MPLX LP (MPLX) 2026 Q2 法說會逐字稿

Welcome to the MPLX second 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 年第二季財報電話會議。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 Brian Worthington. Brian, you may begin.

現在我將把電話交給 Brian Worthington。Brian，您可以開始。

Welcome to MPLX's second quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at mplx.com under the Investors 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 2026 年第二季財報電話會議。本次電話會議的簡報投影片可於我們網站 mplx.com 的 Investors（投資人）分頁下取得。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 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.

我們邀請各位閱讀第 2 頁投影片中的安全港聲明。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於該處以及我們向 SEC 提交的文件中。

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

接下來，我將把電話交給 Maryann。

Thanks, Brian. Good morning, and thank you for joining our call. Our second quarter results reflect the consistent execution of our strategic priorities. MPLX delivered $1.8 billion of adjusted EBITDA in the second quarter, a 5% increase versus the same period last year, more than overcoming the divestiture of the Rockies assets in late 2025.

謝謝，Brian。各位早安，感謝加入我們的電話會議。我們第二季的業績反映出我們對策略優先事項的一貫執行。MPLX 第二季交出 18 億美元的調整後 EBITDA，較去年同期成長 5%，不僅完全抵銷了 2025 年底出售落磯山資產的影響，且仍實現成長。

This enabled a return of over $1.1 billion to our unitholders. 2026 is also a year of execution. We continue to advance high-return projects across our integrated natural gas and NGL value chains. The sequencing of projects entering service gives us confidence in a meaningful increase in EBITDA in the second half of 2026 and next year.

這使我們得以向單位持有人回饋超過 11 億美元。2026 年同樣也是執行之年。我們持續推進整合式天然氣與 NGL 價值鏈中多項高報酬專案。專案投產的時序安排，讓我們對 2026 年下半年及明年 EBITDA 的顯著提升充滿信心。

In the Delaware Basin, we placed the Secretariat 1 processing plant into service in April, and exited the quarter at 86% utilization of our Delaware Basin processing system, demonstrating strong producer demand and operational excellence from our teams. And in August, the Harmon Creek 3 processing plant is beginning operations in line with our strategy to add processing capacity on a just-in-time basis. This increases our total processing capacity to 8.1 billion cubic feet per day and deethanization capacity to over 800,000 barrels per day. This plant, along with our associated gathering and compression expansions, extends our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth.

在德拉瓦盆地，我們於 4 月讓 Secretariat 1 處理廠投產，並在季末使德拉瓦盆地處理系統的使用率達到 86%，展現出上游生產商強勁需求以及團隊卓越的營運表現。此外，Harmon Creek 3 處理廠將於 8 月開始運轉，符合我們按「即時到位（just-in-time）」策略增加處理產能的規劃。這使我們的總處理產能提升至每日 81 億立方英尺，去乙烷化產能提升至每日超過 80 萬桶。該廠連同相關的集輸與壓縮擴建，延伸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。

As we expand MPLX's core value chains, we are also focused on maximizing utilization of existing assets and optimizing operations. In the Northeast, Marcellus processing utilization of 96% in the quarter led to record volumes across our system, while strong production activity in the Utica supported processing utilization of 73%. In the Permian, sour gas treating volumes exceeded 150 million cubic feet per day for the second consecutive quarter as we continue to optimize operations at our Titan treating facility.

在擴展 MPLX 核心價值鏈的同時，我們也專注於最大化既有資產的使用率並優化營運。在東北地區，本季 Marcellus 處理使用率達 96%，帶動系統全線創下紀錄量；而 Utica 的強勁生產活動則支撐處理使用率達 73%。在二疊紀盆地（Permian），由於我們持續優化 Titan 酸性氣體處理設施的營運，酸性氣體處理量連續第二季超過每日 1.5 億立方英尺。

As throughputs increase across our gathering and processing assets and additional projects enter service in the second half of the year, MPLX remains positioned to deliver mid-single-digit adjusted EBITDA growth. Natural gas and NGL fundamentals remain robust. Creating compelling opportunities to support growing global demand for US energy.

隨著我們集輸與處理資產的輸送量提升，以及更多專案在今年下半年投產，MPLX 仍具備實現調整後 EBITDA 中個位數中段成長的有利條件。天然氣與 NGL 的基本面依然強勁。為支持全球對美國能源日益成長的需求創造了極具吸引力的機會。

When we allocate capital, we remain disciplined. There must be strong strategic fit, durable demand and compelling returns. MPLX is investing over 90% of its organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs, leveraging our advantaged value chains. MPLX is increasing its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of our ongoing Gulf Coast fractionation project, pulling forward capital we previously expected to deploy in early '27.

在資本配置方面，我們始終保持紀律。投資必須具備強烈的策略契合度、持久的需求與具吸引力的報酬。MPLX 將超過 90% 的有機成長資本投入於滿足天然氣與 NGL 基礎設施需求成長的機會，並運用我們具優勢的價值鏈。MPLX 將 2026 年資本支出展望上調 5 億美元至 29 億美元。本次上調主要反映我們加速推進既有的墨西哥灣沿岸分餾專案，將原先預期於 2027 年初投入的資本提前。

In July, the Blackcomb natural gas pipeline began commissioning activities. The JV partners continue to progress the pipeline as planned with Blackcomb expected to achieve full commercial service in the fourth quarter. Within our NGL value chain, the expansion of our BANGL Pipeline to 300,000 barrels per day is also expected online in the fourth quarter, providing critical takeaway capacity as in-basin NGL volumes grow.

