個例子來說明這一點。想想 BANGL，2026 年新增的所有權將帶來增量 EBITDA，我之前提到過，Secretary at One 將在 2026 年實現成長。這將使今年的 EBITDA 再次增加。

We've got Bay Runner, as I mentioned, in Blackcomb in service in the fourth quarter, contributing to that also. . Moving on to the Marcellus, you've got Harmon Creek III also that will be on in the back half of the year. These are some significant projects, again, through that lens mid-teens returns to support mid-single digits. So that gives us the confidence, as we say that on year-on-year, 25% to 26%, we should see growth above what we saw in '24 and '25.

正如我之前提到的，我們的 Bay Runner 號在第四季度在 Blackcomb 投入使用，也為此做出了貢獻。。接下來是馬塞勒斯頁岩氣田，還有哈蒙溪三期項目，該項目將於今年下半年啟動。這些都是一些重要的項目，再次強調，從這個角度來看，十幾個百分點的回報將支撐個位數的中段報酬率。因此，我們有信心，正如我們所說，同比增長 25% 至 26%，這將高於 2024 年和 2025 年的增長水平。

And we hope that you see that the 2026 capital outlook really signals compelling investment opportunities for us. We think the backdrop, particularly when you look at demand pull, NGL nat gas is extremely supportive and then frankly, when we look at 2026 exit rate for our sour gas project, we remain confident in our ability to deliver that EBITDA into 2027. And then I mentioned Gulf Coast project on track for '28 and beyond.

我們希望您能理解，2026 年的資本展望確實為我們帶來了極具吸引力的投資機會。我們認為，從市場背景來看，特別是從需求拉動來看，NGL天然氣市場具有極大的支撐作用。坦白說，當我們展望2026年酸性天然氣計畫的退出價格時，我們仍然有信心在2027年實現該EBITDA目標。然後我提到了海灣沿岸項目，該項目預計將於 2028 年及以後按計劃進行。

I appreciate all the detail. Maybe drilling in a little bit more, it sounds like you've had some early success on commercial. I mean, some of the North wind kind of synergy projects with Secretariat II, can you just ramp up for us kind of where that process stands? Is there more you can do on factoring some of those volumes coming off that system?

我很欣賞您提供的所有細節。或許可以再深入鑽探一下，聽起來你在商業方面已經取得了一些初步成功。我的意思是，關於北風組織與秘書處二號的一些協同項目，您能否簡要介紹一下這些項目的進展？對於該系統產生的部分交易量，您還能做些什麼來進一步降低其影響？

Yes. Certainly, John. Thank you for the question. As you know, when we talked about the acquisition of North Windows, we call it our Delaware Basin sour gas facility, we felt like it was a critical platform for future growth, particularly when you look at what we consider to be some of the best rock in the Permian and our ability to help producers with treating and processing that. We mentioned at that time that we thought when you looked at the processing contracts now, those had a much shorter duration versus the long-term average 13 year on the trading side.

是的。當然，約翰。謝謝你的提問。如您所知，當我們談到收購 North Windows 時（我們稱之為我們在特拉華盆地的酸性天然氣處理廠），我們認為它是未來發展的關鍵平台，特別是考慮到我們認為二疊紀盆地最好的岩石之一，以及我們幫助生產商處理和加工這些岩石的能力。我們當時提到，從現在來看，處理合約的期限要短得多，而交易方面的長期平均期限為 13 年。

But on the processing side, we said this could potentially be accelerating our growth as we were able to bring new assets online to address those contract roll up on the processing side. . But I would also tell you that Secretariat II will also help us support our legacy volumes as well. So not only is it supportive of growth beyond the Northwind’s platform, but also for our legacy growth I'm going to ask Greg to give you incremental color on the legacy side.

但在處理方面，我們表示這可能會加速我們的成長，因為我們能夠將新的資產上線，以解決處理方面的合約總結問題。。但我還要告訴大家，第二秘書處也將幫助我們支持我們原有的捲冊。因此，它不僅支援 Northwind 平台以外的成長，也支持我們傳統業務的成長。接下來，我將請 Greg 為您詳細介紹一下傳統業務方面的情況。

Yeah, John, yes, we're really excited about -- we continue to be very excited about the sour gas system that we acquired. I mentioned before that it wraps around our existing legacy system as if we had planned and built it. Part of the Titan II expansion, which we're on track, on time and budget to have complete late in the year. It allows us to meet our expectations for run rate in 2027, as Maryann mentioned, but it also provides an opportunity to connect this system into our legacy system. So along with the Titan II project and the compression expansions and the pipelines that we're building to support that uptick in volume.

