MPLX LP (MPLX) 2026 Q1 法說會逐字稿

Welcome to the MPLX first-quarter 2026 earnings call. My name is Julie 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 2026 年第一季財報電話會議。我叫 Julie，將擔任今天會議的接線員。(接線員指示) 請注意，本次電話會議將被錄音。

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

我現在把電話交給 Kristina Kazarian。Kristina，您可以開始。

Welcome to MPLX's first-quarter 2026 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; Chris Hagedorn, CFO; and other members of the executive team.

歡迎參加 MPLX 2026 年第一季財報電話會議。本次電話會議所搭配的簡報可於我們網站 mplx.com 的 Investor（投資人）分頁下找到。今天與我一同參與電話會議的有總裁暨執行長 Maryann Mannen、財務長 Chris Hagedorn，以及其他執行團隊成員。

We invite you to read the Safe Harbor statement 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.

我們邀請各位閱讀第 2 頁投影片上的「安全港」聲明。我們今天將作出前瞻性陳述。實際結果可能有所不同。可能導致實際結果不同的因素亦載明於該處，以及我們向美國證券交易委員會（SEC）提交的文件中。

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

接下來，我把電話交給 Maryann。

Thanks, Kristina. Good morning and thank you for joining our call. MPLX delivered over $1.7 billion of adjusted EBITDA, which enabled a return of over $1.1 billion to our unitholders. 2026 is a year of execution with multiple investments expected to transition from construction to operations and EBITDA generation. With Secretariat I coming online in April, Harmon Creek III in the third quarter, and the Titan gas treating complex reaching over 400 million cubic feet per day of treating capacity in the fourth quarter, this gives us confidence that year-over-year growth in 2026 will exceed that of 2025.

謝謝你，Kristina。各位早安，感謝加入我們的電話會議。MPLX 交出超過 17 億美元的調整後 EBITDA，並因此向我們的單位持有人回饋超過 11 億美元。2026 年是執行之年，多項投資預期將從建設階段轉入營運並開始貢獻 EBITDA。隨著 Secretariat I 於 4 月投產、Harmon Creek III 於第三季投產，以及 Titan 天然氣處理綜合設施於第四季處理產能達到每日超過 4 億立方英尺，這讓我們有信心 2026 年的年增成長將超過 2025 年。

The underlying fundamentals in natural gas and NGLs remain strong. We see strategic opportunity to support increasing demand for these commodities. As an example, in the Delaware Basin of the Permian, we treated over 150 million cubic feet per day of our committed producer sour gas at our recently acquired Titan facility. Our third acid gas injection well in the Delaware Basin is expected to be completed in the third quarter.

天然氣與天然氣液（NGL）的基本面仍然強勁。我們看到支持這些商品需求增加的策略性機會。例如，在二疊紀的德拉瓦盆地（Delaware Basin），我們在近期收購的 Titan 設施中，已為我們承諾的生產商酸性天然氣處理量超過每日 1.5 億立方英尺。我們在德拉瓦盆地的第三口酸性氣體回注井預計將於第三季完工。

The expansion of the Titan complex is on schedule. Downstream, the 200 million cubic feet per day Secretariat I processing plant has entered service. Last quarter, we announced our intention to further expand our gas processing footprint with Secretariat II, an additional 300 million cubic feet per day of capacity 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. These investments meaningfully strengthen our position in the Delaware Basin, supporting activity in the low-cost sour gas windows and extending the competitiveness of our broader value chain.

Titan 綜合設施的擴建按計畫進行。在下游方面，每日 2 億立方英尺的 Secretariat I 天然氣處理廠已投入服務。上季我們宣布，計畫以 Secretariat II 進一步擴大我們的天然氣處理版圖，新增每日 3 億立方英尺產能，預計於 2028 年下半年投產。投產後，我們在該盆地的總處理產能將達到約每日 17 億立方英尺。這些投資顯著強化我們在德拉瓦盆地的地位，支持低成本酸性氣窗口的活動，並延伸我們更廣泛價值鏈的競爭力。

The Blackcomb natural gas pipeline continues to progress as planned, and is expected to enter service in the fourth quarter. Demand for firm takeaway capacity is driving expansions on several long-haul natural gas pipelines. Volume commitments from top-tier shippers underscore the competitiveness of our footprint, as well as the long-term durability of our natural gas system.