7 月，Blackcomb 天然氣管線開始進行試運轉（commissioning）活動。合資夥伴持續按計畫推進該管線，預期 Blackcomb 將於第四季達到全面商轉。在我們的 NGL 價值鏈方面，BANGL 管線擴建至每日 30 萬桶亦預計於第四季上線，隨著盆地內 NGL 產量成長，將提供關鍵的外運（takeaway）能力。

In the Permian's Delaware Basin, which continues to attract strong producer interest, our teams are working to complete the expansion of our sour gas treating system to over 400 million cubic feet per day. The expansion of this strategic growth platform remains on track to enter service at the end of the fourth quarter, and we anticipate volumes to ramp quickly, supporting our run rate expectations for 2027. With multiple investments transitioning from construction to operation this year, we are on track to deliver mid-single-digit adjusted EBITDA growth in 2026.

在持續吸引生產商高度關注的二疊紀德拉瓦盆地，我們的團隊正致力完成酸性氣體處理系統擴建，使其產能提升至每日超過 4 億立方英尺。此一策略性成長平台的擴建仍按計畫於第四季末投產，我們預期處理量將快速爬升，支持我們對 2027 年的常態化（run rate）預期。隨著今年多項投資由建設階段轉入營運階段，我們正按計畫在 2026 年實現調整後 EBITDA 中個位數中段成長。

While the year-over-year growth from '25 to '26 is more back half weighted, it also positions MPLX for strong adjusted EBITDA growth in 2027. Against the backdrop of geopolitical uncertainty, the strategic importance of US energy infrastructure remains clear. Domestic and global demand for secure, reliable energy continues to grow. Additionally, international customers are increasingly turning to the United States as a preferred supplier.

雖然 2025 年到 2026 年的年增幅較偏向下半年貢獻，但這也使 MPLX 在 2027 年具備強勁的調整後 EBITDA 成長動能。在地緣政治不確定性的背景下，美國能源基礎設施的策略重要性依然明確。國內與全球對安全、可靠能源的需求持續成長。此外，國際客戶也日益將美國視為首選供應來源。

MPLX is well positioned to respond to our customers' requirements in this growing market. The construction of our Gulf Coast fractionation and export facilities continues to advance on schedule. We expect the first 150,000 barrel per day fractionator, the 400,000 barrel per day JV LPG export terminal and the associated purity pipeline to be in service in 2028, followed by the second 150,000 barrel per day fractionation in 2029.

MPLX 已做好充分準備，在這個成長中的市場回應客戶需求。我們的墨西哥灣沿岸分餾與出口設施建設持續按進度推進。我們預期首座每日 15 萬桶分餾裝置、每日 40 萬桶的合資 LPG 出口碼頭，以及相關的純品管線將於 2028 年投產，第二座每日 15 萬桶分餾裝置則於 2029 年投產。

Our confidence in the volumes and utilization of our assets reinforces our expectation for durable cash flows that will support MPLX's continued growth. This positions MPLX to continue reinvesting in the business while supporting the annual distribution increases to unitholders.

我們對資產輸送量與使用率的信心，強化了我們對可持續現金流的預期，這將支持 MPLX 的持續成長。這使 MPLX 能在支持每年對單位持有人提高配息的同時，持續再投資於業務。

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

接下來我把電話交給 Kris，請他說明本季的營運與財務結果。

Thank you, Maryann. Slide 8 outlines the second quarter operational and financial performance highlights for our Crude Oil and Products Logistics segment. Segment adjusted EBITDA increased $23 million when compared to the second quarter of 2025.

謝謝您，Maryann。第 8 頁投影片概述我們原油與成品物流（Crude Oil and Products Logistics）事業部門第二季的營運與財務表現重點。與 2025 年第二季相比，該部門調整後 EBITDA 增加 2,300 萬美元。

The increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by lower crude pipeline throughputs from planned MPC turnaround activity and the seasonality of planned maintenance and project spending, resulting in higher operating expenses.

增幅主要由各業務單位費率上調以及丁烷調和量增加所帶動；但部分被原油管線輸送量下降所抵銷，該下降源於 MPC 計畫性歲修（turnaround）活動，以及計畫性維護與專案支出的季節性因素，導致營運費用上升。

MPLX has been strategically investing in butane blending systems throughout our terminal and pipeline network over the past few years. These investments allowed MPLX to blend additional butane volumes and take advantage of strong commodity prices in the quarter, generating over $20 million of additional benefit versus the prior year. Pipeline volumes increased 4% year-over-year, primarily due to Marathon's planned refining turnaround activities in the Mid-Con region.

過去幾年，MPLX 一直在我們的終端與管線網路中策略性投資丁烷調和系統。這些投資使 MPLX 得以在本季調和更多丁烷量並把握強勁的商品價格，相較前一年額外創造超過 2,000 萬美元的效益。管線輸送量年增 4%，主要由於 Marathon 在 Mid-Con 地區的計畫性煉廠歲修活動所致。

Moving on to slide 9. Segment adjusted EBITDA increased $62 million compared to the second quarter of 2025. The increase was primarily driven by increased volumes, including growth from equity affiliates and acquisitions, partially offset by the divestiture of our Rockies assets in 2025. Excluding the impact of the Rockies divestiture, segment adjusted EBITDA increased $99 million year-over-year.