是的，約翰，是的，我們對我們收購的酸性氣體系統感到非常興奮——我們一直都對我們收購的酸性氣體系統感到非常興奮。我之前提到過，它就像是我們規劃和建造的一樣，環繞著我們現有的遺留系統。這是 Titan II 擴建項目的一部分，我們目前進展順利，按時按預算完成，預計將於今年年底前完成。正如瑪麗安所提到的，這使我們能夠達到 2027 年的運行率預期，同時也提供了一個將該系統連接到我們原始系統的機會。因此，除了 Titan II 專案、壓縮擴展以及我們正在建造的管道之外，我們還在建立管道以支援業務量的成長。

We're also building connecting lines, one on the north end, one from the Titan facility over actually to Secretariat into our Tornado complex and then a middle line. So we'll be able to start offloading when those lines are complete and has tightened capacity ramps up. But we're also -- we see very robust growth continuing in the legacy portion of our system. Some of it on the edge of the sour, some in the suite but still really robust activity from the drillers.

我們還在建造連接線路，一條在北端，一條從泰坦設施延伸到秘書處，進入我們的龍捲風綜合設施，然後還有一條中間線路。所以，當這些生產線完工且產能逐步提升後，我們就可以開始卸貨了。但我們也看到，我們系統的傳統部分持續保持著非常強勁的成長。有些鑽井活動在酸化層的邊緣，有些在酸化層內，但鑽井活動依然非常活躍。

So we upsized Secretariat II, it will be our first 300 million cubic feet per plant and partly to account for the additional growth we have from both systems.

因此，我們擴大了 Secretariat II 的規模，這將是我們首個單廠 3 億立方英尺的產能，部分原因是為了滿足兩個系統帶來的額外成長。

Thanks for that. I appreciate it

謝謝。我很感激。

You're welcome, John.

不客氣，約翰。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Maryann, just wanted to ask you, there is a little bit of bearish sentiment on LPG exports generally and fears of overcapacity. But in the last few days, you've had this India US deal, -- and India is looking to buy a lot more energy from US. And I think LPG exports could be a new growth opportunity in that direction. So if you could -- if you have had time and if you could talk a little bit about the new opportunities that open for LPG exports, with this India U.S trade deal.

瑪麗安，我只是想問一下，目前市場對液化石油氣出口普遍持悲觀態度，擔心產能過剩。但最近幾天，印美達成了協議，印度正尋求從美國購買更多能源。我認為液化石油氣出口可能成為這方面的新成長機會。所以，如果您有時間，能否談談印度與美國達成的這項貿易協定為液化石油氣出口帶來的新機會？

Yeah, good morning, Manav, and thank you. You're absolutely right. One of the reasons why we continue to look at this opportunity, putting capital to work -- we see strong demand for NGL and nat gas, and there's a pool there, obviously, from the growth anticipated from LNG -- and as you mentioned, I think the announcement or the conversations yesterday really are further supportive of the positions that we have and have had really for the for the last -- the last several quarters as we think about some of the capital that we've put to work.

是的，早上好，馬納夫，謝謝你。你說得完全正確。我們繼續關注這一機會並投入資金的原因之一是——我們看到對天然氣凝液和天然氣的強勁需求，而且顯然，由於液化天然氣預期增長，這方面存在資金池——正如您所提到的，我認為昨天的公告或談話確實進一步支持了我們過去幾個季度以來一直持有的立場，因為我們正在考慮投入的一些資金。

We think market dynamics for global LPG demand remain very strong. There's no doubt about that. And again, as I mentioned, I think the announcement or the conversation yesterday hard to predict, right, early days there, but it is certainly, I think, supportive. And then when we look at our assets, we're pretty convinced about their capabilities when they come online, '28, '29 we believe we'll be full. As we have shared with you before.

我們認為全球液化石油氣需求的市場動態依然非常強勁。這點毋庸置疑。正如我之前提到的，我認為昨天的聲明或談話很難預測，現在還為時過早，但可以肯定的是，我認為這是支持性的。然後，當我們審視我們的資產時，我們對它們上線後的能力非常有信心，我們相信在 2028 年、2029 年，我們將充分利用它們。正如我們之前與您分享的那樣。

We think we've got a good position when we look at LPG export given our dock given the partnership that we have and given the potential there for the long term. So we feel very good about that, obviously, as we continue to put capital to work in that space.