Blackcomb 天然氣管線持續按計畫推進，預計於第四季投入服務。對具保證外運（firm takeaway）產能的需求正推動多條長途天然氣管線進行擴建。來自一線承運商的運量承諾凸顯我們資產版圖的競爭力，以及我們天然氣系統的長期韌性。

Within NGL, the expansion of the BANGL pipeline to 300,000 barrels per day is expected online in the fourth quarter, providing critical takeaway capacity as in-basin NGL volumes grow. Construction across our Gulf Coast fractionation and export facilities continues to advance on time and on budget. Our fully integrated NGL value chain provides high confidence in the volumes, utilization, and durability of cash flow these assets will generate for years to come.

在 NGL 方面，BANGL 管線擴建至每日 30 萬桶預計於第四季投產，隨著盆地內 NGL 產量成長，將提供關鍵的外運能力。我們墨西哥灣沿岸的分餾與出口設施建設持續按時、按預算推進。我們完整整合的 NGL 價值鏈，讓我們對這些資產未來多年將帶來的運量、使用率與現金流韌性具有高度信心。

Against the backdrop of ongoing geopolitical uncertainty, the strategic importance of US energy infrastructure has never been clear. Global demand for secure, reliable energy continues to grow, and the international customers are increasingly more dependent on the United States as a preferred supplier.

在地緣政治不確定性持續的背景下，美國能源基礎設施的策略重要性從未如此清晰。全球對安全、可靠能源的需求持續成長，國際客戶也愈來愈依賴美國作為首選供應來源。

MPLX is exceptionally well positioned to capitalize on this opportunity. Our joint venture LPG export terminal is favorably located along the Gulf Coast, providing meaningful, competitive, and logistical advantages.

MPLX 具備極佳的條件把握這項機會。我們的合資 LPG 出口碼頭位於墨西哥灣沿岸的有利位置，提供顯著的競爭與物流優勢。

In the Marcellus, construction of Harmon Creek III remains on track for its third-quarter in-service date increasing our total processing capacity to 8.1 billion cubic feet per day in the Northeast. This project, along with our associated gathering and compression expansion, enhances our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth.

在馬塞勒斯（Marcellus），Harmon Creek III 的建設仍按計畫進行，預計第三季投產，將使我們在東北地區的總處理產能提升至每日 81 億立方英尺。此專案連同相關的集輸與壓縮擴建，提升我們在富液區域滿足生產商需求的能力，並支持長期輸送量成長。

Beyond 2026, the opportunity set for natural gas and NGLs remains robust. We are deploying 90% of our $2.4 billion organic growth capital plan toward these opportunities, which will drive continued mid-single-digit growth.

展望 2026 年之後，天然氣與 NGL 的機會組合仍然強勁。我們將 24 億美元有機成長資本計畫中的 90% 投向這些機會，將帶動持續的中個位數成長。

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

接下來，我把電話交給 Chris，請他說明本季的營運與財務結果。

Thanks, Maryann. Slide 8 outlines the first-quarter operational and financial performance highlights for our Crude Oil & Products Logistics segment. Segment adjusted EBITDA increased $14 million when compared to the first quarter of 2025. The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs.

謝謝你，Maryann。第 8 頁投影片概述我們原油與成品物流（Crude Oil & Products Logistics）部門第一季營運與財務表現重點。與 2025 年第一季相比，部門調整後 EBITDA 增加 1,400 萬美元。增加主要來自各業務單位費率提高，部分被原油管線輸送量下降所抵銷。

Pipeline volumes decreased 4% year over year, primarily due to Marathon's refining turnaround and maintenance activities in the Midwest and Gulf Coast regions. Terminal volumes also decreased 4% year over year, primarily due to less favorable market dynamics and refining industry turnaround activity in the first quarter.

