MPLX LP (MPLX): Business Model Canvas [Dec-2025 Updated]

So, you're digging into MPLX LP, and what you're seeing is a master limited partnership that's defintely doubling down on its integrated midstream strategy, especially in natural gas. Honestly, the real magic isn't the assets alone-it's the highly stable, fee-based cash flow model, anchored by Marathon Petroleum Corporation, which helps them project an annualized distribution of $4.31 per unit as of Q3 2025. With year-to-date 2025 Adjusted EBITDA already at $5.2 billion across the first nine months and $1.7 billion earmarked for growth capital expenditures this year, this structure is designed for resilience. Let's break down the nine essential components that make this energy infrastructure play work, right here in the Business Model Canvas.

MPLX LP (MPLX) - Canvas Business Model: Key Partnerships

Marathon Petroleum Corporation (MPC) as majority owner and anchor customer

Marathon Petroleum Corporation (MPC), the refining giant that formed MPLX LP in 2012, remains a foundational partner. As of 2024, MPC accounted for 49% of MPLX LP revenue.

The financial link is substantial, with MPLX LP set to pay Marathon Petroleum $2.8 billion in annualized dividends in 2025. MPLX LP increased its quarterly distribution by 12.5% for 2025. As of September 30, 2025, MPLX LP had $1.5 billion available through its intercompany loan agreement with MPC.

ONEOK, Inc. for Gulf Coast LPG export terminal development

MPLX LP entered definitive agreements with ONEOK, Inc. to form joint ventures for a new large-scale liquefied petroleum gas (LPG) export terminal in Texas City, Texas, expected to be completed in early 2028.

The terminal joint venture, Texas City Logistics LLC (TCX), is owned 50% by ONEOK and 50% by MPLX LP, with a total investment of approximately $1.4 billion. MPLX LP's share of the terminal investment is approximately $700 million. The facility is designed for a loading throughput capacity of 400,000 barrels per day (bpd), with MPLX LP contractually reserving 200,000 bpd.

A second joint venture, MBTC Pipeline LLC, will connect Mont Belvieu storage to the terminal. This pipeline JV is owned 80% by ONEOK and 20% by MPLX LP, with a total investment of $350 million. MPLX LP's investment in the pipeline is approximately $70 million.

WhiteWater Midstream and Enbridge on major pipeline projects

MPLX LP is involved in several major natural gas pipeline projects with WhiteWater Midstream and Enbridge Inc. through joint ventures.

The Traverse Pipeline, a 36-inch bidirectional line with a capacity of up to 1.75 billion cubic feet per day (Bcf/d), reached Final Investment Decision (FID) on April 3, 2025. Ownership in the Blackcomb Pipeline JV, which wholly owns Traverse, is 70.0% WPC, 17.5% Targa, and 12.5% MPLX LP. MPLX LP's ownership stake in WPC is 30%.

The Eiger Express Pipeline, an expansion of the Matterhorn joint venture, reached FID on August 25, 2025. Initial capacity was set at up to 2.5 Bcf/d, later upsized to 3.7 Bcf/d by November 24, 2025. The pipeline is expected in service mid-2028. Total ownership for MPLX LP is approximately 22%, with ONEOK at about 25.5%.

The key pipeline partnership details are summarized below:

Key E&P producers providing minimum volume commitments (MVCs)

MPLX LP secures capacity and cash flows through contractual arrangements with upstream producers.

• Minimum future payments under MVC agreements as of December 31, 2023, included $157 million due in 2025.
• Strategic Permian acquisitions are supported by minimum volume commitments from top regional producers.
• Infrastructure development in the Marcellus Shale is supported by strong producer commitments.

Whiptail Midstream acquisition for San Juan basin assets

MPLX LP completed the acquisition of gathering businesses from Whiptail Midstream, LLC on March 11, 2025.

The transaction value was $237 million in cash. The San Juan basin assets consist primarily of crude and natural gas gathering systems in the Four Corners region. The preliminary fair value allocation included:

• Property, plant and equipment: $172 million.
• Intangibles: $41 million.
• Net working capital: $24 million.

MPLX LP (MPLX) - Canvas Business Model: Key Activities

You're looking at the core engine of MPLX LP, the activities that actually generate the cash flow supporting that attractive yield. It's all about moving and processing hydrocarbons under long-term agreements.

Natural gas gathering, processing, and fractionation

MPLX LP is actively growing its footprint in key basins like the Permian and Marcellus, driven by producer demand, especially for data center power needs. You see this growth reflected in the throughput numbers, even as they bring major projects online.

