Slides
Page 1
THIRD QUARTER 2025 November 4, 2025 Earnings Conference Call
Page 2
2 This presentation contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") goals and targets, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG goals and targets are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “advance,” “anticipate,” “believe,” “commitment,” “continue,” “could,” “design,” “drive,” “endeavor,” “estimate ,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “pr ogress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, including the federal government shutdown, changes in g overnmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids (“NGLs”) or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One, Big, Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and on going projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability t o obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all, including the recently announced Rockies divestiture; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed Northwind transaction; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the a vailability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sust ainable energy strategy and principles and to achieve our ESG goals and targets within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establish ment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from forei gn governments; other risk factors inherent to MPLX’s industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Non-GAAP Financial Measures Adjusted EBITDA, distributable cash flow (DCF), consolidated debt to last twelve months adjusted EBITDA (leverage ratio), adjusted free cash flow (Adjusted FCF) and Adjusted FCF after distributions are non-GAAP financial measures provided in this presentation. Reconciliations to the nearest GAAP financial measu res are included in the Appendix to this presentation. These non- GAAP financial measures are not defined by GAAP and should not be considered in isolation or as an alternative to net income attributable to MPLX, net cash provided by operating activities or other financial measures prepared in accordance with GAAP. This presentation may contain certain EBITDA forecasts that were determined on an EBITDA-only basis. Accordingly, information related to the elements of net income, including tax and interest, are not available and, therefore, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measures have not been provided. M P L X| 3 Q 2 0 2 5 FORWARD -LOOKING STATEMENTS
Page 3
3 M P L X| 3 Q 2 0 2 5 $5.2 B of YTD Adj. EBITDA 4% increase in YTD Adj. EBITDA year-over-year Acquired sour gas treating business in the Delaware basin Divesting Rockies assets $1.1 B total capital returned Distributions of $975 MM and unit repurchases of $100 MM THIRD QUARTER BUSINESS UPDATE Strong Performance Portfolio Optimization Committed Return of Capital Increased quarterly distribution 12.5% for second consecutive year to $4.31 per unit annualized
Page 4
4 M P L X | 3 Q 2 0 2 5 EXPANDING PORTFOLIO FOR GROWTH Remaining 55% interest in BANGL ~$700MM in cash at closing Delaware basin sour gas treating business ~$2.4B in cash Incremental investment of ~$500MM 7x multiple on forecast 2027 EBITDA ACQUIRED Rockies gathering & processing assets $1B in cash DIVESTING Pictured: Site of MPLX’s Hidalgo complex in Culberson County, Texas.
Page 5
5 M P L X | 3 Q 2 0 2 5 NEW MEXICO TEXAS Gardendale Sweeny Orla Benedum Midland LEGEND MPLX Long-Haul Pipeline MPLX Sour Gas System MPLX Gathering Assets Treating Facility and Acid Gas Injection Well Texas City MPLX Gas Processing Plants Torñado Secretariat (a) Acquired 150 MMcf/d sour gas treating capacity and two operating AGI wells; incremental capacity and AGI well in construction or planned. DELAWARE BASIN SOUR GAS TREATING Supports Permian wellhead-to- water strategy and accelerates Natural Gas & NGL growth Over 200,000 dedicated acres Over 400 MMcf/d sour gas treating capacity, 200+ miles of gathering pipelines, and 3 acid gas injection (AGI) wells(a) Long-term, fee-based cash flow from best-in-class operators HIGHLIGHTS