接著看第 9 頁投影片。與 2025 年第二季相比，該部門調整後 EBITDA 增加 6,200 萬美元。增幅主要由輸送量增加所帶動，其中包含來自權益法投資公司與併購的成長；但部分被我們於 2025 年出售落磯山資產所抵銷。若排除落磯山資產出售的影響，該部門調整後 EBITDA 年增 9,900 萬美元。

Gathering volumes were up 15% year-over-year, primarily from production growth in the Utica, Permian and Marcellus basins. Processing volumes increased 5% year-over-year, primarily due to increased production in the Marcellus and Permian basins. Marcellus processing utilization was 96% for the quarter, demonstrating the need for incremental capacity as Harmon Creek 3 is beginning operations in August.

集輸量年增15%，主要來自 Utica、Permian 與 Marcellus 盆地的產量成長。處理量年增5%，主要因 Marcellus 與 Permian 盆地產量增加。本季 Marcellus 處理設施利用率為96%，顯示需要新增產能，因 Harmon Creek 3 將於8月開始營運。

Total fractionation volumes increased 8% year-over-year, primarily due to increased production in the Marcellus. With the start-up of Secretariat 1 in April, volumes on the BANGL NGL pipeline increased to over 200,000 barrels per day in the second quarter, illustrating the strategic value of our integrated wellhead-to-water strategy. Sour gas treating volumes in the second quarter exceeded 150 million cubic feet per day as we continue to optimize operations at our Titan treating facility and expand its capacity to handle over 400 million cubic feet per day by the end of the fourth quarter.

總分餾量年增8%，主要因 Marcellus 產量增加。隨著 Secretariat 1 於4月投產，第二季 BANGL NGL 管線輸送量提升至每日超過200,000桶，彰顯我們整合式「井口到水路」策略的戰略價值。第二季酸性天然氣處理量超過每日1.5億立方英尺；我們持續優化 Titan 處理設施的營運，並擴增其產能，目標在第四季末前可處理每日超過4億立方英尺。

We are progressing construction of a natural gas pipeline connection to allow sweet gas from our Titan facility to feed into the Secretariat 1 processing plant. This highlights the value of our recently acquired Delaware Basin system. Beyond an increasing rig count in the US, MPLX is strategically positioned to support additional drilling activity by producer customers. In the Permian Basin, undeveloped acreage in Lea and Eddy Counties in New Mexico was recently leased by current producer customers.

我們正推進一條天然氣管線連接的建設，使來自 Titan 設施的甜氣可輸送至 Secretariat 1 處理廠。這凸顯我們近期收購的 Delaware 盆地系統之價值。除美國鑽機數量增加之外，MPLX 亦具備策略性定位，可支援生產商客戶的額外鑽探活動。在 Permian 盆地，新墨西哥州 Lea 與 Eddy 郡的未開發土地近期已由現有生產商客戶承租。

Roughly 40% of this acreage has volumes dedicated to our sour gas treating system, highlighting the geographic advantage of the Titan complex within the Delaware Basin, excuse me. Additionally, the state of Ohio recently awarded leases for undeveloped acreage in Belmont County. Nearly half of this land is also dedicated to MPLX, and we anticipate additional production in the wet gas window of the Utica will add to higher utilization of our gathering and processing assets in the region with limited capital outlay.

約40%的該等土地產量已指定供應至我們的酸性天然氣處理系統，凸顯 Titan 綜合設施在 Delaware 盆地內的地理優勢，抱歉。此外，俄亥俄州近期也針對 Belmont 郡的未開發土地授予租約。其中近一半土地同樣指定給 MPLX；我們預期 Utica 濕氣區的新增產量，將在資本支出有限的情況下，提升我們在該區域集輸與處理資產的利用率。

Furthermore, growing production from the Utica has supported recent investments and expansions of MPLX pipeline and Ohio River terminals to serve increasing regional demand. This positions MPLX to continue reinvesting in the business while supporting annual distribution increases to unitholders.

此外，Utica 產量成長也支撐了 MPLX 近期對管線與俄亥俄河碼頭的投資與擴建，以滿足區域需求的增加。這使 MPLX 得以在支持單位持有人年度配息增加的同時，持續再投資於業務。

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

現在我把電話交回給 Maryann，請她做一些結語。

Thanks, Kris. Our base business is generating steady and durable growth. And the strategy we have executed over the last several years has positioned MPLX to continue delivering strong results. Through disciplined capital deployment and optimization of our integrated value chains, we have grown adjusted EBITDA, distributable cash flow and maintained a robust return profile.

謝謝，Kris。我們的基礎業務正在帶來穩健且具韌性的成長。而我們過去幾年所執行的策略，已使 MPLX 具備持續交出強勁成果的定位。透過嚴謹的資本配置與對整合價值鏈的最佳化，我們提升了調整後 EBITDA、可分配現金流，並維持強健的報酬輪廓。

We are executing our long-term strategy with consistency and discipline, operate safely and reliably, grow through high return investments. Optimize our integrated value chains and maintain a strong financial foundation. This track record of execution has enabled us to increase our quarterly distribution by 12.5% in each of the last two years. We anticipate growing our distribution at this rate again in 2026 and in 2027.

我們以一致性與紀律執行長期策略，安全且可靠地營運，並透過高報酬投資來成長。最佳化我們的整合價值鏈，並維持強健的財務基礎。這樣的執行紀錄，使我們在過去兩年每一年都將季度配息提高12.5%。我們預期在2026年與2027年也將以同樣的幅度提高配息。

We expect to continue growing the distribution supported by durable cash flows, a strong balance sheet and visible growth. While we are delivering our strategic organic growth priorities, we will continue to evaluate inorganic opportunities as they arise to further expand our strategic value chains and grow cash flows. Underpinned by the optimization of our value chains and throughput ramp across new assets placed into service such as Secretariat 1, Harmon Creek 3 and our sour gas treating operations, MPLX remains on track to deliver sequential growth throughout the year, culminating in mid-single-digit adjusted EBITDA growth in 2026.

