Mplx Q2 2026 Earnings Report

Mplx EPS Results

• Actual EPS: $1.06
• Consensus EPS: $1.06
• Beat/Miss: Met Expectations
• One Year Ago EPS: $1.03

Mplx Revenue Results

• Actual Revenue: $3.13 billion
• Expected Revenue: $3.14 billion
• Beat/Miss: Missed by -$16.21 million
• YoY Revenue Growth: +10.30%

Mplx Announcement Details

• Quarter: Q2 2026
• Date: 8/4/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, August 4, 2026
• Conference Call Time: 9:30AM ET

Mplx (NYSE:MPLX) (NYSE: MPLX) is a midstream master limited partnership that owns, operates and develops energy infrastructure primarily across the United States. The company provides a range of midstream services including the gathering, transportation, storage and distribution of crude oil, refined petroleum products, natural gas and natural gas liquids (NGLs). MPLX also operates processing and fractionation facilities and supplies logistics services that connect producers, refiners and end-use markets.

The partnership’s asset base includes pipelines, storage terminals, rail and marine facilities, natural gas processing plants and NGL fractionators. MPLX serves both captive customers and third parties under a mix of fee-based and commodity-linked arrangements, providing crude and refined product terminals, NGL handling and fractionation, and connectivity between production basins and downstream demand centers. Its operations are geared toward integrated midstream solutions that support the movement and value-add processing of hydrocarbon streams from wellhead to market.

MPLX was formed by Marathon Petroleum in 2012 to consolidate and expand midstream capabilities and has grown through strategic acquisitions and organic development, including the 2015 purchase of MarkWest Energy Partners which expanded its NGL processing and fractionation footprint. The partnership’s operations span many of North America’s major producing regions and refining centers, with concentrations in the Northeast, Midwest, Gulf Coast and key shale basins. MPLX maintains commercial relationships across the energy value chain while continuing to develop infrastructure to support production and refined product flows.

Mplx Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Adjusted EBITDA rose 5% year over year to $1.8 billion in the second quarter, despite the 2025 Rockies asset divestiture. MPLX returned more than $1.1 billion to unitholders.
• Positive Sentiment: Strong producer demand drove high utilization, including 96% in Marcellus processing and 86% across the Delaware Basin processing system. Secretariat I entered service in April, while Harmon Creek III began operations in August, supporting expected sequential growth through year-end.
• Positive Sentiment: MPLX reiterated its outlook for mid-single-digit adjusted EBITDA growth in 2026, with additional contributions expected from BANGL, Blackcomb, Bay Runner and the Titan sour-gas treating expansion. Management said the projects entering service in late 2026 should also provide a platform for strong 2027 growth.
• Neutral Sentiment: 2026 capital spending was increased by $500 million to $2.9 billion, primarily because Gulf Coast fractionation spending is being accelerated from early 2027 into late 2026; management said the project remains on budget and is expected online in 2028.
• Positive Sentiment: Management expects another 12.5% distribution increase in both 2026 and 2027 while maintaining at least 1.3x coverage. Executives said organic projects already provide sufficient growth to meet the 2027 coverage objective without requiring acquisitions.

Presentation

[Operator]

Welcome to the MPLX second quarter 2026 earnings call. My name is Julie, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Press star one on your touch-tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Brian Worthington. Brian, you may begin.

[Brian Worthington, VP of Investor Relations at MPLX]

Welcome to MPLX's second quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at mplx.com under the Investors tab. Joining me on the call today are Maryann Mannen, President and CEO, Kris Hagedorn, CFO, and other members of the executive team. We invite you to read the safe harbor statements on slide two. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC. I will turn the call over to Maryann.

[Maryann Mannen, President and CEO at MPLX]

Thanks, Brian. Good morning, and thank you for joining our call. Our second quarter results reflect the consistent execution of our strategic priorities. MPLX delivered $1.8 billion of adjusted EBITDA in the second quarter, a 5% increase versus the same period last year, more than overcoming the divestiture of the Rockies assets in late 2025. This enabled the return of over $1.1 billion to our unit holders. 2026 is also a year of execution. We continue to advance high-return projects across our integrated natural gas and NGL value chains. The sequencing of projects entering service gives us confidence in a meaningful increase in EBITDA in the second half of 2026 and next year.