Page 6
6 M P L X | 3 Q 2 0 2 5 PERMIAN NGL VALUE CHAIN Treating Expanding to over 400 MMcf/d Processing 1.4 Bcf/d total capacity(a) Long-Haul Transportation Expanding BANGL to 300 mbpd Fractionation 300 mbpd total capacity Export Terminal JV 200 mbpd(b) VALUE CHAIN (a) Total Permian processing capacity after Secretariat processing plant enters service. (b) Capacity of 400 mbpd for full Export Terminal JV. (c) MBTC Pipeline is a purity pipeline connecting Mont Belvieu to Texas City. TEXAS Orla BANGL Pipeline Midland Sweeny Benedum Texas City Extension Gas Processing Plant MPC Galveston Bay Refinery NGL Fractionator LPG Export Terminal Mont Belvieu Galveston Bay RefineryMBTC Pipeline(c) Secretariat BANGL Expansion to 300 mbpd Frac 2MBTC Pipeline(b) Export Terminal Frac 1 TXC Extension 2025 2026 2027 2028 2029 Est. In-Service
Page 7
7 M P L X | 3 Q 2 0 2 5 GULF COAST FRACS & EXPORT DOCK Anticipating mid-teen returns Total expected capex: ~$2.5B Est. in-service dates: 2028 – 2029 Construction progressing on JV export terminal and purity pipeline PROJECT UPDATE Pictured: Site of the MPLX Gulf Coast fractionation facilities and joint venture LPG export dock. GULF OF AMERICA MPLX JV LPG Export Facility Third Party LPG Export Facilities HOUSTON SHIP CHANNEL Logistically advantaged in Texas City ✓Shorter vessel transit time ✓Vessels avoid congestion in Houston Ship Channel
Page 8
8 M P L X | 3 Q 2 0 2 5 PERMIAN NATURAL GAS VALUE CHAIN 10 Bcf/d of long-haul Permian egress(a) 2.5 Bcf/d of bi-directional capacity between Agua Dulce and Katy(a) Enhanced access to premium markets Platform for additional growth opportunities VALUE CHAIN (a) Joint venture project reported within equity method investments. Midland Cheniere Corpus Christi NextDecade Brownsville Katy Agua Dulce Agua Blanca Waha TEXAS Natural Gas Pipeline In-Service FID/Under Construction Venture Global Calcasieu Pass Sempra Port Arthur Est. In-Service Matterhorn 2024 2025 2026 2027 2028 Matterhorn Expansion Rio Bravo Blackcomb Traverse Eiger Express
Page 9
9 M P L X | 3 Q 2 0 2 5 EXECUTING GROWTH PLATFORMS Positioned in the fastest- growing basins Executing wellhead-to- water strategy Deploying over $5B for growth ~40% natural gas growth through 2030 PERMIAN ~10% natural gas growth through 2030 MARCELLUS & UTICA NORTHEAST OPERATIONS Processing capacity of 8.1 Bcf/d(a) PERMIAN & GULF COAST OPERATIONS Wellhead-to-Water Value Chains Our operating locations are driven by favorable long-term market outlooks Note: Growth projections based on internal outlook. (a) Anticipated Northeast capacity upon completion of the Harmon Creek III processing plant. Permian
Page 10
10 M P L X | 3 Q 2 0 2 5 PLATFORM FOR COMPELLING GROWTH Over 90% of 2025 growth capital in Natural Gas & NGLs $3.5B of acquisitions Growing third-party cash flow Optimizing portfolio toward growth regions DISCIPLINED GROWTH $1.9 $5.5 $0.9 $1.2 2022 2023 2024 2025E TOTAL INVESTMENTS ($B) Maintenance Capital Growth Capital M&A
Page 11
11 M P L X | 3 Q 2 0 2 5 LEADING MIDSTREAM OPERATOR Integrated value chains provide cash flow resiliency and a platform for growth Strong balance sheet bolsters financial flexibility to grow the business and distributions Capital discipline and execution drive peer-leading capital returns CO & PL Highly integrated with MPC’s value chains, the most competitive refining systems in their regions Crude Oil & Products Logistics Over 10% of all natural gas produced in the U.S. passes through the MPLX system NG & NGLsNatural Gas & NGL Services
Page 12