Here's a snapshot of the operational scale, using the latest available figures from the first half and third quarter of 2025, alongside year-end 2024 metrics for context:

The activity in specific regions is telling. For instance, in the Utica Shale, processing volumes increased 13% year-over-year in Q2 2025, and Marcellus processing utilization averaged 92% for that quarter. The Permian Basin is a major focus for expansion.

Crude oil and refined product transportation and storage

This segment, Crude Oil and Products Logistics, provides stability through higher rates and throughputs. In Q3 2025, the segment reported adjusted EBITDA of $1.137 billion, up from $1.094 billion in Q3 2024. Back in Q3 2024, total pipeline throughputs hit 6 million barrels per day (bpd), with terminal throughput at 3.3 million bpd.

The average pipeline tariff rate saw a 2% rise to $1.01 per barrel in Q3 2024. You can see this translating directly to segment performance, with Q2 2025 adjusted EBITDA reaching $1.138 billion, driven by those higher rates and throughputs.

Strategic infrastructure expansion and new project development

MPLX LP is executing a significant build-out, especially connecting the Permian to the Gulf Coast. Key projects coming online soon include:

• Secretariat processing plant (Permian, 200 MMcf/d): Expected in service by 4Q2025.
• Harmon Creek III complex (Marcellus, 300 MMcf/d plant + 40,000 b/d de-ethanizer): Expected in service in the second half of 2026.
• Blackcomb and Rio Bravo pipelines (Permian to Gulf Coast): Expected in-service dates in the second half of 2026.
• Gulf Coast Fractionation Complex (two, 150,000 b/d facilities) and 400,000 b/d LPG export terminal: Expected in service by 2028 and 2029.

The company also made major moves in 2025, announcing $3.5 billion in bolt-on transactions, including the $2.375 billion acquisition of Northwind Midstream, which closes in Q3 2025. To optimize the portfolio, MPLX is divesting noncore Rockies gathering and processing assets for $1 billion, expected to close in Q4 2025.

Managing long-term, fee-based service contracts

A core activity is managing the durable, fee-based contracts, primarily with Marathon Petroleum Corporation (MPC). These agreements provide a predictable revenue base, often with minimum volume commitments.

Contract terms include:

• Fuels distribution agreement with an initial term of 10 years, plus a five-year renewal option.
• Marine transportation agreements with initial terms of five to six years, subject to one remaining renewal period of five years.

To put a number to that relationship, MPLX will pay Marathon $2.8 billion in annualized dividends this year (2025).

Executing $1.7 billion in 2025 growth capital expenditures

MPLX LP is executing its $1.7 billion growth capital expenditure plan for 2025. This spending is heavily weighted toward the Natural Gas and NGL Services segment, with 85% of that budget allocated there. By the end of Q2 2025, the company reported deploying 40% of this capital. For the second quarter alone, total growth and maintenance CapEx was $450 million, with $406 million categorized as growth CapEx.

MPLX LP (MPLX) - Canvas Business Model: Key Resources

The core assets underpinning MPLX LP's operations are physical infrastructure and financial strength, enabling its integrated midstream services.

The physical assets include an extensive pipeline network, particularly across the Permian and Marcellus basins, supporting crude oil, refined products, natural gas, and NGLs.

MPLX LP's natural gas processing footprint in the Permian Basin is set to reach a significant scale with the expected in-service of the Secretariat plant in late 2025.

• Permian natural gas processing capacity upon Secretariat completion: 1.4 Bcf/d.
• Northeast (Marcellus) gas processing capacity projected by H2 2026: 8.1 Bcf/d.
• Total gathered volumes averaged 6,562 MMcf/d in Q2 2025.
• Total processed volumes averaged 9,740 MMcf/d in Q2 2025.

The Gulf Coast assets are critical for connecting Permian production to export markets.

Financial flexibility supports ongoing capital deployment and strategic growth.

• Leverage ratio as of Q3 2025 end: 3.7x.
• Cash on hand as of September 30, 2025: $1.8 billion.
• Available on bank revolving credit facility as of September 30, 2025: $2.0 billion.
• Capital earmarked for organic growth in 2025: $1.7 billion.

The final key resource is the dedicated personnel and operational expertise that manages this large, integrated system.

Operational scale is further evidenced by segment performance metrics.

