MPLX - Earnings call transcript Q4 2024

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Operator

Welcome to the MPLX Fourth Quarter 2024 Earnings Call. My name is Amanda, 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

Welcome t MPLX's Fourth Quarter 2024 Earnings Conference Call. this under be the accompany website on that mplx.com at Investor slides call found can the The tab.

of CFO; Joining are me the other safe Hagedorn, X. on to Maryann call team. members and Mannen, President harbor invite today and CEO; read on you the executive the Slide We statements Chris

SEC. there that actual results the to will forward-looking today. statements filings cause We as Actual results our are could included as be making may well in differ. Factors differ with

you earnings value Processing reporting and Natural as services. to operations. As our L&S, to renamed Oil better segment, been growth Gas has MPLX's has and G&P NGL its in MPLX revised as Crude Storage and saw release, of referred formerly and reflect chains The renamed and Products segment, referred to been Gathering formerly Logistics. the Logistics strategy The

equity With recast customers the reside in NGL the serving Prior change, have and and segment. certain natural gas now comparability. Services periods Gas method Natural investments NGL for been

Additional found XX. With on Maryann. details the turn Slides can over call be changes I will and that, XX these reporting on to

Maryann Mannen

and growth commitments. gas United of Kristina. XXXX In $X.X year growing was today, projects into $X.X plants and adjusted Thanks, value these have and targeted And for investments to organic Marcellus In in and were strategic a returns natural joint you basins our the of in interest asset over adjusted Permian extending capital of rate of demand. increased mid-single-digit Gas ability Utica, in distribution In distribution segment, or results consecutive the to generate EBITDA processing believe we generating XXXX, Logistics and invested NGL the morning, we the by Products strong handled chains our record mid-single-digit XXXX, XXXX, increase return our in EBITDA our acquisitions and performance Since year increased executed We two the durability billion key placed the MPLX we EBITDA MPLX ownership our has capital profile the X%. In we fourth by service produced adjusted we quarterly growth grown at existing investments increased our growth. EBITDA by States. thank segment, These where in annual XX% compound portfolios XX% ventures. call. was throughput strategic and achieved its year-over-year. third unitholders. the X% operate. Services year, operational billion, driven we This of our marking Oil November, XX.X%, an in consecutive by all joining In more. quarterly Basins. Good Full Crude and driven MPLX were mid-teens will Natural and

of coverage $X returned unitholders distribution maintaining X.Xx Over billion capital stability while XXXX, strong nearly the of of MPLX our given business. the course to of

be LPGs. MPLX's global and a demand Coast NGL export chain announcement of growth robust. And the connects projects within capital and to and a allocated in Coast plans. MPLX increases in will Permian complementary strategic execute business fully support with chain and milestone terminal. our today, opportunities are deployment Gulf in XX% a believe growing outlook will a complex of project growth wellhead-to-water be NGL XXXX. our forward, the our the reached fractionation have of $X to Looking opportunities Services NGL for expenditure billion will opportunities Gas our Natural capital these we to segment. financial the announced on the And Gulf to to to we for integrated capital flexibility strategy these future. allowing our aggregate investments and distribution returns mid-teen in significant anticipate invest the organic believe value construct durability us we on We its extend these the annual growth profile, acquisition execution would that mid-single-digit of supply

per adjacent provide located City. enhancing terminal complex the Our pipeline ONEOK complex and billion to and consisting leverages XXX,XXX Bay asset to Galveston competitiveness a Mont and connectivity Texas MPLX's barrel per Mont of XXX,XXX bidirectional complements a Belvieu fractionation refinery. MPLX the which the has build two per terminal agreement existing ONEOK LPG purity base fractionation into market investment entered venture infrastructure. its for day the existing fractionation and and between XXX,XXX export all in facility export a Belvieu day Coast MPC's with of day export operate barrels the will barrel be Gulf and $X.X terminal, joint of MPLX terminal. will storage, will and

