Q1 2026 MPLX LP Earnings Call

May 5, 2026

Speaker #1: Welcome to the MPLX First Quarter 2026 earnings call. My name is Julie, and I will be your operator for today's call. At this time, all participants are in a listen-only mode.

Operator: Welcome to the MPLX Q1 2026 Earnings Call. My name is Julie, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Press star one on your touchtone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Speaker #1: Later, we will conduct a question-and-answer session. Press star one on your touchtone phone to enter the queue. Please note that this conference is being recorded.

Speaker #1: I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Speaker #2: 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.

Kristina Kazarian: Welcome to MPLX's Q1 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, Carl Kristopher Hagedorn, CFO, and other members of the executive team. 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. With that, I will turn the call over to Maryann.

Kristina A. Kazarian: Welcome to MPLX's Q1 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, Kris Hagedorn, CFO, and other members of the executive team. We invite you to read the safe harbor statement on slide two. 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. With that, I will turn the call over to Maryann.

Speaker #2: 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 Harbor statements on slide two.

Speaker #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.

Speaker #2: With that, I will turn the call over to Maryann.

Speaker #3: Thanks, Kristina. Good morning, and thank you for joining our call. MPLX delivered over 1.7 billion dollars of adjusted EBITDA, which enabled the return of over 1.1 billion dollars to our unit holders.

Maryann Mannen: Thanks, Kristina. Good morning. 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 unit holders. 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 Q3, and the Titan gas treating complex reaching over 400 million cubic feet per day of treating capacity in Q4. This gives us confidence that year-over-year growth in 2026 will exceed that of 2025. The underlying fundamentals in natural gas and NGLs remain strong. We see strategic opportunity to support increasing demand for these commodities.

Maryann T. Mannen: Thanks, Kristina. Good morning. 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 unit holders. 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 Q3, and the Titan gas treating complex reaching over 400 million cubic feet per day of treating capacity in Q4. This gives us confidence that year-over-year growth in 2026 will exceed that of 2025. The underlying fundamentals in natural gas and NGLs remain strong. We see strategic opportunity to support increasing demand for these commodities.

Speaker #3: 2026 is a year of execution, with multiple investments expected to transition from construction to operations and EBITDA generation. With Secretariat One, coming online in April, Harmon Creek Three 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.

Speaker #3: The underlying fundamentals and 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.

Maryann Mannen: 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 3rd asset gas injection well in the Delaware Basin is expected to be completed in Q3. 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 H2 2028. Once in service, our total processing capacity in the basin will reach approximately 1.7 billion cubic feet per day.

Maryann T. Mannen: 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 3rd asset gas injection well in the Delaware Basin is expected to be completed in Q3. 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 H2 2028. Once in service, our total processing capacity in the basin will reach approximately 1.7 billion cubic feet per day.

Speaker #3: Our third asset gas injection well in the Delaware Basin is expected to be completed in the third quarter. The expansion of the Titan complex is on schedule.

Speaker #3: Downstream, the 200 million cubic feet per day Secretariat One processing plant has entered service. Last quarter, we announced our intention to further expand our gas processing footprint with Secretariat Two, an additional 300 million cubic feet per day of capacity expected online in the second half of 2028.

Speaker #3: 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.

Maryann Mannen: 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. The Blackcomb natural gas pipeline continues to progress as planned and is expected to enter service in Q4. 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. Within NGLs, the expansion of the BANGL Pipeline to 300,000 barrels per day is expected online in Q4, 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.

Maryann T. Mannen: 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. The Blackcomb natural gas pipeline continues to progress as planned and is expected to enter service in Q4. 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. Within NGLs, the expansion of the BANGL Pipeline to 300,000 barrels per day is expected online in Q4, 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.

Speaker #3: 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.

Speaker #3: Volume commitments from top-tier shippers underscore the competitiveness of our footprint, as well as the long-term durability of our natural gas system. With an NGL, the expansion of the Bangal pipeline to 300,000 barrels per day is expected online in the fourth quarter.

Speaker #3: 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.

Speaker #3: Our fully integrated NGL value chain provides high confidence in the volumes utilization and durability of cash flows these assets will generate for years to come.

Maryann Mannen: Our fully integrated NGL value chain provides high confidence in the volume, utilization, and durability of cash flows these assets will generate for years to come. Against the backdrop of ongoing geopolitical uncertainty, the strategic importance of US energy infrastructure has never been clearer. Global demand for secure, reliable energy continues to grow, and international customers are increasingly more dependent on the United States as a preferred supplier. 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. In the Marcellus, construction of Harmon Creek III remains on track for a Q3 in-service date, increasing our total processing capacity to 8.1 BCF per day in the Northeast.