[Maryann Mannen, President and CEO at MPLX]

In the Delaware Basin, we placed the Secretariat I processing plant into service in April and exited the quarter at 86% utilization of our Delaware Basin processing system, demonstrating strong producer demand and operational excellence from our teams. In August, the Harmon Creek III processing plant is beginning operations in line with our strategy to add processing capacity on a just-in-time basis. This increases our total processing capacity to 8.1 billion cu ft per day and de-ethanization capacity to over 800,000 barrels per day. This plant, along with our associated gathering and compression expansions, extends our ability to meet producer needs in liquids-rich areas and supports long-term throughput growth. As we expand MPLX's core value chains, we are also focused on maximizing utilization of existing assets and optimizing operations.

[Maryann Mannen, President and CEO at MPLX]

In the Northeast, Marcellus processing utilization of 96% in the quarter led to record volumes across our system, while strong production activity in the Utica supported processing utilization of 73%. In the Permian, sour gas treating volumes exceeded 150 million cu ft per day for the second consecutive quarter as we continue to optimize operations at our Titan treating facility. As throughputs increase across our gathering and processing assets and additional projects enter service in the second half of the year, MPLX remains positioned to deliver mid-single-digit adjusted EBITDA growth. Natural gas and NGL fundamentals remain robust, creating compelling opportunities to support growing global demand for U.S. energy. When we allocate capital, we remain disciplined. There must be strong strategic fit, durable demand, and compelling returns.

[Maryann Mannen, President and CEO at MPLX]

MPLX is investing over 90% of its organic growth capital toward opportunities to meet growing natural gas and NGL infrastructure needs, leveraging our advantage value chains. MPLX is increasing its 2026 capital spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of our ongoing Gulf Coast fractionation project, pulling forward capital we previously expected to deploy in early 2027. In July, the Blackcomb Natural Gas Pipeline began commissioning activities. The JV partners continue to progress the pipeline as planned, with Blackcomb expected to achieve full commercial service in the fourth quarter. Within our NGL value chain, the expansion of our BANGL pipeline to 300,000 barrels per day is also expected online in the fourth quarter, providing critical takeaway capacity as in-basin NGL volumes grow.

[Maryann Mannen, President and CEO at MPLX]

In the Permian's Delaware Basin, which continues to attract strong producer interest, our teams are working to complete the expansion of our sour gas treating system to over 400 million cu ft per day. The expansion of this strategic growth platform remains on track to enter service at the end of the fourth quarter, and we anticipate volumes to ramp quickly, supporting our run rate expectations for 2027. With multiple investments transitioning from construction to operation this year, we are on track to deliver mid-single-digit adjusted EBITDA growth in 2026. While the year-over-year growth from 2025 to 2026 is more back-half weighted, it also positions MPLX for strong adjusted EBITDA growth in 2027. Against the backdrop of geopolitical uncertainty, the strategic importance of U.S. energy infrastructure remains clear. Domestic and global demand for secure, reliable energy continues to grow.

[Maryann Mannen, President and CEO at MPLX]

International customers are increasingly turning to the United States as a preferred supplier. MPLX is well positioned to respond to our customers' requirements in this growing market. The construction of our Gulf Coast fractionation and export facilities continues to advance on schedule. We expect the first 150,000 barrel per day fractionator, the 400,000 barrel per day JV LPG export terminal, and the associated purity pipeline to be in service in 2028, followed by the second 150,000 barrel per day fractionation in 2029. Our confidence in the volumes and utilization of our assets reinforces our expectation for durable cash flows that will support MPLX's continued growth. This positions MPLX to continue reinvesting in the business while supporting the annual distribution increases to unit holders. Let me turn the call over to Kris to discuss our operational and financial results for the quarter.