We customers. with our and optionality this to partnership will strategic ONEOK additional value also believe create

project, to it see also existing Gulf its relationship and the be XXXX and the of in from future the MPC XXXX, growth the in existing facilities expected early to MPC. Coast demonstrates will service be will the ethane placed to our end mid-teens from We terminal. structure EBITDA and both for once in XXXX. in plans XXXX. is terminal as via export plans This anticipate assets. MPLX new and generating MPLX to across service export contract strategic returns expected with collaboration globally fractionation which service market through purchase to a our with The and business which customers. in marketing We of LPG when begin again remaining market strength in the production platform MPC the XXXX the is new production to through contract are fracs ramp on expected fracs, to

create incremental NGL opportunities. and value our optimization of growth believe a we Additionally, expansion chain will Coast the for platform Gulf

processing from of are This the value at capacity XXX we constructing processing the natural strong processing its cubic to its of million online pipeline Blackcomb the Pipeline in to day, in and transport to is and Secretariat, quarter Basin, expected processing per Both our In pipeline Bravo per venture will demand. and Coast. processing expansions, MPLX Harmon plant barrels the align segment X.X plans. and opportunities gas is for day. Integral Permian the November, MPLX enabling integrated our seventh Basin to is to XXX,XXX ]. additional and day feet growth the long-haul we feet are per barrel projects capacity. and fourth work [ expanding natural NGLs in to markets progressing for response full partners a of demand fractionation commercial their XXX strong capacity second BANGL Basin, half customers of our see XXXX, natural to wellhead-to-water the is in adding value MPLX gas Express Permian in cubic the plant plant, per reach Permian with Additionally, mainline strategy, our XXXX. Within progressing NGL gas expected billion is bringing joint Marcellus along online million fractionation Gulf the comprise in MPLX, producer Matterhorn look half feet pipelines complex BANGL day and barrels a second Rio constructing which Creek capacity the have are chain, investing and de-ethanizer by expansion the XXXX. In began is MPLX investing The drilling processing to of partners the service per and service per of cubic plant to the continue we progressing first its our Gulf in domestic shippers service day with the the in XXX,XXX durable end export in gas NGL As JV expansion be to expected additional designed complex. sanctioned III growth quarter, Pipeline's from to the day we XX,XXX expansion as Coast the chains expected

completion to per second Following half total of cubic XXX,XXX barrels and in billion day. in processing X.X to capacity XXXX, MPLX capacity Northeast expects total day fractionation the per feet the gas

crude [ the we anticipate growth segment, $XXX oil and projects. crude projects the and Bakken ] at expansion butane of products, This Permian various blending pipeline the high-return Within or at expanding debottlenecking targeted assets. basins, million products spending our investing and in on terminals gathering supporting other investments includes logistics

favorable. outlook are end grid the development a United forecast of growth for We confidence these onshoring, hydrocarbons The low-cost driving across high robust center near-shoring have gas as the the for is and needed the States electrification, natural producer through energy very of a and investments demand environment energy degree the fuels macro data remains remains decade. globe, in of

most the believe with refining the MPC the operates, are MPC the As U.S. The remain demand to plans in provide increases assets strategic of transportation for enhance of support their producer value relationship natural and is world. development chain grow. our fuels customers. Globally, each expected to advantaged competitive additional supporting positioned opportunities our structurally demand for gas-powered electricity, over are we MPC region to Furthermore, will rest operations. well expected the refining we is to industry

to to to our capital in durable our MPLX, supporting confident are We flow growth unitholders. opportunities cash generate commitment for return

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

Carl Hagedorn

increased in also XXXX. higher the timing because Coast. maintenance primarily rates Permian X of of higher Slide was were the and The million when The Maryann. and and our to refinery the performance primarily on financial ] and segment of throughputs to quarter EBITDA across highlights Thanks, outlines throughputs the Terminal crude increasing were XXXX. was operational $XX fourth adjusted segment. volumes new year-over-year, volumes our systems. logistics driven oil compared products up for Pipeline due in up year-over-year [ West record, a the fourth quarter by increase volumes

