MPLX - Earnings call 4 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to the MPLX Fourth Quarter 2023 Earnings Call. My name is Sheila, and I will be your operator for today's call. [Operator Instructions]. Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. begin. may you Kristina,

Kristina Kazarian

the morning, Call. to this The on mplx.com be Good XXXX call Fourth Earnings found under at website Conference slides our tab. and you. MPLX's welcome Quarter can investor Thank that accompany

we during results safe as executive Mike to to new Joining included there CEO; the may with statements Chairman X. members roles harbor during us John and our Mike. making that, could Chris today expect will CFO read Actual from differ question-and-answer our the are with and Quad Also other I'll filings the Hennigan, turn as that disclaimer materially me team. that CFO. be transition non-GAAP results call you we on over what on forward-looking a the call is It's call in to the the actual the well We differ are invite follows. Hagedorn, into as SEC. and today. statements of session their With Slide that Factors and cause reminder

Michael Hennigan

cash executed you served Good in distributable controller midstream billion. strategic billion, priorities. $X.X joining controller joining most look a adjusted free everyone. sector, to We was being of successfully was our Thank cash recently as and of adjusted $X.X we our leadership, new to for was Hagedorn and roles strong Full MPLX MPC. Kristina. Thanks, $X.X XXXX year flow was EBITDA billion like year call. our flow call. CFO financial Chris' the forward in acknowledge Chris various morning, having I'd MPLX's previously the

cash processing Basins. the with our our and In and Permian driven strong the fractionation L&S drove of pipeline customer in record flows.In saw throughput terminal relationship our segment, our performance Marcellus and of strong by Our results assets value G&P segment, reflect the in we growth and in demonstrating throughput our partnership gathering, operations the record throughput demand operational growth and continued MPC. mainly its

operational return the $X.XX from return unitholders EBITDA growth quarterly an the distribution the MPLX's increased of supported on to performance in of stands and for focus over with cost capital, $X.X Our growth our flow and distributions. strong line per X% now last distribution We've unit at capital investments to we each of resulted through years, the year.In billion growth coverage commitment XX% which annualized X.Xx. our cash of recent have X management, growth strong and still of nearly basis, of DCF X% on adjusted

continues to macro, globe. low-cost needed the Turning the fuels States the United producer of to be across a energy

Our in expectations key long-term basins the our outlook production unchanged. are on

culture is are basins rates attractive our similar production increased as footprint. to of volumes, Both capital which Northeast XXXX. lens grow associated In grow resulting of announced partnership billion Permian flow ability higher million the longer our are strict in approximately Marcellus. strength to in processing capital the the the where XX% wells acquired the opportunities of optimizing capital multiple. of seeing and the seen crude our utilization expect cost continues growth the our asset priorities to gas cash Utica, of cost on demand our strategy, of growth across to the Today, Delaware focus MPLX' fourth venture In the the continued producers develop strong support drilling joint quarter, the the through process for are our to of and foundational Permian curve a Marcellus, strategic footprint.In growth remaining hydrocarbons and $X.X our at growth asset low-cost will to of grow strict reached This in the the we which activities.As acquisition at processing our we producer in volume expect base outlook our to executing for activity We XX%, of gathering current discipline. and end for low the plans. all below a largest support prices. flows.Turning $XXX growth in Basin part illustrates year-over-year. we prices attractive in portfolio, fostering see an completion execute and ability partnership with remain the drilling in and We're utilization commodity Basin, we capital the interest cash confident We've discipline, the laterals, highlighting expenditure and and

capital. includes Marcellus discipline anchored $XXX and plan committed growth capital Basins. We XXXX growth capital our Our of to million outlook $XXX Permian maintenance and remain of is the million and capital in

