MPLX - Earnings call transcript Q1 2024

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Operator

Welcome to the MPLX First Quarter 2024 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. Kristina, you may begin.

Kristina Kazarian

Good morning, and welcome to the MPLX First Quarter 2024 Earnings Conference Call. Chairman this under be on of the today disclaimer Mike X. accompany website on the Slide the that Hagedorn, on harbor are mplx.com Kris statements you at Investor Hennigan, the executive slides team.We call other to found can our call CFO; invite The and CEO; read members safe and tab.Joining non-GAAP me and that during follows. making be It's a the statements the question-and-answer call we session reminder forward-looking and during will that Actual materially today. differ results expect may we what from that cause there I'll Mike. our the Factors could differ to actual are that, as filings results included SEC.With turn to over in the call well as with

Michael Hennigan

Thanks, today, Kristina. our thank first joining for call. we Good Earlier morning, quarter and you reported results.

macro, flow adjusted cash increase and at supported States MPLX's the Our high growth of to of be EBITDA our cash $XXX Oil continues needed business line continues flow the million the $X.X X% to an $X.X globally. return to distributable record to year-over-year. low is producer each In demand commitment of billion, fuels of with the delivered and capital, globe. of to across energy United billion a a return grow cost the unitholders.Turning

oil future. to into expect set the to records We demand continue foreseeable

across production volumes, million see opportunities Forecasted need resulting in growing for day X.X for in over outlooks strength laterals the our highlighting are this barrels key driven year on the and Northeast, our unchanged. by the In transportation long-term to per XXXX, the million X outlook estimate higher basins we of longer expectations primarily incremental footprint. remains demand fuels.Our

continues the the as announced liquids-rich grow volume the as execute In expect transactions. as are where two and basin, gas attractive prices drilling first producers growth We remain acreage.In crude quarter, targeting production Utica, activities. strategic associated well and economically continue completion the to producers in Marcellus advantaged Permian to MPLX

of acquisition gas in existing through we our an a Utica, First, in additional enhanced joint ownership venture footprint the the dry system. and interest gathering

window we moving the value partnership a in a formed MPLX Pipeline transaction expands We have chain, connects of opportunities. combine and entered additional gas joint seen Bravo new growth project growth Coast the strict producers rich Rio to to agreement committed into MPLX the The required Pipeline expected the lens natural Whistler future capital of newly in Utica the close Gulf remain Permian definitive MPLX's regulatory is transaction, already through subject and gas into venture. supply the into The other our and region.Second, and demand, second to approvals closing quarter.We growing discipline. the for conditions, to to customary positions see

and flows.Now strategic foundational holds as seek confident growth portfolio, asset fact, are we let of strategic over the continuation peer leading capital cash the to ability growth optimizing strict previously allocation return quarter. flows the we'll as a results our on years, the our which a MPLX's well of to executing in and on focused discipline, and of are a over all last capital financial evaluate Kris In discuss the return a optimize are cash the of operational The transactions capital. to grow a to and our grow capital of to our mentioned me cost framework the and X invested as approach partnership. the We our business, call of to turn return priorities use believe decisions.We're continue allocation is capital our to culture, low this and on partnership fostering MPLX of

Carl Hagedorn

unchanged outlook of million $XXX maintenance and capital. expenditure billion million $X.X of and capital $XXX is XXXX capital includes of MPLX's Mike. Thanks, growth

Marcellus and capital Our is growth in the outlook basins. anchored XXXX Permian

partnership the with Our expand, integrated positioned asset. footprint around source NGL natural a basins of and opportunities particularly gas to steady in our these have

projects, Harmon We natural growing opportunities.In gas the venture, and joint pipeline Permian on joint our bringing L&S bolt-on Christi these expected segment, expected of approaching Dulce the ventures organic processing Permian processing XXXX. the plants Creek was quarter in is be the basin, investments the in XXXX.In to placed operations capacity be Corpus increasing billion plant the online to day, new and be into demand. joint also Agua per processing half In through in to continue February, Marcellus late progress our II the online to in first service in expected is bringing of to the gas startup NGL to completed day. of customer is XXX,XXX II to Preakness expansion venture which we're is X.X third progressing gas continues cubic which May. G&P barrels meet segment, feet BANGL service per in The pipeline We're