管線運量年減 4%，主要因 Marathon 在中西部與墨西哥灣沿岸地區進行煉油廠歲修與維護作業。碼頭運量亦年減 4%，主要因第一季市場動態較不利，以及煉油產業歲修活動所致。

Moving on to slide 9, segment adjusted EBITDA decreased $42 million compared to the first quarter of 2025. 2025 included a onetime $37 million benefit associated with the customer agreement. The decrease was primarily driven by a $45 million impact from divestiture of our non-core gathering and processing assets in 2025, lower natural gas liquids prices, and higher operating expenses. These factors offset growth from equity affiliates and increased volumes inclusive of acquisitions.

接著看第 9 頁投影片，與 2025 年第一季相比，部門調整後 EBITDA 減少 4,200 萬美元。2025 年包含一筆與客戶協議相關的一次性 3,700 萬美元利益。下降主要來自：2025 年出售非核心集輸與處理資產造成 4,500 萬美元影響、天然氣液價格較低，以及營運費用較高。上述因素抵銷了權益法投資關聯企業的成長，以及包含收購在內的運量增加。

Excluding the impacts of our non-core Rockies divestiture, gathering volumes were up 10% year over year due to production growth in the Utica and Permian, including acquisitions. Processing volumes increased 2% year over year, primarily due to increased production in the Marcellus in the Permian.

若排除我們出售非核心洛磯山脈（Rockies）資產的影響，集輸量年增 10%，主要因 Utica 與二疊紀產量成長（包含收購）。處理量年增 2%，主要因馬塞勒斯與二疊紀產量增加。

Marcellus processing utilization was 94% for the quarter, demonstrating the need for incremental capacity as Harmon Creek III is positioned to come online on a just-in-time basis in the third quarter. Total fractionation volumes decreased 3% year over year, primarily due to lower ethane recovery in the Marcellus as a result of elevated regional gas prices in the first quarter.

本季馬塞勒斯處理使用率為 94%，顯示需要新增產能；Harmon Creek III 預計於第三季以即時（just-in-time）的方式投產。總分餾量年減 3%，主要因第一季區域天然氣價格偏高，導致馬塞勒斯乙烷回收率降低。

Winter Storm Fern in January impacted crude oil and natural gas production volumes, resulting in a roughly $13 million headwind to our first-quarter results. We would like to extend our gratitude to our teams in the field whose round-the-clock efforts for continuous safe and reliable operations at our MPLX assets during the storm. Thank you to our team.

1 月的冬季風暴 Fern 影響原油與天然氣產量，對我們第一季結果造成約 1,300 萬美元的不利影響。我們要向現場團隊致上謝意，他們在風暴期間全天候努力，確保 MPLX 資產持續安全且可靠地運作。謝謝我們的團隊。

Across our business for every $0.05 change in weighted average NGL price, MPLX expects approximately a $20 million annual impact to segment adjusted EBITDA. During the first quarter, to manage this exposure, MPLX executed an economic hedge on 80% of this risk and recognize the negative mark-to-market of $56 million during the quarter. This impact will offset -- be offset by physical gains over the course of 2026.

提醒各位，在我們整體業務中，加權平均 NGL 價格每變動 0.05 美元，MPLX 預期對部門調整後 EBITDA 的年度影響約為 2,000 萬美元。第一季為管理此曝險，MPLX 對其中 80% 的風險執行經濟性避險，並於本季認列 5,600 萬美元的負向按市價評價（mark-to-market）。此影響將在 2026 年期間由實體（physical）收益予以抵銷——被抵銷。

As a reminder, the first quarter is typically our lowest quarter for project-related expenses. While we expect these expenses in 2026 will be flat versus the prior year, we anticipate a sequential increase of $50 million in the second quarter, reflecting the seasonality of this project-related work.

提醒各位，第一季通常是我們專案相關費用最低的季度。雖然我們預期 2026 年這些費用將與前一年持平，但我們預期第二季將較第一季季增 5,000 萬美元，反映此類專案相關工作的季節性。

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

現在，讓我把話筒交回給 Maryann，請她做一些結語。

Thanks, Chris. MPLX has a proven history of executing on our commitments and delivering consistent financial performance. Through disciplined capital deployment and optimization of our integrated value chain, we have sustained strong EBITDA growth and maintained a robust return profile. This track record supports our confidence in our ability to continue creating value for unitholders through both organic project execution and reliable capital returns.