at Therefore, we progressed which to the to are capital which JV spending finance which In level. JV is of to Our Dulce expected investment in in particularly first processing completed Pipeline, our our the Marcellus footprint bringing outlook. Permian processing source gas Harmon in largely early not BANGL partnership Gas construction the with expected be NGL day, of be online organic plants in steady of natural to chains, in assets. expected is XXXX.We're XXXX. our plan expand the or service growing construction Permian through in G&P per Christi opportunities to of a the increasing Creek online value Agua the these half is we continue the projects demand. of customer the first the progressing ventures these integrated the of In projects, financed we're the In be Whistler quarter the the These expected of capital ADCC on L&S of basins around Basin, expansion venture which to NGL progressing We pipeline bolt-on quarter. gas to operations opportunities. in new barrels positioned is Corpus XXX,XXX Basin, quarter.Similarly, advanced our segment, construction at and is plant, and the have online portion third meet is the end Preakness in also joint X, to second segment, Natural approximately the gas X to be joint reflected

billion which Additionally, in total processing Basin the capital strategic seventh Delaware producer XXXX. projects remainder the capacity expected of of cubic we these basin comprised and be be our feet per increased the is basins, processing in our at the smaller, is debottlenecking or our of to secretaria, approximately second in day. operational, expected targeted expansion Once mostly will half plan existing activity. X.X Outside are investments online assets of related to building gas plant high-return of

footprint competitive we allocation. advantage.Moving outlook technologies our XXXX. leverage about We're opportunities our low-carbon to create primarily While focused our opportunities will is that capital to optimistic L&S a evaluate capital GMP complementary to with footprint, asset and our on in are

capital. maintenance First,

safety to We are of our protect steadfast commitment communities our in operate employees the operate the support and in. health our and we assets, safely

return we're our focused delivering secure and capital Second, on a primary of will this tool. distribution remain expect

let financial structure both XXXX, to for results turn capital to not our industry to This strategic business. Recent return not for our investment a returns. we'll partnership.Now to me over MPC changed is unitholders. the discuss to to plan of is the quarter. up at invest opportunistic priority MPLX does the the the return is and a has assess we'll Third, return grow perspective and of priorities, After And on call the operational the MPLX. grow and Kris business roll of invest look MPC business. superior a capital on we at to consolidation as our these

Carl Hagedorn

of compared consecutive Thanks, and segment quarter The segment. of maintenance prior X throughputs, reported the Crude EBITDA. operational and EBITDA for volumes Product flat. schedules Slide fourth from L&S because highlights the in the driven outlines quarter to Logistics its quarter year. including pipeline primarily were XXXX, Mike. refinery when fourth volumes Adjusted higher increased adjusted rates $X million X%, our pipeline performance financial volumes by up fourth of and $XXX Storage primarily and terminal equity billion were growth affiliates.

the the the driven Marcellus Processing increased our Processing and gathering Gathering Total to up EBITDA on X% primarily volumes driven Southwest. primarily higher processing and segment XXXX. were Slide production This and customer X. segment increased to from were volumes was compared fourth demand. year-over-year, by X% adjusted up Marcellus volumes Utica due increased and The million gathered year-over-year, G&P quarter to the higher $XX in by in volumes. Moving

of prior EBITDA X% for and to Creek distributable the utilization facility. Focusing $X.X fourth reached fourth and our our we to financial by by respectively on Total Marcellus, Fractionation cash gathering need of due XX% which highlights Slide drilling our production processing the X. billion illustrating billion year. lower from of ethane Harmon volumes driven of increased offset far increased basin operations, saw on GMP were grew by X%, year-over-year largest in and $X.X higher processing, processed for for volume XX% the X% XX% quarter, Marcellus growth. II in recoveries.Moving quarter and flow adjusted volumes, increases

invest while to of the we this all the do will on evaluating XX. We sheet, year, consider And to me $X balance the When just balance utilize later of the Slide MPLX maturity, has with some Growth the at and we expect over to in thoughts. provides strong maturing our balance including our let range flows Xx. us cost in allocation.Now a which our stability it Turning lower optimize cash with to flexibility cash final MPLX's of supports to plus X.Xx. to of MPLX short-term has debt. debt. business to not financial reduce stands leverage of continued hand billion to intercompany $X MPC our optimize the back currently available ability notes of opportunities capital believe Mike year-end billion, for structurally our now flow leverage, sheet facility us cash

