MPLX LP : 4Q 2025 Presentation ( 4Q25 Slides)

M P L X | 4 Q 2 0 2 5

FOURTH QUARTER 2025

EARNINGS CONFERENCE

CALL

February 3, 2026

M P L X | 4 Q 2 0 2 5

2025 : EXECUTION OF COMMITMENTS Strong Performance

$7 B of Adj. EBITDA

6.7% 3-year Adj. EBITDA CAGR

Increased processing utilization to 94% in the Marcellus basin

$5.5 B Invested for Growth

Delaware basin sour

gas treating platform

Gulf Coast fractionation facilities and LPG export terminal

Northeast processing and fractionation

Committed

Capital Returns

12.5% increase to quarterly distribution

$400 MM of unit repurchases

$4.4 B returned to unitholders

2026 : PLATFORM FOR GROWTH

$2.7 B capital outlook for 2026

~$2.4 B growth

~$0.3 B maintenance

M P L X | 4 Q 2 0 2 5

2 0 2 6 S P E N D A S S O C I A T E D

W I T H N G & N G L

P R O J E C T S :

200 2,700

S o u t h w e s t :

2,200

300

• $950 MM: Two Gulf Coast fractionation facilities and LPG export terminal

• $400 MM: Completion of Delaware basin sour gas treating facility

• $190 MM: Secretariat II processing plant

• $100 MM: Integration of Delaware basin treating and processing plants

  Maintenance Natural Gas and

  NGL Services

  Crude Oil and Products Logistics

  Total

  N o r t h e a s t :

• $160 MM: Marcellus gathering system expansion

• $125 MM: Harmon Creek III processing plant

PERMIAN INTEGRATED VALUE CHAIN GROWTH

F R O M S T R A T E G Y T O R E A L I Z A T I O N :

D E L I V E R I N G O U R G R O W T H P L A T F O R M

Sour Gas Treating MMcf/d	-	-	150	> 400
Natural Gas Processing Bcf/d	-	0.6	1.2	1.7

Long-Haul Natural Gas Pipelines(a) Bcf/d	-	-	5	> 18
Long-Haul NGL Pipelines mbpd	-	-	250	300

Fractionation mbpd	-	-	-	300
LPG Exports(b) mbpd	-	-	-	200

2015 2020 2025 In Progress

M P L X | 4 Q 2 0 2 5

M P L X | 4 Q 2 0 2 5

PERM I AN :

I N TEGRATED N ATURAL GAS SYSTEM

D e l i v e r i n g n a t u r a l g a s

t o e x p o r t f a c i l i t i e s a l o n g

t h e G u l f C o a s t

11 Bcf/d of long-haul Permian egress(a)

2.5 Bcf/d of bi-directional capacity

between Agua Dulce and Katy(a)

Waha

Midland

Agua Dulce

Katy

Enhanced access to premium markets

Platform for additional growth opportunities

Pipeline In-Service

Pipeline FID'd/Under Construction

LNG Export Facility

Secretariat

Gas Processing Plant

Expansion of BANGL Pipeline to 250 mbpd

M P L X | 4 Q 2 0 2 5

INVESTING FOR DURABLE GROWTH

A l l o c a t i n g ~ 9 0 % o f 2 0 2 6	g r o w t h c a p i t a l t o	i n v e s t m e n t s	i n
o u r N a t u r a l G a s a n d N G L	S e r v i c e s s e g m e n t

2025

2026 (Est. In-Service)

2027+ (Est. In-Service)

Secretariat II Gas Processing Plant

Marcellus Gathering System Expansion

Second Sour Gas Treating Plant

Traverse Pipeline(a)

Expansion of BANGL Pipeline to 300 mbpd

Gulf Coast Fractionators

Bay Runner Pipeline(a)(b)

Gulf Coast LPG Export Terminal(a)

Expansion of Matterhorn Express

Pipeline to 2.5 Bcf/d(a)

Blackcomb Pipeline(a)

Eiger Express Pipeline(a)

San Juan Basin Crude & Gas Gathering

Additional 5% Interest in Matterhorn Express Pipeline

Remaining 55% Interest in BANGL Pipeline

Delaware Basin Sour Gas Treating

Harmon Creek III Gas Processing Plant

Rio Bravo Pipeline(a)

Acquisition

Newly Announced

CRUDE OIL AND PRODUCTS LOGISTICS

D u r a b l e , f e e - b a s e d c a s h f l o w t h r o u g h i n t e g r a t e d r e l a t i o n s h i p w i t h M P C

A $37 million benefit from a FERC tariff ruling issued in November

Higher rates

Partially offset by higher project-related expenses

M P L X | 4 Q 2 0 2 5

+4.6%

52 1,175

1,123

4 Q 2 5 O P E R A T I N G S T A T S
	Volume (MMbpd)	vs. 4Q24
Crude Oil Pipelines	3.8	(1)%
Product Pipelines	2.1	4%
Terminals	3.1	(2)%

4Q24 Segment Adjusted EBITDA ($MM)

4Q25 Segment Adjusted EBITDA ($MM)

NATURAL GAS AND NGL SERVICES

H a n d l e s ~ 1 0 % o f a l l n a t u r a l g a s p r o d u c e d i n t h e U n i t e d S t a t e s

639

13

629

-23

Contributions from recently acquired assets and higher volumes

A $23 million impact from divestiture of non-core gathering and processing

assets

Lower natural gas liquids prices

4 Q 2 5 O P E R A T I N G S T A T S ( a )
	Volume	vs. 4Q24
Gathering	6.8 Bcf/d	2%
Processing	9.8 Bcf/d	(1)%
Fractionation	666 mbpd	(2)%

4Q24 Segment Adjusted EBITDA ($MM)

Divested Non-Core G&P Assets

Growth 4Q25 Segment

M P L X | 4 Q 2 0 2 5

Adjusted EBITDA ($MM)

4 Q 2025 FINANCIAL HIGHLIGHTS

Adjusted EBITDA ($MM)

+2% YoY

Distributable Cash Flow ($MM)

M P L X | 4 Q 2 0 2 5

-4% YoY

1,762

1,804

1,477

1,417

T H R E E M O N T H S E N D E D

D E C E M B E R 3 1 ,

2024 2025

	2024	2025
Distributions Declared ($/unit)	$0.9565	$1.0765
Distribution Coverage	1.5x	1.3x
Adjusted Free Cash Flow ($MM)	$1,324	$1,567
Total Capital Returned to Unitholders ($MM)(a)	$1,080	$1,195