謝謝你，Chris。MPLX 在履行承諾並交付穩健的財務表現方面，擁有經過驗證的執行紀錄。透過嚴謹的資本配置與對整合價值鏈的最佳化，我們維持了強勁的 EBITDA 成長，並保持了穩健的報酬表現。這項紀錄支持我們對於持續為單位持有人創造價值的信心，方式包括有機專案的執行以及可靠的資本回饋。

Our long-term strategy is straightforward, and we are executing with discipline, operate safely and reliably, grow through high-return investments, optimize our integrated value chains and to maintain a strong financial foundation. The actions we have taken to position MPLX over the last several years are delivering strong results. The strength of our base business continues to deliver steady durable growth as we progress through 2026, we expect the investments we are making to provide a clear path to continued mid-single-digit growth, and we continue to evaluate both organic and inorganic opportunities to drive income generation. With this momentum, we remain confident in our outlook and committed to creating exceptional value for our unitholders.

我們的長期策略很明確：以紀律執行、確保安全且可靠的營運、透過高報酬投資推動成長、最佳化我們的整合價值鏈，並維持強健的財務基礎。過去幾年我們為 MPLX 所採取的定位措施，正帶來強勁成果。隨著我們推進至 2026 年，核心業務的實力持續帶來穩定且具韌性的成長；我們預期目前進行中的投資將提供一條清晰路徑，支撐持續的中個位數成長，同時我們也持續評估有機與無機機會，以推動收益創造。在這股動能之下，我們對前景仍具信心，並致力於為單位持有人創造卓越價值。

Now, let me turn the call over to Kristina.

現在，讓我把電話會議交給 Kristina。

(Event Instructions) With that, operator, we are ready for questions today.

（活動說明）那麼，接線員，我們今天準備開始提問。

(Operator Instructions) John Mackay, Goldman Sachs.

（接線員指示）John Mackay，Goldman Sachs。

Look in the back half of last year, you were talking about considerably higher EBITDA growth for '26 over '25. First quarter was flattish. I understand some of the moving pieces you guys gave on the cost side. And then you've walked us through the project ramp timelines. But could you spend a little bit more time walking us through how we should think about the EBITDA ramp through the year and kind of getting to that maybe above mid-single-digit target you laid out last call?

回顧去年下半年，你們曾提到 2026 年相較 2025 年的 EBITDA 成長會顯著更高。第一季看起來相對持平。我理解你們在成本端提供的一些變動因素。你們也帶我們走過專案爬坡的時程。但你們能否再多花點時間說明一下，我們應該如何看待今年 EBITDA 的逐季爬坡，以及如何達到你們上次電話會議所提出、可能高於中個位數的目標？

And you're correct. And as we were talking about in 2025, we continue to see growth '25, '26, if you let me to look at it first on an annual basis, '25 to '26 growth rate to be stronger than we saw '24 to '25. And as you well said, that growth for us is more back half-weighted for 2026 than front half-weighted. If you look at it over a 3-year period, our mid-single-digit growth has trended right around that 7.5% range.

你說得沒錯。如同我們在談 2025 年時所提到的，我們仍然看到 2025、2026 年的成長；若先以年度角度來看，我們預期 2025 到 2026 的成長率會強於 2024 到 2025。而正如你所說，我們在 2026 年的成長對我們而言會更偏向下半年貢獻，而非上半年。若以三年期間來看，我們的中個位數成長大致落在約 7.5% 的水準。

So I mentioned in a couple of my opening remarks there, Secretariat I now in service. And so obviously, we'll see that EBITDA strength coming online throughout the back half of this year. We typically see a 9- to 12-month ramp, we could see that in a little more narrow window as we look at Secretariat I. I also talked about Harmon Creek III. That project remains on track to enter service in the third quarter. I think you know this.