我們預期在具韌性的現金流、強健的資產負債表與可見的成長支撐下，持續提高配息。在推進我們的策略性內生成長優先事項之際，我們也將持續評估不時出現的外生成長機會，以進一步擴大我們的策略價值鏈並提升現金流。在價值鏈最佳化，以及 Secretariat 1、Harmon Creek 3 與酸性天然氣處理業務等新投運資產的輸送量爬坡支撐下，MPLX 仍按計畫在全年實現逐季成長，並在2026年達成調整後 EBITDA 中個位數百分比的成長。

Now let me turn the call over to Brian.

現在我把電話交給 Brian。

Thanks, Maryann. As we open the call for your questions, ss a courtesy to our participants we ask to limit yourself to one question and a follow-up. If time permits, we will be prompt for additional questions. We will now open the call to questions.

謝謝，Maryann。在我們開放提問之際，出於對與會者的禮貌，我們請各位將問題限制為一個問題加上一個追問。若時間允許，我們會再提示進行更多提問。現在開始開放提問。

(Operator Instructions)

(接線員指示)

John Kay, Goldman Sachs.

John Kay，高盛。

I wanted to talk about the growth cadence for the year. I appreciate the color on the project ramp for second half and the comments around mid-single-digit EBITDA growth for the year.

我想談談今年的成長節奏。我很感謝你們對下半年專案爬坡的補充說明，以及關於今年 EBITDA 中個位數成長的評論。

I think your original kind of comments for the year had been a little higher relative to the '25 growth rate. So I was just wondering if you can kind of talk through some of the puts and takes for the year overall and how to maybe bridge us to our exit rate into fourth quarter of this year.

我認為你們年初對今年的原始評論，相較於2025年的成長率看起來略高一些。所以我想請你們談談今年整體的一些利多與利空因素，以及如何把我們銜接到今年第四季的退出（run-rate）水準。

Certainly. Good morning, John, and thanks for your question. We continue to say that our growth in 2026 will exceed that growth of 2025. Again, it is more back half-weighted. Maybe what I'll do is just take a moment and just walk through how we see that happening. Then I think we've also provided an incremental slide in your materials that can hopefully help with that as well.

當然可以。早安，John，謝謝你的提問。我們仍然表示，2026年的成長將高於2025年的成長。同樣地，成長會更偏向下半年。我想我可以花點時間，帶大家走一遍我們如何看待這件事的發生。另外，我們也在你們的資料中提供了一張補充投影片，希望也能協助說明。

In general, first and foremost, we have utilization increases. As you look at, Kris mentioned it, I did as well, as we talk about Marcellus Utica and the Permian. That will ramp through the back half of the year as well.

整體而言，首先最重要的是，我們的利用率會提升。如同你看到的，Kris 提到過，我也提到過，當我們談到 Marcellus、Utica 與 Permian 時。這些也會在下半年逐步爬坡。

Secretariat 1 came online in April, and we continue to ramp through that. That's our 200-a-day gas processing plant. It gives us capacity up to 1.4 Bcf a day. Then BENGL at 250, and that will go to 300 by the end of the year.

Secretariat 1 已於4月上線，我們仍在持續爬坡。那是我們每日2億立方英尺的天然氣處理廠。它使我們的處理能力提升至每日14億立方英尺。接著 BENGL 為每日250，並將在年底前提升至300。

Third quarter, Harmon Creek 3, as I mentioned, and that came online here just in the beginning of August. So we'll be ramping through that through the third quarter and into the fourth quarter. And then Bay Runner as well. That's the 2.6 Bcf natural gas supply to LNG facilities in Brownsville. And then fourth quarter, we've got Blackcomb. I mentioned that in my remarks, as you have already talked about.

第三季是 Harmon Creek 3，如我提到的，它在8月初剛上線。因此我們會在第三季並延續到第四季持續爬坡。另外還有 Bay Runner。那是向布朗斯維爾 LNG 設施供應每日26億立方英尺天然氣的專案。然後第四季，我們還有 Blackcomb。我在發言中提過，你們也已經談到過。

And then the ramping of the Titan facility, that's Delaware Basin sour gas back into the third quarter and then again in the fourth quarter as we reach the over 400 of processing capacity. So year-on-year, again, just reiterating, John, that does give us confidence that '26 growth will exceed that of '25.

此外還有 Titan 設施的爬坡，也就是 Delaware 盆地的酸性天然氣，會在第三季回升，並在第四季再次提升，當我們的處理產能達到每日超過4億立方英尺時。所以以年對年來看，再次重申，John，這讓我們有信心2026年的成長將高於2025年。

And frankly, as we think about the sequence, third quarter should be stronger than the second quarter and fourth should be stronger than the third as well. So certainly not trying to convey anything different than we have before. So if for some reason we have, I apologize for that, but we continue to see that growth as we have outlined. Let me pause and see if I've answered your question, John.

坦白說，從季度序列來看，第三季應該會比第二季更強，而第四季也會比第三季更強。所以我們當然不是要傳達任何與先前不同的訊息。如果因某些原因我們讓你有不同的感受，我在此致歉，但我們仍然如先前所概述地看待成長。我先停一下，看看是否已回答你的問題，John。

Thanks for that, Maryann. I appreciate all the walking through there. My second question is just on the new details on the frac timing and the CapEx pull forward. You guys talked about this a little bit, but maybe you can just walk through kind of some of the new timing expectations for the fracs and how to think about them coming online relative to the export dock and kind of how that's changed from prior.