[Kris Hagedorn, CFO at MPLX]

Thank you, Maryann. Slide eight outlines the second quarter operational and financial performance highlights for our crude oil and products logistics segment. Segment adjusted EBITDA increased $23 million when compared to the second quarter of 2025. The increase was primarily driven by higher rates across the business units and increased butane blending, partially offset by lower crude pipeline throughputs from planned MPC turnaround activity and the seasonality of planned maintenance and project spending, resulting in higher operating expenses. MPLX has been strategically investing in butane blending systems throughout our terminal and pipeline network over the past few years. These investments allowed MPLX to blend additional butane volumes and take advantage of strong commodity prices in the quarter, generating over $20 million of additional benefit versus the prior year. Pipeline volumes increased 4% year-over-year, primarily due to Marathon Petroleum Corporation's planned refining turnaround activities in the MidCon region.

[Kris Hagedorn, CFO at MPLX]

Moving on to slide nine. Segment adjusted EBITDA increased $62 million compared to the second quarter of 2025. The increase was primarily driven by increased volumes, including growth from equity affiliates and acquisitions, partially offset by the divestiture of our Rockies assets in 2025. Excluding the impact of the Rockies divestiture, segment adjusted EBITDA increased $99 million year-over-year. Gathering volumes were up 15% year-over-year, primarily from production growth in the Utica, Permian, and Marcellus basins. Processing volumes increased 5% year-over-year, primarily due to increased production in the Marcellus and Permian basins. Marcellus processing utilization was 96% for the quarter, demonstrating the need for incremental capacity as Harmon Creek III is beginning operations in August. Total fractionation volumes increased 8% year-over-year, primarily due to increased production in the Marcellus.

[Kris Hagedorn, CFO at MPLX]

With the startup of Secretariat I in April, volumes on the BANGL NGL pipeline increased over 200,000 barrels per day in the second quarter, illustrating the strategic value of our integrated wellhead to water strategy. Our gas treating volumes in the second quarter exceeded 150 million cu ft per day as we continue to optimize operations at our Titan treating facility and expand its capacity to handle over 400 million cu ft per day by the end of the fourth quarter. We are progressing construction of a natural gas pipeline connection to allow sweet gas from our Titan facility to feed into the Secretariat I processing plant. This highlights the value of our recently acquired Delaware Basin system. Beyond an increasing rig count in the U.S., MPLX is strategically positioned to support additional drilling activity by producer customers.

[Kris Hagedorn, CFO at MPLX]

In the Permian Basin, undeveloped acreage in Lea and Eddy counties in New Mexico was recently leased by current producer customers. Roughly 40% of this acreage has volumes dedicated to our sour gas treating system, highlighting the geographic advantage of the Titan Complex with the Delaware Basin. Excuse me. The state of Ohio recently awarded leases for undeveloped acreage in Belmont County. Nearly half of this land is also dedicated to MPLX, and we anticipate additional production in the wet gas window of the Utica will add to higher utilization of our gathering and processing assets in the region with limited capital outlay. Growing production from the Utica has supported recent investments and expansions of MPLX pipeline and Ohio River terminals to serve increasing regional demand. This positions MPLX to continue reinvesting in the business while supporting annual distribution increases to unit holders.

[Kris Hagedorn, CFO at MPLX]

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

[Maryann Mannen, President and CEO at MPLX]

Thanks, Kris. Our base business is generating steady and durable growth, and the strategy we have executed over the last several years has positioned MPLX to continue delivering strong results. Through disciplined capital deployment and optimization of our integrated value chains, we have grown adjusted EBITDA distributable cash flow and maintained a robust return profile. We are executing our long-term strategy with consistency and discipline. Operate safely and reliably, grow through high return investments, optimize our integrated value chains, and maintain a strong financial foundation. This track record of execution has enabled us to increase our quarterly distribution by 12.5% in each of the last two years. We anticipate growing our distribution at this rate again in 2026 and in 2027. We expect to continue growing the distribution supported by durable cash flows, a strong balance sheet, and visible growth.