by the decreased $XX the was the of up primarily maintenance to production adjusted due by dry primarily driven our X% Southwest. our gas by of segment. Adjusted increases Due Marcellus first and gathering expansion for performance of logistics driven February. gathered drilling processing volumes comprised and Fractionation segment and growth were assets in Marcellus, billion II refinery equity projects existing operations, processing volumes the to storage highlights of distributable and quarter basins, in of our activities to recoveries start Slide X. X% XXXX, financial scheduled quarter late progressing year-over-year, production.Focusing impact for volumes capacity Crude each of return of related and processing affiliates. financial in to cash be Additionally, billion, these operational, product Slide driven changes volumes.Moving Utica volumes are service impact processed the quarter limited in EBITDA of basin or feet first XXXX. X and we of primarily compared half X% volumes. in -- outlines due production our volumes $X.X on for the Processing down growth. quarter which from year-over-year, the due capital EBITDA G&P expected prior X% in total first quarter our the driven and and increased year-over-year for plan flow in terminal to primarily on when reflecting increased operational year-over-year, structure segment Utica, to had were volume with $XX to our producer need higher start and the basin Gathering million to which highlights of higher and higher up by was on to adjusted and volume from plant, processing, ethane higher in were down MPLX.Moving the is to billion in Creek from rates largest pipelines our Processing Secretariat year. XXXX, far saw higher million and in higher first Total MPC, first second is to activity.Slide increases be up planned grew turnaround the EBITDA the XX% primarily mostly Total approximately customer by increased the and contracts our XXXX. of strategic increased quarter, customer utilization the activity of $X.X the compared of will X.X The Harmon planned smaller increased we X. Once online day.Outside cubic processing first remainder G&P per Delaware financial our investments, Marcellus and targeted XX% X% placed plant,

balance for $XXX $XX to the $XX $XXX April.MPLX the interest Bakken pipeline $XXX cash unitholders unit million million million additional gathering the existing distributions JV million with acquired returned ventures our ownership of gas million. million contributed quarter due debt for in repurchases, joint During a a $XXX Utica through quarter, and also system of share in MPLX ending in the in of in dry and located and repayment

will quarter years, project-related expenses. to the is reminder, typically more million let we these to the hand work.Now undertake favorable lowest sequentially quarter, million project-related some prior $XX thoughts. in our it to quarter for a expenses final anticipate As me Mike reflecting $XX for first weather second increase back Like

Michael Hennigan

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

years, optimization, cost to in cash anchored in projects our investment growth our for year In our they grow X-year see strategic have we each X costs, MPC intend a we've strong grown Permian deploying distribution.Now to the advancing our to in is and return Kristina. on along reinvest this DCF can call of quarterly to a continue to strategic on for business Marcellus high placing to optimizing portfolio as strong we've with XXXX. our our basis.MPLX XX%. We up me over The EBITDA controlling continue adjusted multiple value get first enhanced. distribution us operations focus distribution, and allowing let the basins, to unitholders. X% versus of out as this By the return By with capital to capital assets, And most and X% continue aim to annual the significant DCF growth nearly to will back a and over to and and increased turn of year relationship mid-single-digit is our we flow be free you cash results, periods. again the flows, our generate to expected quarter annual start last opportunities, business continue pursue each consistently in rate us the wisely, compound after growth position the of by a grow

Kristina Kazarian

Thanks, Mike.