謝謝你，Maryann。我很感謝你逐一說明。我的第二個問題是關於分餾（frac）時程的新細節，以及資本支出（CapEx）提前的部分。你們稍早有提到一些，但也許你們可以再說明一下分餾的新時程預期，以及相對於出口碼頭，這些分餾設施何時上線、以及與先前相比有哪些變化。

Yes, certainly. So first and foremost, project remains on budget. So all we're doing here is pulling early spend that we had initiated or expected, excuse me, in 2027 into the back half of 2026. This gives us even higher degree of confidence in the completion on time and obviously gives us the potential for early, but certainly gives us confidence in on-time completion of the frac and the dock. We would expect both the frac and the dock to come online at the same time, but certainly, we would not have the frac come online ahead of the dock.

是的，當然。首先也是最重要的是，該專案仍然在預算內。因此，我們在這裡所做的只是把我們原本在2027年已啟動或預期的前期支出（不好意思）拉到2026年下半年。這讓我們對如期完工有更高程度的信心，並且顯然也帶來提前的可能性，但更重要的是，讓我們對壓裂（frac）與碼頭（dock）按時完工更有把握。我們預期壓裂與碼頭會在同一時間上線；但可以確定的是，我們不會讓壓裂在碼頭之前先行上線。

So we have good confidence in the timing of this project, and we are confident in the fact that all of our assets, as we've been communicating, are full, and we're pleased around that. Shawn was just there a few weeks ago visiting the site. And so I thought I might let Shawn give you a little bit of color on how that project is progressing through a construction lens.

因此，我們對這個專案的時程很有信心，也對我們所有資產如同我們一直對外溝通的那樣都已滿載運行這件事很有信心，對此我們也很滿意。Shawn 幾週前才到現場參訪。所以我想我可以請 Shawn 從施工的角度，補充一些這個專案進展的細節。

Hey, John, this is Shawn. As Maryann said, I happened to have a chance to be there just a few weeks ago. And as I stood there and saw the 60,000 barrel spheres being constructed and the 600,000 refrigerated tanks for the terminal being constructed, it really just reinforced exactly what Maryann said, the confidence that we'll be online in early 2028.

嗨，John，我是 Shawn。如 Maryann 所說，我剛好在幾週前有機會到現場。當我站在那裡看到正在建造的 60,000 桶球形儲槽，以及正在建造的終端用 600,000 桶冷藏儲槽時，這真的再次印證了 Maryann 所說的：我們有信心在 2028 年初上線。

In addition, I just want to say this, the level of safety that the entire team and the contractors are showing on the site is very visible, really proud of the team to make sure that's first and foremost.

另外，我也想說，整個團隊以及承包商在現場展現出的安全水準非常明顯；我為團隊感到非常自豪，確保安全永遠是第一要務。

I appreciate that detail. Thank you.

我很感謝這些細節。謝謝。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Hi, good morning. I'm trying to get a little more details about the ramp and the completion at Titan and how the overall Permian gas situation is moving ahead with these new pipes opening up.

嗨，早安。我想更了解 Titan 的爬坡（ramp）與完工情況，以及隨著這些新管線投運，整體二疊紀（Permian）天然氣的情勢如何推進。

If the Waha remains in the positive territory, you could see more NGLs come out of Permian, more gas come out of Permian. And if you could, that way, highlight your leverage to the entire Permian gas situation, especially the Titan project.

如果 Waha 價差仍維持在正值區間，你可能會看到更多 NGL 從二疊紀產出、更多天然氣從二疊紀產出。如果可以的話，也請用這個角度說明你們對整體二疊紀天然氣情勢的槓桿曝險，特別是 Titan 專案。

Certainly, and thanks for the question. So let me start, and then I'll pass to Greg to give you a little more color on the actual progress and details around Titan, and then Dave can give you some further insights into how we're seeing egress out of the Permian.

當然，謝謝你的問題。我先回答，接著我會請 Greg 補充 Titan 實際進度與細節的更多說明，然後 Dave 也可以再提供一些我們如何看待二疊紀外運（egress）的進一步洞見。

Hopefully, you've heard we continue to operate the Delaware Basin Delaware Basin sour gas processing system well, a second consecutive quarter where we exceeded 150 a day, and we're continuing to optimize around that, obviously, looking for cost reductions.

希望你有聽到，我們持續把德拉瓦盆地（Delaware Basin）的含硫天然氣處理系統運行得很好，連續第二個季度我們都超過每日 150（a day），而且我們仍在持續優化，當然也在尋求降本。

This was always intended to be an important platform for us for growth, and we continue to see that. And as you know, you may have heard, we had multiple producer customers expressing interest in the platform, and that obviously opens up opportunities for us to increase utilization.

這一直是我們用來成長的重要平台，我們也持續看到這一點。而且如你所知、你可能也聽說過，我們有多家生產商客戶表達對這個平台的興趣，這顯然為我們帶來提高利用率的機會。

So pleased on current performance. Back half of the year, as I mentioned earlier, we'll see the escalation of those volumes. And let me pass it to Greg, and he can give you some additional color on how that's operating.

所以我們對目前的表現感到滿意。今年下半年，如我先前提到的，我們會看到這些量的提升。我把時間交給 Greg，他可以補充一些這套系統目前如何運行的細節。

Thanks, Maryann. Manav, I'll just give a little bit of color around the Titan 2 expansion and associated projects and how this ties in. As Mary Anne mentioned, we are continuing to operate at a volume level near the capacity we have. And so we're focused on improving reliability, obviously focused on safety and also on the operating costs and the efficiency that we operate the system with.