Michael Hennigan

by the closing, In strict all capital of history Kris. MPLX priorities, executing a cash discipline. has strategic partnership's strong flows maintaining while growing Thanks,

see wisely, we've DCF.By aim operations of our the most We grown to And to of guidance. and periods. discipline for adjusted EBITDA annual by over assets, growth DCF mid-single-digit optimizing in and within get controlling our costs be multiple partnership our X-year our X.X% given but we capital annual aim capital achieved results, not rate should on framework, capital we this continue year our appropriate our interpreted out basis. to the size and It's in have for, compound believe as allocation this as growth to can is a you what deploying commitment

as to steps this and We've $XXX and annually. to to unitholders. we quarterly over flow returning of tends approach creates flows X stair continues generate growth distribution years, underpins in the our bring capital come distributions the of cash flexibility disciplined after and online projects to increased business financial cash and each our develop free million growing to last XX% Our commitment

value the So position And relationship a We're DCF growth opportunities, grow annual as for In our distributions.MPLX of unitholder nearly we ability in to to our pursues will strategic consistently underpinned we believe to and this MPC. continue growth are confident cash adjusted be investment generate a strong its MPLX enhanced. return of growth is saw in X% strategic of EBITDA and strong total opportunities we by flows. X%. growth of XXXX, XX%,

Basins, to on with and unitholders. return Permian the by billion fact, last and and over us $X.X EBITDA to over X% growth continue in and cash In our CAGR cost flows, our nearly Marcellus grow growth years optimization, over frame. the have intend same advancing portfolio have to reinvest the By DCF focus anchored we our we in allowing capital to time grown X high-return projects along the business

Now over turn Kristina. call let me the back to

Kristina Kazarian

Mike. Thanks,

you call limit question that, questions the may for for to for With additional call open we re-prompt questions, open we'll the as a that We plus it. ask to we yourself questions. follow-up. time As one now

Operator

question-and-answer begin Instructions]. session. now the will [Operator We

Goldman Our first will John Mackay with question Sachs. come from

John Mackay

the to across was I on wanted we strong were. versus quarter. board mean just the I start pretty where it

can there Just rate kind kind is from run here? any off of of a in of one-offs quarter? we MPLX healthy the growing think wondering were this enough Or of that

Michael Hennigan

up John, I significant Yes, have or say not did would down. really any we one-offs

notice You'll those did we adjusted in our were out. but have insurance proceeds, adjusted EBITDA,

point to. significant So really to nothing

John Mackay

frame that But is to the slightly 'XX? higher you guidance, acknowledging kind up only a any years, shift to how $XXX spend? it's in of you're is of couple Or that that on budget Maybe seeing got maybe million. last versus could just the in opportunities? you Just change than of â€˜XX maybe CapEx kind willingness

Michael Hennigan

question. good Mike. is this It's John, a

year. the So said can a as day, a do end to Harbin service in got the and change. We as producer side of step II, plants a coming Preakness prepared next be I have remarks, the sometimes the of you Secretaria of the react especially the we provider, at coming couple needs, X, we're it on And we know, G&P Creek on, business.

have construction. growth little in So a plant processing a we bit of spurt

I around main I'll that reason, But believe returns a we're has DCF proud that to we hopefully, come proud times, part said about better X% say, our to footprint of over in years. of a this, grow.And last we we've big of to prepared deployment of good over year hopefully for look over itself. good large been for results said, things of of you have spending show we capital, billion continuing the as it. off can normal my do we're lot strict that that's return the of size announcements. continue And returns. is discipline, speaks enough roughly as I though, for the guys that that know like with a lot is a kind projects. generate So for we've the use X-year CAGR, remarks, time growth than we term partnership capital and consistently it grown really X% of better I one a getting we're you the the And is, doesn't of getting $X But X