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

Operator

from first Our Goldman Sachs. Instructions] [Operator Mackay John question comes with

John Mackay

buyback. wanted the on start I to

this since potential of just think a whether elaborating future? about increases 'XX. more balancing the then with X I this first normal you're is a the cadence. maybe on or a a it restart And spend one-off also or in Maybe minute how not thinking was distribution or

Michael Hennigan

thanks that John, question. for

that as we and because I'll try start me clear I question as often. get can. be Let

First about prepared off, X%, X%. and our EBITDA our it about with I DCF cash. quarter starts is that you've CAGR mean, in our on were and heard X-year results first remarks generating

going there sometimes, and starts types the are cash markets, X that it that that with cash.And we blue cash not think into to there The call cash sometimes, buckets. is So kind could red intermittent, flows. buckets all uniqueness be cash of code be flows to called flows. then cash I color the that through is continuing, that's bar there, of we Those bar generating I've

on our about times take the very of our is distribution makes is this bar, that but type I growth. grow a and our quarter.And it's continued our is have blue it's support is going to And it's our that's we've our that of all first allocation fourth hopefully, going primarily the number of bar, proud growth cash source think continue those But understanding method to look time, bar the discipline having We're cash disposal, to And the the record generated earnings. a years, is: flows; capital and capital is our grow because about not that's we year seen we're doesn't. to important of flows assets; distribution into number going go So, earnings. in system. flow flexibility also growing buyback. framework, to to we we we it to buybacks said per of in framework.And bunch think you've last red one, going returning cash the a that allocation to there of when red blue three what red Blue then we're an at X% to versus we over the continue our capital ongoing done the it be it sense bar our think track that it although with and think And the invest equity. driven bar the is and care X we put our for last size allocation that most cash flows I together, to way way of when really at may continue drive partnership we're is tool of preferred number capital bar by two distribution, into all and capital as about piece still the when important to framework us.So primarily

business, if more if So code back, flows, you all cash prioritize run flows way color there we the think our are distributions. way be will cash that's we the all step the targeted blue, -- towards the continuing you time. we stable, Those that

financial us sense. but heard have years, us buybacks the we was tool when I hope have done heard that capabilities distribution our think believe You've we distributions, strong we've we you've say to it continue increases makes helpful. say grow of last the also XX% we two to

John Mackay

far appreciate you invest on bit I up the a we've X towards to that. grow, following guys with organic year. in strategy continue minute much so you're just Mike, willing to announced bolt-on opportunities? lean a there maybe how this little of with spend wanting the that direction? Maybe on Can capital think maybe kind to the and on how just to you more competing then deals about obviously maybe allocate those you seeing And recently general

Michael Hennigan

another It's Thanks, good question. Yes. John.

Let let this recent I'll Greg activity. then me off start about and talk

return driven not good But good to headline the constantly mainly And And quarter, projects. growth. executing we Greg couple you've we're Again, seen So, that's also in I'll projects. Utica. return they're where this organic the details. at sexy, And bit -- big and in a driving activities. say strategic a well, were they're able years, last general, us little over looking but about growth. always inorganic let been of projects, or during those transaction we M&A the I they're make talk organic see we've That's not

Gregory Floerke

oil interesting. now River of gas and -- not a Thanks, build of had in the really really a We're lot Ohio in gathering of area about about and a condensate lot the in favor in right it.The as or rich the got light excited favors of But window Mike. got system. whether the dry/lean it's Utica basin are We're excited in gas the the the rich gas great behind main we've a substantial that there Utica. the We've regions fact near fact now. frac crude regions years have heavy we the have seen dry that much over it. NGL that on like tailwinds few oil last there's now going the what's producing liquids, is The part things has window, success attention, the that a the spread we a right and -- out is

the we long have twice with day new also length We laterals technology first of when Utica in saw the the probably back laterals, drilling was that developed.

early existing connected Marcellus our essentially X the integrated for wells out, build also get It's same of we more same in takeaway fully length you of the So or pipeline. have cost.We all proportionately terms have a less lateral -- infrastructure. because It's to with fractionation, the system.

area bottom and moving with into is, a we're So new that line moving to. bullish having their about now are system producers are spare capacity existing rigs in an producers

know already The this to into where producers already -- entire there. we system we acquisition operated further we're we're so know Summit So buy allowed about. seeing the really opportunities and built And us the already, that and growth. bullish we it area and we the