[Maryann Mannen, President and CEO at MPLX]

While we are delivering our strategic organic growth priorities, we will continue to evaluate inorganic opportunities as they arise to further expand our strategic value chains and grow cash flows. Underpinned by the optimization of our value chains and throughput ramp across new assets placed into service such as Secretariat I, Harmon Creek III, and our sour gas treating operations, MPLX remains on track to deliver sequential growth throughout the year, culminating in mid-single-digit adjusted EBITDA growth in 2026. Now let me turn the call over to Brian.

[Brian Worthington, VP of Investor Relations at MPLX]

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

[Operator]

Thank you. We will now begin the question and answer session. If you have a question, please press star then one on your touch-tone phone. If you wish to be removed from the queue, please press star then two. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touch-tone phone. Our first question comes from John Mackay with Goldman Sachs. Your line is open.

[John Mackay, Analyst at Goldman Sachs]

Hey, team. Good morning. Thank you for the time. I wanted to talk about the growth cadence for the year. I appreciate the color on the project ramp for second half, and the comments around mid-single-digit EBITDA growth for the year. I think your original comments for the year had been a little higher relative to the 2025 growth rate. I was just wondering if you can talk through some of the puts and takes for the year overall and how to maybe bridge us to our exit rate into fourth quarter of this year.

[Maryann Mannen, President and CEO at MPLX]

BANGL, at 250 mbpd, and that'll go to 300 mbpd by the end of the year. Third quarter, Harmon Creek III, as I mentioned, and that came online here just in the beginning of August, so we'll be ramping through that through the third quarter and into the fourth quarter, and then Bay Runner Pipeline as well. That's the 2.6 Bcf natural gas supply to LNG facilities in Brownsville. Fourth quarter, we've got Blackcomb. I mentioned that in my remarks as you have already talked about. Then the ramping of the Titan facility, that's Delaware Basin sour gas, back into the third quarter and then again in the fourth quarter as we reach the over 400 MMcf/d of processing capacity. Year-on-year, again, just reiterating, John, that does give us confidence that 2026 growth will exceed that of 2025.

[Maryann Mannen, President and CEO at MPLX]

Frankly, as we think about the sequence, third quarter should be stronger than the second quarter, and fourth should be stronger than the third as well. Certainly not trying to convey anything different than we have before. If for some reason we have, apologize for that, but we continue to see that growth as we have outlined. Let me pause and see if I've answered your question, John.

[John Mackay, Analyst at Goldman Sachs]

No, thanks for that, Maryann. I appreciate all the walking through there. My second question is just on the new details on the frack timing and the CapEx pull forward. You guys talked about this a little bit, but maybe you can just walk through some of the new timing expectations for the fracks and how to think about them coming online relative to the export dock and how that's changed from prior. Thanks.

[Maryann Mannen, President and CEO at MPLX]

First and foremost, project remains on budget. All we're doing here is pooling early spend that we had initiated or expected, excuse me, in 2027 into the back half of 2026. This gives us an even higher degree of confidence in the completion on time, and obviously gives us the potential for early, but certainly gives us confidence in on-time completion of the frack and the dock. We would expect both the frack and the dock to come online at the same time, but certainly we would not have the frack come online ahead of the dock. We have good confidence in the timing of this project, and we are confident in the fact that all of our assets, as we've been communicating, are full, and we're pleased around that.

[Maryann Mannen, President and CEO at MPLX]

Shawn was just there a few weeks ago visiting the site. I thought I might let Shawn give you a little bit of color on how that project is progressing through a construction lens. Thanks, Shawn.

[Shawn Lyon, SVP of Logistics and Storage at MPLX]

Hey, John, this is Shawn. As Maryann said, I happened to have a chance to be there just a few weeks ago. As I stood there and saw the 60,000-barrel spheres being constructed and the 600,000 refrigerated tanks for the terminal being constructed, it really just reinforced exactly what Maryann said, the confidence that we'll be online in early 2028. In addition, I just want to say this, the level of safety that the entire team and the contractors are showing on the site is very visible. Really proud of the team to make sure that's first and foremost.