Operator

comes Reynolds question with next UBS. Brian Our from

Brian Reynolds

the Maybe in multiyear to off operations the cadence. growth earnings mid-single-digit on start

for be guidance, unpack the While in of the earnings turnaround 'XX. with understanding â€˜XX seems the just the But of of up XQ growth this business 'XX should Marathon drivers curious It the to unpack earnings like volume is year. some relative of if even throughput drivers year-over-year of you some could main curious base you other for if can not maybe some activity. kind

Michael Hennigan

our Yes, lens to where have way that best similar capital. the the obviously stuff trying asking at is John out looking way look and is a figure I we're was the think deploy to we the we're question guidance, to I'm year-on-year having we at way that multiyear in is this years consistently I you can of just this -- as been we funny we're kind cash keep It's row. not I X% conversation telling X that a grow looking sure but make about. to it's said, flows for

look we is team The organic constantly at growth. So the at looking plan.

a that flows And seeing the couple We've the XX% lot M&A, out last cash let Dave market because we the want but and together tends to grow of we and all at are of of compared we you kind up? fulfill We team of just say, you a moving recently day, distribution the bought Dave saw, at make out over years. At look comments JV to see, haven't further done results. hopefully, look portfolio.So out it what help his end the a to keep shown in that continuing lens but of of constantly and as of years kind you're assets me our and goals to do of couple the looking of let partner we the couple general. on you our in look a to

David Heppner

with make isn't look we is our M&A and number opportunities, be number gas long-term the two, I'll strategies. to allow align word along or us whether or our value chains, capture nat it And number high-quality thing buying for growth, to just to through think M&A to growth -- as I synergies value want assets. one us three, pursue NGL. and clear assets; crude, bolt-on We integration about back So one, use

look risk-adjusted that capital Mike at it, or touched So, it. of the of continue And to touch that's discipline with through all lens it returns. we how on overwriting said, kind on acceptable we the strict

activity, have there lot through a lot So we this capital is we've the lot projects of versus organic up step-out point. of to some our there opportunities a gets to utilize we and -- it really to M&A looked a feel high-return back of out as we've opportunities evaluated that

Brian Reynolds

on Corpus of for And it strategic organic I prepared in and updated as Mont bolt-on alluded guess, an you maybe Clearly, maybe through Belvieu BANGL. context alternative. Do view to stands you the the have broader in potentially the remarks. market growth M&A

be Belvieu other you'd of of over-time. in gas that either curious there's opportunities outside growing kind maybe frac some So further Mont downstreams interested if maybe downstream, or into

David Heppner

you the as As specifically getting going as touch we way about on partners we're heard, have plans might our have NGL value or extend expand the chains. down water air talked export just of market. out to optionality.So strategy markets. with JV NGL, we the to fractionation Texas as application And way the expansion down BANGL value the all having there, to to here, very partners submitted storage I'll City public really these the whether the all our our about And an in permit for chains all independently down mid-December, either we're MPLX in is and via

you optionality project filing, So that is submit would development project as manager as evaluate step take any and we through to expect, the a permits. those

gives of you options we're with also, imply ensure the we'll project value the investments. all and return doesn't build-out, thinking getting we're we're continue approval, has that proceeding how that as about on kind it, of to rate that that received and So it. a FID and those it achieve highest acceptable of But most view chain we evaluate

the it about Shawn a NGL over that a to it. hopefully, little color talk I'll gives turn to you fractionation side more So little Maybe the on of BANGL side. bit