Operator

Next, we with Manav will hear UBS. from Gupta

Manav Gupta

interesting, good and project be looks growth opportunity. in to fit relates MPLX? very looks little us with question this why involved JV that recently a a only strategic this like understand more here this thing Help my Pipeline detail for got would Mike, you the just a Whistler very

Michael Hennigan

going I'll And give I'm Manav. let Thanks, just little little to tell you our the down Permian. general, And a Greg detail of on saying, it. about concentrating going I in though, key a going Yes. what's bit up as appreciate the I you let activity Northeast. of we've question. lot in our a talk on we're mentioned a that basins. been in lot in Dave more Dave would what's

David Heppner

little a so let Manav, dig deeper. me

And Rio WhiteWater basins, I Permian and focus So, MPLX that JV, our Enbridge other is, of of project Squared, entered this part that JV basins. combine in is Whistler into addition agreement one partnership, existing the newly with formed with to the JV definitive this the along strategically which as key as in Mike stated, Bravo Pipeline to our with JV. with

and ownership of from to low to in step small enabled continue chain for real out our justification our it the Coast. U.S. enhancing portion us build to a our -- double-digit that, out equity key, growth multiple, build wellhead-to-water that's Permian So #X.And while the value a we strategy monetize Gulf the Whistler at the

Whistler think of LNG facility this connectivity facility in chain different ADCC Bravo value that that the construction provides to which Texas, LNG project a is under in export of Christi. Rio the with way, lot now Corpus it that Grande the the to So Pipeline is Rio Cheniere's project Brownsville, strategy the around not Pipeline at right

course, wellhead-to-water clear that pipeline any provide must all projects, all demand, this to commercial LNG going participate right look and returns earlier of at strong capital positions a Gulf will connectivity that pull.So, things, it LNG be development we projects JV under grow, platform be which further Mike supply forward bolt-on, from terms as potential acceptable on incremental again, and NPL's we lens U.S. enhance touched through projects. new to of we and Whistler last look partnership it's our and strategy.Let Permian me we strict which financial projects the Coast growth mile the with So whether growth anticipate provides at two as forward, the that organic the both of look these that in strategic this or discipline our to the that,

So, gives little hopefully, a that more you color.

Michael Hennigan

gas a the talk NGLs a little detail don't And and Permian. talking little we're bit in what that project, we're why Manav, since well natural since about you bit Dave as doing gave of on you about

David Heppner

thing, Sure Mike.

to our the our about gas. value Ford in position our very it's integration. all We've been similar nat chains again, And So strengthening platform. about public NGL expand pretty through plans competitive

consumers. the to wellhead from it, of think So

all processing going. got expansion the our pipeline project team Greg on gas our plants, with we and BANGL wellhead, back So his

with as optionality independently but projects, provide and export storage water don't we frac this project partners, we on updates that to and the Texas an to extend City strategy.At these have part we any time, continued so And a -- value extended whether of continue that or evaluate. to major have chains NGL the is

submitted air of those.Again, NGL Texas be project steps on want in you these take permit TCEQ nat of evaluation we if lens of that capital one filing the of with our the permits in very to continue we December will framework our So around going to and Texas. through strategy, help City, that do commercial I to facility back evaluate is recall many forward. the strict potential last projects, right to if year, the storage go business Frac acceptable the similar that clear terms application the us and commercial returns, we'll in test for we any determine partners alone gas or

chain, So hopefully strategy nat I on is from very our NGL a wellhead-to-water, say -- both similar to more color MPLX through in participate whole our that value from little would you equity the gives gas strategy, which for commercial optionality. and is

Operator

with Jeremy Morgan. comes Our next question from J.P. Tonet

Jeremy Tonet

I range, acquisition the the potential environment in to you that larger the thinking how of want like and think there for kind think come bolt-on if components it if kind a acquisition have the seems would acquisitions, there? things continued to other out of seems MPLX just I to way fair are achieved one of growth about about how I I would mid-single-digit here? prospects And of I think of guess, back you And that Summit could, it of the And is historically. that river, the EBITDA it -- range. be and about, banks the do growth. And acquisitions above as these drive of staying