Maryann T. Mannen: Our fully integrated NGL value chain provides high confidence in the volume, utilization, and durability of cash flows these assets will generate for years to come. Against the backdrop of ongoing geopolitical uncertainty, the strategic importance of US energy infrastructure has never been clearer. Global demand for secure, reliable energy continues to grow, and international customers are increasingly more dependent on the United States as a preferred supplier. 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. In the Marcellus, construction of Harmon Creek III remains on track for a Q3 in-service date, increasing our total processing capacity to 8.1 BCF per day in the Northeast.

Speaker #3: Against the backdrop of ongoing geopolitical uncertainty, the strategic importance of U.S. energy infrastructure has never been clearer. Global demand for secure, reliable energy continues to grow, and international customers are increasingly more dependent on the United States as a preferred supplier.

Speaker #3: 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.

Speaker #3: In the Marcellus, construction of Harmon Creek Three remains on track for a third quarter in-service date increasing our total processing capacity to 8.1 billion cubic feet per day in the Northeast.

Speaker #3: This project, along with our associated gathering and compression expansions, enhances our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth.

Maryann Mannen: This project, along with our associated gathering and compression expansions, enhances our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth. 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. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.

Maryann T. Mannen: This project, along with our associated gathering and compression expansions, enhances our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth. 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. Now let me turn the call over to Chris to discuss our operational and financial results for the quarter.

Speaker #3: Beyond 2026, the opportunity set for natural gas and NGLs remains robust. We are deploying 90% of our 2.4 billion dollar organic growth capital plan toward these opportunities which will drive continued mid-single-digit growth.

Speaker #3: Now let me turn the call over to Chris. To discuss our operational and financial results for the quarter.

Speaker #4: Thanks, Maryann. Slide eight outlines the first quarter operational and financial performance highlights for our crude oil and products logistics segment. Segment adjusted EBITDA increased 14 million dollars when compared to the first quarter of 2025.

Carl Kristopher Hagedorn: Thanks, Maryann. Slide eight outlines the Q1 operational and financial performance highlights for our Crude Oil and Products Logistics segment. Segment adjusted EBITDA increased $14 million when compared to the Q1 2025. The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs. 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 Q1. Moving on to slide nine, segment adjusted EBITDA decreased $42 million compared to the Q1 2025. 2025 included a one-time $37 million benefit associated with a customer agreement.

C. Kristopher Hagedorn: Thanks, Maryann. Slide eight outlines the Q1 operational and financial performance highlights for our Crude Oil and Products Logistics segment. Segment adjusted EBITDA increased $14 million when compared to the Q1 2025. The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs. 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 Q1. Moving on to slide nine, segment adjusted EBITDA decreased $42 million compared to the Q1 2025. 2025 included a one-time $37 million benefit associated with a customer agreement.

Speaker #4: The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs. Pipeline volumes decreased 4% year over year, primarily due to marathons refining turnaround and maintenance activities in the Midwest and Gulf Coast regions.

Speaker #4: Terminal volumes also decreased 4% year over year, primarily due to less favorable market dynamics and refining industry turnaround activity in the first quarter. Moving on to slide nine, segment adjusted EBITDA decreased 42 million dollars compared to the first quarter of 2025.

Speaker #4: 2025 included a one-time 37 million dollar benefit associated with a customer agreement. The decrease was primarily driven by a 45 million dollar impact from divestiture of our non-core gathering and processing assets in 2025.

Carl Kristopher Hagedorn: 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. 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 and the Permian. 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 Q3.

C. Kristopher Hagedorn: 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. 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 and the Permian. 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 Q3.

Speaker #4: Lower natural gas liquids prices and higher operating expenses. These factors offset growth from equity affiliates and increased volumes inclusive of acquisitions. Excluding 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.

Speaker #4: Processing volumes increased 2% year over year, primarily due to increased production in the Marcellus and the Permian. Marcellus processing utilization was 94% for the quarter, demonstrating the need for incremental capacity at Harmon Creek Three as positioned to come online on a just-in-time basis in the third quarter.

Speaker #4: 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.

