MPLX LP - Unit

Capital return & distribution outlook (good): MPLX increased its quarterly distribution by 12.5% for the 3rd consecutive year (and 5 consecutive years of double-digit increases). Distribution now implies $4.84 annualized per unit. Management reiterated confidence in durable cash flows and mid-single-digit adjusted EBITDA growth, while acknowledging the asset sale creates a near-term headwind (see risk point below).

Q3 performance highlights & trend (good + mixed): - Adjusted EBITDA: $1.9B in Q3, up 5% YoY; excluding the late-2025 Rockies divestiture impact, adjusted EBITDA would have grown 7.3% YoY. - Reported ~$1.1B returned to unitholders during the quarter. - Northeast processing ramp: Harman Creek III came online (stated 300 MMcf/d gas processing + 40 kb/d NGL/deethanization), taking Northeast processing to 8.1 Bcf/d and fractionation to 800 kb/d.

Operational execution & growth projects (opportunities): Management emphasized strong ramp dynamics in 2H26 vs 1H26 and outlined multiple projects: - Solitude pipeline FID (Permian egress): +4.5 Bcf/d natural gas egress; MPLX interest raises Permian long-haul capacity from ~11 Bcf/d to ~16 Bcf/d, expected late 2029. - 2026 organic growth capex: MPLX investing >90% of $2.9B toward natural gas/NGL infrastructure (key projects ramping through the year). - 4Q26 incremental volume expectation: ramping Secretariat 1 / Harmon Creek III, higher Utica utilization (73% → 89% from Q2 to Q3), Titan I sour gas treating already >150 MMcf/d, Blackcomb pipeline expected full service 4Q, and BANGL expansion 4Q (250 → 300 kb/d).