MPLX LP - Unit

Strong quarter + capital returns to unitholders (good): - MPLX delivered $1.8B of adjusted EBITDA in Q2 2026, up ~5% YoY, despite the late-2025 divestiture of the Rockies assets. - Returned >$1.1B to unitholders (via distributions/distribution-linked cash returns). - Company reiterates the thesis of durable growth from optimized integrated value chains.

2026 outlook: mid-single-digit adjusted EBITDA growth, back-half weighted (good/specific): - Management expects mid-single-digit adjusted EBITDA growth in 2026, with sequencing implying Q3 stronger than Q2 and Q4 stronger than Q3. - Confidence is tied to projects entering service and utilization ramps across gas + NGL infrastructure. - Processing system utilization exiting Q2 at 86% in the Delaware Basin (evidence of strong throughput demand).

Major operating/project milestones + utilization metrics (good, with some “surprising” precision): - Delaware Basin: - Secretariat I processing plant placed into service in April. - Harmon Creek III begins operations in August, aiming for just-in-time capacity. - Increases total processing capacity to 8.1 Bcf/d and deethanization >800,000 bpd (plus associated gathering/compression expansions). - Sour gas treating volumes exceeded 150 MMcf/d for the second consecutive quarter; Titan expansion toward >400 MMcf/d by end of Q4 (with ramp expected into 2027). - Northeast: - Marcellus processing utilization ~96% in Q2 with record volumes; Utica processing utilization ~73% supported by strong production. - Integrated NGL volumes: - BANGL NGL pipeline volumes rose to >200,000 bpd in Q2 after Secretariat I startup (wellhead-to-water strategy “showing up in volumes”).