Carl Kristopher Hagedorn: 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 Q1. Winter Storm Fern in January impacted crude oil and natural gas production volumes, resulting in a roughly $13 million headwind to our Q1 results. We would like to extend our gratitude to our teams in the field whose around-the-clock efforts for continuous, safe, and reliable operations at our MPLX assets during the storm. Thank you to our team. 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.

C. Kristopher Hagedorn: 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 Q1. Winter Storm Fern in January impacted crude oil and natural gas production volumes, resulting in a roughly $13 million headwind to our Q1 results. We would like to extend our gratitude to our teams in the field whose around-the-clock efforts for continuous, safe, and reliable operations at our MPLX assets during the storm. Thank you to our team. 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.

Speaker #4: 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.

Speaker #4: We would like to extend our gratitude to our teams in the field whose around-the-clock efforts for continuous safe and reliable operations at our MPLX assets during the storm.

Speaker #4: Thank you to our team. Across our business for every five-cent change in weighted average NGL price, MPLX expects approximately a 20 million dollar annual impact to segment adjusted EBITDA.

Speaker #4: During the first quarter, to manage this exposure, MPLX executed an economic hedge on 80% of this risk and recognized the negative mark-to-market of 56 million dollars during the quarter.

Carl Kristopher Hagedorn: During Q1, to manage this exposure, MPLX executed an economic hedge on 80% of this risk and recognized a negative mark to market of $56 million during the quarter. This impact will be offset by physical gains over the course of 2026. As a reminder, Q1 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 Q2, reflecting the seasonality of this project-related work. Now let me hand it back to Maryann for some concluding thoughts.

C. Kristopher Hagedorn: During Q1, to manage this exposure, MPLX executed an economic hedge on 80% of this risk and recognized a negative mark to market of $56 million during the quarter. This impact will be offset by physical gains over the course of 2026. As a reminder, Q1 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 Q2, reflecting the seasonality of this project-related work. Now let me hand it back to Maryann for some concluding thoughts.

Speaker #4: This impact will be offset by physical gains over the course of 2026. As a reminder, the first quarter is typically our lowest quarter for project-related expenses.

Speaker #4: While we expect these expenses in 2026 will be flat versus the prior year, we anticipate a sequential increase of 50 million dollars in the second quarter.

Speaker #4: Reflecting the seasonality of this project-related work. Now, let me hand it back to Maryann for some concluding thoughts.

Speaker #3: Thanks, Chris. MPLX has a proven history of executing on our commitments and delivering consistent financial performance. Through disciplined capital deployment, optimization of our integrated value chains, we have sustained strong EBITDA growth and maintained a robust return profile.

Maryann Mannen: 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 chains, 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 unit holders through both organic project execution and reliable capital returns. Our long-term strategy is straightforward. We are executing with discipline. Operate safely and reliably. Grow through high return investments. Optimize our integrated value chains and 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.

Maryann T. Mannen: 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 chains, 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 unit holders through both organic project execution and reliable capital returns. Our long-term strategy is straightforward. We are executing with discipline. Operate safely and reliably. Grow through high return investments. Optimize our integrated value chains and 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.

Speaker #3: This track record supports our confidence in our ability to continue creating value for unit holders through both organic project execution and reliable capital returns.

Speaker #3: 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 maintain a strong financial foundation.

Speaker #3: 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.

Speaker #3: 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.

Maryann Mannen: 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 unit holders. Now let me turn the call over to Kristina.

Maryann T. Mannen: 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 unit holders. Now let me turn the call over to Kristina.

Speaker #3: With this momentum, we remain confident in our outlook and committed to creating exceptional value for our unit holders. Now let me turn the call over to Christina.

Speaker #5: Thanks, Maryann. As we open the call for your questions, as a courtesy to all participants, we ask that you limit yourself to one question and a follow-up.

Kristina Kazarian: Thanks, Maryann. As we open the call for your questions, as a courtesy to all participants, we ask that you limit yourself to 1 question and a follow-up. If time permits, we will re-prompt for additional questions. With that, operator, we are ready for questions today.

Kristina A. Kazarian: Thanks, Maryann. As we open the call for your questions, as a courtesy to all participants, we ask that you limit yourself to 1 question and a follow-up. If time permits, we will re-prompt for additional questions. With that, operator, we are ready for questions today.

Speaker #5: If time permits, we will re-prompt for additional questions. With that, operator, are we ready for questions today?

Speaker #6: Thank you. We will now begin the question and answer session. If you have a question, please press star, then one, on your touchstone phone.

