MPLX (MPLX) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, February 3, 2026 astatine 9:46 AM CST 26 min read

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Tuesday, Feb. 3, 2026 astatine 9:30 a.m. ET

• Chief Executive Officer — Maryann Mannen

• Chief Financial Officer — Carl Hagedorn

• President — Shawn Lyon

• Executive Vice President — Gregory Floerke

• Vice President, Investor Relations — Kristina Kazarian

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Maryann Mannen: Thanks, Kristina. Good morning, and convey you for joining our call. 2025 was a twelvemonth of disciplined concern and beardown returns. It was our 4th consecutive twelvemonth achieving a mid-single-digit three-year adjusted EBITDA maturation CAGR. Adjusted EBITDA reached conscionable implicit $7 billion. The spot crossed our concern gave america assurance to proceed our past of returning meaningful superior to our unitholders. We accrued our organisation by 12.5%, bringing full returns successful 2025 to $4.4 billion. This determination reflects our committedness to instrumentality the worth we make arsenic we beforehand MPLX's maturation strategy with our unitholders. Over the past year, we took meaningful steps to presumption MPLX for the adjacent signifier of growth.

We deployed $5.5 cardinal to our earthy state and NGL worth chains, chiefly focused connected the fastest-growing portion successful the country. We optimized our portfolio done divestitures of non-core assets, ensuring our aboriginal superior deployment is aligned with the strongest instrumentality opportunities arsenic we physique the infrastructure that volition substance tomorrow's vigor needs. Together, these investments and portfolio actions make a much resilient and competitory MPLX, 1 that we judge tin proceed delivering maturation superior to our unitholders portion maintaining our beardown way grounds of returning. Today, we announced our superior program for 2026. We are readying to put $2.4 cardinal arsenic we execute connected a robust pipeline of superior projects that enactment semipermanent structural growth.

The semipermanent fundamentals for earthy state and NGL request stay strong. In the U.S., earthy state request is anticipated to turn implicit 15% done 2030, driven by the accelerated enlargement of LNG export capableness and rising powerfulness needs, peculiarly from information centers. We are besides seeing higher gas-to-oil ratios crossed cardinal shale basins arsenic aging wells nutrient much associated state per tube of oil. This inclination is expanding supplies of NGL-rich state and nether the strategical value of our infrastructure successful the Permian. Globally, petrochemical request for ethane and propane are driving accrued NGL exports, further reinforcing the spot of the semipermanent outlook.

90% of our maturation superior volition beryllium directed towards our earthy state and NGL services segment, wherever we spot immoderate of the astir compelling opportunities successful the midstream sector. These projects are concentrated successful the Permian and Marcellus, 2 of the astir prolific and competitory basins successful North America, and are expected to make mid-teens returns erstwhile they travel into work successful 2028 and beyond. These investments bespeak our assurance successful the semipermanent fundamentals of the vigor marketplace and successful MPLX's quality to proceed capturing worth arsenic these opportunities unfold. Execution of our Permian NGL wellhead to h2o strategy continues to advance.