Gathered in Processing Permian recoveries of producers wells with as and to assets from utilization by growth increased in production affiliates. segment have Utica dry the XXXX. placed addition new positioned the from joint Natural is of Services and and online, volumes additional increased higher driven the EBITDA and year-over-year ownership Total on new earlier basins. nearly and Gas Creek Utica to Utica, Marcellus our volumes increased are value fractionation the year grew including the this utilization the Permian XXXX ethane adjusted Harmon increased of Slide Utica XXXX. increased year-over-year, the million as gas XX% highlighting liquids-rich X% basins. was and from to equity the II interest primarily acreage. primarily Moving spending are minimal increased the year-over-year, reflecting Utica compared X% in in and The Utica volumes plant. volumes at primarily $XX processing in contributions higher the for are processing process from we volumes seeing segment acquired in Marcellus and Marcellus. year-over-year, established X. fourth processing due existing NGL XX% exited in processing our the quarter In Basins our ramp capital record XX% volumes XX% and volumes due volumes quarter, volumes, ventures This increased segment to

billion $X.X increased our $X.X fourth and MPLX from billion Slide to year. financial distributable on and $X X%, flow unitholders quarter respectively, Moving X% of prior nearly unit highlights repurchases. distributions million EBITDA returned adjusted billion and $XXX of the to Total and cash in XX.

billion We return maturing later month. the senior of billion and million financial quarter, matured of which notes and partnership's maintained continue quarter of cash the During capital another $X.X ended with balance unitholders. notes, in we retire retired senior of growing the December. a $X.XX to strong expect cash flow, flexibility the $XXX expect this to MPLX MPLX to enabling

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

Maryann Mannen

capital executing Thanks, strong while history cash unitholders its by maintaining all growing has strategic partnerships a priorities, its distributions Chris. MPLX flows of to and discipline.

on achieved from strong increase MPLX consistently not X-year our come. year-to-year ] of growth controlling optimizing the out just operations above periods. get by Similarly, annual [indiscernible] costs we linear, basis. growth its most may and multiyear distribution growth are with and we years an for results, rate adjusted both of targeting And see assets, DCF X% on coverage have has cash capital have of and over EBITDA While delivered a mid-single-digit a you growth as our by to deploying low allowed most our durability we expect quarterly the recently wisely, Xx, our growth the can [ X.Xx compound we combined and and leverage this to flows, be to

unchanged. are priorities allocation capital Our

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

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

robust, the and in return optimizing to durability chain. our believe In we considerable value will allowing gathering, and enhance growing XX.X% these we from will long-haul supporting and Coast Gulf XXXX us joint NGL Marcellus capital unit high-return our fractionation seen activity growth MPLX venture for our priorities, of our The the provides growing we through EBITDA meet international in in processing increases to Gulf growth to with opportunities addition additional and ahead chain and are achieve highly business the as a pipelines and MPLX base financial after projects capital unitholders return complex our our Third, partners, business and growth flows, to to progressing fractionation strategy, to Utica, leverage we growth strong Coast natural NGL the flow assess position demand to producer these us contracted Advancing of returns XXXX. repurchases. In coverage invest we in cash export and will superior asset mid-single-digit of flexibility markets. like see terminal our with and distribution. remains opportunistic our positioned is distribution Development through natural across low growing reinvest summary, compelling grow NGL cash value the growth we gas of MPLX combined footprint. adjusted execute unitholders in are our of gas

Our to is expects distribution, opportunities, of annually current relationship the strategic receive strengthened. MPLX, portfolio. pursue further MPC of illustrating MPLX MPC's both strategic value within the as value-enhancing from And value billion this $X.X

unitholders. generate operational our for returns growth our durable to to position to capital and supporting to leading flexibility peer commitment opportunities excellence, our financial Our commitment cash us MPLX flow

Now me call Kristina. let the over to turn

Kristina Kazarian

Maryann. Thanks,

time all a to we you for As follow-up. reprompt call the that your open we permits, courtesy yourself we additional question questions, questions. ask and for a as will to If one limit participants,

questions. for ready are We

Operator

you. Thank

question-and-answer will our Sachs. Instructions] now session. begin Mackay Our comes John with from [Operator first Goldman question We

John Mackay

your start partners offtake among that like to on the here having the can background wanted what taking profile you just value announcement. MPC Maybe bringing return and the on ONEOK I share for in little a strategic NGL chain take more -- means just rationale the overall. confidence the

Maryann Mannen

Sure.

this NGL value foremost, Gulf we this about chain that Coast First and talked expansion morning.