Michael Hennigan

that's question. a good Jeremy,

The it's that me growth. included correct driving if of be side, even goal smaller additive mid-single-digit M&A do, our not on off, the to or for would let activity First you. is we

growth our up we come organic And would the opportunities we then in through So mid-single-digit that think inorganic additive. these general. like talked of as about, when program be opportunities other just

compete we Secretariat. II, II, growth, base things Preakness to So can control, our Harmon for always Creek is that trying

cash about down of Utica You just pipeline strategy growth. like our the as we about the at something that flows. NGL to the partnership, growing feeling least think mid-single-digit Greg the natural things additive in heard When Permian we those about, of Dave base goal. our acquisition come our All talked gas JV do talk into in partner and that

Jeremy Tonet

with helpful. that And very thoughts put out deal wondering was certain around if the That's -- it. could digging could for And I you that you're asset. implied type regards seller any on that over and acquisition, with certain -- just what EBITDA provide to in the I how maybe economics maybe improve of Got think time? this just how numbers with seeing there

Gregory Floerke

coming this have utilizing is Utica about Greg. bullish the we And is look Yes, activity are it. this already very capacity. volume seeing rigs story as mentioned, growth. Jeremy, as the is facilities there, I at we really -- We're existing that The a we're think up. story,

advantage of in ideal even well our an you already and are essentially pipelines take facilities drilling with new in of -- that off and situation, we But capacity. of of new no off So pads, existing truck it's fractionation pads processing connects with see in into would then system case compression there existing the our even new investment.

related having So not there's in capture to upside that and volume lot we capital primarily additional of a think spend to volume. to value

Michael Hennigan

Mike. it's Jeremy,

to better earlier. we talk want it the cognizant on can show results data think out said, going what to obviously put not to putting of about be we our just there to We than too and in later. then soon. multiple is Just We're the Greg out add just was what it

Jeremy Tonet

very to Got it. helpful. of the there. top just circling at That's back kind And point maybe the

blue about to allocation, red bar. talked bar, as You relates it capital

potential more the materialized kind this future opportunities is the point, really been buybacks or you some would further, might bar think low sheet you enough is bolt-ons, bar at look there are purple I about, balance as have to to for wondering, points just further retain guess, or I there the think and I red there past. in focused have leverage improve guess, But that? if

Michael Hennigan

problem position good good a say at have. capital think in flexibility. balance mentioned, you sheet a in is Yes, financial excess we're and Like it's shape. to generating on beyond great the point. cash We're Jeremy, we distributions always We this

opportunities like And for also you're us. have reference. different We for Thanks right. feel that we

the flows flows it's shareholder we're flexibility cash think more to ourselves put we going generate can And We've takeaway that hard call them hoping how the debate then to are a blue. general, color been the in we in That's cash the because most enough as towards financial think position. you of where sometimes it and we there cash to run good Sometimes And all the business distribution I'm purple.But and we is debate flows the cash is leaning get value. know, starts. will generate the long be way we term. to we

So mostly And strategy. I answered around that gave we'll you people a been buyback that's little color -- know hopefully, why bit question, John's have little have when flexibility. about they're bit more asking a blue.I But our I that. so

as comes create going our to at We'll growth. and we value of And financial for where the look it all continue to for out is do We're are. some have day, we're our day unitholders. the end organic along. organic to in trying more We day evaluate flexibility the at

Operator

Our with Chen Theresa Barclays. from next comes question

Theresa Chen

be also whether BANGL would be it Bay fruition? that, that would UGI help about can that the, I or storage storage ] in Dave's how the Just has City Permian [ there to comments extension out. space Texas an Going taking be docks export project, believe, about, City that help frac a how MPC's independent City of it And and chain in and come then could productivity think could and from commodities the And projects play EPIC on is NGL. XX% opportunities come value just expansion those you marketing haul pipeline relation NGL an for about back about the and do downstream Galveston parent long the Texas to in to if LPG Texas think would platform, volumes the us the solution frac risk?