鑑於我們的碼頭、我們擁有的合作夥伴關係以及長遠發展潛力，我們認為我們在液化石油氣出口方面處於有利地位。所以，我們對此感到非常滿意，顯然，我們將繼續在該領域投入資金。

Perfect. My quick follow-up here is, look, when we look at organic growth capital, obviously, I think you were at $2.4 billion for '26, you were close to $2 billion last year, but then you did deploy almost $3.5 billion of gross capital through M&A. And I'm trying to understand, would -- if the right opportunities present themselves, would you be open to still bolt-on M&A in 2026? And the question I'm trying to ask is, at the start of the call, you said dividend distribution growth can be 12% for next couple of years? I'm trying to understand with some good M&A, can that two years become three years or more, if you could help us understand that.

完美的。我接下來要補充的是，你看，當我們審視有機成長資本時，顯然，我認為你們在 2026 年達到了 24 億美元，去年接近 20 億美元，但你們透過併購投入了近 35 億美元的總資本。我想了解的是，如果到了 2026 年出現合適的機遇，您是否仍願意進行補充性併購？我想問的問題是，在電話會議開始時，您說過未來幾年股利分配成長率可以達到 12%？我想了解，透過一些成功的併購，兩年時間能否延長到三年甚至更久，如果您能幫助我們理解這一點就太好了。

Yes, certainly, Manav, and thank you for the question. As you know, in similar, as we set out this time last year, we put forth our capital plan and that capital plan is very specific to the organic projects that we have ongoing. You think about our Gulf Coast frac in terminal the capital on the Delaware Basin sour gas. We've got the Marcellus expansion that I mentioned, secretariat. But we continue to look for M&A opportunities.

是的，當然，馬納夫，謝謝你的提問。如您所知，與去年這個時候一樣，我們提出了資本計劃，該計劃專門針對我們正在進行的有機項目。你想想我們在特拉華盆地酸性天然氣終端的墨西哥灣沿岸壓裂作業。我們有我之前提到的馬塞勒斯擴張計劃，秘書處。但我們會繼續尋找併購機會。

. We look through them to the lens of strict capital discipline. We ensure that they meet our mid-teens returns and also that they are strategically aligned with, one, our nat gas and NGL wellhead-to-water strategy. They fit that strategy. So when I talk about the 12.5% being for the next two years, that meets all of the financial criteria that we've shared.

。我們透過它們，以嚴格的資本紀律的視角來看待問題。我們確保它們達到我們十幾個百分點的回報，並確保它們在戰略上與我們的天然氣和液化天然氣井口到水戰略保持一致。他們符合這種策略。所以，當我提到未來兩年收益率為 12.5% 時，這符合我們之前分享的所有財務標準。

That doesn't mean we don't have an intention of increasing the distribution beyond that. And as you say, it will depend on what that growth is.

但這並不意味著我們沒有進一步擴大分發範圍的計畫。正如你所說，這取決於成長的具體情況。

So as we find those M&A opportunities, -- we have a balance sheet that's quite strong, we believe, and we would absolutely consider incremental opportunities. And frankly, as you've seen us do in the past, some that are easiest for us and fairly immediately accretive would be our JVs. When we look at take BANGL, as an example, there are opportunities that would exist for us to continue to build out our ownership with the JVs that we currently have as a part of our portfolio. I hope that helps.

因此，當我們發現併購機會時—我們相信我們的資產負債表非常強勁，我們絕對會考慮新增的併購機會。坦白說，正如你們過去所看到的，對我們來說最容易且能立即帶來收益的一些方式就是我們的合資企業。以 BANGL 為例，我們有機會繼續擴大目前投資組合中合資企業的持股比例。希望對您有幫助。

Thank you so much

太感謝了

You are welcome

不客氣

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Hi Maryann, maybe taking the opposite side of the M&A question. Looking at your portfolio optimization actions, which has been fairly consistent through the year, inning would you say you're at in terms of pruning assets that are less strategic across your portfolio to free up capital to pursue additional organic and tuck-in M&A growth.

