• FedEx for energy products
• Union Pacific for oil and natural gas infrastructure
• Prologis for energy pipelines and processing facilities

• Natural Gas Gathering and Processing: Services involving the collection of raw natural gas from production wells and its processing into marketable natural gas and natural gas liquids (NGLs).
• NGL Fractionation: Services for separating mixed natural gas liquids (NGLs) into individual purity products such as ethane, propane, and butane.
• Crude Oil and Refined Products Transportation: Services providing the movement of crude oil, refined products, and other hydrocarbons through an extensive pipeline network.
• Terminalling and Storage: Services offering storage capacity and handling facilities for crude oil, refined products, and natural gas liquids at various terminals.

• Marathon Petroleum Corporation (symbol: MPC): MPLX was formed by Marathon Petroleum and remains highly dependent on MPC for a substantial portion of its revenue. As a leading independent refiner, transporter, and marketer of petroleum products, MPC utilizes MPLX's extensive pipeline networks, storage facilities, and other logistics services for crude oil and refined products. For the year ended December 31, 2023, MPC accounted for approximately 73% of MPLX's consolidated revenue.
• Oil and Natural Gas Producers: MPLX's Gathering and Processing segment serves various third-party exploration and production (E&P) companies. These customers require MPLX's services for the gathering, processing, and transportation of natural gas and crude oil from their production sites, primarily in regions like the Appalachian Basin, Permian Basin, and Bakken Shale, to market centers or further processing facilities. While no single third-party producer is publicly disclosed as accounting for a significant percentage of revenue comparable to MPC, this category represents a significant portion of MPLX's non-MPC business.

• Marathon Petroleum Corporation (MPC)

Maryann T. Mannen
President and Chief Executive Officer

Maryann T. Mannen serves as the President and Chief Executive Officer of MPLX GP LLC, a role she assumed effective August 1, 2024. She also holds the position of President and CEO of Marathon Petroleum Corporation (MPC). Effective January 1, 2026, she is slated to become the Chairman of the board of MPLX. Prior to her current role, Ms. Mannen was the Executive Vice President and Chief Financial Officer of Marathon Petroleum Corporation since 2021. Before joining Marathon Petroleum in 2021, she served as Executive Vice President and Chief Financial Officer of TechnipFMC (a successor to FMC Technologies, Inc.) since 2017. From 2011 to 2017, she was the Chief Financial Officer at FMC Technologies, where she played a pivotal role in negotiating and executing its merger with Technip SA. Her career at FMC Technologies began in 1986, where she held various positions of increasing responsibility.

C. Kristopher Hagedorn
Executive Vice President and Chief Financial Officer

C. Kristopher Hagedorn was appointed Executive Vice President and Chief Financial Officer of MPLX GP LLC, effective January 1, 2024. Mr. Hagedorn joined MPLX GP LLC in 2017 as Vice President and Controller. In 2021, he was named Senior Vice President and Controller of Marathon Petroleum Corporation. Before joining MPLX GP LLC, he was Vice President and Controller at CONSOL Energy Inc., where he was a key member of the leadership team involved in the formation and initial public offering of a midstream master limited partnership, serving as its chief accounting officer. He also held progressively responsible roles at PwC.

Michael J. Hennigan
Executive Chairman

Michael J. Hennigan currently serves as the Executive Chairman of MPLX GP LLC, a position he assumed on August 1, 2024. He also holds the title of Executive Chairman of Marathon Petroleum Corporation (MPC). Previously, Mr. Hennigan was the Chairman, President, and Chief Executive Officer of MPLX GP LLC from November 2019 to August 2024, and President of MPLX GP LLC starting in June 2017. Before joining MPLX GP LLC in 2017, he was President, Crude, NGL and Refined Products of the general partner of Energy Transfer Partners L.P. From 2012 to 2017, he served as President and Chief Executive Officer of Sunoco Logistics Partners L.P., having been President and Chief Operating Officer starting in 2010. His career began at Sunoco, Inc. in 1981, encompassing various engineering, operations, and management roles. He was also CEO of Marathon Petroleum Corporation from March 2020 to August 2024.