我在開場的幾點說明中提到，Secretariat I 現在已投入服務。因此，很明顯地，我們將在今年下半年看到該項目帶來的 EBITDA 強度逐步上線。我們通常會看到 9 到 12 個月的爬坡期；就 Secretariat I 而言，隨著我們觀察其表現，爬坡期可能會落在更短的區間。我也談到 Harmon Creek III。該專案仍按計畫在第三季投入服務。我想你也知道這點。

It's a 300 million cubic feet per day gas processing plant. It also includes construction of a second 40,000 barrel a day DS, and it gives total Northeast gas processing and fractionation capacity to a total of 8.1 and 800,000 barrels a day, respectively, when that project comes online. A few other projects, as you know, will lean in. So the back half of the year, we expect to be stronger clearly than the first half of the year. And we see good line of sight to that, which also continues to give us confidence, frankly, in our 12.5% distribution increase.

那是一座每日 3 億立方英尺的天然氣處理廠。它也包含建置第二套每日 40,000 桶的 DS，並在該專案上線後，使東北部天然氣處理與分餾產能分別提升至合計 8.1 以及每日 800,000 桶。另外還有幾個你也知道的專案會陸續貢獻。因此，我們預期下半年將明顯強於上半年。我們對此有良好的可視性，坦白說，這也持續強化我們對 12.5% 配息提高的信心。

As you know, we've been talking about that for 2026 as well and 2027. And again, we remain confident in these projects delivering a little bit longer term, as you know, we've got our fractionation '28, '29 coming online and the export dock. That project remains well on track, on budget, as you've heard me say as well. So back half-weighted, remain confident, we still expect '26 to be a stronger growth than 2025. Let me pause there, John.

如你所知，我們也一直在談 2026 年以及 2027 年的情況。同樣地，對於這些專案在較長期帶來的交付，我們仍具信心；如你所知，我們在 2028、2029 年將有分餾設施上線，以及出口碼頭。正如你也聽我說過的，該專案仍然進展順利、符合預算。因此，成長偏向下半年，我們仍具信心，且仍預期 2026 年的成長將強於 2025 年。我先在這裡停一下，John。

That's clear. Second question for me is just given the disruptions we've seen in the Middle East, we've seen a kind of higher call for US hydrocarbon exports. Could you just kind of remind us your asset position there, kind of what you've been seeing on the commercial side? Maybe if you can walk through Loop, Mount Airy and then, I guess, any incremental comments on the NGL dock under construction would be great.

很清楚。我的第二個問題是，鑑於我們在中東看到的干擾，以及對美國碳氫化合物出口需求的提升。你們能否提醒我們在那方面的資產布局，以及你們在商業端看到的情況？也許你可以談談 Loop、Mount Airy，然後我想，若能對正在建設中的 NGL 碼頭補充一些看法就更好了。

Yes. I'll pass that to Shawn. He can give you some insights on the export dock as well.

好的。我把這題交給 Shawn。他也可以就出口碼頭提供一些觀點。

John, sorry, this is Shawn. Thanks for the question. As we look at what's going on in the market dynamics right now and we look at our asset base, Mount Airy is a great example. We're located strategically right next to Garyville and based on some of the market things going on, I think MPC and others will continue to lean into that. So we anticipate that asset utilization will be increasing some.

John，不好意思，我是 Shawn。謝謝你的問題。當我們看目前市場動態的變化並檢視我們的資產基礎時，Mount Airy 是一個很好的例子。我們在地理位置上緊鄰 Garyville，基於目前市場的一些情況，我認為 MPC 以及其他業者會持續加大在那裡的運用。因此，我們預期該資產的使用率將有所提升。

And then also, as you look -- you talked about Loop. MPLX has a share of Loop there. We've seen Venezuelan crude come in. And obviously, some imports and exports are increasing across that asset base there. And as Maryann mentioned on the, I'll say, the export dock and fractionator complex on the Gulf Coast.

另外，談到你提到的 Loop。MPLX 在 Loop 也持有一部分權益。我們看到委內瑞拉原油進口。而且很明顯地，該資產基礎上的部分進出口活動正在增加。以及如 Maryann 所提到的，我會說在墨西哥灣沿岸的出口碼頭與分餾裝置綜合體。

We're excited as we continue to on track for in-service date of '28 and '29. Again, we're excited that those -- our facilities, our assets are going to be full as we go in service date there.

我們很振奮，因為我們仍按計畫在 2028 與 2029 年投入服務。同樣地，我們也很期待，當到達投入服務日期時，我們的設施與資產將會滿載運行。

Burke Sansiviero, Wolfe Research.