several growth. ability in as on and as morning, the in our BANGL pipeline As optionality to ensuring you been pipeline talking XX%. over we last We we shared Basin. mentioned the out that. Beginning volumes. around ability this Permian we've And as quarter, seventh Permian an do We've the in strategy. thoughts know, you our we know, our barrels Secretariat's this earlier example. how quarters, grown increased continue project this about building the morning, wellhead in bring that last of the mainline capacity some ownership incrementally term mid-single-digit yield customers over producer best gives BANGL, the to the years, at few water build long-haul day. that our to talked have I our about to the Last also think us wellhead, this a this XXX,XXX the we're mentioned could opportunity long I increase processing were demonstrates serving bringing expanding plant processing the the ownership to over

asset complements base. export MPLX's existing this we fractionation So really think complex in the and investment the terminal

and the sort some JV this our storage the the with improves the include us and think clearly of partnership future. ONEOK Belvieu will customers why Also, will the I JVs, for pipeline was think competitiveness create the strategic will, second the Mont terminal. at terminal optionality provide ONEOK ONEOK. for think give question we and connectivity marketing The additional with this value optionality for purity and of we and part if you export bring of ONEOK. your

to see, all will EBITDA and growth high extend putting our into have project So current of the given that that future. infrastructure, this of opportunity grade confidence our the together, that we a we continue

there. pause me Let

John Mackay

maybe follow-up. just my And it's

additional us. footprint, we of we If the this ] ads What at flesh could of the these incremental room upstream. for You probably more that opportunities opportunities? Maybe here capacity in for -- future. could about touched processing, couple some you look out you for talking be on there's times a to else [

Maryann Mannen

certainly. Yes,

Dave about, we've extremely connectivity we So us at might and more as what a longer in our been you do give NGL look going of be as the be. those an export important Nat to talking we opportunities term platform, able to you the as know, gas for and future. opportunity I'm ask might what to markets set we particularly think, is the on some color little to

David Heppner

Yes. Maryann. Thanks,

set and I'll use think develop. the and we crude, when map those word stage chains. where road to about with of maybe we go "strategy", gas want So within evolve continue the the Nat long-term NGL value to will the And

Gulf has Coast the think JV pretty also petrochemical justification, But the around Coast continue new complex, road announcement to got So it today a about there of that everybody we to the interconnectivity think a new lot about road MPC ONEOK partnership, a for rationale the in we lot growth as a petrochemical assets to this and and the within as provide our large our that our about opportunities down map is when Gulf between that. out of of very that, substantial you Gulf at we the in refinery -- Maryann customers the the interconnectivity opportunities at the and about addition continue project the with build the fractionation and and Coast, of addition or will talk Coast, touched talked opportunities think in well side we existing finally, business. And knows, some in And partner, the also. there to incremental Gulf with our some look very future believe the on some footprint.

those So footprint NGL a the Gulf I three the in think has lot potential U.S. platform. growth of Coast within the of combination

Operator

UBS. Gupta question next Our comes Manav from with

Manav Gupta

And your say to that we of the digits? distribution you in MPLX have to [ understand for time continue of period MPLX double can maybe trying grow features the unique added, where or to growth. with been as have these a I projects extend for think X years, you able distribution one next X their stock, new of in I'm new the ] could that double-digit

Maryann Mannen

durable. certainly, remain might capital is based optimistic XX.X% and we come about year, fruition. capital actually So projects The certainly year these well other we was the reason cash projects. predicated as this fact just to goes it mid-single-digit work flow for EBITDA. this to to look when be work how the that that on I linear on our opportunity putting we from But as as not distribution was perfectly increase next year, it growth last these being at generated believed shared,

over last As EBITDA, you've the in the seen in DCF. few growth years, growth the

So XXXX, certainly in XX.X% optimistic for we years our do distribution are level that the we'll to increase, come. that this of be able experienced unitholders like that to

Manav Gupta

is, good balance a you come organic still sheet. the then I have My moved these But mean the parent MPLX. has be right you quick And at growth? also assets for If could them returns. are follow-up into the which bolt-on very look excellent with opportunities can good small obviously, do way, obviously along projects some

thinking are those you how So about things?