12 M P L X | 3 Q 2 0 2 5 CRUDE OIL AND PRODUCTS LOGISTICS Higher rates Partially offset by higher operating expenses Segment Adjusted EBITDA +3.9% YoY HIGHLIGHTS Volume (MMbpd) vs. 3Q24 Crude Oil Pipelines 3.9 (1)% Product Pipelines 2.1 0% Terminals 3.2 (3)% OPERATING STATS – 3Q25 1,094 43 1,137 3Q24 Segment Adjusted EBITDA ($MM) 3Q25 Segment Adjusted EBITDA ($MM)
Page 13
13 M P L X | 3 Q 2 0 2 5 NATURAL GAS AND NGL SERVICES 620 9 629 3Q24 Segment Adjusted EBITDA ($MM) 3Q25 Segment Adjusted EBITDA ($MM) (a) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Contributions from recently acquired assets and higher volumes Partially offset by higher operating expenses Segment Adjusted EBITDA +1.5% YoY Volume vs. 3Q24 Gathering 6.9 Bcf/d 3% Processing 10.1 Bcf/d 3% Fractionation 677 mbpd 7% OPERATING STATS – 3Q25(a) HIGHLIGHTS
Page 14
14 M P L X | 3 Q 2 0 2 5 3Q 2025 FINANCIAL HIGHLIGHTS 1,714 1,766 3Q ADJUSTED EBITDA ($MM) +3% YoY 1,446 1,468 3Q DISTRIBUTABLE CASH FLOW ($MM) 2024 2025 +2% YoY 2024 2025 Distributions Declared ($/unit) $0.9565 $1.0765 Distribution Coverage 1.5x 1.3x Adjusted Free Cash Flow ($MM)(a) $876 $(2,305) Total Capital Returned to Unitholders ($MM)(b) $949 $1,075 Three Months Ended September 30, (a) 2025 reflects the acquisition of the remaining 55% of BANGL, LLC and the acquisition of Northwind Midstream. (b) Total capital returned to unitholders includes distributions and repurchases of common units.
Page 15
15 M P L X | 3 Q 2 0 2 5 HISTORY OF STRONG FINANCIAL PERFORMANCE STEADY CASH FLOW GROWTH SUPPORTS REINVESTMENT AND CAPITAL RETURN TO UNITHOLDERS 10% 10% 12.5% 12.5% 2022 2023 2024 2025 QUARTERLY DISTRIBUTION GROWTH(c) $5.6 $5.8 $6.3 $6.8 2021 2022 2023 2024 ADJUSTED EBITDA(a) $4.6 $4.9 $5.2 $5.7 2021 2022 2023 2024 DISTRIBUTABLE CASH FLOW(b) + 6.9% CAGR+ 6.8% CAGR + 11.6% CAGR See appendix for additional information and reconciliations for Adj. EBITDA and Distributable Cash Flow. (a) Attributable to MPLX LP. (b) Attributable to LP unitholders. (c) Base distribution increase as declared for the third quarter, as compared to the third quarter of prior year.
Page 16
16 M P L X | 3 Q 2 0 2 5 FINANCIAL PRIORITIES Strong balance sheet foundation for strategy execution 2 3 4 1 MAINTENANCE CAPITAL Maintain safety and reliability of our assets BASE DISTRIBUTIONS Primary return of capital tool GROWTH CAPITAL Disciplined growth opportunities INCREMENTAL RETURN OF CAPITAL Opportunistic return of capital to unitholders
Page 17
17 M P L X | 3 Q 2 0 2 5 SUSTAINABILITY HIGHLIGHTS MPLX FOCUS AREAS FOR METHANE REDUCTIONS Pneumatic Devices Pipeline Launchers and Receivers Leak Detection and Repair (LDAR) Reciprocating Compressors Maintenance Venting and Other Controls R E D U C E Advancing Measurement and Quantification Technology BIODIVERSITY RIGHT-OF-WAY TARGET 8,825 ACRES Apply sustainable landscapes to ~10,000 acres (~50%) of compatible MPL rights of way by the end of 2025 METHANE EMISSIONS INTENSITY TARGET 2030 Goal Progress(a) 59% Reduce methane emissions intensity 75% by 2030 from 2016 levels Flaring Improvements 2025 Goal Progress(a) CONTINUING TO DRIVE ENERGY EFFICIENCY IMPROVEMENTS Bluestone is the 1st natural gas processing facility to take and achieve U.S. EPA’s ENERGY STAR® Challenge for Industry, reducing energy intensity ~12% in 24 months. 12 MPLX terminals have achieved the U.S. EPA’s ENERGY STAR® Challenge for Industry. International Liquid Terminals Association Platinum Safety Award presented to MPLX Terminals. ENGAGING WITH COMMUNITIES AND STAKEHOLDERS Strong programs supporting stakeholder engagement Industry-leading pipeline public engagement – Earning Your Trust Program. Terminals’ Good Neighbor Program making a positive impact in communities. 1,400+ nonprofits supported through 15,000+ employee volunteer hours. PUBLISHED LATEST PERSPECTIVES ON CLIMATE- RELATED SCENARIOS AND SUSTAINABILITY REPORTS See our most recent Perspectives on Climate-Related Scenarios report on our website for additional information on how we calculate methane intensity and CO2e reductions. (a) Progress through December 31, 2024.