嗨，瑪麗安，或許可以從併購問題的另一個角度來看這個問題。從您今年採取的投資組合優化措施來看，這些措施一直相當一致。您認為目前處於哪個階段？是削減投資組合中策略性較低的資產，以釋放資金，從而追求額外的內生成長和補充性併購成長？

Yeah, good morning, Theresa, thanks for the question. As you know, we continue to evaluate all of our assets. We say we want to ensure that we have the portfolio for today and the portfolio for the future. all of those basins today are cash flow positive, but we will always look through short term and long term and see whether or not there are owners of those assets, similar as we think about what we just recently did with the Rockies that have a different view on that growth profile so that we can continue to invest in those opportunities in the Marcellus and in the Permian, where we believe the most opportunity exists for us. So we'll continue to do that, Theresa, absolutely.

是的，早上好，特蕾莎，謝謝你的提問。如您所知，我們會持續評估所有資產。我們說，我們希望確保擁有既能滿足當下需求又能面向未來的投資組合。目前所有這些盆地都實現了正現金流，但我們會始終著眼於短期和長期，考察是否有其他所有者對這些資產持有不同的看法，就像我們最近對落基山脈地區所做的那樣。這樣我們才能繼續投資於馬塞勒斯頁岩氣和二疊紀盆地，因為我們相信這些地區蘊藏著最大的投資機會。所以我們會繼續這樣做，特蕾莎，當然。

Understood. And given recent consolidation by some of the upstream community, -- how do these trends affect your growth outlook for your supply push assets and REITs contracting strategy over time?

明白了。鑑於上游產業近期的一些整合，這些趨勢將如何影響您對供應推動型資產和 REITs 收縮策略的成長前景？

So I would tell you, as we look at some of the recent announcements, certainly, those customers have been and will continue to be an important part of our portfolio, specifically, when we look at recontracting, if you think about the one that was just announced yesterday. And again, it's an early read, but when we look through that in terms of the way that the transaction has been announced and it is structured we don't see any immediate risk with contract renegotiation, et cetera, from a legal perspective. Absolutely not. .

所以我想告訴大家，當我們回顧最近的一些公告時，這些客戶過去是、現在是、將來也仍將是我們業務組合的重要組成部分，尤其是在續約方面，想想昨天剛剛宣布的那個公告就知道了。再次強調，這只是初步解讀，但從交易的宣布方式和結構來看，從法律角度來看，我們認為在合約重新談判等方面不存在任何直接風險。絕對不是。。

Thank you.

謝謝。

You're welcome, Theresa.

不客氣，特蕾莎。

Keith Stanley, Wolf Research.

基思‧史丹利，沃爾夫研究公司。

Hi, good morning, and, sorry to beat a dead horse on the growth rate, but I wanted to clarify in 2026. You said it's faster growth than 2025. But would you say it's an above-average growth here in '26 just faster than '25. And relatedly, is that 2026 growth expectation inclusive of the headwind from the Rockies asset sale.

您好，早安。很抱歉再次提及成長率的問題，但我想澄清一下 2026 年的情況。你說它的成長速度比2025年還要快。但您認為 2026 年的成長速度高於平均水平，比 2025 年更快嗎？與此相關的是，2026 年的成長預期是否包含了落基山脈資產出售的不利影響。

So thank you for the question, Keith. Yes, it is inclusive of the headwind coming from the Rocky sale, absolutely. And my comment, '24 to '25 growth is stronger than '24 to '25. But I'm not suggesting that it is completely outsized there. It is larger growth remember, we are starting from a $7 billion position.

謝謝你的提問，基斯。是的，這其中當然包含了洛奇促銷帶來的不利影響。我的評論是，2024 年至 2025 年的成長比 2024 年至 2025 年的成長更強勁。但我並不是說它在那裡完全是超標的。別忘了，這是更大的成長，我們是從70億美元的規模起步的。

So growing that mid-single digit is the range of $450 million to $500 million depending on where you are in your mid-single-digit range. So it is '24 -- excuse me, '25 to '26 stronger than '24 to '25. I hope that helps, Keith.

因此，實現個位數中段成長的範圍是 4.5 億美元到 5 億美元，具體取決於您在個位數中段成長範圍內的位置。所以，24 年——抱歉，應該是 25 年到 26 年比 24 年到 25 年更強大。希望這對你有幫助，基斯。

It does. Second question, I wanted to ask on the FERC index change for the next 5-year period. So that's now a PPI minus 0.6%, I think. Should we think of that as a headwind for your outlook for the liquids business? Or would you say that new inflation adjustment level was expected and already baked into your plans and outlook?