Maryann Mannen

Sure.

just we work about how think $X.X in on minute But clear to about seen, If capital. will per XXXX, So about capital to actually we've and put you billion on you've XXXX. about a back to maybe billion in talked we're $X if be sure -- year. I first step

of or [indiscernible] as what so would Some another traditional we that, M&A. but in $XXX capital, classify million

took transaction, we year, ]. [ incremental BANGL, a to Wink the we Summit in in early remember may You ownership did Webster

and do targeted capital know, able talking capital and year, XX% we're saying This a in the sheet the the you expenditure be services. of to mind, we capability be about Nat of toward as couple got balance to NGL would in But estimate that. billion. are So Keep we've $X a gas examples.

criteria. to of next III announcing our Secretariat, project opportunities got And M&A we be of a then half this in that part So bolt-on talked morning completing half that of obviously, we that Creek that just about be will we incremental year, all the met if certainly, back this of the that, there is Harmon were back year.

to certainly and foremost, our criteria, those fit, value capacity extension able our to of of So first we that. at be returns, would the have do mid-teens all MPLX the level strategic chains,

your would priority. not probably drops was And couple the as were of lower past question our think on last items drops. I or whether of to know, years, me we consider you over

mid-single-digit but those it cash trying opportunities where that, be that I think a then about EBITDA small midstream drops those the that drops, that those buyback just given be makes MPC, believe drop, said do course, that we of MPC, mid-single-digit part growth. would they the belong. we support we a is that putting Having the mid-single-digit support drops assets organic would today. to would growth. because If few One, to the if that assets to sense side, valuation could have we in today. the that at of growth because use should to do a in there's certainly no our see be We things support we few were a we way get that to of we're do it increase with it clear not enterprise to

Operator

Tonet Our Jeremy JPMorgan. comes from next question with

Jeremy Tonet

Just come to to strategy base bit up quite on I to of touch a wanted the more, high back points. couple wanted kicking a here. gear NGL

kind MPC as MPLX? And not this think if those for and is MPLX of of the into responsible lot As here? on a there's G&P the for this then to of possible firmed all component, exposure be in MPLX, I fractionation what's export marketing, where the assets, facility? there's frac so a take-or-pay areas and -- it's Could piped relates that areas. has Or MarkWest back far contract what's up different type is it art at of the

Maryann Mannen

MPC MPLX. with So sure understand, on the first and foremost, want and I be that we particularly to contract

you about MarkWest then be and it move the give we by a risk can Greg, by would assets. borne commodity first, any to other I'll all Dave color of who going bit to can little to MPC, not and in he talk have contracts, you contracts, pass on the I'm As as know, MPLX. on

David Heppner

and be of with a it. articulating side think up terminal. clear So to equation. job be on Maryann MPLX the commodity will and [ fracs let turned specifically the I -- want over Those then But me the the between the and I agreements of nice MPLX without ] from the on exposure did contracts export touch

new marketing want be those So to of that out commodity to will touched because I fracs out customers in specifically commodity the the clear equation. the between and MPC the of the fracs will contracts as the market. the and the customers the and of MPLX coming going there the But the dock just on exposure or across for existing be without side exposure CX+ of earlier, be on Maryann MPLX commercial agreements ethane

that hopefully, question. So answers your

Gregory Floerke

Jeremy, demand the power continued. Greg. data question is data centers, regard to your center this on has With

Maryann Mannen

I'm sorry, be about he question. was That they asking MarkWest integrated. can Jeremy's was assets, Greg,

Gregory Floerke

the apologize. I misheard sorry, question. I'm I

of new The we I the didn't terms Yes. -- the question. that I'm In -- -- facilities sorry, have -- misunderstood I

then And Our extended the be access, Basin allow Gulf our facility both deliver access NGLs fractionation for to Permian facilities will are to and which pipe BANGL. to terminal water. already BANGL in Delaware to into piped will Coast the for

Jeremy Tonet

have assets system. see other just be But integrated those and I basins you might in that into the think want if could to G&P

Gregory Floerke

and our definitely basins ability, fractionators and other would fractionator down We those the on towards access cases, in our Coast. NGL in some NGLs have be to have export facilities Gulf Yes. directed fractionation the

Maryann Mannen

making got you we sure just now. your Jeremy, question Are good?