Michael Hennigan

optionality I'll let have more options. let the going you lot Dave for question. laid little the a different Dave and But kind thanks all a to continue there. me out we're we give let of Theresa, Yes, give color. to evaluate a of detail But more little that

David Heppner

near-term parent leverage in Yes, company, assets we we near look from projects. we term, said and And we look MPC, well. both return out we to want those we both -- a as options through ground I then perspective, number long-term think growth about so have scenarios. and third we that's couple we the all but projects, build commerciality value leverage back the multi-year or things flexibility, and One BANGL. imagine, and as going a partnerships extremely value a do There's to and Galveston in do as two, key either and how all at vicinity, Mike those now incorporate large Theresa, of multiple can also the Bay.And through as make think sure through look is commercialization, how one. the platform. leverage we're Number a existing of we to And the and such think you then scenarios how we long-term financial out at chain it creation. JVs these our have build is Right existing and do

So realization. helps a bring about puzzle trying now. we a to right bit. in that I Hopefully that and all But to feel and we we're determine doing now flexibility you of pieces how that work of little think to lot options the it as our just our stated, and we're there's good

Theresa Chen

maybe ADCC Bravo, Whistler of given years? with your the bullet with residue out residue And you combining to pipe in-service give come couple side, the you necessary for be Rio partnership another Enbridge turning us Matterhorn? and is evidently can in an participation And WhiteWater evaluating a update timeline that of on the basin and would

David Heppner

Yes.

over on I'll touch Shawn. Matterhorn I'll update. to turn So and a little He it more give can then

First of planning year. all, to this XQ I think of Matterhorn is come on

So that. with I'll start

ADCC, about forward, think you've Matterhorn, you view but that not think Permian, Whistler as then Whistler, you have as today, Blackfin expansion, X Rio of of of Bravo.So that of sides the clearing you the natural you is and go got is there, out you gas So -- our have can you participating out think we're can this equation.

growth You've the look from out at backstopped profile. or Coast, to that of got LNG substantial And the which you've got take growth XX-year which are pull coming then you time majority pull. is on there's Permian. pays, really by by Mike earlier And those them Gulf the down touched a the nice facilities the of long-term frame, these platform XXXX

your expansions question, whether think you clearly is the pipes, it or that very incremental tea Coast. Permian to be is the capacity read I we've it out that leaves to Whistler new can the needed there maybe to of Gulf done barrels with So Matterhorn answer continued and similar

Michael Hennigan

to that. going of to not, Teresa, far just main et as just residue be cetera, add. want what the trying and get between it's be that, us to to drive Dave it's has ourselves the or another made. Mike. as There's The very you is doing more we're participate takeaway part position whether out partnerships, basin. point to of I'll in mentioned to that pipe these We

Operator

question next Wolfe come Stanley will with Research. from Our Keith

Keith Stanley

stock had the to lot to of that new can conversion the since in some preferreds? ask, factor want make QX And like to the factor you of all coming since wanted talk I sure, coming buy to just market? First, the preferreds? that at the there new into talk just sure, into the in QX. I you want to looks to back decision a wanted of conversion stock was some stock decision market? stock can just the the First, at buyback in ask, And you a in did was It had like you it of lot into QX It QX. just into all looks to make did to I

Gregory Floerke

correct. You're

You during happened the did see quarter. some significant conversions

have strategy unit I do not they of that impact unchanged leisure think allocation It with kind our base, that in quarterly. their investor Mike that, the as at any ability hit capital buyback program. is units, to had -- have on. did those That on

Keith Stanley

Great. Okay.