Shawn Lyon

a to to little BANGL speak there. pipeline I'll mentioned, Dave As bit the

partnership really other with Dave If play, gas mentioned it's look it. strength Mike in into that of the you ties have integrated We've an are itself, it. plus as the GMP partners that acreage the the at BANGL got and plants

we of So is demand. BANGL the the partnership good driving really that about feel

and the XXX,XXX time. barrels discipline expansion. the volume The project to year, on, we capital we're ready day other over is part expand the down pleased as per Last and comes that with continue the are Again, path. that efficiency we BANGL capital announced the of really

So about. feel to some about for the pipeline talked of good opportunities positioning we Dave up the set that

Operator

Our Theresa come next Chen Barclays. with from question will

Theresa Chen

not related a commentary, A bit you of just NGL evolution are you help Permian the the expansion? next years? given there between multiple the capacity us through quite walk the BANGL view may. be do seems including And given strategy? behind to few susceptible coming quick over projects, you Can of Or rates the the follow-up economics online if yours, I integrated to how really

Shawn Lyon

just our of that I'll partners strength the again, efficiency. be been about think market. really and lot in to, we again, really of speak are a X also And the there's it's how, BANGL volume capital I really things, the driving that. discussion of BANGL really that on positioned really of the to we're competitive view feel then

feel know is value Again, We've it's win-win expansion BANGL. attached our the We are volume good got we about So on or other with to that. business the integrated that there. G&P really bringing the as there. partners and

all things driving about good is that we So feel those it.

Michael Hennigan

give capital capacity I you horsepower of can't as an there, We're a relatively so the example. economics, the investment adding detail but on is lot is the low.

an as is this example capital projects of mentioned, Shawn where deployed volumes know are is those and the dedication, relatively of going low, to of So come. amount we one we have

hope fits bit. return we what a little bucket other of investments. I compared it to higher that into So type the helps call

Theresa Chen

side. And then the maybe to turning residue

basin? role your given for see interest Whistler do of And of projects incremental MPLX's or service after a the the capacity? residue for has development thus you Marathon residue additional Permian moved of there's becoming view long-haul in under need the build-out a forward. problem takeaway egress still this And Marathon, begin the none basin, out right? So and you far, what do visible year, When

David Heppner

I'll So one. tackle that

we're frame. and the which and lot be which September of it be as XXXX XXXX and Whistler on long-haul know, in pipes, So XXXX, coming it on XQ will a coming Shawn, same is and Marathon, ADCC, participating those the on time in whether you and on then whether came at that expansion originally touched you XQ subsequently be in

chain or that those supporting value down all pipes basin from long-haul are Coast. Gulf the in So participate the to in

late forecast production analyze current allow expansion we which your going us Hopefully, as frame, said, So expect to to those of projects our one, strong and I additional forecast, to would all With continue to that going we new after continue the needed referenced, be that bit. the to question, see number evaluate projects based around see forecasts. out to Permian, come our maybe long-haul we look forward. forward, will on little that back time on â€˜XX, early is probably helps based online expansion 'XX projects a capacity or

Michael Hennigan

think just I also was last gets been starting want go compared to growth, it's less a results, processing quarters, attention, of wanted be people that's look Marcellus. the into of to and maintenance or aside amount the I let area well. is thought an don't even growth our But in growth as growth. really over talked the Utica up look also occurring aside the appreciated of to up up a time. recently, mode people have about as some the think some that you being last Permian, look lot going growth they've a unlock that in general, And It's comments online, again, as couple But I a kicked on area it at come MVP in think been underappreciating if spurt starting potential if in just I from that the there's another area the well. Permian Utica, little add, to Marcellus I over miss market you that I recently, thought. was for And of from mode time, in give of it's will if think that volumes because Greg more been which and probably much. I'll eventually couple to the hasn't where recently.So to probably a the year but