Page 18
18 M P L X | 3 Q 2 0 2 5 2025: COMMITTED TO CREATING EXCEPTIONAL VALUE Execution of mid-single digit growth strategy is expected to support reinvesting in the business and annual distribution increases in the future Targeting Mid-Single Digit Growth: Expanding integrated Permian natural gas and NGL value chains Expansion of sour gas treating solutions Building on significant Marcellus footprint Compelling Value Proposition Durable cash flow growth Attractive growth opportunities Financial flexibility Peer-leading capital returns ← Committed to Capital Returns: Growing portfolio supports durable distribution growth 12.5% distribution increase in 3Q25 Buybacks for incremental capital return
Page 19
APPENDIX 19 M P L X | 3 Q 2 0 2 5
Page 20
20 A P P E N D I X M P L X | 3 Q 2 0 2 5 (a) Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC. STRONG BALANCE SHEET $ Millions (unless otherwise noted) YE23 YE24 3Q25 Consolidated Total Debt(a) 20,706 21,206 26,007 LTM Adj. EBITDA 6,269 6,764 6,975 Consolidated Total Debt to LTM Adj. EBITDA 3.3x 3.1x 3.7x On August 11, 2025, MPLX issued $4.5 billion aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of: ▪ $1.25 billion of 4.80% senior notes due 2031 ▪ $0.75 billion of 5.00% senior notes due 2033 ▪ $1.5 billion of 5.40% senior notes due 2035 ▪ $1.0 billion of 6.20% senior notes due 2055 CONSOLIDATED TOTAL DEBT TO LTM ADJUSTED EBITDA DEBT MATURITIES - THROUGH 2030
Page 21
21 A P P E N D I X M P L X | 3 Q 2 0 2 5 (a) Comprised of organic growth capital plan of $1.7 billion and announced bolt-on M&A transactions totaling $3.5 billion. (b) Joint venture project reported within equity method investments. 2025: DEPLOYING OVER $5B FOR GROWTH (a) NATURAL GAS & NGL SERVICES 2024 2025 (Est. In-Service) 2026+ (Est. In-Service) ▪ Utica gathering system expansion(b) ▪ Harmon Creek II processing plant ▪ Preakness II processing plant ▪ ADCC pipeline(b) ▪ Matterhorn Express pipeline(b) Acquisitions ▪ Summit Utica ▪ +20% interest in BANGL JV ▪ Secretariat processing plant ▪ Expansion: ▪ BANGL pipeline (125 → 250 mbpd) ▪ Matterhorn Express pipeline(b) (2.0 → 2.5 Bcf/d) Acquisitions ▪ Northwind Midstream ▪ Remaining 55% interest in BANGL ▪ +5% interest in Matterhorn Express JV ▪ Harmon Creek III processing plant ▪ Rio Bravo pipeline(b) ▪ Blackcomb pipeline(b) ▪ Traverse pipeline(b) ▪ Eiger Express pipeline(b) ▪ Expansion: ▪ BANGL pipeline (250 → 300 mbpd) ▪ Titan treating complex (150 → 400+ MMcf/d) ▪ Gulf Coast fractionator 1 and 2 ▪ Gulf Coast LPG export terminal(b) Over 90% of growth capital plan in Natural Gas & NGLs CRUDE OIL & PRODUCTS LOGISTICS 2024 2025 (Est. In-Service) 2026+ (Est. In-Service) ▪ Crude gathering, well connections (Permian and Bakken) ▪ Inland marine fleet ▪ Crude gathering, well connections (Permian and Bakken) ▪ Butane blending projects Acquisitions ▪ Whiptail Midstream ▪ Crude gathering, well connections (Permian and Bakken) ▪ Pasadena light products truck rack expansion Third quarter addition
Page 22
22 A P P E N D I X M P L X | 3 Q 2 0 2 5 NATURAL GAS AND NGL SERVICES SEGMENT 3Q25 PROCESSED VOLUMES(a) Area Capacity at End of Quarter (MMcf/d) Average Volume (MMcf/d) Utilization of Available Capacity (%) Marcellus 6,520 6,180 95% Utica 1,325 983 74% Southwest 2,745 1,983 72% Southern Appalachia 425 168 40% Bakken 185 157 85% Rockies 1,177 604 51% 3Q25 FRACTIONATED VOLUMES(a) Area Capacity at End of Quarter (mbpd) Average Volume (mbpd) Utilization of Available Capacity (%) Marcellus/Utica C3+ 413 347 84% Marcellus/Utica C2 349 300 86% Other 67 30 45% (a) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.