確實如此。第二個問題，我想問一下 FERC 指數在未來 5 年內的變化。所以現在PPI下降了0.6%，我想是這樣。我們是否應該將此視為對您液體業務前景的不利因素？或者您會說，新的通膨調整水準是意料之中，並且已經納入了您的計劃和預期之中？

Keith, this is Sean. Thanks for the question. Although the FERC adder is negative, we did anticipate this and this is in our plan. So we don't expect it to impact our plan to grow our EBITDA mid-single digits -- let me give additional context also. If you just look at the Copal segment that we are about 33% of the Copal segment is tied to the FERC and across all of MPLX, it's about 20%. So it gives you some context of how much that announcement by FERC and the effect with MPLX.

基思，這是肖恩。謝謝你的提問。雖然 FERC 附加費為負值，但我們預料到了這一點，而這已納入我們的計劃。因此，我們預計這不會影響我們實現 EBITDA 中位數個位數成長的計畫——讓我再補充一些背景資訊。如果只看 Copal 板塊，我們大約 33% 的 Copal 板塊與 FERC 有關聯，而整個 MPLX 板塊中，這一比例約為 20%。所以，這可以讓你了解聯邦能源監管委員會的公告對 MPLX 的影響有多大。

Thank you.

謝謝。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，加拿大皇家銀行資本市場。

Hey, good morning, everyone. I was wondering if you could provide some additional commentary around the new growth projects, especially in the Marcellus, what you're hearing from producer customers? And then how do you expect Harmon Creek II to ramp? .

嘿，大家早安。我想請您就新的成長項目，特別是馬塞勒斯頁岩氣田的項目，提供一些補充評論，您從生產商客戶那裡聽到了哪些反饋？那麼，你預計 Harmon Creek II 的坡度會如何增加？。

Yeah, good, thank you. So when we talk about Marcellus, first of all, I mentioned we've got capital this year, and that project will come in service in a few years, right? It's not an immediate contribution in 2026. Mid-teens returns, clearly, producer customers. If you think about the way that we stay connected to our producer customers and just in time, a pretty important project for the long term.

好的，謝謝。所以，當我們談到馬塞勒斯頁岩氣計畫時，首先，我提到我們今年有資金，該計畫將在幾年內投入使用，對吧？這並非2026年就能立即實現的貢獻。十幾歲左右的回流，顯然是生產商的客戶。想想我們是如何與生產客戶保持聯繫的，以及我們是如何及時做到這一點的，這對於長遠發展來說是一個非常重要的項目。

It's a compressor station, 30 miles of pipeline, well connections, debottlenecking and so important as we think about providing that egress for our producer customers. I'm going to give the -- I'll pass it to Greg and have Greg tell you a little bit more about that project.

這是一個壓縮站，包含 30 英里的管道、油井連接、瓶頸消除等，對於我們考慮為生產商客戶提供出口至關重要。我會把這個交給格雷格，讓他再跟你詳細介紹一下那個專案。

Yeah, We're really excited about the Harmon Creek III project and also the -- we're building a second full-size euthanizer as part of that project, and some compression and pipe to help feed that. It's in our gathering system in Washington County, PA. If you look at the entire Marcellus, we were at 97% utilization this last quarter. So we're -- and that's a high utilization number.

是的，我們對 Harmon Creek III 項目感到非常興奮，而且——作為該項目的一部分，我們正在建造第二個全尺寸安樂死裝置，以及一些壓縮裝置和管道來幫助為其供水。它在我們位於賓夕法尼亞州華盛頓縣的收集系統中。如果縱觀整個馬塞勒斯頁岩氣田，上個季度我們的利用率達到了 97%。所以，我們的利用率非常高。

But if you put it in context, that's close to 7 billion cubic feet a day that's going through that system. So it's our largest system. It's nearly full -- so it's a great story. When we need to expand and a producer wants to expand, right now, it typically means a new plant or at least major piping and compression to help try to fill whatever existing capacity is there. So we expect Harmon Creek III which is tied into that system and has great residue takeaways capability and the demand that's there for that -- to take up that additional capacity will be will be ramped up until on our normal time frame.