[John Mackay, Analyst at Goldman Sachs]

I appreciate that detail. Thank you.

[Maryann Mannen, President and CEO at MPLX]

That answers your question. Sorry.

[John Mackay, Analyst at Goldman Sachs]

Yes, that was great. Thanks, Maryann. Thanks, Shawn.

[Maryann Mannen, President and CEO at MPLX]

Oh, you're most welcome. Thank you.

[Operator]

Thank you. The next question comes from Manav Gupta with UBS. Your line is open.

[Manav Gupta, Analyst at UBS]

Hi, good morning. I'm trying to get a little more details about the ramp and the completion at Titan and how the overall Permian gas situation is moving ahead with these new pipes opening up. If the Waha remains in the positive territory, you could see more NGLs come out of Permian, more gas come out of Permian. If you could that way highlight your leverage to the entire Permian gas situation, especially the Titan project.

[Maryann Mannen, President and CEO at MPLX]

Certainly. Thanks for the question. Let me start and then I'll pass to Greg to give you a little more color on the actual progress and details around Titan, then Dave can give you some further insights into how we're seeing egress out of the Permian. Hopefully you've heard we continue to operate the Delaware Basin Sour Gas Processing System well a second consecutive quarter where we exceeded 150 a day. We're continuing to optimize around that, obviously looking for cost reductions. This was always intended to be an important platform for us for growth, and we continue to see that. As you know, you may have heard we had multiple producer customers expressing interest in the platform, and that obviously opens up opportunities for us to increase utilization. Pleased on current performance.

[Maryann Mannen, President and CEO at MPLX]

Back half of the year, as I mentioned earlier, we'll see the escalation of those volumes. Let me pass it to Greg and he can give you some additional color on how that's operating.

[Greg Floerke, EVP and COO at MPLX]

Thanks, Maryann. Manav, I'll just give a little bit of color around the Titan II expansion and associated projects and how this ties in. As Maryann mentioned, we are continuing to operate at a volume level near the capacity we have. We're focused on improving reliability, obviously focused on safety and also on the operating costs and the efficiency that we operate the system with. In terms of Titan II, associated with Titan II and the actual amine treating capacity expansion, we're also building about 100 mi of pipeline, multiple compression station expansions to provide the hydraulic capacity to fill the plant. We're also building a pipeline from Titan down to our Secretariat plant to be able to deliver sweet gas, as Maryann mentioned earlier. We've got a couple of different connections, including the line to Secretariat into our existing legacy system.

[Greg Floerke, EVP and COO at MPLX]

We truly are integrating the systems together, and one of the big benefits of this will be actually taking sweet gas to help fill our processing plants, which then in turn help to fill our BANGL NGL system. We're on schedule and in budget on those projects for fourth quarter delivery, including the new Titan expansion.

[David Heppner, SVP at MPLX]

Manav, this is Dave, and maybe I'll touch on your last question, is do we believe there's incremental takeaway capacity needed for the Permian from a nat gas perspective? The short answer is yes, we do believe that. As we all know, U.S. natural gas demand continues to be very strong, underpinned by not only LNG, but also by data center needs. Specifically in the Permian, if you just look June, July, we've seen over 1 Bcf/d of growth to nearly 25 Bcf/d of gas in the Permian, and that is forecasted to grow to 35 Bcf/d by 2030. What we see from that forecast is that there is incremental takeaway capacity constraints anticipated in the future.

[David Heppner, SVP at MPLX]

As you know, we've been very active in numerous long haul pipelines, from Whistler Pipeline to Matterhorn Express Pipeline to the Blackcomb and Eiger Express long haul pipes out of Permian. That's providing over 11 Bcf/d takeaway capacity. Even with that, and with Blackcomb and Eiger Express coming online, Eiger Express later this year, fourth quarter of this year, and Blackcomb second half of 2028, we still believe incremental takeaway capacity is needed. I think as we look forward, you'll continue to see us evaluate and participate and deploy capital in incremental industry solutions to provide that long haul takeaway capacity out of the Permian to the U.S. Gulf Coast. Hopefully more to come.