Jeremy Tonet

center on about there's as possible maybe, -- touch going guess, And was what point? then solutions your beat possible there. midstreamers else? provide what what's Would behind gas there, centers meter just or data wanted there. lot and you this I the a I MPLX of just what's to side could talk anything Yes, radar laterals towards Just look or into wondering to at for even on data at possibly see

Maryann Mannen

customers, me I'm look the share long think gas location Great situated to got you of he's he XX% is of there think our particularly amount, opportunities, you on Greg we But Jeremy. back are opportunities it and well when our this got the wants because to going opportunity look and to We Greg question, as at a of there. Yes, to residue share I going have topic. mentioned, producer give the let at some gas lot to that things the I MPLX. production through But because amount the U.S. offer support customers. we over the haul, that producer we're know he's pass to

Gregory Floerke

supply for demand power think basically data order it to needs the data to to whether is be regard in it's power center these source, grow. centers, large primary power gas growth. been cooling will data or Whether has it's and you and growing, and for positioned for with not Jeremy, we continue that we the AI-driven And that to centers. processed fuel believe, treated Natural generate need or gas.

have residue the would pipe easier either transmit be or long colocation more as one any to than electric either build lines think we favorable pipe. of pipelines. that fiber locations could ability, well of put new to that large where potentially plants downstream center to for So off to of through short transmission processing as developed. processing do data be colocation our be in at this It's of cogeneration point cable data or even the connections of haul our plants or We off or

data So we think colocation for may potentially well. data there be definitely -- power centers as for but generation

Operator

Our Theresa next from with Chen Barclays. question comes

Theresa Chen

clarify of that both With organic and backlog have the projects. get organic of in step-up your the more and capital just to color of views years couple XXXX, wanted deployment over on the you next the with inorganic organic CapEx cadence

Or for of should account that? a run billion processing how we $X.X the M&A taking rate the come additional think is on into So potential good top organic backlog about that? would and then

Carl Hagedorn

through indeed, yes, I but historically. the the as than we've communicated more you, had we've the she of such in articulated, year. been tell one, deploying always $X would different What billion as billion Theresa. talked about Thanks, $X Maryann And we've the went the is acquisition the last year back did ] billion [ ] about $X.X XXXX. if you with it [ we look billion XXXX, the [indiscernible] And that even $X.X at closer end to was

Looking in nature. I also forward, rough to don't I We're tell would look number. will that linear M&A our is at this future the would had capital going think growth M&A. strategic I that inclusive fits our we profiles. years to I tell absolutely is you, not with $X year. it's into look you, billion as Theresa, projecting M&A. maintenance expect that not stated, similar $X hits would also in billion a return be footprint the of number That Maryann But but and is

we're our to we do significant with in be that. flexibility position So great a balance able sheet think currently we to have,

Theresa Chen

in of ONEOK can the it to Any Mont partnership of exist work? be all share great. Belvieu, it is a will point? terms And color Is around how underground? that UJI? be at be facility? Will it project, this Is export LPG that you the JV, in does storage the all operating we going would with And

David Heppner

is Theresa, this Dave.

me to on that we that JVs, a I'll -- touch be And in probably on use little touch minute. a JV Let use and word we the bit. consistent plural

from That XX% that be pipelines. on City Texas and ONEOK piece owner start of in be equity by XX% a be operated owner, by equity that. the they'll we'll will The equation. the JV me Mont to Belvieu let an pipeline constructed So directional, and on

a XX-XX The which be operated the is export second by terminal, will which be and will it JV, MPLX. constructed terminal,

So that's as as JV equation. far nuance the the on a

equity the between construction JVs, and between and this is similar relationship ownership ONEOK UJI [ the within very there So is ] differences two, on operational fractionation Gulf both different different Coast no operational MPLX. purely and two

a more gives that on hope I that. little color So

Theresa Chen

work? And to how just to storage earlier, piece, alluded that is the as going

David Heppner

Yes, I missed that piece.

project Coast that one to clear potential pieces element strategy, think partners to type continuation the is, just storage Gulf And looked of that. and key of in one question strategic our is of the this its be yes, I table, the ONEOK Mont on that that storage Belvieu, that. cavern for of the rationales a it when was we wellhead-to-water [ storage and storage fractionation So brings at existing is is ], your what