Page 23
23 A P P E N D I X M P L X | 3 Q 2 0 2 5 $ Millions 3Q 2025 3Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net income 1,555 1,047 4,357 3,966 3,978 3,112 Provision for income taxes 3 2 10 11 8 1 Net interest and other financial costs 243 226 921 923 925 879 Income from operations 1,801 1,275 5,288 4,900 4,911 3,992 Depreciation and amortization 346 322 1,283 1,213 1,230 1,287 Income from equity method investments (186) (149) (802) (600) (476) (321) Distributions/adjustments related to equity method investments 251 253 928 774 652 537 Gain on sales-type leases and equity method investments (484) — — (92) (509) — Impairment expense — — — — — 42 Transaction-related costs 21 — — — — — Garyville incident response costs — — — 16 — — Other 28 24 111 100 5 62 Adjusted EBITDA 1,777 1,725 6,808 6,311 5,813 5,599 Adjusted EBITDA attributable to noncontrolling interests (11) (11) (44) (42) (38) (39) Adjusted EBITDA attributable to MPLX LP 1,766 1,714 6,764 6,269 5,775 5,560 Deferred revenue impacts (6) (15) 31 97 158 88 Sales-type lease payments, net of income 21 7 32 12 18 71 Adjusted net interest and other financial costs(a) (236) (212) (867) (859) (851) (819) Maintenance capital expenditures, net of reimbursements (70) (40) (206) (150) (144) (88) Equity method investment maintenance capital expenditures paid out (4) (4) (18) (15) (13) (7) Other (3) (4) (39) (14) 38 (20) Distributable cash flow (DCF) attributable to MPLX LP 1,468 1,446 5,697 5,340 4,981 4,785 Preferred unit distributions — (6) (27) (99) (129) (141) DCF attributable to LP unitholders 1,468 1,440 5,670 5,241 4,852 4,644 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW FROM NET INCOME (a) Represents net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
Page 24
24 A P P E N D I X M P L X | 3 Q 2 0 2 5 $ Millions 3Q 2025 3Q 2024 FY 2024 FY 2023 FY 2022 FY 2021 Net cash provided by operating activities 1,431 1,415 5,946 5,397 5,019 4,911 Changes in working capital items 40 40 (241) (169) (128) (169) All other, net — (3) (5) 39 (27) (14) Loss/(gain) on extinguishment of debt — — — 9 1 (10) Adjusted net interest and other financial costs(a) 236 212 867 859 851 819 Other adjustments related to equity method investments 15 34 102 38 74 29 Transaction-related costs 21 — — — — — Garyville incident response costs — — — 16 — — Other 34 27 139 122 23 33 Adjusted EBITDA 1,777 1,725 6,808 6,311 5,813 5,599 Adjusted EBITDA attributable to noncontrolling interests (11) (11) (44) (42) (38) (39) Adjusted EBITDA attributable to MPLX LP 1,766 1,714 6,764 6,269 5,775 5,560 Deferred revenue impacts (6) (15) 31 97 158 88 Sales-type lease payments, net of income 21 7 32 12 18 71 Adjusted net interest and other financial costs(a) (236) (212) (867) (859) (851) (819) Maintenance capital expenditures, net of reimbursements (70) (40) (206) (150) (144) (88) Equity method investment maintenance capital expenditures paid out (4) (4) (18) (15) (13) (7) Other (3) (4) (39) (14) 38 (20) Distributable cash flow (DCF) attributable to MPLX LP 1,468 1,446 5,697 5,340 4,981 4,785 Preferred unit distributions — (6) (27) (99) (129) (141) DCF attributable to LP unitholders 1,468 1,440 5,670 5,241 4,852 4,644 RECONCILIATION OF ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW AND NET CASH PROVIDED BY OPERATING ACTIVITIES (a) Represents net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
Page 25
25 A P P E N D I X M P L X | 3 Q 2 0 2 5 $ Millions 3Q 2025 3Q 2024 Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP 1,137 1,094 Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP 629 620 Adjusted EBITDA attributable to MPLX LP 1,766 1,714 Depreciation and amortization (346) (322) Net interest and other financial costs (243) (226) Income from equity method investments 186 149 Distributions/adjustments from equity method investments (251) (253) Gain on equity method investments 484 — Transaction-related costs(a) (21) — Adjusted EBITDA attributable to noncontrolling interests 11 11 Other(b) (31) (26) Net income 1,555 1,047 RECONCILIATION OF SEGMENT ADJUSTED EBITDA TO NET INCOME (a) Transaction-related costs are predominantly related to BANGL and Northwind acquisitions. (b) Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.