Burke Sansiviero，Wolfe Research。

So distribution coverage has been 1.3 times over the past 2 quarters. Can you just provide a little bit more color on your confidence in growing the distribution by 12.5% for another 2 years and staying above the -- at or above the 1.3 times threshold, seems to imply that cash flows also need to grow 12.5% from here?

過去兩個季度的配息覆蓋倍數為 1.3 倍。你能否再多提供一些細節，說明你們對於再連續兩年將配息提高 12.5% 並維持在——達到或高於 1.3 倍門檻的信心？這似乎意味著從現在起現金流也需要成長 12.5%。

Yes, certainly. So when we think about our 12.5% distribution growth both for this year 2026 and 2027, we've set financial metrics for that and one of which is, as you stated, that our coverage doesn't fall below 1.3. So that is our commitment. We look at that, obviously, on an annual basis, of course. But you're absolutely correct. Cash flows would be supportive of that, and we continue to see our ability to do that for '26 and '27.

可以，當然。因此，當我們思考今年、以及 2026 年與 2027 年的 12.5% 配息成長時，我們為此設定了財務指標，其中之一正如你所說，就是我們的覆蓋倍數不會低於 1.3。這是我們的承諾。當然，我們主要以年度基礎來看待這件事。但你說得完全正確。現金流必須能支撐這點，而我們持續看到我們有能力在 2026 與 2027 年做到。

And buybacks have been somewhat programmatic over the past year at $100 million quarter cadence. Can you just talk to why buybacks went down in Q1 to $50 million? And are you looking to retain more cash from here?

而回購在過去一年某種程度上是較為固定的節奏，每季約 1 億美元。你能否談談為什麼第一季回購降到 5,000 萬美元？以及你們是否打算從現在起保留更多現金？

Certainly. So -- what I would say is there really no change in our overall capital allocation strategy. We continue to see opportunities to put capital to work and, therefore, have modified our share buyback program. I want to pass it to Chris because I know he's got a few things that he wants to share as well.

當然。所以——我想說的是，我們整體的資本配置策略並沒有任何改變。我們仍看到可投入資本運用的機會，因此調整了我們的股票回購計畫。我想把這題交給 Chris，因為我知道他也有幾點想補充分享。

Yes. Thanks, Keith. And I'll say, as Maryann stated, again, no change to our capital allocation methodology or strategy. Distributions will continue to be that primary tool to return capital to unitholders with the unit repurchases really being that more flexible method of returning capital. But what I would also say is we continue to believe that MPLX units trade at a discount. We think this type of a program at this level reflects that belief.

是的。謝謝你，Keith。我想再重申一次，如 Maryann 所說，我們的資本配置方法或策略沒有任何改變。配息將持續作為回饋資本給單位持有人的主要工具，而單位回購則是更具彈性的回饋資本方式。但我也想說的是，我們仍然認為 MPLX 的單位目前以折價交易。我們認為在這個規模與水準下推動此類計畫，正反映了這項信念。

(Operator Instructions) Manav Gupta, UBS.

(接線員指示) UBS 的 Manav Gupta。

I have two questions. I'm going to ask them right upfront. So first, can we get an update on the Titan sour complex, what you're seeing in that area? Is the producer activity increasing with higher crude prices in that particular area?

我有兩個問題。我會一開始就先把它們都問出來。第一，能否更新一下 Titan 酸性綜合處理設施（sour complex）的情況，你們在那個區域看到什麼？在該區域，隨著原油價格走高，生產商活動是否正在增加？

And second, I wanted to talk to you about -- a little bit about the local gas markets in Texas. There are more pipelines coming to Agua Dulce, including yours, but then you also have some pipelines like Traverse and BayRunner, which can move gas out of Agua Dulce and help with these opportunities where local prices are depressed. So could you talk about the local gas Texas markets and how MPLX can benefit from the dislocation in prices in various hubs?