• Crude Oil and Products Logistics segment adjusted EBITDA in Q3 2025: $1.137 billion.
• Natural Gas and NGL Services segment adjusted EBITDA in Q3 2025: $629 million.

MPLX LP (MPLX) - Canvas Business Model: Value Propositions

You're looking at the core value MPLX LP delivers, which is all about stable cash flow and connecting energy production to markets. Honestly, the structure itself is a major part of the proposition.

Highly stable, fee-based cash flow model (MLP structure)

The Master Limited Partnership (MLP) structure is designed to generate durable cash flows, primarily through long-term, fee-based contracts. This means MPLX LP acts more like a toll road operator than a commodity speculator. The stability is evident in the financial results, even with ongoing capital deployment. For the third quarter of 2025, MPLX LP reported $1.468 billion in Distributable Cash Flow (DCF) and $1.766 billion in Adjusted EBITDA attributable to MPLX LP. This DCF supported a distribution coverage ratio of 1.3x for the quarter, showing a solid buffer above the payout. The company maintained a leverage ratio of 3.7x at the end of the quarter, which is within the range supported by the stability of their cash flows.

Here are some key financial snapshots from the third quarter of 2025:

Integrated wellhead-to-water midstream service solutions

MPLX LP offers a comprehensive network that covers the entire midstream journey. This integration provides efficiency and reliability for producers needing to move product from the wellhead all the way to market outlets, including export facilities. The business is segmented to capture value across the hydrocarbon chain:

• Crude Oil and Products Logistics segment generated $1.137 billion in Adjusted EBITDA for Q3 2025.
• Natural Gas and NGL Services segment contributed $629 million in Adjusted EBITDA for Q3 2025.
• The company is actively expanding its NGL capabilities, such as the BANGL NGL pipeline expansion sanctioned to increase capacity from 250 thousand bpd to 300 thousand bpd, expected online in the second half of 2026.

Reliable market access for producers in key US shale plays

The value proposition is cemented by strategic investments in high-growth areas. MPLX LP is focused on providing critical infrastructure in basins like the Permian and Marcellus. For instance, the recent acquisition of a Delaware basin sour gas treating business, valued around $2.4 billion in cash, directly supports the Permian wellhead-to-water strategy. Furthermore, the Secretariat processing plant, expected online in the fourth quarter of 2025, will bring total gas processing capacity in the Permian basin to 1.4 bcf/d. This shows a clear commitment to expanding capacity where producers need it most.

High distribution yield with a Q3 2025 annualized distribution of $4.31 per unit

For you as a potential unitholder, the direct cash return is a primary draw. MPLX LP announced a quarterly cash distribution of $1.0765 per common unit for the third quarter of 2025. This marked a 12.5% increase over the prior quarter, the second consecutive year with that level of hike. Annualizing this Q3 rate gives you a yield based on an annualized distribution of $4.31 per unit. This consistent capital return is a core tenet of the MLP structure.

Operational scale and efficiency from MPC affiliation

The relationship with Marathon Petroleum Corporation (MPC) provides a foundation of scale and operational synergy. This affiliation is strategic, as MPLX LP's durable and growing cash flow is designed to support MPC's capital needs. For 2025, MPLX LP has an overall capital expenditure outlook of approximately $2 billion, with about 85% allocated as growth capital, much of it within the Natural Gas and NGL Services segment. MPC expects distributions from MPLX LP in 2025 to cover its dividends and standalone capital outlook, which is a strong vote of confidence in MPLX LP's cash generation capabilities.

Finance: draft 13-week cash view by Friday.

MPLX LP (MPLX) - Canvas Business Model: Customer Relationships

You're looking at how MPLX LP secures its revenue base, which is heavily reliant on long-term, stable relationships rather than transactional sales. This stability is key to supporting the consistent distribution growth that unitholders expect.

Long-term, take-or-pay contracts with high credit quality counterparties

While specific take-or-pay contract volumes and durations aren't public in the latest filings, the structure is anchored by the relationship with its sponsor, Marathon Petroleum Corporation (MPC). MPLX LP was formed by MPC to own and operate midstream assets. This relationship provides a foundation of committed business. For instance, MPLX is contracting with MPC to purchase offtake from the Gulf Coast fractionation complex, which MPC intends to market globally. Furthermore, as of September 30, 2025, MPLX had $1.5 billion available through its intercompany loan agreement with MPC, showing deep financial integration.

The stability of cash flows from these arrangements supports MPLX LP's financial targets, with the leverage ratio reported at 3.7x at the end of Q3 2025.