Page 26
26 A P P E N D I X M P L X | 3 Q 2 0 2 5 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (FCF) AND ADJUSTED FCF AFTER DISTRIBUTIONS $ Millions 3Q 2025 3Q 2024 Net cash provided by operating activities 1,431 1,415 Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow: Net cash used in investing activities (3,731) (536) Contributions from MPC 6 8 Distributions to noncontrolling interests (11) (11) Adjusted free cash flow (2,305) 876 Distributions paid to common and preferred unitholders (975) (873) Adjusted free cash flow after distributions (3,280) 3
Page 27
27 A P P E N D I X M P L X | 3 Q 2 0 2 5 $ Millions 3Q 2025 FY 2024 FY 2023 LTM Net income 4,858 4,357 3,966 Provision for income taxes 10 10 11 Net interest and other financial costs 935 921 923 LTM income from operations 5,803 5,288 4,900 Depreciation and amortization 1,320 1,283 1,213 Income from equity method investments (713) (802) (600) Distributions/adjustments related to equity method investments 964 928 774 Gain on equity method investments (484) — (92) Transaction-related costs 21 — — Garyville incident response costs — — 16 Other 108 111 100 LTM Adjusted EBITDA 7,019 6,808 6,311 LTM Adjusted EBITDA attributable to noncontrolling interests (44) (44) (42) LTM Adjusted EBITDA attributable to MPLX 6,975 6,764 6,269 Consolidated total debt(a) 26,007 21,206 20,706 Consolidated total debt to LTM adjusted EBITDA(b) 3.7x 3.1x 3.3x RECONCILIATION OF LTM NET INCOME TO LTM ADJUSTED EBITDA (a) Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC. (b) Also referred to as our leverage ratio.
Page 28
28 A P P E N D I X M P L X | 3 Q 2 0 2 5 $ Millions 3Q 2025 3Q 2024 YTD 3Q 2025 YTD 3Q 2024 Capital Expenditures Growth capital expenditures 513 248 1,019 569 Growth capital reimbursements (36) (14) (100) (64) Investments in unconsolidated affiliates 240 32 562 186 Return of capital (62) (4) (101) (4) Capitalized interest (10) (4) (22) (12) Total growth capital expenditures(a) 645 258 1,358 675 Maintenance capital expenditures 81 53 184 151 Maintenance capital reimbursements (11) (13) (34) (31) Capitalized interest (1) (1) (3) (2) Total maintenance capital expenditures 69 39 147 118 Total growth and maintenance capital expenditures 714 297 1,505 793 Investments in unconsolidated affiliates (240) (32) (562) (186) Return of capital 62 4 101 4 Growth and maintenance capital reimbursements 47 27 134 95 (Increase) decrease in capital accruals (90) (21) (131) 28 Capitalized interest 11 5 25 14 Other 22 — 22 — Additions to property, plant and equipment, net 526 280 1,094 748 CAPITAL EXPENDITURES (a) Total growth capital expenditures for the nine months ended September 30, 2025 and September 30, 2024 exclude acquisitions of $3,467 million and $622 million, net of cash acquired, respectively. Total growth capital expenditures for the three months ended September 30, 2025 exclude acquisitions of $3,079 million.