Gregory S. Floerke
Executive Vice President and Chief Operating Officer

Gregory S. Floerke is the Executive Vice President and Chief Operating Officer of MPLX. He joined MPLX in 2015, concurrent with the combination of MPLX and MarkWest. His tenure at MarkWest began in 2013 as Senior Vice President, Northeast region. He progressed to Executive Vice President and Chief Commercial Officer in 2015, then Executive Vice President, Gathering and Processing in 2016. In 2020, he was appointed Chief Operating Officer and Executive Vice President, Gathering & Processing, Trucks & Rail, reaching his current position in 2021. Prior to MarkWest, Mr. Floerke held various senior executive positions in the energy industry.

Kristina A. Kazarian
Vice President Finance and Investor Relations

Kristina A. Kazarian holds the position of Vice President Finance and Investor Relations for MPLX GP LLC and also for Marathon Petroleum Corporation. She joined Marathon Petroleum in 2018 as Vice President, Investor Relations. Before this, Ms. Kazarian was a Managing Director and Head of the MLP, Midstream, and Refining Equity Research teams at Credit Suisse. Her experience also includes serving as Managing Director of MLP, Midstream, and Natural Gas Equity Research at Deutsche Bank. She began her career as an analyst specializing in various energy industry subsectors at Fidelity Management & Research Company.

The key risks to MPLX's business include a significant dependence on its primary customer, Marathon Petroleum (MPC), ongoing regulatory and environmental challenges, and the inherent volatility of the energy market.

The most significant risk for MPLX is its substantial reliance on Marathon Petroleum (MPC) for a large portion of its revenue and future growth through asset dropdowns. This creates a vulnerability where downturns in MPC's business or shifts in its strategic priorities could adversely impact MPLX's operations and financial performance.

Secondly, MPLX faces considerable regulatory and environmental challenges. Operating in a highly regulated industry, the company is susceptible to changes in environmental laws, energy policies, and the costs associated with compliance. Ongoing environmental compliance issues and potential legal proceedings related to pipeline permits and environmental impact assessments could increase operating costs, affect strategic planning, and limit operational flexibility.

Finally, despite operating under fee-based contracts, MPLX is exposed to the inherent market dependence and commodity price volatility of the energy sector. Fluctuations in the demand for crude oil, natural gas, and refined products, as well as their prices, can indirectly influence MPLX's business by affecting the volumes transported and processed, and the financial health of its customers.

The accelerating global energy transition away from fossil fuels, driven by technological advancements in renewable energy, evolving consumer preferences, and increasingly stringent environmental regulations, represents a clear emerging threat to MPLX. This shift is leading to a long-term decline in demand for the crude oil, natural gas, and refined products that MPLX's extensive pipeline, processing, and storage infrastructure is designed to transport and manage. As volumes decrease over time, MPLX faces the risk of underutilized assets, reduced fee-based revenues, and potential asset stranding, challenging the long-term viability and profitability of its core midstream business model.

MPLX (symbol: MPLX) operates across two primary business segments: Crude Oil and Products Logistics, and Natural Gas and NGL Services. The addressable markets for these services are primarily concentrated in the United States and North America.

Crude Oil and Refined Products Logistics

This segment involves the transportation, storage, and distribution of crude oil, refined products, and other hydrocarbon-based products through pipelines, marine vessels, and terminals.

• North America Crude Oil Transportation Market: This market was valued at over USD 26.39 billion in 2023 (representing over 35% of the global market of USD 75.4 billion) and is projected to exceed USD 40 billion by 2032. The United States is a leading country in this market, expected to surpass USD 25 billion by 2032.
• U.S. Oil & Gas Infrastructure Market (including pipelines for oil, gas, and NGLs): Valued at USD 78.9 billion in 2024, with the Oil, Gas & NGL Pipelines segment anticipated to exceed USD 41 billion by 2034.
• Global Oil and Gas Logistics Market: This broader market, which includes crude oil, refined products, and natural gas logistics, was valued at approximately USD 222.77 billion in 2024 and is projected to grow to USD 404.06 billion by 2035. North America is expected to experience significant growth in this market.

Natural Gas and NGL Services

This segment includes the gathering, processing, transportation, fractionation, storage, and marketing of natural gas and natural gas liquids (NGLs).

• U.S. Natural Gas Liquids (NGL) Market: Estimated at USD 5.536 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 3.6%. Another estimate places the U.S. NGL market at USD 4.65 billion in 2023, anticipated to reach USD 9.5 billion by 2035.
• North America Natural Gas Liquids (NGL) Market: Estimated at USD 7.08 billion in 2024 and is projected to grow to USD 11.53 billion by 2033. North America holds more than 40% of the global NGL market share.
• Global Gas Processing Market: This market, where North America holds a significant share, was valued at USD 228.66 billion in 2024 and is projected to surpass USD 430.84 billion by 2034.
• U.S. Gas Pipeline Infrastructure Market: This market size is calculated at USD 1,058.73 billion in 2024 and is projected to reach approximately USD 2,431.55 billion by 2034.