[Maryann Mannen, President and CEO at MPLX]

Hope that addresses your question, Manav.

[Manav Gupta, Analyst at UBS]

Absolutely. A quick update for both Bay Runner Pipeline and the Bay Runner Twin Pipeline, if there is any update over those two projects. Thank you.

[Maryann Mannen, President and CEO at MPLX]

Manav, the first part of your message cut out. Could you ask the question again? We heard the back half, but would you be able to repeat it?

[Manav Gupta, Analyst at UBS]

The Bay Runner Pipeline and the Bay Runner Twin Pipeline, if there is an update on those two projects.

[David Heppner, SVP at MPLX]

Sure. Yeah, Manav. This is Dave again. As we recently announced, actually both these projects are supporting our NextDecade LNG facility as they continue to announce their first three trains and their subsequent trains. We, along with our partners, have been executing our projects to supply just-in-time capital to support when those are coming online to support the gas to those. Bay Runner, and then now recently announced Bay Runner 2.0, which is the conversion from Rio Bravo. As we do in all our projects, kind of what Shawn touched on earlier, we're always looking at ways to be the most capital efficient and schedule efficient as possible. That conversion from Rio Bravo to Bay Runner Twin allows us to run it in the same area and just be more effective and more efficient.

[David Heppner, SVP at MPLX]

We'll bring that online just in time, as we did with Bay Runner, to support NextDecade LNG expansion capacity.

[Manav Gupta, Analyst at UBS]

Thank you so much.

[Maryann Mannen, President and CEO at MPLX]

You're most welcome.

[Operator]

Thank you. The next question comes from Jeremy Tonet with JPMorgan. Your line is open.

[Analyst at JPMorgan]

Good morning. This is Francina on for Jeremy. Thank you so much for taking questions this morning. I just wanted to dig a bit deeper on the inorganic opportunity set that you kind of finished off the prepared remarks with. Can you kind of describe the opportunity set that you have at hand? In terms of the strategy itself, would you characterize that more as bolt-ons or a kind of renewed strategy for MPLX via M&A? Thank you.

[Maryann Mannen, President and CEO at MPLX]

Yo, certainly, and good morning. When we think about inorganic opportunities, they need to fit our strategic intent. You've heard us talk about wellhead to water. Dave just really shared with you our view on Permian egress. Our wellhead to water strategy continues to be a very solid platform for us for growth and opportunities longer term, particularly when you look at demand pool. I mentioned nat gas and NGL and frankly, the requirement for reliable, secure energy and the pool on U.S. That's a place that we continue to lean in. This needs to meet our hurdles, needs to be able to deliver our mid-teens returns, also have to ensure that we can deliver mid-single-digit growth year-on-year. We're looking in those opportunities. Also our JV partners, et cetera, as you've seen us take on transactions.

[Maryann Mannen, President and CEO at MPLX]

BANGL would be a good example as we increased our ownership assets we know and fit very deeply into our long-term strategy. Hopefully, that's a helpful response to you as we think about where we would be leaning in strategic fit, nat gas, NGL, our wellhead to water growth strategy. That's the places where we would be executing.

[Analyst at JPMorgan]

Thank you. That's very helpful. Just looking a bit deeper on kind of the capital allocation priorities, given the pretty robust book of projects coming online in 2026 and 2027, and the 12.5% kind of distribution increase remaining, how do you see those priorities maybe changing longer term as we exit 2026 and into 2027?

[David Heppner, SVP at MPLX]

Thank you, Francina. Yeah, what I would tell you is our capital allocation priorities are unchanged. When we think about the way we allocate capital, first and foremost, it's maintaining our assets and our current EBITDA level. Secondly, it goes to distribution growth, right? We've consistently communicated this 12.5% that we anticipate in both 2026 and 2027. Next, it's growth. That growth can come in the form of organic projects, some of the big ones that we've just went through, and in the continual evaluation of the inorganic opportunities that set in the basin. Hopefully that's responsive to your question, but really I would leave you with our capital allocation priorities are unchanged.