Operator: Thank you. We will now begin the question and answer session. If you have a question, please press star then one on your touchtone phone. If you wish to be removed from the queue, please press star then two. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touchtone phone. Our first question comes from John Mackay with Goldman Sachs. Your line is open.

Speaker #6: If you wish to be removed from the queue, please press star, then two. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers.

Speaker #6: Once again, if you have a question, please press star, then one, on your touchstone phone. Our first question comes from John McKay with Goldman Sachs.

Speaker #6: Your line is open.

Speaker #7: Hey, good morning, team. Thank you for the time. Look, in the back half of last year, you were talking about considerably higher EBITDA growth for '26 over '25.

John Mackay: Hey, good morning, team. Thank you for the time. Look, in the back half of last year, you were talking about considerably higher EBITDA growth for 2026 over 2025. Q1 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. Could you spend a little bit more time walking us through how we should think about the EBITDA ramp through the year and kinda getting to that maybe above mid-single digit target you laid out last call? Thanks.

Speaker #7: 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?

Speaker #7: Thanks.

Speaker #3: Yeah. Good morning, John. Thank you. 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.

Maryann Mannen: Yeah. Good morning, John. Thank you. and you're correct. As we were talking about in 2025, we continue to see growth 2025, 2026, if you allow me to look at it first on an annual basis, 2025 to 2026 growth rate to be stronger than we saw 2024 to 2025. 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, you know, 7.5% range. I mentioned in a couple of my opening remarks there, Secretariat I now in service, and so obviously, you know, we'll see that EBITDA strength coming online throughout the H2 of this year. You know, we typically see a 9 to 12-month ramp.

Maryann T. Mannen: Yeah. Good morning, John. Thank you. and you're correct. As we were talking about in 2025, we continue to see growth 2025, 2026, if you allow me to look at it first on an annual basis, 2025 to 2026 growth rate to be stronger than we saw 2024 to 2025. 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, you know, 7.5% range. I mentioned in a couple of my opening remarks there, Secretariat I now in service, and so obviously, you know, we'll see that EBITDA strength coming online throughout the H2 of this year. You know, we typically see a 9 to 12-month ramp.

Speaker #3: 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 three-year period, our mid-single-digit growth has trended right around that 7.5% range.

Speaker #3: So I mentioned in a couple of my opening remarks there, Secretariat won, now in service, and so obviously we'll see that EBITDA strength coming online throughout the back half of this year.

Speaker #3: We typically see a 9 to 12-month ramp. We could see that in a little more narrow window as we look at Secretariat won I also talked about Harmon Creek 3.

Maryann Mannen: We could see that, you know, in a little more narrower window as we look at Secretariat I. I also talked about Harmon Creek III. That project remains on track to enter service in Q3. I think you know this, it's a 300 million cubic feet per day gas processing plant. It also includes construction of a second 40,000 barrel a day De-ethanizer, 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. You know, a few other projects, as you know, you know, will lean in. The H2, we expect to be stronger, clearly, than the H1.

Maryann T. Mannen: We could see that, you know, in a little more narrower window as we look at Secretariat I. I also talked about Harmon Creek III. That project remains on track to enter service in Q3. I think you know this, it's a 300 million cubic feet per day gas processing plant. It also includes construction of a second 40,000 barrel a day De-ethanizer, 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. You know, a few other projects, as you know, you know, will lean in. The H2, we expect to be stronger, clearly, than the H1.

Speaker #3: That project remains on track to enter service in the third quarter. I think you know this. It's a 300 million cubic feet per day gas processing plant.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: And we see good line of sight to that, which also continues to give us confidence, frankly, in our 12.5% distribution increase as you know we've been talking about that for 2026 as well and 2027.

Maryann Mannen: We see good line of sight to that, which also continues to give us confidence, frankly, in our 12.5% distribution increase. As you know, we've been talking about that for 2026 as well and 2027. Again, we remain confident in these projects delivering. A little bit longer term, you know, as you know, we've got our fractionation 2028 and 2029 coming online and the export dock. That project remains well on track, on budget, as you've heard me say as well. Back half weighted remain confident. We still expect 2026 to be a stronger growth than 2025. Let me pause there, John.

Maryann T. Mannen: We see good line of sight to that, which also continues to give us confidence, frankly, in our 12.5% distribution increase. As you know, we've been talking about that for 2026 as well and 2027. Again, we remain confident in these projects delivering. A little bit longer term, you know, as you know, we've got our fractionation 2028 and 2029 coming online and the export dock. That project remains well on track, on budget, as you've heard me say as well. Back half weighted remain confident. We still expect 2026 to be a stronger growth than 2025. Let me pause there, John.