Dedicated commercial teams for anchor customer MPC

The operational alignment with Marathon Petroleum Corporation (MPC) is a core relationship feature. MPLX LP provides fuels distribution services directly to MPC. This isn't just a transactional relationship; it involves strategic asset integration. The new $1.4 billion LPG export terminal joint venture with ONEOK in Texas City will leverage MPC's existing location and infrastructure to gain construction timing and cost benefits. This shows dedicated teams working to optimize assets that benefit the sponsor.

Strategic joint ventures for large-scale infrastructure projects

MPLX LP actively pursues strategic joint ventures to expand its footprint and customer optionality, often with strong industry partners. These projects are large-scale commitments that secure future revenue streams.

Here's a look at some recent major infrastructure collaborations:

• The Texas City Logistics LLC (TCX) joint venture with ONEOK for an LPG export terminal, a $1.4 billion total project.
• MPLX's investment in TCX is $700 million, split 50/50 with ONEOK.
• The associated MBTC Pipeline LLC joint venture with ONEOK sees MPLX holding a 20% stake, representing a $70 million investment out of a $350 million total.
• MPLX also announced a collaboration with MARA Holdings for integrated power generation and on-site compute infrastructure.

The commitment to these projects is substantial, with MPLX LP's 2025 capital spending outlook set at $2.0 billion.

Investor relations focused on consistent distribution growth

A primary focus of MPLX LP's investor relations is demonstrating the durability of its cash flows to support predictable and growing distributions to unitholders. This commitment is clearly articulated through recent distribution actions.

MPLX LP distribution metrics as of late 2025:

The Q3 2025 distributable cash flow was $1,468 million, which funded a $1.1 billion return of capital to unitholders for the quarter. This performance resulted in a distribution coverage of 1.3x for the quarter.

MPLX LP (MPLX) - Canvas Business Model: Channels

You're looking at how MPLX LP moves the molecules-the sheer physical reach of their assets is the channel.

Physical pipeline network for crude, NGLs, and natural gas

MPLX LP's primary channel is its extensive network of wholly and jointly owned common carrier pipelines connecting supply basins to demand centers and export points. The company is heavily focused on expanding its Permian and Marcellus infrastructure to support growing production.

Here's a look at the operational scale and key pipeline projects as of late 2025:

The company is actively building out its Permian-to-Gulf Coast gas takeaway capacity. For instance, the Secretariat plant is set to bring MPLX's total Permian gas processing capacity to 1.4 Bcf/d upon completion in the fourth quarter of 2025.

Further pipeline expansions are underway to support this flow:

• Blackcomb and Rio Bravo Pipelines: Expected in-service in the second half of 2026.
• Harmon Creek III (Northeast): Adds 300 MMcf/d processing and a 40,000 bpd de-ethanizer.

Marine, rail, and truck terminals for product logistics

MPLX LP uses a variety of modes to handle the receipt, storage, blending, and redelivery of refined petroleum and renewable products. These terminals are critical for connecting pipelines to the final distribution legs.

The logistics channels include:

• Terminal throughput was reported at 3,183 mbpd in the second quarter of 2025.
• The company operates an inland marine business utilizing a fleet of boats and barges for transporting light products, crude oil, and renewable fuels along the Mid-Continent and Gulf Coast regions.
• Terminal and refinery assets include rail and truck loading lanes/racks, supporting transportation via rail and over the road.
• Storage caverns for butane, propane, and liquefied petroleum gas are located in Neal, West Virginia; Woodhaven, Michigan; Robinson, Illinois; and Jal, New Mexico.

Direct commercial contracts with producers and refiners

The physical infrastructure is underpinned by long-term commercial agreements. You see this commitment reflected in the financing of new projects.

Contractual support is evident in:

• Minimum volume commitments from top regional producers supporting the sour gas treating capacity expansion in the Delaware Basin.
• Strong producer commitments backing the construction of the Harmon Creek III complex.
• A specific offtake agreement with MPC (Marathon Petroleum Corp.) for the output from the Gulf Coast fractionation complex.

Gulf Coast export facilities for global market access

MPLX LP is channeling NGLs to the global market through significant joint venture development on the Gulf Coast. This is a major growth vector for the NGL Services segment.

Key export channel projects include:

The LPG Export Terminal JV, Texas City Logistics LLC, is owned 50 percent by MPLX LP, with MPLX constructing and operating the facility. Both MPLX and ONEOK have contractually reserved 200,000-bpd of the terminal's loading throughput.

