•Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus

•First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion

•Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities

•Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital

FINDLAY, Ohio, May 5, 2026 - MPLX LP (NYSE: MPLX) today reported first-quarter 2026 net income attributable to MPLX of $912 million, compared with $1,126 million for the first quarter of 2025. The decrease primarily reflects the impacts of derivatives, interest expense, a first-quarter 2025 non-recurring benefit, and depreciation.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,729 million, compared with $1,757 million for the first quarter of 2025. Crude Oil and Products Logistics segment adjusted EBITDA for the first quarter of 2026 was $1,111 million, compared with $1,097 million for the first quarter of 2025. Natural Gas and NGL Services segment adjusted EBITDA for the first quarter of 2026 was $618 million, compared with $660 million for the first quarter of 2025.

During the quarter, MPLX generated $1,347 million in net cash provided by operating activities, $1,408 million of distributable cash flow, and adjusted free cash flow of $549 million. MPLX announced a first-quarter 2026 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.

"We are executing our growth projects anchored in the Permian and Marcellus basins, as we expand the Delaware Basin Sour Gas treating plant to over 400 million cubic feet per day of treating capacity by year end and bring Harmon Creek III into service in the third quarter," said Maryann Mannen, MPLX chairman, president and chief executive officer. "Cash flow from this growth will allow us to reinvest in the business, return capital to unitholders, and is expected to support 12.5% annual distribution growth for two more years."

(a)    Non-GAAP measures. See reconciliation in the tables that follow.

(b)    Distributions declared by the board of directors of MPLX's general partner.

(c)    Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

(d)    Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.

Crude Oil and Products Logistics segment adjusted EBITDA for the first quarter of 2026 increased by $14 million compared to the same period in 2025. The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs.

Natural Gas and NGL Services segment adjusted EBITDA for the first quarter of 2026 decreased by $42 million compared to the same period in 2025. The decrease was driven by a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025, lower natural gas liquids prices, and higher operating expenses, which more than offset growth from equity affiliates and increased volumes.

MPLX is investing 90% of its $2.4 billion organic growth capital plan toward opportunities to meet growing natural gas and NGL infrastructure needs. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect the partnership's confidence in the long-term fundamentals of the energy market, offer some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.

As of March 31, 2026, MPLX had $1.5 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.

Effective April 7, 2026, MPLX replaced its previous revolving credit facility with a new five-year, $2.5 billion facility, an increase of $500 million, extending the term to April 2031.

The partnership repurchased $50 million of common units held by the public in the first quarter of 2026. As of March 31, 2026, MPLX had approximately $1.1 billion remaining available under its unit repurchase authorizations.

At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Kristina Kazarian, Vice President Finance and Investor Relations

Brian Worthington, Senior Director, Investor Relations

Isaac Feeney, Director, Investor Relations

Evan Heminger, Analyst, Investor Relations

Jamal Kheiry, Communications Manager

distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products; increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; other risk factors inherent to MPLX’s industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC.

(a)    Non-GAAP measure. See reconciliation below.

(b)    Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

(a)    There were no borrowings on the loan agreement with MPC as of March 31, 2026 or December 31, 2025. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.

(b)    Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $26,006 million as of March 31, 2026, and $26,006 million as of December 31, 2025.

(a)    Includes operating data for entities that have been consolidated into the MPLX financial statements.

(b)    The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.

(a)    Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.

(b)     Includes operating data for entities that have been consolidated into the MPLX financial statements.

(a)    Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

(a)    Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.

(b)     Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

(a)    Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items.

(a)    Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

(a)    Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.

(b)    Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.

(c)    Also referred to as our leverage ratio.

(a)    Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

(a)    The three months ended March 31, 2026 and March 31, 2025 include working capital builds of $71 million and $230 million, respectively.

(a)    Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.

(b)    Total growth capital expenditures for the three months ended March 31, 2025 excludes acquisitions of $235 million, net of cash acquired.

(c)    Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.