Speaker #3: And again, we remain confident in these projects delivering a little bit longer term, as you know, we've got our fractionation 28 and 29 coming online and the export dock.

Speaker #3: 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.

Speaker #3: Let me pause there, John.

Speaker #7: That was clear. Thank you, Maryann. 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 U.S. hydrocarbon exports.

John Mackay: That was clear. Thank you, Maryann. 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 walk through LOOP, Mont Belvieu, and then I guess any incremental comments on the NGL dock under construction would be great.

Speaker #7: Could you just kind of remind us of your asset position there, kind of what you've been seeing on the commercial side? Maybe if you could walk through LOOP, Monterrey, and then I guess any incremental comments on the NGL dock under construction would be great.

Speaker #3: Yeah. I'll pass that to Sean. He can give you some insights on the export dock as well.

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

Maryann T. Mannen: Yeah. I'll pass that to Shawn. He can give you some insights on the export dock as well.

Speaker #5: All right. We're unable to hear Sean.

Kristina Kazarian: Sorry, we're unable to hear Shawn.

Operator: Sorry, we're unable to hear Shawn.

Speaker #8: Sorry.

Shawn Lyon: Sorry. Hey, John. Sorry, this is Shawn. Thanks for the question. As we look at, you know, what's going on in the market dynamics right now, and we look at our asset base, Mont Belvieu is a great example. We're located strategically right next to Garyville. You know, based on some of the market things going on, I think, you know, MPC and others will continue to lean into that. We anticipate that asset utilization will, you know, be increasing some. Then also as you talked about LOOP, MPLX has a share of LOOP there. We've seen Venezuelan crude come in and, you know, obviously some imports and exports are increasing across that asset base there.

Shawn M. Lyon: Sorry. Hey, John. Sorry, this is Shawn. Thanks for the question. As we look at, you know, what's going on in the market dynamics right now, and we look at our asset base, Mont Belvieu is a great example. We're located strategically right next to Garyville. You know, based on some of the market things going on, I think, you know, MPC and others will continue to lean into that. We anticipate that asset utilization will, you know, be increasing some. Then also as you talked about LOOP, MPLX has a share of LOOP there. We've seen Venezuelan crude come in and, you know, obviously some imports and exports are increasing across that asset base there.

Speaker #7: Hey, John. Sorry, this is Sean. 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, Mountairea is a great example.

Speaker #7: 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.

Speaker #7: So we anticipate that asset utilization will be increasing some. And then also, as you looked at you talked about Loop, MPLX has a share of Loop there.

Speaker #7: We've seen Venezuelan crude come in. And obviously, some imports and exports are increasing across that asset base there. So and as Maryann mentioned on the I'll say the export dock and fractionated complex on the Gulf Coast, we're excited as we continue to stay on track for in-service state of a 28 and 29.

Shawn Lyon: As Maryann mentioned on the, you know, the, I'll say the, export dock and fractionator complex on the Gulf Coast, we're excited, you know, as we continue to stay on track for in-service date of 2028 and 2029. Again, we're excited that those are facilities, our assets are going to be full as we go in-service date there.

Shawn M. Lyon: As Maryann mentioned on the, you know, the, I'll say the, export dock and fractionator complex on the Gulf Coast, we're excited, you know, as we continue to stay on track for in-service date of 2028 and 2029. Again, we're excited that those are facilities, our assets are going to be full as we go in-service date there.

Speaker #7: Again, we're excited that those are facilities, our assets are going to be full as we go in-service state there. All right. That is great.

John Mackay: All right. That is great. Thank you for the time.

Speaker #7: Thank you for the time.

Speaker #3: Thank ank you, John.

Maryann Mannen: Thank you, John.

Maryann T. Mannen: Thank you, John.

Speaker #5: Thank you. Our next question comes from Burke Sanseviero with Wolf Research. Your line is open.

Operator: Thank you. Our next question comes from Burke Sansiviero with Wolfe Research. Your line is open.

Speaker #8: Hi. Good morning. So distribution coverage has been 1.3 times over the past two quarters. Can you just provide a little bit more color on your confidence in growing the distribution by 12.5% for another two years and staying above the at or above the 1.3-times threshold?

Burke Sansiviero: Hi. Good morning. 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 at or above the 1.3 times threshold? Seems to imply that cash flows also need to grow 12.5% from here.