[Analyst at JPMorgan]

I'll leave it there. Thank you, team.

[Maryann Mannen, President and CEO at MPLX]

You're welcome. Thank you.

[Operator]

Thank you. The last question comes from Burke Sansiviero with Wolfe Research. Your line is open.

[Burke Sansiviero, Analyst at Wolfe Research]

Hi. Good morning. Are you still targeting at least 1.3x coverage with the 2026 and 2027 distribution growth plans? Can this be met solely with organic growth, or is M&A required to get there?

[Kris Hagedorn, CFO at MPLX]

Yeah. Thank you. What I would tell you is absolutely, we continue to target our 1.3x coverage ratio for both 2026 and 2027, and frankly, beyond. What I would tell you is that from a capital perspective, we believe that our current organic plan gives us confidence. We have confidence in maintaining that 1.3x coverage. We've talked about it a few times now on this call. It's the second-half growth that is going to give us confidence in 2026. Frankly, entering 2027, we're going to have the platform to grow even more. Hopefully that's responsive. Maryann, you may have something else.

[Maryann Mannen, President and CEO at MPLX]

Yeah. Burke, I think Kris did it well. Just maybe to reiterate, when we think about 2027 today as we sit here for all of the things, as Kris mentioned, when you look at the projects coming online that we've put capital to work in the third quarter and the fourth quarter, some of them continue to ramp into 2027 as well. We believe as we sit here today, 2027 growth we have in hand, so to speak, with all of the projects. That doesn't mean that we'll stop looking. We'll continue to evaluate inorganic opportunities. The goal of 1.3x coverage remains our objective. In 2027, we're not looking for inorganic M&A to be able to meet that. We'll continue to look for it, but we don't need it to meet 2027. We hope that helps.

[Burke Sansiviero, Analyst at Wolfe Research]

Thanks for that. Historically, the company's stated that they like the current MPC MPLX structure and argued against the idea of MPC rolling up MPLX at some point. MPC has outperformed MPLX by a significant amount year to date, just with the favorable refining backdrop. It's been a pretty big relative move, just wanted to check if the relative performance of the two complexes has had any impact on how you're thinking about the affiliate relationship, whether that relates to a roll-up, intercompany transactions, or affiliate support. Thank you.

[Maryann Mannen, President and CEO at MPLX]

Yeah, no, thank you for the question. Of course, we are very glad to see that both MPC and MPLX continue to execute strategic priorities and optimize and execute in the manner in which we have shared we expect our performance. As it relates to the relationship between MPC and MPLX, we do not see any reason to change that relationship. Right now, there is a tremendous amount of value that's created. As you look at the growth of MPLX year on year and the ability for us to continue to grow that distribution for our unit holders, it provides sound cash flow back to MPC, and that relationship creates value, we think, for both the MPLX unit holder and the MPC shareholder. That is of importance. There is an important relationship and a strategic relationship between those two companies.

[Maryann Mannen, President and CEO at MPLX]

No, we do not see a reason to change that at this time. I hope that helps.

[Burke Sansiviero, Analyst at Wolfe Research]

Yep. Thanks for the time.

[Maryann Mannen, President and CEO at MPLX]

You're most welcome. Thank you.

[Operator]

I'm showing no further questions. Yes.

[Brian Worthington, VP of Investor Relations at MPLX]

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

[Operator]

Thank you for your participation. Participants, you may disconnect at this time.

Participants

Executives

• Shawn Lyon, SVP of Logistics and Storage

Analysts

• Brian Worthington, VP of Investor Relations at MPLX
• Maryann Mannen, President and CEO at MPLX
• Kris Hagedorn, CFO at MPLX
• John Mackay, Analyst at Goldman Sachs
• Manav Gupta, Analyst at UBS
• Greg Floerke, EVP and COO at MPLX
• David Heppner, SVP at MPLX
• Analyst at JPMorgan
• Burke Sansiviero, Analyst at Wolfe Research