MPLX (symbol: MPLX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strategic Infrastructure Expansions and New Assets: MPLX is actively investing in and constructing new infrastructure projects aimed at increasing capacity and throughput. Key projects include the Harmon Creek III natural gas processing plant and fractionation facility, which is expected to come online in the second half of 2026 and significantly boost processing and de-ethanizer capacity in the Northeast. Other projects contributing to growth include the Eiger Express natural gas pipeline and joint ventures building new natural gas pipelines like Blackcomb and Rio Bravo, with anticipated in-service dates in the second half of 2026. The company is also increasing the capacity of the Traverse natural gas pipeline.
2. Increased Throughput and Processing Volumes in Key Basins: The company's strategic focus on the Marcellus, Utica, and Permian Basins is expected to continue driving revenue growth through increased processing and gathering volumes. MPLX has already seen a 24% year-over-year rise in Utica processing volumes and anticipates further growth in 2026, supported by robust producer activity in these regions. By the second half of 2026, MPLX expects its Northeast gas processing capacity to reach 8.1 billion cubic feet per day and fractionation capacity to reach 800,000 barrels per day.
3. Strategic Acquisitions and Enhancements: Recent strategic acquisitions are anticipated to bolster MPLX's revenue. This includes the acquisition of a Delaware Basin sour gas treating business (Northwind Midstream) and the remaining 55% interest in the BANGL NGL pipeline system. The Northwind acquisition is projected to enhance sour gas treating capacity from 150 million to over 400 million cubic feet per day by the end of 2026, while the BANGL NGL pipeline system's capacity is being expanded from 250,000 to 300,000 barrels per day by the second half of 2026.
4. Achieving Mid-Single-Digit Adjusted EBITDA Growth Target: MPLX has provided forward guidance targeting mid-single-digit adjusted EBITDA growth, with expectations for stronger growth in 2026 compared to 2025. This consistent growth outlook, reiterated by management, indicates an expected increase in profitability that should translate to higher revenues. The company plans to invest $1.7 billion in growth projects in 2025, with a significant portion allocated to natural gas and NGL services to support this growth.

Share Repurchases

• MPLX authorized a unit repurchase program for up to $1 billion of outstanding common units on November 2, 2020, with no expiration date.
• The company authorized an additional $1.0 billion unit repurchase program on August 2, 2022, and another $1.0 billion authorization on August 5, 2025.
• MPLX repurchased $100 million of common units in Q1 2025, $100 million in Q2 2025, and $100 million in Q3 2025. As of September 30, 2025, approximately $1.2 billion remained available under its unit repurchase authorizations.

Share Issuance

• On February 11, 2025, MPLX converted its remaining 6 million outstanding Series A preferred units into common units, resulting in an issuance of 6,166,965 common units.

Outbound Investments

• MPLX completed the acquisition of Northwind Midstream for $2.375 billion in September 2025, which enhances its Permian natural gas and NGL value chains and includes an estimated additional $500 million in incremental capital expenditure.
• The company acquired the remaining 55% interest in the BANGL NGL pipeline system for $2.6 billion, bringing its ownership to 100%, expected to close in July 2025, to strengthen its Permian platform and Gulf Coast fractionation facilities.
• In Q3 2025, MPLX announced the divestiture of Rockies gathering and processing assets for $1.0 billion as part of its strategic portfolio optimization.

Capital Expenditures

• MPLX's capital spending outlook for 2025 is $2.0 billion. For 2024, the initial capital investment plan was $1.1 billion, including $950 million for growth capital and $150 million for maintenance capital.
• In 2025, 85% of the capital expenditure is allocated to Natural Gas and NGL Services projects, with expected mid-teens returns.
• Primary focus areas for capital expenditures include expanding crude gathering pipelines in the Permian and Bakken basins, developing the Permian Basin to Gulf Coast integrated value chain, and adding processing capacity in the Permian and Marcellus basins, such as the Secretariat processing plant (expected Q4 2025) and Harmon Creek III (expected H2 2026). MPLX is also involved in a joint venture for a Gulf Coast fractionation complex and export terminal, anticipated to begin operations in 2028.