Speaker #8: Seems to imply that cash flow is also need to grow. 12.5% from here?

Speaker #3: Yeah. Good morning. 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.

Maryann Mannen: Yeah. Good morning. Certainly. 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. That is our, you know, that is our commitment. We look at that obviously on an annual basis, of course. You're absolutely correct. Cash flows would be supportive of that, and we continue to see our ability to do that for 2026 and 2027.

Maryann T. Mannen: Yeah. Good morning. Certainly. 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. That is our, you know, that is our commitment. We look at that obviously on an annual basis, of course. You're absolutely correct. Cash flows would be supportive of that, and we continue to see our ability to do that for 2026 and 2027.

Speaker #3: And one of which is, as you stated, that our coverage doesn't fall below 1.3. So that is our that is our commitment. We look at that, obviously, on an annual basis.

Speaker #3: 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.

Speaker #8: Thanks for that. And buybacks have been somewhat programmatic over the past year at $100 million a quarter cadence. Can you just talk to why buybacks went down in Q1 to 50 million?

Burke Sansiviero: Thanks for that. Buybacks have been somewhat programmatic over the past year at a $100 million a quarter cadence. Can you just talk to why buybacks went down in Q1 to $50 million? Are you looking to retain more cash from here?

Speaker #8: And are you looking to retain more cash from here?

Speaker #3: Certainly. So what I would say is the really no change in our overall capital allocation strategy. We continue to see opportunities to put capital to work.

Maryann Mannen: Certainly. 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 wanna pass it to Chris 'cause I know he's got a few things that he wants to share as well.

Maryann T. Mannen: Certainly. 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 wanna pass it to Chris 'cause I know he's got a few things that he wants to share as well.

Speaker #3: 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.

Speaker #9: Yeah. 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 unit holders with the unit repurchases really being that more flexible method of returning capital.

Carl Kristopher Hagedorn: Yeah. Thanks, Keith. I'll say, you know, 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 unit holders with unit repurchases really being that more flexible method of returning capital. 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.

C. Kristopher Hagedorn: Yeah. Thanks, Keith. I'll say, you know, 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 unit holders with unit repurchases really being that more flexible method of returning capital. 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.

Speaker #9: But what I would also say is we continue to believe that MPLX units traded a discount, and we think this type of a program at this level reflects that belief.

Speaker #8: Thank you.

Burke Sansiviero: Thank you.

Speaker #3: Thank you.

Maryann Mannen: Thank you.

Maryann T. Mannen: Thank you.

Speaker #5: Thank you. As a reminder, to ask a question, please press star, then one. Our next question comes from Manav Gupta with UPS. Your line is open.

Operator: Thank you. As a reminder, to ask a question, please press star then one. Our next question comes from Manav Gupta with UBS. Your line is open.

Speaker #10: Hi. I have two questions. I'm going to ask them right up front. So, first, can we get an update on the Titan Tower complex—what you're seeing in that area?

Manav Gupta: Hi. I have two questions. I'm going to ask them right up front. 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? Second, I want to talk to you about a little bit about the local gas markets in Texas. You know, there are more pipelines coming to Agua Dulce, including yours. Then you also have some pipelines like Traverse and, you know, Bay Runner, which can move gas out of Agua Dulce and help, you know, with these opportunities where local prices are depressed. Could you talk about the local gas Texas markets and how MPLX can benefit from the dislocation in prices in various hubs? Thank you.

Speaker #10: Is the producer activity increasing with higher crude prices in that particular area? And second, I want to talk to you about a little bit about the local gas markets in Texas.

Speaker #10: There are more pipelines coming to Agua Duche, including yours. But then you also have some pipelines like Traverse and Bay Runner, which can move gas out of Agua Duche and help with this opportunities where local prices are depressed.

Speaker #10: So could you talk about the local gas Texas markets and how MPLX can benefit from the dislocation and prices in various hubs? Thank you.

Speaker #3: Good morning, Manav. And thank you. So 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.

Maryann Mannen: Good morning, Manav. Thank you. In general, first, let me share with you sorta 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. No change in our expectations for the completion of Titan Two 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 Northwind. We expect that expansion from 150 to over 400 million cubic feet per day of sour gas treating capacity to be available and consistent.

Maryann T. Mannen: Good morning, Manav. Thank you. In general, first, let me share with you sorta 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. No change in our expectations for the completion of Titan Two 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 Northwind. We expect that expansion from 150 to over 400 million cubic feet per day of sour gas treating capacity to be available and consistent.

