MPLX LP (NYSE:MPLX) Q1 2024 Results Conference Call April 30, 2024 9:30 AM ET

Company Participants

Kristina Kazarian - VP, Finance & IR
Mike Hennigan - Chairman, President and CEO
Kris Hagedorn - EVP and CFO

Greg Floerke - EVP and COO

Dave Heppner - SVP, Strategy and Business Development

Conference Call Participants

John Mackay - Goldman Sachs
Manav Gupta - UBS
Jeremy Tonet - JPMorgan
Theresa Chen - Barclays
Keith Stanley - Wolfe Research
Neal Dingmann - Truist Securities

Operator

Welcome to the MPLX First Quarter 2024 Earnings Call. My name is Sheila, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

Kristina Kazarian

Good morning, and welcome to the MPLX’s first quarter 2024 earnings conference call. The slides that accompany this call can be found on our website at mplx.com, under the Investor tab.

Joining me on the call today are Mike Hennigan, Chairman and CEO; Kris Hagedorn, CFO and other members of the executive team. We invite you to read the safe harbor statements and non-GAAP disclaimer on Slide 2. It's a reminder that we will be making forward-looking statements during the call and during the question-and-answer session that follows.

Actual results may differ materially from what we expect today. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC.

With that, I'll turn the call over to Mike.

Mike Hennigan

Thanks, Kristina. Good morning, and thank you for joining our call.

Earlier today, we reported first quarter results. Our business continues to grow and delivered adjusted EBITDA of $1.6 billion and distributable cash flow of $1.4 billion each an 8% increase year-over-year. In line with our commitment to return capital, the growth of MPLX's cash flow supported the return of $951 million to unitholders.

Turning to the macro, United States continues to be a low cost producer of energy fuels needed across the globe. Oil demand is at a record high globally. We expect oil demand to continue to set records into the foreseeable future. Forecasted outlooks for this year estimate 1.2 million to 2 million barrels per day of incremental demand over 2023, primarily driven by the growing need for transportation fuels. Our expectations on the long-term production outlook in our key basins remains unchanged.