第二，我想和你們談談——德州當地天然氣市場的一些情況。有更多管線將通往 Agua Dulce，包括你們的；但同時也有像 Traverse 和 BayRunner 這樣的管線，可以把天然氣從 Agua Dulce 輸出，並在當地價格低迷時把握這些機會。所以你們能否談談德州當地天然氣市場，以及 MPLX 如何從各個樞紐的價格錯位中受益？

In general, first, let me share with you sort of overall progress on Titan. First and foremost, as I mentioned, we were successful in the first quarter treating over 150 million cubic feet per day in the first quarter. As a matter of fact, March was actually -- we saw our absolute strongest performance in the month of March. And no change in our expectations for the completion of Titan II by the end of this year, 2026. So that we will have full run rate EBITDA as we outlined when we talked about the opportunity for North Wind.

整體而言，首先我先跟你分享 Titan 的整體進展。最重要的是，如我先前提到的，我們在第一季成功處理了每日超過 1.5 億立方英尺的天然氣。事實上，3 月——我們在 3 月看到了迄今最強的單月表現。而對於 Titan II 在今年（2026 年）年底完工的預期沒有改變。如此一來，我們將能如同在談到 North Wind 機會時所概述的，達到完整的穩態 EBITDA。

So we expect that expansion from 150 million to over 400 million cubic feet per day of sour gas treating capacity to be available and consistent. We're seeing a lot of interest from our producers, producer customers in that space, particularly as they are moving their production into that region. I'm going to first pass it to Greg to give you some incremental color on the customers.

因此，我們預期酸性天然氣處理能力將從每日 1.5 億立方英尺擴增至超過每日 4 億立方英尺，並可用且維持穩定。我們看到許多生產商、也就是我們在該領域的生產商客戶，對此有很高的興趣，特別是當他們把產量移往該區域時。我先請 Greg 補充一些關於客戶的資訊。

And then to respond to your question around all of the Texas opportunities as we see all that pipeline, I'm going to ask then Dave to answer your question on that. Thanks, Manav.

接著，針對你關於德州各項機會、以及我們看到那麼多管線的問題，我會再請 Dave 來回答。謝謝你，Manav。

Manav, this is Greg. Just a little bit more color on the Titan system, we have been focused daily and weekly on integrated -- integrating that system, increasing reliability, bringing on more volume. We really continue to be excited about the number of rigs that are operating up in the -- this portion of Lea County in the Delaware Basin and the associated gas that comes with it. CO2, H2S sour gas that needs treating.

Manav，我是 Greg。再補充一點 Titan 系統的細節：我們每天、每週都專注於系統整合——整合該系統、提升可靠性、導入更多氣量。我們對於在德拉瓦盆地（Delaware Basin）Lea County 這一帶運作中的鑽機數量，以及隨之而來的伴生氣，仍然感到非常振奮。其中包含需要處理的 CO2、H2S 酸性天然氣。

So the demand is definitely there, as Maryann said. In terms of the projects, the scaling this is our other big focus, and that includes Titan II. We recently brought on a new sour gas treater on the north end of the system that we call It's a compressor station as well. That is operating well. And Titan and the multiple pipeline projects that are associated with increasing -- doubling our capacity at Titan.

因此需求確實存在，如 Maryann 所說。就專案而言，擴大規模是我們另一個重點，其中包括 Titan II。我們最近在系統北端啟用了一座新的酸性天然氣處理器，我們稱之為——它同時也是一座壓縮站。目前運作良好。而 Titan 以及多個與提升——將 Titan 產能加倍相關的管線專案。

And our fourth well are all in in construction and on schedule for fourth quarter completion.

以及我們的第四口井都已在施工中，並按計畫於第四季完工。

So, Manav, this is Dave. And maybe I'll touch on -- I'll build on a little bit what Greg talked about and touch on the gas markets and dig a little deep in our overall Permian wellhead-to-water nat gas strategy because I think I'll try to bring all the pieces of the puzzle together for you. So first of all, let me reaffirm a little bit that generally, MPLX is a fee-based business, and we're not taking on the commodity risks within the nat gas markets in the US Gulf Coast. With that said, we think about our strategy, maybe think about five major components.