Speaker #3: 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 2 by the end of this year, 2026, so that we will have full run rate as we outlined when we talked about the opportunity for Northwind.

Speaker #3: So we expect that expansion from 150 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.

Maryann Mannen: We're seeing a lot of interest from our producers, our producer customers in that space, particularly as they are moving their production into that region. I'm gonna first pass it to Greg to give you some incremental color on the customers and then to respond to your question around all of the Texas opportunities as we see all that pipeline. I'm gonna ask then Dave to answer your question on that. Thanks, Manav.

Maryann T. Mannen: We're seeing a lot of interest from our producers, our producer customers in that space, particularly as they are moving their production into that region. I'm gonna first pass it to Greg to give you some incremental color on the customers and then to respond to your question around all of the Texas opportunities as we see all that pipeline. I'm gonna ask then Dave to answer your question on that. Thanks, Manav.

Speaker #3: I'm going to first pass it to Greg to give you some incremental color on the customers, and then to respond to your question around all of the Texas opportunities as we see all that pipeline.

Speaker #3: I'm going to ask, then, Dave to answer your question on that. Thanks, Manav.

Speaker #8: Manav, good morning. 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.

Gregory Floerke: Manav, good morning. This is Greg. Just a little bit more color on the Titan system. We have been focused daily and weekly on 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 this portion of Lea County in the Delaware Basin and the associated gas that comes with it, CO2, H2S, sour gas that needs treating. The demand is definitely there, as Maryann Mannen said. In terms of the projects, the scaling this is our other big focus, and that includes Titan Two. We recently brought on a new sour gas treater on the north end of the system that we call Pelham. It's a compressor station as well. That is operating well.

Gregory S. Floerke: Manav, good morning. This is Greg. Just a little bit more color on the Titan system. We have been focused daily and weekly on 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 this portion of Lea County in the Delaware Basin and the associated gas that comes with it, CO2, H2S, sour gas that needs treating. The demand is definitely there, as Maryann Mannen said. In terms of the projects, the scaling this is our other big focus, and that includes Titan Two. We recently brought on a new sour gas treater on the north end of the system that we call Pelham. It's a compressor station as well. That is operating well.

Speaker #8: Increasing reliability, bringing on more volume. We're really continue to be excited about the number of rigs that are operating up in the this portion of Lee County and the Delaware Basin and the associated gas that comes with it.

Speaker #8: CO2, H2S, sour gas that needs treating—so the demand is definitely there. As Maryann said, in terms of the projects, the scaling is our other big focus, and that includes Titan 2.

Speaker #8: We recently brought on a new sour gas treater on the north end of the system that we call Pelham. It's a compressor station as well.

Speaker #8: That is operating well. And Titan and the multiple pipeline projects that are associated with increasing doubling our capacity at Titan and our fourth AGI well are all in construction and on schedule.

Gregory Floerke: Titan and the multiple pipeline projects that are associated with increasing, doubling our capacity at Titan, and our fourth AGI well, are all in construction and on schedule for Q4 completion.

Gregory S. Floerke: Titan and the multiple pipeline projects that are associated with increasing, doubling our capacity at Titan, and our fourth AGI well, are all in construction and on schedule for Q4 completion.

Speaker #8: For fourth quarter completion. 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 deeper in our overall Permian well head-to-water NACAS strategy because I think I'll try to bring all the piece of the puzzle together for you.

David Heppner: Manav, this is Dave, and maybe I'll build on a little bit what Greg talked about and touch on the gas markets and dig a little deeper 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. 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, when we think about our strategy, maybe think about five major components. Greg touched on the first one. In basin, gathering, processing, treating.

David R. Heppner: Manav, this is Dave, and maybe I'll build on a little bit what Greg talked about and touch on the gas markets and dig a little deeper 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. 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, when we think about our strategy, maybe think about five major components. Greg touched on the first one. In basin, gathering, processing, treating.

Speaker #8: 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 NGLs markets and the U.S. Gulf Coast.

Speaker #8: With that said, when we think about our strategy, maybe think about in five major components. So Greg touched on the first one. In basin, gathering process and treating.

Speaker #8: From there, 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 and then finally is giving our shipper customers optionality and flexibility to all those markets.