但從實際角度來看，這相當於每天有近 70 億立方英尺的水通過該系統。所以這是我們最大的系統。它幾乎滿了——所以這是一個很棒的故事。當我們需要擴張，而生產商也想擴張時，目前通常意味著新建一座工廠，或至少需要建造大型管道和壓縮設施，以幫助填補現有的產能。因此，我們預計與該系統相連的 Harmon Creek III 擁有強大的殘餘物處理能力，並且對這種能力的需求——為了利用額外的產能，將會按照我們正常的進度逐步提高。

Okay, thanks. And then just wanted to switch over to capital allocation. Can you maybe talk a little bit about any comments around leverage and distribution coverage kind of expectations in '26 and '27. And then just as you've become a much bigger company with a much bigger EBITDA base and you have a lot of kind of organic growth opportunity. How should we think about sort of CapEx moving forward?

好的，謝謝。然後就想轉到資本配置方面。您能否談談對 2026 年和 2027 年槓桿率和分銷覆蓋率等方面的預期？然後，當你的公司規模更大、EBITDA 基礎更大，並且有很多內生成長機會的時候。我們該如何看待未來的資本支出？

Thank you. Appreciate that question. So let me start with the capital allocation. What I would tell you is when we think about capital allocation, our philosophy remains unchanged. And -- so you think about the way we've lined that out historically, it has been, first and foremost, maintenance capital than our distribution growth then our growth capital than our unit buybacks.

謝謝。感謝您的提問。那麼，就讓我先從資金配置說起。我想告訴大家的是，當我們考慮資本配置時，我們的理念始終不變。所以——想想我們歷史上是如何安排的，首先是維護性資本，其次是分配成長，然後是增長性資本，最後是單位回購。

So that last 1 always being the 1 that we would toggle. As we look forward to '26 and '27 even as we talked about, Maryann mentioned the 12.5% distributions over the couple of years, we model that out. When we think about coverage, we don't see ourselves going on an annual basis below that comfort level of 1.3x. We're obviously also very much watching our leverage and managing to a leverage number that I think we've historically said we're comfortable with that 4.0x. And as we look forward with our capital plans as we sit today, we would not go above that 4-point times.

所以最後一個 1 始終是我們用來切換的 1。展望 2026 年和 2027 年，正如我們之前討論的那樣，瑪麗安提到了未來幾年 12.5% 的分配情況，我們對此進行了建模。就覆蓋率而言，我們認為年度覆蓋率不會低於1.3倍的舒適程度。當然，我們也密切關注槓桿率，並努力將其控制在4.0倍左右，這是我們歷來認為比較合適的水平。就我們目前的資本計畫而言，我們也不會將槓桿率提高到4倍以上。

Great and then just on the kind of CapEx.

很好，接下來就是資本支出方面的問題了。

Yes. It's a great question. And as we think about CapEx, we think about our growth, what we really have to -- as you said, the EBITDA number keeps getting larger. So as that number grows, the number of organic projects and/or bolt-on M&A has to grow with that EBITDA number. If you continue to target a mid-teens return, right, we can do that math.

是的。這是一個很好的問題。當我們考慮資本支出時，我們會考慮我們的成長，我們真正需要做的——正如你所說，EBITDA 數字不斷增長。因此，隨著該數字的成長，有機項目和/或附加併購的數量也必須隨著 EBITDA 的成長而成長。如果你繼續以十幾個百分點的回報率為目標，對吧，我們可以算一下。

-- we know that over time, that number has to grow. So we're actively looking at that on a 5-year really basis and beyond, and we're modelling that EBITDA in as we would see these projects come online.

我們知道，隨著時間的推移，這個數字必然會成長。因此，我們正在積極地從五年及更長遠的角度來考慮這個問題，並且我們正在模擬這些項目上線後的 EBITDA。

Okay, thank you.

好的，謝謝。

You're welcome thank you

不客氣，謝謝。

At this time I'm showing no further questions.

目前我不再提出其他問題。

All right, thank you for your interest in MPLX today. Should you have more questions or would you like clarifications on topics discussed this morning, please contact us. Our team will be available to take your calls. Thank you for joining us today.

好的，感謝您今天對MPLX的關注。如果您還有其他疑問，或者想對今天上午討論的話題進行澄清，請與我們聯繫。我們的團隊將隨時接聽您的來電。感謝您今天蒞臨。

Thank you for your participation, participant, you may disconnect at this time.

感謝您的參與，參與者，您現在可以斷開連接了。