Gregory Floerke

of is the new that Marcellus. the that cubic our process of nearly fleet a And up In billion XX%, drove is processing little plant process total our day, total gas record over a to is that utilization volume which in for a us. X in terms which X.X% of we X% we of the feet U.S. the

of in particular. gas of All lot liquids that process a generated CX+

our So growing. XX% drove and that fractionation utilization to up

system We fractionate own in Northeast we and our find liquids that unique different the Southwest in what have integrated we totally than outlets. have then the to have a that's and

XX% utilization this fill. a moving after and and have expected the producers our for where with well well brought cornerstone for year. lot butane And not we a and pipelines state to good Utica export, we have and the there position really period mentioned, wasn't Midwest.So into Creek have but up up to also, utilization X into as growing a now. have to capacity, Utica for gas at and new plants, processing only Midwest as auctions in Mike and tailwinds our of and land online point gasoline Fortunately, We've the outlets as at we of and new the pipeline, East time coming existing the coming the there, as Canada Coast we Harmon we access see into good growth, is as much fractionation needed we're liquid

So that's for a new lot big assets existing is a of focus leveraging without capital and us. those

Operator

from Our next with JPMorgan. question will Tonet come Jeremy

Jeremy Tonet

touch bit if more, the I Just on little a wanted acquisition to base could.

could be captured relocated bit that economics? that assets, are a And the JV share existing mean to here, otherwise or synergies what that for I the on more type of able be can these thoughts just color interest could you're Permian? assets guess, the on If in acquired, to the Permian

Michael Hennigan

start. I'll Jeremy, Yes,

partner. little buy Obviously, so our and we were particular the very where that to the were. million you assets, we what operator dedications of multiple. We attractive it. have operations. familiar to It $XXX this flavor said situation, contractual a the with just volumes as out economics a We to X%, know was to give was of it we're So under the an

how and things out So opportunity talking willing we is there's team these That's get like types We see was at about for be when if and reasons, to always these our transact. that a wanted for partners things, a their good partner looking case, it an a to are time as to us. into somebody are with of times partner our are where opportunity to these opportunity. good But his it in go all just good thought exit the JV a when this there partners. we Dave of

those kind them. themselves then of in quite up, So on a willing bit you we're JVs that's know, conversations general, how have play it.And at this when as But footprint. space, We in certainly to count out. across those we come of don't look our

So that bit of we interest whether of add our of our of one trying X or in partners work JV to all grow the our that's own we most the organic both investments from we're partners of however And that, can capital teams time, how it, little standpoint. are asset many aside to or at way a of And to the us it, where partnership just such from looking, us then just are we that a with on or so do it's bolt kind on, the can a how are assets. capital, getting it do we look win.

kind said of So it stuff? add beginning. at good it's but comes looking the the throughout we like can of can earnings We're We're where looking year. returns. at isn't bolt I it's to where out Bolt-on kind we sexy what the really when on, calls,

So projects some really we like. there are say

Jeremy Tonet

the they want it's Just currently to in clarify, clear Or just Permian? sure make be could there. Permian? these assets to are And the relocated to

Michael Hennigan

the They're Delaware. in in the Permian they're today. No,

Jeremy Tonet

M&A it today, about lot potential sounds a you're M&A, larger these saying generally talked bolt-ons but like we likely than about activity? has as been far as anything should think in are more And nature how is

Michael Hennigan

things to we the it's will Jeremy, in continue to of returns like much higher M&A be in a us that just give our get involved to of talk majority about because going when favor because M&A just projects, the internally, of a because involved doing is scratching total we're balance. lot more we it, better a the process. long doing higher you. head to and discussions, of earnings those, our much they return of years. get calls those partnership, bigger, a meets smaller The grow that ones lot are these we X you why they're to continue have cetera. that's to be market returns.So And if and that are a et can if we're releases guys little stuff it bolt-ons invest some you much keep over that's a going on that give get to than capital, bit Yes. people CAGR us. earnings that as in people Obviously, going and don't we occasionally large they're we announce a the be call they competitive tend as large And as or you're typically but that extent, with and return that things organically has as do there long self-help And for where how then we adding press X% into like to

on capital. the time. kind going seeing what that about return realizing all what's having return in that looking means continue to So behind the to with of what partnership then think combination hope we all we for And here over at Obviously, starts our scenes the back years to investors got have grow that are think it I the it sitting return a that discussions we're it's way it. internal the those, a and best multiple to head, and of you get how capital, of can we're that's but we're is the we we