David Heppner: From there, long-haul, you know, egress pipelines. I'll talk about those in a minute. Connectivity between markets. The next is connectivity into demand centers, specifically LNG, but also potentially data centers and power. Finally is giving our shipper customers optionality and flexibility to all those markets. When you think about the long-haul pipelines, you mentioned Agua Dulce. From the basin into Agua Dulce, of course, we have Whistler already moving 2.5 BCF a day. We have Blackcomb coming in service Q3 of this year. When you think about the long hauls into the Katy market, of course, we have, you know, Matterhorn currently flowing 2.5 BCF a day, which is similar to Whistler.

David R. Heppner: From there, long-haul, you know, egress pipelines. I'll talk about those in a minute. Connectivity between markets. The next is connectivity into demand centers, specifically LNG, but also potentially data centers and power. Finally is giving our shipper customers optionality and flexibility to all those markets. When you think about the long-haul pipelines, you mentioned Agua Dulce. From the basin into Agua Dulce, of course, we have Whistler already moving 2.5 BCF a day. We have Blackcomb coming in service Q3 of this year. When you think about the long hauls into the Katy market, of course, we have, you know, Matterhorn currently flowing 2.5 BCF a day, which is similar to Whistler.

Speaker #8: So when you think about the long haul pipelines, you mentioned Agua Dulce. So from the basin into Agua Dulce, of course, we have Whistler already moving two and a half BCF a day.

Speaker #8: And we have Blackcomb coming in service. And third quarter of this year. And then when you think about the long hauls into the Katy market, of course, we have Madhorn currently flowing two and a half BCF a day similar to Whistler.

Speaker #8: And we have Iger coming online in 2028 in the second half of 2028. So those are those four main headers both into Agua Dulce and Katy which gives our customers that flexibility to those markets.

David Heppner: We have Eiger coming online in 2028, in the H2 of 2028. You know, those are those four main headers, both into Agua Dulce and Katy, which gives our customers that flexibility to those markets. I think the other piece of the puzzle is Traverse, which is the bi-directional pipe between those two markets, which allows that flexibility. That's that connectivity between markets. You think about, you know, getting it to the end demand centers, specifically LNG and the high, high growth, rapid growth LNG market. Of course, we got ADCC going into Corpus Christi, and we have the Bay Runner and Rio Bravo Pipelines going to NextDecade's facility down in Brownsville. Those are those last ones.

David R. Heppner: We have Eiger coming online in 2028, in the H2 of 2028. You know, those are those four main headers, both into Agua Dulce and Katy, which gives our customers that flexibility to those markets. I think the other piece of the puzzle is Traverse, which is the bi-directional pipe between those two markets, which allows that flexibility. That's that connectivity between markets. You think about, you know, getting it to the end demand centers, specifically LNG and the high, high growth, rapid growth LNG market. Of course, we got ADCC going into Corpus Christi, and we have the Bay Runner and Rio Bravo Pipelines going to NextDecade's facility down in Brownsville. Those are those last ones.

Speaker #8: But I think that the other piece of the puzzle is traverse which is the bidirectional pipe between those two markets which allows that flexibility.

Speaker #8: So that's that connectivity between markets. And then you think about getting it to the end demand centers, specifically LNG and the high-growth, rapid-growth LNG markets.

Speaker #8: So of course, we got ADCC going into Corpus Christi. And we have the Bay Runner one and two going to next decade's facility down in Brownsville.

Speaker #8: Those are those last ones. So when we think about all that, that's really how we're trying to build out have been building out and continue to build out our NACAS strategy with all that said, we also believe that there is the need for incremental egress pipelines out of the basin.

David Heppner: When we think about all that's really how we're trying to build out, have been building out, 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. 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, you know, and our strategies, necessary to address all that incremental demand and those market opportunities. Hopefully that gives you a little bit of color how we're thinking about it.

David R. Heppner: When we think about all that's really how we're trying to build out, have been building out, 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. 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, you know, and our strategies, necessary to address all that incremental demand and those market opportunities. Hopefully that gives you a little bit of color how we're thinking about it.

Speaker #8: 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, in our strategies, are necessary to address all that incremental demand and those market opportunities.

Speaker #8: So hopefully, that gives you a little bit of color how we're thinking about it.

Speaker #9: All right. Thank you. Operator?

Kristina Kazarian: All right. Thank you. Operator?

Kristina A. Kazarian: All right. Thank you. Operator?

Speaker #10: I have no additional questions. I will turn the call back to Kristina.

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

Speaker #9: Thank you. Thank you for your interest in MPLX. Should you have more questions or would you like clarifications on topics discussed this morning, please contact us.

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

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

Speaker #9: Our team will be available to take your calls. Thank you for joining us today.

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