謝謝，Maryann。Manav，我先就 Titan 2 擴建及相關專案，以及它們如何串聯，補充一些背景。如 Mary Anne 提到的，我們目前持續以接近既有產能的量在運行。因此我們的重點是提升可靠性，當然也聚焦安全，以及營運成本與系統運行效率。

In terms of Titan 2, associated with Titan 2 and the actual amine treating capacity expansion, we're also building about 100 miles of pipeline, multiple compression station expansions to provide the hydraulic capacity to fill the plant. And we're also building a pipeline from Titan down to our Secretariat plant to be able to deliver sweet gas, as Maryann mentioned earlier.

就 Titan 2 而言，配合 Titan 2 以及胺液（amine）脫硫處理能力的擴增，我們也在興建約 100 英里的管線，以及多座壓縮站擴建，以提供足夠的水力輸送能力來把工廠填滿。同時我們也在建一條從 Titan 到我們 Secretariat 工廠的管線，以便如 Maryann 先前提到的，能夠輸送甜氣（sweet gas）。

So we've got a couple of different connections, including the line to Secretariat into our existing legacy systems. So we truly are integrating the systems together.

因此我們有幾個不同的連接點，包括通往 Secretariat 的管線，並接入我們既有的傳統系統。所以我們確實是在把這些系統整合在一起。

And one of the big benefits of this will be actually taking sweet gas to help fill our processing plants, which then in turn, help to fill our BANGL NGL system. We're on schedule and budget on those projects for fourth quarter delivery, including the new Titan expansion.

而其中一個重大效益，將是把甜氣導入以協助填充我們的處理廠，進而也有助於填充我們的 BANGL NGL 系統。這些專案（包含新的 Titan 擴建）都按進度、按預算，預計在第四季交付。

Manav, this is Dave. Maybe I'll touch on your last question is, do we believe there's incremental takeaway capacity needed for the Permian from a NAC gas perspective? And the short answer is yes. We do believe that. As we all know, US natural gas demand continues to be very strong, underpinned by not only LNG, but also by data center needs.

Manav，我是 Dave。我也許回應你最後一個問題：從北美天然氣（NAC gas）的角度來看，我們是否認為二疊紀需要新增的外運能力（takeaway capacity）？簡短答案是：是的。我們確實這麼認為。如大家所知，美國天然氣需求持續非常強勁，不僅由 LNG 支撐，也受到資料中心需求帶動。

So specifically in the Permian, if you just look June, July, we've seen over 1 Bcf a day of growth to nearly 25 Bcf a day of gas in the Permian. And that is forecasted to grow to 35 Bcf a day by 2030. So what we see from that forecast is that there is incremental takeaway capacity constraints anticipated in the future.

具體到二疊紀，如果只看 6 月、7 月，我們看到天然氣量成長超過每日 10 億立方英尺（1 Bcf/d），使二疊紀天然氣接近每日 250 億立方英尺（25 Bcf/d）。而預測到 2030 年將成長到每日 350 億立方英尺（35 Bcf/d）。因此，從這個預測來看，我們認為未來將出現新增外運能力的限制。

As you know, we've been very active in numerous long-haul pipelines from Whistler to Matterhorn to Blackcomb and Eiger long-haul pipes out of the Permian, and that's providing over 11 Bcf a day of takeaway capacity.

如你所知，我們一直非常積極參與多條從二疊紀外運的長途管線，包括 Whistler、Matterhorn、Blackcomb 以及 Eiger 等長途管線，這些合計提供超過每日 110 億立方英尺（11 Bcf/d）的外運能力。

So even with that and with Blackcomb and Eiger coming online Eiger later this year, fourth quarter this year and Blackcomb second half of 2028, we still believe incremental takeaway capacity is needed. So I think as we look forward, you'll continue to see us evaluate and participate and deploy capital in incremental industry solutions to provide that long-haul takeaway capacity out of the Permian to the US Gulf Coast. So hopefully, more to come.

即便如此，且 Blackcomb 與 Eiger 將陸續上線——Eiger 於今年稍晚、也就是今年第四季上線，Blackcomb 於 2028 年下半年上線——我們仍認為需要新增外運能力。因此展望未來，我想你會持續看到我們評估、參與並投入資本於新增的產業解決方案，以提供從二疊紀到美國墨西哥灣沿岸的長途外運能力。所以希望後續還會有更多消息。

I hope that addresses your question, Manav.

希望這回答了你的問題，Manav。

Absolutely. And a quick update of both Bay Runner Pipeline and the Bay Runner Twin pipeline, if there is any update over those two projects.

完全有。另外想快速更新一下 Bay Runner 管線以及 Bay Runner Twin 管線，這兩個專案是否有任何最新進展？

Manav, the first part of your message cut out. Could you ask the question again? We heard the back half, but would you be able to repeat it?

Manav，你前半段的訊息斷掉了。可以再問一次嗎？我們有聽到後半段，但你能否重複一遍？

The Bay Runner pipeline and the Bay Runner Twin pipeline, if there is an update on those two projects?

Bay Runner 管線和 Bay Runner Twin 管線，這兩個專案是否有更新？

Sure.

好的。

This is Dave again. So as we recently announced, actually both these projects are supporting our NextDecade LNG facility as they continue to announce their first three trains and the subsequent trains, we, along with our partners, have been executing our projects to supply just-in-time capital to support when those are coming online to support the gas to those.