Operator

question comes Research. Stanley Wolfe from next Our with Keith

Keith Stanley

able term be of today do through Are how control much give can you color under long them move much pipeline, some you'd they from processing to your any fracs plants Or your your First, elsewhere? NGLs are committed dock? export on Permian pretty and you the control? of and

Gregory Floerke

of The building question to This fractionation all fractionated at now. is of some don't we our the is part answer This be X X, to -- are own the we're fractionation facilities. of NGLs that why plants right are soon have so Greg. that that our at third-party the is produced

barrels in And building future, right direct us what's fact build have producers given liquids the now, have new responsibility -- give to The to we and those redirect that us confidence so plants the that the ability the for these do. don't we're fractionators.

contracts So ability as to we expect those liquids off, to have fractionators. to our roll redirect do

Maryann Mannen

we contributing. said. reiterate other in want believe basins ] to won't that we as just us to I case. Maryann. GBR just that what to will future, Greg the proximity third-party what be be it's our ability the fracs Keith, these Today, also as and that's used gives are its [ fill confidence And well in

have degree confidence we our got of So high feed to ability in fracs. these a

Keith Stanley

no Just versus exposure can from you I sense of was is question and still of give the commodity there's a the contracted contracting any MPC to most available of for what But Is the with frac MPC? earlier on spoken understand MPC. actually Second with there. with capacity with contract market? an it percentage follow-up export kind one.

David Heppner

ethane. CX+ is coming again, Yes, I'm of with volumes be talking I the out of give specifics Dave. Keith, vast the propane the MPC. I'll on fracs percentage, but contracted out the And majority will this of won't coming say fracs.

Operator

comes with question next from Wells Fargo. Michael Our Blum

Michael Blum

to for of XXXX, few the just there's any don't run CapEx you've anything ] years. the just wondering call I'm if rate a, larger the Or asset had pretty -- the jump of from out a I noticeable I maintenance this kind [ know, there? a onetime about result anything last base? it's is or ask wanted items to

Carl Hagedorn

we I me develop capital, year. What and every you both how maintenance tell just you, Michael. step expense Thanks, Yes. maybe would our first, capital and tell let back

First, bottoms up. it's

ability determine our really So a expense in safely. a safe, But see confident up, be EBITDA is our what that, grow point to of what would XXXX priority is in know XXXX. reliable reflect. What with new digits. capital to the budget, you remain asset even that to would I the extremely bit step-up regulations. [indiscernible] you, maintenance I and will with we in make asset in programs do that that One when mid-single that's to the step thing by we operations, something I it's and say we you're that that, and have familiar our do need asset and I Always look tell sure first runs

of some you regulatory look from the some into that and XXXX capitals that -- you perspective, built at requirements budget. when a that's emissions of see So

you one see of that's reason creep So bit a up. a

Shawn Lyon

Chris' this comments. Shawn. on Michael, to just is I'll tag

[indiscernible], viable he thing risk our So the to are those, assets one it's we and particular as outside make our or what to just not based that really about manage do. there's what age we ability need of mentioned sure safe any on

go cycles special on So on through that there's story It's no the that. you just maintenance.

Michael Blum

to And about BANGL. then just wanted ask

announcing change into NGL, just in that further your down the I the if does modest that BANGL to expand how this? but from your wellhead-to-water of a at perspective BANGL Epic strategy And does ability you're just see With road? -- to expansion realize morning, at the this all play on wanted pipeline that limit ownership

Shawn Lyon

is Thanks This Michael, that question. for Shawn.

our XXX XXX that [ we'll we don't a you really with of that time. And [ purchasing. gone continue [ Xnd BANGL, had project just at Xst And the been we for Epic, those we half go, then regarding as at expansion if As that it's growth will change capital from is question demand, look specific relationship will like ] opportunities us. look PXX relationship about because And just existing Epic take -- ] XXX, back a ] step we efficient the on as anticipate at quarter, we 'XX. needed

we that be the to move on our side clearly on continue So as forward strategy. operational working NGL will