MPLX LP (MPLX) - Canvas Business Model: Customer Segments

You're looking at the core relationships that drive cash flow for MPLX LP, and honestly, the structure is heavily weighted toward its sponsor, Marathon Petroleum Corporation (MPC).

Marathon Petroleum Corporation (MPC) as the primary, captive customer

Marathon Petroleum Corporation (MPC) is the anchor for MPLX LP; it's the sponsor and the majority owner of the limited partner interests. This relationship provides a foundation of stable, fee-based revenue. As of September 30, 2025, MPLX LP had $1.5 billion available through its intercompany loan agreement with MPC, underscoring this financial tie. MPLX LP's asset base includes crude oil and refined products assets that were originally 'dropped down' from Marathon Petroleum. Furthermore, MPC has contracted to purchase offtake from MPLX's developing Gulf Coast fractionation facilities, which MPC plans to market globally. The companies also announced a collaboration on Integrated Power Generation and Data Center Campuses in West Texas on November 4, 2025.

MPLX LP's customer base is segmented across its operations, but the relationship with MPC is central to its logistics infrastructure.

• MPLX is the midstream affiliate of MPC.
• MPC owns the general partner and majority limited partner interest in MPLX.
• MPLX had $1.5 billion available via intercompany loan with MPC as of September 30, 2025.

Independent Exploration and Production (E&P) companies

A significant portion of MPLX LP's growth is aimed at serving third-party producers, particularly in key basins. The company plans to invest $1.7 billion in organic growth projects in 2025, with 85% allocated to its Natural Gas and NGL Services segment specifically to drive third-party cash flows. This focus is evident in the Permian and Marcellus basins, where MPLX is expanding processing capacity in response to producer demand. For instance, the Secretariat processing plant, expected online by the end of 2025, will bring total Permian gas processing capacity to 1.4 Bcf/d. The Natural Gas and NGL Services segment saw increased volumes in the Permian and Utica basins in Q1 2025, reflecting strong third-party activity. MPLX is executing its wellhead-to-water strategy in the Permian to serve these producers.

Refiners and petrochemical manufacturers

This segment is served primarily through infrastructure expansion designed to move refined products and natural gas liquids (NGLs) to major processing hubs and export points. MPLX is developing two fractionation facilities near MPC's Galveston Bay refinery, each with a capacity of 150 thousand barrel per day (bpd), expected in service in 2028 and 2029. The Traverse natural gas pipeline is being upsized to handle 2.5 Bcf/d, enhancing bidirectional service along the Gulf Coast to access premium markets, which benefits refiners and petrochemical users. The acquisition of the remaining 55% of BANGL, LLC for $715 million is key, as this NGL pipeline connects the Permian to the Gulf Coast fractionation assets.

Here's a look at the capacity expansion aimed at these downstream and midstream customers:

Third-party marketers and international LPG exporters

MPLX LP is actively building out its capacity to serve third-party marketers looking to move NGLs, like propane and butane, to international markets. The partnership with ONEOK, Inc. for the LPG export terminal is a direct play for this segment, targeting 400 thousand bpd of export capacity by 2028. The BANGL pipeline acquisition, which moves NGLs from the Permian to the Gulf Coast, directly supports these export opportunities. The stability of the fee-based contracts across these services helps MPLX LP maintain a strong distribution coverage ratio, which was 1.3x for Q3 2025, supporting the announced 12.5% increase in the quarterly distribution to $1.0765 per common unit. MPLX continues to demonstrate the strength and stability of its business, which is attractive to third-party shippers seeking reliable midstream service providers.

MPLX LP (MPLX) - Canvas Business Model: Cost Structure

You're analyzing the cost base for MPLX LP as of late 2025, and honestly, it's dominated by the massive, long-term investments required to run a premier energy infrastructure company. The cost structure is heavily weighted toward capital deployment and asset maintenance, which is typical for this sector.

High fixed costs associated with pipeline and plant infrastructure are the bedrock of MPLX's expense profile. These assets require constant upkeep and represent sunk costs that don't fluctuate much with short-term throughput changes, which is why their fee-based contracts are so important for cash flow stability. While a direct 'fixed operating cost' number isn't always broken out cleanly, the sheer scale of the asset base implies significant, non-variable costs for operations, regulatory compliance, and insurance.