我再補充一次，我是 Dave。如我們近期宣布的，這兩個專案其實都是在支援我們的 NextDecade LNG 設施；隨著他們持續宣布前三座液化列車（trains）以及後續列車，我們與合作夥伴一直在執行我們的專案，以「即時到位」（just-in-time）的資本投入，配合其上線時點，確保能供應所需天然氣。

So Bay Runner and then now recently announced Bay Runner 2, which is the conversion from Rio Bravo. And as we do in all our projects, kind of what Shawn touched on earlier, we're always looking at ways to be the most capital efficient and schedule efficient as possible.

因此是 Bay Runner，以及近期宣布的 Bay Runner 2（也就是從 Rio Bravo 轉換而來）。而如同我們在所有專案中的做法，正如 Shawn 先前提到的，我們一直在尋找方法，盡可能做到最高的資本效率與進度效率。

So that conversion from Rio Bravo to Bay Runner Twin allows us to run it in the same in the same area and just be more effective and more efficient, and we'll bring that online just in time as we did with Bay Runner to support next decade LNG expansion capacity.

因此，將 Rio Bravo 轉換為 Bay Runner Twin，讓我們能在相同區域運行，並且更有效、更有效率；我們也會像 Bay Runner 一樣，在恰當時點（just in time）讓它上線，以支援 NextDecade LNG 的擴充產能。

Thank you so much.

非常感謝。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通（JPMorgan）。

Good morning. This is Francina on for Jeremy. I just wanted to dig a bit deeper on the inorganic opportunity set that you kind of finished off the prepared remarks with.

早安。我是 Francina，代替 Jeremy 發言。我想就您在事先準備的發言最後提到的外生成長機會，再深入追問一下。

Can you kind of describe the opportunity set that you have at hand? And in terms of the strategy itself, would you characterize that more as bolt-ons or a kind of renewed strategy for MPLX via M&A?

您能否描述一下目前掌握的機會範圍？另外就策略本身而言，您會將其定位為補強型併購（bolt-ons），還是透過併購（M&A）為 MPLX 帶來某種重新啟動的策略？

Yes, certainly. So when we think about inorganic opportunities, they need to fit our strategic intent. So you've heard us talk about wellhead to water. Dave just really shared with you our view on Permian egress.

是的，當然。我們在思考外生成長機會時，必須符合我們的策略意圖。各位也聽過我們談「從井口到水路（wellhead to water）」。Dave 剛才也分享了我們對二疊紀盆地外運（Permian egress）的看法。

Our wellhead-to-water strategy continues to be a very solid platform for us for growth and opportunities longer term, particularly when you look at demand pool. I mentioned nat gas and NGL and frankly, the requirement for reliable, secure energy and the pool on US. So that's a place that we continue to lean in.

我們的「從井口到水路」策略，長期來看仍是非常穩健的成長與機會平台，特別是當你觀察需求端的規模。我提到天然氣與 NGL（天然氣液），坦白說，對可靠、安全能源的需求，以及美國在這方面的需求池。因此這是我們會持續加碼投入的領域。

Also, this needs to meet our hurdles, needs to be able to deliver our mid-teens returns and also has to ensure that we can deliver mid-single-digit growth year-on-year. So we're looking in those opportunities. And then also our JV partners, et cetera, as you've seen us take on Transaction BANGL would be a good example as we increased our ownership assets we know and fit very deeply into our long-term strategy.

此外，這些機會也必須達到我們的門檻，能夠帶來約中十幾%的報酬率，同時也必須確保我們能逐年交付中個位數的成長。因此我們會在這些機會中尋找。另外也包括我們的合資（JV）夥伴等；正如各位看到我們進行 BANGL 這筆交易，就是一個很好的例子：我們提高了對我們熟悉、且與長期策略高度契合的資產持有比例。

So hopefully, that's a helpful response to you as we think about where we would be leaning in strategic fit, nat gas NGL, our wellhead-to-water growth strategy, that's the places where we would be executing.

希望這能對您有所幫助：就我們會加碼投入的方向而言，會以策略契合度、天然氣與 NGL、以及我們的「從井口到水路」成長策略為主，這些就是我們會執行的重點領域。

That's very helpful. And then just looking a bit deeper on kind of the capital allocation priorities, given the pretty robust book of projects coming online in '26 and '27 and the 12.5% kind of distribution increase remaining, how do you see those priorities maybe changing longer term as we exit '26 and into '27?

這很有幫助。再更深入看資本配置優先順序：考量到 2026 與 2027 年將有相當強勁的一批專案上線，以及尚餘 12.5% 的配息增幅，當我們在 2026 年末、進入 2027 年時，您如何看待這些優先順序在更長期可能出現的變化？

Thank you, Francina. Yes, what I would tell you is our capital allocation priorities are unchanged. So when we think about the way we allocate capital, first and foremost, it's maintaining that -- maintaining our assets and our current EBITDA level. Secondly, it goes to distribution growth, right? So we've consistently communicated this 12.5% that we anticipate in both '26 and '27.

謝謝你，Francina。是的，我想告訴你的是，我們的資本配置優先順序沒有改變。因此當我們思考資本如何配置時，第一優先是維持——維持我們的資產以及目前的 EBITDA 水準。第二是配息成長，對吧？我們也一貫對外溝通，預期在 2026 與 2027 年都會有 12.5% 的增幅。

And next, it's growth. And that growth can come in the form of organic projects, some of the big ones that we've just went through and the continual evaluation of the inorganic opportunities that set in the basin. So hopefully, that's responsive to your question. But really, I would leave you with our capital allocation priorities are unchanged.

接下來是成長。成長可以來自有機專案——也就是我們剛剛談過的一些大型專案——以及持續評估盆地內的外生成長機會。希望這回答了你的問題。但總結來說，我們的資本配置優先順序沒有改變。

I'll leave it there. Thank you, team.