Manav，我是 Dave。我或許先延伸 Greg 的說法，並談談天然氣市場，同時更深入說明我們整體在二疊紀（Permian）從井口到水域（wellhead-to-water）的天然氣策略，因為我想把各個拼圖拼在一起給你。首先，我想再次確認：整體而言，MPLX 是以費率為主（fee-based）的業務，我們不承擔美國墨西哥灣沿岸天然氣市場的商品價格風險。在此基礎上，談到我們的策略時，可以把它想成五個主要組成部分。

So Greg touched on the first one. In-basin gathering process and treating. From their long-haul egress pipelines, and I'll talk about those in a minute. And then connectivity between markets. And then the next is connectivity into demand centers, specifically LNG, but also potentially data centers and power.

Greg 提到了第一個。盆地內的集輸、處理與淨化。接著是長途外輸管線（egress pipelines），我等一下會談。然後是市場之間的連通性。再來是連接到需求中心，特別是 LNG，但也可能包括資料中心與電力。

And then finally is giving our shipper customers optionality and flexibility to all those markets. So -- when you think about the long-haul pipelines, you mentioned Agua Dulce. So from the basin in Agua Dulce, of course, we have Whistler already moving 2.5 Bcf a day, and we have Blackcomb coming in service in the third quarter of this year. And then when you think about the long hauls into the Katy market, of course, we have Matterhorn currently flowing 2.5 Bcf a day, similar to Whistler. And we have Iger coming online in 2028 in the second half of 2028.

最後，是為我們的託運客戶提供通往所有這些市場的選擇性與彈性。談到長途管線，你提到了 Agua Dulce。從盆地到 Agua Dulce，當然我們已經有 Whistler，每日輸送 25 億立方英尺（2.5 Bcf/d），而 Blackcomb 將在今年第三季投運。再來，談到通往 Katy 市場的長途管線，當然我們有 Matterhorn，目前同樣每日輸送 25 億立方英尺，與 Whistler 類似。而 Iger 將在 2028 年下半年上線。

Those are those 4 main headers, both into Agua Dulce and Katy, which gives our customers that flexibility to those markets. But I think the other piece of the puzzle is Traverse, which is the bidirectional pipe between those two markets, which allows that flexibility. So that's that connectivity between markets. And then you think about you getting it to the end demand centers, specifically LNG and the high growth -- rapid growth in the LNG market. So of course, we got ADCC going into Corpus Christi, and we have the BayRunner wanted to go into next decade, specifically down in Brownsville, those last ones.

這四條主要幹線分別通往 Agua Dulce 與 Katy，讓我們的客戶能在這些市場之間保持彈性。但我認為另一塊拼圖是 Traverse，也就是連接這兩個市場的雙向管線，提供這種彈性。這就是市場之間的連通性。接著你再把天然氣送到終端需求中心，特別是 LNG，以及 LNG 市場的高成長——快速成長。因此，當然我們有 ADCC 通往 Corpus Christi，而 BayRunner 預計在下一個十年投運，特別是在 Brownsville 那邊，最後那幾個專案。

So when we think about all that, that's really how we're trying to build out -- have been building on and continue to build out our nat gas strategy. With all that said, we also believe that there is the need for incremental egress pipelines out of the basin. So as we look forward, we think and believe that MPLX can continue to play a very active role in supporting those value chain solutions that -- and our strategies necessary to address all that incremental demand in those market opportunities. So hopefully, that gives you a little bit of color on how we're thinking about it.

因此，當我們把這些放在一起思考，這就是我們如何試圖打造——我們一直在打造並將持續打造我們的天然氣策略。此外，我們也認為仍需要新增從盆地外輸的管線能力。因此展望未來，我們認為並相信 MPLX 能持續扮演非常積極的角色，支持那些價值鏈解決方案——以及我們的策略——以因應這些市場機會中新增的需求。希望這能讓你更了解我們的思考方式。

All right. Thank you. Operator?

好的。謝謝。接線員？

I am showing no additional questions. I will turn the call back to Kristina.

我這邊顯示沒有其他提問。我將把電話會議交回給 Kristina。

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

謝謝。感謝各位對 MPLX 的關注。若您還有更多問題，或希望釐清今天上午討論的主題，請與我們聯繫。我們的團隊將隨時接聽您的來電。感謝您今天加入我們。

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

感謝您的參與。各位與會者，您現在可以斷線。