Operator

Keith with from hear Research. will we Stanley Wolfe Next,

Keith Stanley

QX in part Marcellus you Wanted market, able maintaining little follow take that your time kind that and Would through a over on is across say and good MVP the your inflecting market to see just overall? some year growth kind basin why of the growth? of market you XXXX. commentary saw share the allowing positively of you share and you're footprint to with that's in you're up the you last positive do integrated and some to see of on of Or better and Utica Appalachia in

Gregory Floerke

it's say both. I of would some

the Utica the footprint They're have extensive the We the Marcellus. most integrated both basin, in interconnected. across and

fractionation multiple facilities. to access We have

a distributed de-ethanization plant. have We

lot new and uniformity the Utica example a producers And associated Marcellus are there. and are. rock, region laterals condensate So really that pad of and of existing driving gas taking is brings basins as think into per NGLs in that have just the and flexibility then some advantage combination Utica of are the longer moving and some we particularly are producers I there, a over which there of there's well. the drilling terms good. good production more window good of oil The It's light

well new production, of a as both really new scale So producers. as and integration combination our

Keith Stanley

order M&A, of to in flattish question, a company capital kind to assume is the world Second if of et and this on billion cetera, mechanisms, and we're target. hit a capital lot talked guess, commodity year investing type and I outlook, in you've the it's continue without to self-help Mike, efficiency inflation Or prices, already, $X billion anymore targets? a need growth enough of kind hit your tuck-in a year just about find do $X is improvements, but growth to growth escalators you cost the of whether

year? it is get there do per other $X to to enough billion things Or you So need as well? find

Michael Hennigan

a it's combination. Yes,

So been saying, history, we've number even look $X last what million-ish if the And you recall includes $XXX I that slightly couple billion spending the at of maintenance. of under years. was that around also

it's And of of question, look a take I we're EBITDA think X combination business. a the I years, a our was billion $X try and look we results, X% portfolio, at you what we about examine all if we really think do at to it. it's over Jeremy's saying we have But where So opportunities? to

X%. $XXX that a roughly year million you're of about at looking growth at So

how numbers, paper, just at we we is size we So we on generically market have we return and our a just as try capital, we're like. in But grow it what growth mid-single number. is about keep think think think sufficient to million, those really which kind we and of what of steady of XX, digit if to partnership levels? very continue kind a of XX, that of would generic do the we to think we Thatâ€™s those why can XXX I look for get call thinking kind

we we've point, need be up things toolbox, deploy our we different look your of speak. capital. we self-help, more look to point, that would spend that that at capital, to if needed efficiencies, in to level We we our at at So to we times about range.To at that it. thought occurring something and that's so our that's have hand at this all we until as But at look look the at are far as

all, to frustrating grow it's be we're that out year, to and day unitholder I plan. do. found the probably distribution. the you proud look investors. get of the increase XX%. We're we your figure is to market going don't that continue We're going And we're try continue about to we show multiyear. trying But a fence have to and what talked know flows, good at So it our good try return the side pretty we're of because And it's to that total to continue that for for all a going And Last hopefully, that's the outcome. see hopefully, investors we cash to to return capital. of to that.

Operator

question with Fargo. Wells Our Michael Blum next comes from

Michael Blum

consolidation but in directly I wanted on or guys. negative curious customers I'm you lot And impact, if of producer of impact in there's wondering just maybe there's on And maybe the upstream some that's you no impact are any just been of a either indirectly, your or that's ask, to M&A any curious involved those. had had or if space. some if positive

Gregory Floerke

the no or long-standing most no agreements consolidation, other say or would no for impact impact that and the some Yes, really cases, but is really with impact. the least part, answer material at there There would in been one be we I agreements. have party has there.