sell you've with that the but it done, about. initiated Can say, can you missed sounds or like you for came transactions could of JVs you there I forward, be if other just a potentially excited company partners' curious bolt-ons buying opportunities? look optimistic you say sorry are you more pretty I'm were And looking other at that and has looking to these if partners partners you? interests. buy-ins you could this, to Summit, lot are JV The

there? any Just thoughts

Michael Hennigan

it I it capital voice the hit on you kind numbers We're able of additional evaluation were And activity. When comes the these opportunities, we we all Summit, first of to strict real of to we're with them. of of very thing them familiar types lens think all the them though, assets some excited we're show partners. the Yes. we're with the about acquisitions, good of into all. the with opportunities very The with discipline. With evaluating head. with quarter Keith, these familiar and view

our perspective, be our to from unitholders. us it has So right for the and at value

Operator

Securities. Truist Neal come will from with our And Dingmann question last

Neal Dingmann

on of would capital continue would I'm things you bit even little of a a post would just wondering, you've wondering even sort about SMLP. just of been more just thinking question on you to My you talking sort were I'm this. suggesting that post this, about sizable you again consider or all materially framework the how return -- acquisition? you're what boosting DPU post consider substantially that or buybacks

Michael Hennigan

above. all of it's Yes, the

clear So, grow cash hopefully, going to we've that going the we're more continue to generate to been we're flows. cash,

primary talked distribution increase of available. cash return, in going over start general.But the At organic believer and result capital then our That's to that's invest why of it of to we're then doing a we've buybacks and last a grow I'm invest more flows, the to return to get flows about. big they a to to day, et our couple that some in of opportunities, look with all continue framework. of of seen the bolt-ons capital through much and this, inorganic growing I allocation whether unitholders. a or us as believer the to to of our of cash it's We're in part say like the starts I'm at return and years end of because return higher it's capital. at I a organically organically more look you've going stuff going return that's at going business. that, as the As we're said what on the And capital, wisely. continue it efficient We're these the always cetera,

our So couple and that years that's meaningfully last grow of hopefully, you've certainly as the we're going going time over to continue continually to show to you over goal. that seen distribution we're

Neal Dingmann

clear. very that's No,

wondering wondering the -- I'm on Just there understand sort I really a quarter. gathering. be that as quick situation positively Marcellus is just year-over-year there continues see significant nice increase area sure your of you've another upside appears last just still potentially as on it I'm what to there trending. more It's what's seeing? make been to the capacity follow-up

Gregory Floerke

System have processing over customers for in lot we Washington -- at our when over typically But -- and We We so don't Liberty -- System seen. a with our match gather process capacity see utilization continue of Marcellus Liberty don't be numbers, Yes. time, in to you've We some only gathering it's for -- do County of in in with to all growth the for and utilized the system gather as very customers. we just the capacity. do you them. we matches add that try to Marcellus. additional necessarily processing run really We're we on up We high upside, but that Gathering XX%

Michael Hennigan

some that Northeast. area what activity the has pipeline to will to would I constrained a the DCF The a long for in of change that been up only we've We market other think has add coming up coming is be a significant Neal thing on X time for the there, anticipated time. online area.So, the be. interest we're has continue pushing compared areas, key Greg dry one the to been, will the pretty Utica, into rich renewed in it's about as growth liquids is excited more people liquids price And our area, as then it the rich of certainly to the mentioned, particularly MDP

throughout call expansion down we're on Dave what and doing about side the heard you've the natural gas far as a the think of what's talked in a as Northeast. today, up NGL the lot about Greg talked expansion happening business Permian. in lot I gas the

grow to our So going optimistic to be we're return is and that plan to pretty and cash working, confident continues unitholders. good flows strategy capital our and we're

how that's feel So we at this point.

Kristina Kazarian

All Relations right. With today, of the you thank like to help joining will for our members clarification with interest topics that, MPLX. additional today, on in questions discussed of today available thank your so for be or much. would have team Should Thank call. Investor us you any and you your you you

Operator

your Thank today's again you. conference. once That participation. does conclude Thank you for

time. this at disconnect may You

MPLX (MPLX) 30 Apr 242024 Q1 Earnings call transcript