MPLX LP

The provided transcript does not mention any current or future plans for fundraising through debt or equity. Key points related to capital allocation and financial strategy include: - MPLX maintains a disciplined capital allocation strategy focused on organic growth and value creation. - No changes were noted in capital allocation strategy, including share buybacks and distribution growth. - Share buybacks have been somewhat programmatic with modifications reflecting market conditions, but no indication of new equity raises. - Distribution growth targeted at 12.5% for 2026 and 2027, supported by cash flows. - No explicit mention of new debt issuance or equity offerings during the call. Therefore, based on the transcript, there is no indication of upcoming fundraising through new debt or equity.

- $2.4 billion organic growth capital plan, with 90% deployed toward natural gas and NGL opportunities. - Titan gas treating complex expansion in the Delaware Basin: - Current treating capacity expanded from 150 million to over 400 million cubic feet per day. - Third acid gas injection well expected to complete in Q3 2026. - Secretary at ONE processing plant online (April 2026). - Secretary at TWO processing plant planned, adding 300 million cubic feet per day capacity in second half of 2028. - Blackcomb natural gas pipeline expected in Q4 2026. - BANGL pipeline expansion to 300,000 barrels/day expected online in Q4 2026. - Gulf Coast fractionation and export facilities construction progressing on time and budget, with export dock facilities targeted for 2028-2029. - Harmon Creek III processing plant expected online Q3 2026, increasing Northeast processing capacity to 8.1 Bcf/day. These investments support mid-single-digit growth and strengthen MPLX’s integrated energy infrastructure footprint.

- MPLX expects mid-single-digit growth driven by organic investments and robust demand for natural gas and NGLs. - Anticipates year-over-year growth in 2026 to exceed that of 2025, supported by major projects coming online: Secretary at ONE (April 2026), Harmon Creek III (Q3 2026), and expanded Titan gas treating capacity (400+ million cubic feet/day by Q4 2026). - Plans further expansion with Secretary at TWO, adding 300 million cubic feet/day capacity expected in the second half of 2028; total Delaware Basin processing capacity to reach ~1.7 billion cubic feet/day. - Volume growth supported by increased activity in Delaware Basin and Permian sour gas production. - BANGL pipeline expansion to 300,000 barrels/day by Q4 2026 to accommodate growing NGL volumes. - Strong demand for long-haul natural gas pipeline capacity with firm volume commitments from top-tier shippers. - Confidence in sustained mid-single-digit EBITDA growth and 12.5% distribution growth in 2026 and 2027.

- MPLX expects year-over-year adjusted EBITDA growth in 2026 to exceed that of 2025, with stronger growth in the second half of 2026. - Mid-single-digit EBITDA growth is anticipated over a 3-year period, trending around 7.5%. - Growth is driven by multiple projects coming online in 2026-2028, including Secretary at ONE (April 2026), Harmon Creek III (Q3 2026), and expanded Titan gas treating capacity (400+ million cubic feet/day by Q4 2026). - Secretary at TWO, adding 300 million cubic feet per day, is planned for the second half of 2028, increasing processing capacity in the basin to ~1.7 billion cubic feet/day. - Expansion of associated pipelines and facilities (Blackcomb pipeline, BANGL pipeline expansion, Gulf Coast fractionation, and export facilities) will support volume growth and cash flow. - MPLX targets a 12.5% distribution growth for 2026 and 2027 while maintaining distribution coverage at or above 1.3x, supported by growing cash flows.

- Titan sour gas treating complex: Current capacity treating over 150 million cubic feet per day, expected to expand to over 400 million cubic feet per day by the end of 2026 with Titan II completion. - Secretary at ONE processing plant: Entered service in April 2026 with 200 million cubic feet per day capacity. - Secretary at TWO: Planned addition of 300 million cubic feet per day capacity expected online in the second half of 2028. - Blackcomb natural gas pipeline: Expected to enter service in the fourth quarter of 2026. - BANGL pipeline expansion: Increasing capacity to 300,000 barrels per day, expected online in Q4 2026. - Harmon Creek III gas processing plant: On track for Q3 2026 in-service, increasing Northeast processing capacity to 8.1 Bcf/day. - Third acid gas injection well in the Delaware Basin: Expected completion in Q3 2026. - Gulf Coast fractionation and export facilities: Under construction, on time, and on budget, with full operations expected in 2028-2029.