MPLX LP - Unit

Strong financial momentum + large capital returns - MPLX reported over $1.7B of adjusted EBITDA in 1Q and returned over $1.1B to unitholders (per management remarks). - Management reiterated confidence in 2026 growth: they expect year-over-year EBITDA growth to exceed 2025, with longer-term mid-single-digit growth as their baseline range (they referenced a ~7.5% trend over a 3-year view). - Distribution growth outlook: management reaffirmed plans for a 12.5% distribution increase for 2026 and stated confidence in maintaining coverage without dropping below ~1.3x (coverage metric was explicitly discussed by an analyst question).

2026 earnings “ramp” is back-half weighted (key forecast/expectations) - 2026 execution is driving a late-year step-up: management emphasized 2026’s projects are more back-half weighted vs. the front half. - Major timing milestones: - Secretariat I: entered service (supports back-half EBITDA ramp). - Harmon Creek III: on track for 3Q 2026 start-up (management described it as ~300 MMcf/d processing plant, plus associated improvements). - Titan gas treating complex: expected to reach >400 MMcf/d of treating capacity in 4Q 2026. - Blackcomb pipeline: expected to enter service in 4Q 2026. - They described typical project ramp behavior as 9–12 months, implying investors should expect stronger EBITDA later in the year.

Growth projects across natural gas/NGL are the main opportunity (and the “why”) - Natural gas / sour gas treating opportunity (Delaware Basin): - In the Permian Delaware Basin, MPLX treated >150 MMcf/d of committed producer sour gas at the Titan facility (1Q performance referenced). - 3rd acid gas injection well expected completion in 3Q. - Expansion Titan II: on schedule; management reiterated completion by end of 2026 and scaling from ~150 MMcf/d to >400 MMcf/d run-rate. - Processing scale-up (Northeast + Delaware Basin): - Secretariat I: 200 MMcf/d entered service. - Secretariat II: additional 300 MMcf/d, expected online 2H 2028; total processing capacity in basin targeted to ~1.7 Bcf/d. - Downstream NGL takeaway/fractionation/export confidence: - BANGL pipeline expansion to 300,000 bpd expected 4Q 2026. - Construction of Gulf Coast fractionation/export facilities “on time and on budget.” - Strategic theme: management repeatedly tied the capex to strengthening MPLX’s integrated value chain and supporting utilization/throughput durability.