Operator

from Our next Securities. Truist Neal comes Dingmann with question

Neal Dingmann

you specifically. Appalachia is all. question on first for My

it when see sort today, part on macro as wondering step-up if wondering the expecting of you this in expecting Just in largely today? sort you latter is were Marcellus year based you're of of activity activity all today any in trending

Gregory Floerke

expected is Marcellus. that Neal, activity we the in Greg. the seeing Yes, this we are

plant are that, our seeing And moving by been as into service growth will as that We we're Harmon We've some drop later year. as that we Harmon areas, in in on that's back II as area. we the up. in the next utilization indicated plant, down. Creek III come Creek brought high construction of fill But and new as XX%

and that and for continue plants utilization right range in us we're expect we'll Marcellus. the to prices too. gas market keep So those mid-XX% now, Certainly, the good, NGL higher fill are is good very

Neal Dingmann

sort And I'm then look I on prospects this at weigh maybe have all a [ number the ] look prospects solid second -- you growth earmarked of question I when how morning. like at how laid last -- your discounted all just return. the exciting after when I'm X.X you your mean, for you growth capital definitely because, announced [ year's growth shareholder versus return still you ] a buybacks that's do I I seem at sales looking against yet wonder know out you've of this just of wondering,

you how wondering those, just bounce sort of So too.

Maryann Mannen

you Thank for Maryann. it's question. the Neal,

said, see to increases be able look, our first be similar that our for distribution we main based to come. return foremost, our I to think, for opportunities distribution as tool on continue hope to growth you'll and years we will and capital mid-single-digit

here to they capital sure that through like teams are tool in million about. to need maps, of see opportunities, And last use do you to that equity Absent growth that meet ] strategic We we that that. we will as extensions returns as trying always be [ have $XXX see capital. that morning, quarter, deploying and our talked return And think in to we we those talking be we been capital returned fact to value about the do to will our chains have, we've of to repurchase be sure continue this really we are lens share have critical we road about a the undervalued. that, capital. can that that, this we're Our that support continue have discipline, to strict will

that So certainly, that. of in I just for no another us opportunity mentioned, change the post all allocations

Operator

Our Bank last ] question comes Neel from of America. with [ Mitra

Unknown Analyst

just facility. on ] the today. the Congrats announcements [ NGL of questions had on couple a downstream all export I

Brownfield looking actually this? of this see dock the And contracts people out. export with you been of have part kind all, are first it completely how complex are players [ you're versus NGLs are to able commercialize kind of is, this a is the the sell to crowd term MPC-MPLX at you commercialized? to So able the of over as to when very greenfield second we the how FID Or waiting of to ]? and kind going How spot facility

David Heppner

this is ], Neel again. [ Dave

scale terminal the the Let the a dock. I [ ] that ONEOK. important me with key export one touch gives on venture this, reason the is to that's us joint world-class and with the elements it of is And touched on dock

a So XX-XX you're a And very as I JV. it's dock. capital efficient, you're barrel day number XXX,XXX one, a then when say, doing

ONEOK with the MPLX for control of then of what that both and of we XX% dock control us, will MPC contract of MPLX each and our So XX% have dock. will

or relationship that MPLX take internationally any So market will MPC between then would commercial relative be MPC then exposure and that to on and downside that. commodity upside and and any

your the to on FID commit yes. volumes do question piece and is this it. we The of wouldn't So second have we have answer your project? announced on, and hey, FIDed

with of as done JV new any large this A So project. schedule, for to scenes talking We've project been we're to commercial very relationships get for project this behind partner. also it then a about working the both a long time time. a confident been planning with projects. on a We've work from lot it point, complex and in this long

Maryann Mannen

[ Neel this ], Maryann. is

to and Keep in of are all be MPC's at key commercial MPC. part term participates to continue additional extend to comments on as looking that clearly our that we're Dave's tenant point markets of something and value other will ability the in export maybe term both Just the mind, over of that the one today. side, has MPC as and proposition excellence, the short well. to continue in is been the commercial sustainability strategic long particularly

in our that confidence to also. So ability execute

Kristina Kazarian

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

Operator

That concludes today's conference. Thank participating. you for

You at time. may this disconnect

MPLX (MPLX) 4 Feb 252024 Q4 Earnings call transcript