Michael Hennigan

Yes, a the that and area a directly dedications say it's Michael, the the opposed consolidated similarly to really as whether in correlates and really anything a or that there producer that. is. who of we basins the hasn't Obviously, gather lot on single to crude producer, it's been that, impacted we side, that could come owner with

Shawn Lyon

add might we profile. one And of see I we did recent credit saw, the uptick activities in consolidation an with actually

So we profile. to thought that as helpful us credit our actually was about

Michael Blum

has asked sheet. of calls, prior with in $X but you're I billion balance been know sitting this the then And cash there on

do didn't debt. going like to same any of sounds level QX. you're buybacks You It maintain in the

it's to going So go not away.

So and of just maybe just some comments that of on give flexibility cash how financial maintaining type will what you're that thinking you? level about

Michael Hennigan

last think Michael, us hit flexibility. gives on with your I the head you it comment,

plan EBITDA growth. I the side we a in as but business always of the As have to the out as the the be business. we turned place, in strong pretty year. L&S year, X% year-on-year of said, a well into record had we had started We throughputs side G&P as

a bit So the to the Like said, commitment. deployed about. it of on end last good of about $XXX the statement roughly been have. I our that category at day, of of the problem million And years, we falls a we We acquisition into the money the made that generating talked you spent capital. we've little couple beyond

flexibility. short what know good have. having a our is. wondering plan it's I been problem to term, people that just are there it's And So

the row.We the still is years It's that's over term see flexibility. a some are lot it We decisions. we haven't distribution, in through talked on think a a of does But the distributing of side We've primary of which you'll couple used. to us deploy of done the we've we've the on how And that little end bit told our hopefully, factor about of of buybacks. done in tool it. get We've previous in time, increasing market a that our been volatility calls a the the give at day, equity price.

Operator

Truist. today with from our And will Neal final question Dingmann for come

Neal Dingmann

then and about just a areas. on check as still a talked sounds to there, impact such seen of a secondly, got lot bit, I'm longer is and in double year-to-date and are maybe question My your plan. on I some weakness others, it how right weather little the our just I Wink-to-Webster such on had some as plans Permian you've those like, specifically attractive an guess, want term, wondering projects bit you've that

Michael Hennigan

of we've To to significant we compared always the we the I that of what that to last weather major occur certainly, there's at wouldn't that your anything But type year, year thing first question, the nothing battle there's general, in this needed time Neil, in but discuss. but obviously, say seen issues years. every it's

Shawn Lyon

And bit going of the Regarding see across little 'XX, pleased we in your seen we and likewise, forward. question expect with increase regarding the we've continue, Wink-to-Webster, ramp-up we 'XX. come in volume Wink-to-Webster a to

and with pleased going really that JV investment 'XX So forward that in partnership in beyond.

Neal Dingmann

Utica, guys the is bit on but I'm just I'm the then touched spending there? like wondering, it it secondly, a wondering, just looks project? gatherer. And on growth already more just What's driving you perceived you're this Utica

Gregory Floerke

producers. capacity, and capital where connect we've growth from which well We're going gather capacity growth, But to in areas new always in sign Utica. additional compression. up the transmission is growth It is of processing multiple we perceived and already seen a filling pads, existing liquid to is be there

that yes, it. to sign So is excited a and of more see growth, we're

Kristina Kazarian

joining your calls. clarification have like IR discussed for today, of of team Should interest members for would in you questions you be the take and us MPLX. today, you to any additional available on will thank you thank Well, your or the topics

Operator

Thank you. participating. That you Thank does conference. conclude for today's

disconnect at time. You this may

MPLX (MPLX) 30 Jan 242023 Q4 Earnings call transcript