我就先到這裡。謝謝各位。

Burke Sansiviero, Wolfe Research.

Burke Sansiviero，Wolfe Research。

Hi, good morning. Are you still targeting at least 1.3 times coverage with the 2026 and '27 distribution growth plans? And can this be met solely with organic growth? Or is M&A required to get there?

嗨，早安。在 2026 與 2027 年的配息成長計畫下，你們仍以至少 1.3 倍的覆蓋率為目標嗎？而且這能僅靠有機成長達成嗎？還是需要透過併購（M&A）才能達到？

Yes. Thank you. What I would tell you is absolutely, we continue to target our 1.3 coverage ratio for both '26 and '27 and frankly, beyond. What I would tell you is that from a capital perspective, we believe that our current organic plan gives us confidence -- we have confidence in maintaining that 1.3 coverage.

是的。謝謝。我想告訴你的是，絕對是的：我們在 2026 與 2027 年，坦白說甚至更往後，都持續以 1.3 倍覆蓋率為目標。從資本角度來看，我們相信目前的有機計畫讓我們有信心——我們有信心維持 1.3 倍覆蓋率。

We've talked about it a few times now on this call. It's the second half growth that is going to give us confidence in 1.26. And then frankly, entering 2027, we're going to have the platform to grow even more. So hopefully, that's responsive.

我們在這通電話會議中已經提過幾次。下半年帶來的成長將讓我們對 2026 年的 1.3 倍覆蓋率更有信心。而且坦白說，進入 2027 年後，我們將擁有能夠進一步成長的平台。

Maryann, you may have something else.

Maryann，你可能還有補充。

Yes, Burke, I think Kris did it well. Just maybe to reiterate, when we think about 2027 today, as we sit here for all of the things, as Chris mentioned, when you look at the projects coming online that we've put capital to work in the third quarter and the fourth quarter, some of them continue to ramp into 2027 as well. We believe as we sit here today, 2027 growth we have in hand, so to speak, with all of the projects.

是的，Burke，我覺得 Kris 已經說得很好。我再重申一下：當我們今天談 2027 年、以目前坐在這裡的角度來看，正如 Chris 提到的，第三季與第四季我們已投入資本、即將上線的專案，其中有些也會持續爬坡到 2027 年。我們相信以今天的狀況來看，2027 年的成長可以說已經在手上，因為這些專案都已經到位。

Now that doesn't mean we're not going to -- that we'll stop looking. We'll continue to evaluate inorganic opportunities. But the goal of 1.3 coverage remains our objective. In 2027, we're not looking for inorganic M&A to be able to meet that. We'll continue to look for it, but we don't need it to meet 2027. We hope that helps.

當然，這不代表我們不會——或我們會停止尋找。我們會持續評估外生成長機會。但 1.3 倍覆蓋率的目標仍是我們的核心目標。就 2027 年而言，我們不需要依賴外生成長的併購（M&A）來達成。我們會繼續尋找，但不需要靠它來達到 2027 年的目標。希望這有幫助。

Thanks for that. And historically, the company has stated that they like the current MPC, MPLX structure and argued against the idea of MPC rolling up MPLX at some point. But MPC has outperformed MPLX by a significant amount year-to-date just with the favorable refining backdrop.

謝謝說明。過去公司曾表示偏好目前 MPC 與 MPLX 的架構，並反對 MPC 在某個時間點將 MPLX 併入（roll up）的想法。但在有利的煉油景氣背景下，MPC 今年以來的表現明顯優於 MPLX。

It's been a pretty big relative move. So I just wanted to check if the relative performance of the two complexes has had any impact on how you're thinking about the affiliate relationship, whether that relates to a roll-up intercompany transactions or affiliate support.

兩者相對表現的變動幅度相當大。所以我想確認一下，兩個板塊的相對表現，是否影響你們對關係企業（affiliate）關係的思考——不論是併入、公司間交易，或關係企業支持等方面？

Yes. No, thank you for the question. And of course, we are very glad to see that both MPC and MPLX continue to execute strategic priorities and optimize and execute in the manner in which we have shared -- we expect our performance.

是的。謝謝你的問題。當然，我們也很高興看到 MPC 與 MPLX 都持續執行各自的策略重點、持續最佳化並以我們所分享的方式落實——也就是我們對績效的期待。

As it relates to the relationship between MPC and MPLX -- we do not see any reason to change that relationship. Right now, there is a tremendous amount of value that's created. As you look at the growth of MPLX year-on-year and the ability for us to continue to grow that distribution for our unitholders, it provides sound cash flow back to MPC.

至於 MPC 與 MPLX 之間的關係——我們看不出有任何理由要改變這段關係。目前創造了非常可觀的價值。當你看到 MPLX 年對年的成長，以及我們能持續為單位持有人提高配息的能力，這也為 MPC 帶來穩健的現金流回饋。

And that relationship creates value, we think, for both the MPLX unitholder and the MPC shareholders. So that is of importance. There is an important relationship and a strategic relationship between those two companies. So we do not see a reason to change that at this time. I hope that helps.

我們認為這樣的關係，對 MPLX 的單位持有人與 MPC 的股東都能創造價值。因此這點非常重要。兩家公司之間存在重要且具策略性的關係。所以我們目前看不出有理由要改變。希望這能解答你的疑問。

Thanks for the time.

謝謝撥冗。

I'm showing no further questions.

我這邊顯示沒有其他問題了。

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

好的。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議題，請與我們聯繫，我們的團隊將隨時接聽您的來電。感謝各位今天加入。

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

感謝各位的參與。各位與會者現在可以中斷連線。