Personnel and administrative costs are largely managed through the relationship with Marathon Petroleum Corp. (MPC). For the full year 2024, MPLX incurred $2.0 billion of costs under various agreements with MPC, which covers employee benefit expenses and operational/management services supporting both the Crude Oil and Products Logistics and Natural Gas and NGL Services segments. This arrangement helps control direct overhead, but it's a substantial, recurring expense.

The commitment to growth means significant capital expenditures for growth projects are a major cost driver. For fiscal year 2025, MPLX's total capital expenditure outlook is set at $2 billion, with $1.7 billion earmarked for growth capital, primarily in the Natural Gas and NGL Services segment. The Secretariat plant, a key growth project in the Permian Basin, is expected to come online by the end of 2025, adding 200 MMcf/d of processing capacity. Also, the $2.375 billion all-cash acquisition of Northwind Midstream, announced in late July 2025, represents a major capital outlay that will impact future cash flows, though it's an acquisition rather than organic CapEx.

Ensuring asset integrity requires dedicated maintenance capital expenditures. For the 2024 fiscal year, MPLX budgeted approximately $150 million for maintenance capital. This spending is crucial to maintaining the reliability that underpins their contract structures.

For a snapshot of the latest reported expenses, here's what we see around the middle of 2025:

Regarding interest expense on consolidated debt, the total debt level as of June 30, 2025, stood at $25.65 billion, with a leverage ratio of 3.1x, which is within the target range supported by stable cash flows. You should note that MPLX actively managed this debt, repaying all of its outstanding $1.2 billion senior notes due in June 2025. Interest expense itself is a significant component, as it is excluded when calculating Adjusted EBITDA, a key internal metric. For instance, in Q2 2025, Adjusted EBITDA was $1.690 billion.

The operational costs, which include energy consumption, show some variability. For example, in the Natural Gas and NGL Services segment, higher operating expenses partially offset growth in Q2 2025 compared to Q2 2024. Also, the Bluestone plant achieved an energy intensity reduction of approximately 12% over 24 months, which is defintely expected to help moderate energy-related operating costs going forward.

Here are some key operational cost drivers and related metrics:

• Gathered volumes averaged 6.2 bcf/d in Q1 2024.
• Processed volumes averaged 9.4 bcf/d in Q1 2024, a 9% increase year-over-year.
• Fractionation volumes were 634,000 b/d in Q2 2025.
• The leverage ratio target range is up to 4.0x (Source 1, 6).

Finance: draft 13-week cash view by Friday.

MPLX LP (MPLX) - Canvas Business Model: Revenue Streams

The revenue streams for MPLX LP are heavily anchored in long-term, fee-based contracts, which is the core of the stability you look for in a master limited partnership structure. This approach helps insulate the partnership from the day-to-day volatility of commodity prices.

A significant portion of this stability comes from fee-based revenue from long-term MVC contracts (Minimum Volume Commitment). While the exact 2025 figure isn't explicitly broken out, you should note that in 2024, the sponsor, Marathon Petroleum Corporation (MPC), accounted for 49 percent of MPLX LP's total revenues and other income, largely within the Crude Oil and Products Logistics segment, under these long-term, fee-based agreements.

The overall financial performance in 2025 reflects this steady cash flow generation. For the first nine months of 2025, MPLX LP reported Adjusted EBITDA of $5.2 billion. Furthermore, the top-line performance for the third quarter of 2025 was strong, with reported Revenue of $3.62 billion from services and product sales, which beat analyst projections.

You can see the contribution from the two main operating segments in the third quarter of 2025, primarily through their Adjusted EBITDA figures:

The Crude Oil and Products Logistics segment saw its Adjusted EBITDA increase to $1.137 billion for the third quarter of 2025, up from $1.094 billion in the third quarter of 2024. This increase was mainly driven by higher rates, partially offset by higher operating expenses.

For the Natural Gas and NGL Services segment, the Adjusted EBITDA for the third quarter of 2025 was $629 million, an increase from $620 million in the prior-year period. This segment's growth was supported by contributions from recently acquired assets and higher volumes, though operating expenses also rose.

The revenue-generating activities across these segments include:

• Transportation, terminal, and storage services for crude oil and refined products under contract with MPC.
• Gathering, processing, and transportation of natural gas.
• Gathering, transportation, fractionation, storage, and marketing of natural gas liquids (NGLs).
• Inland marine businesses transporting light products, heavy oils, and crude oil.

The partnership continues to invest capital to secure future fee-based revenues, with over 90 percent of the 2025 organic growth capital allocated to the Natural Gas and NGL Services segment.

Finance: draft 13-week cash view by Friday.