MPLX LP Common Units (NYSE:MPLX) Q3 2024 Earnings Conference Call November 5, 2024 9:30 AM ET

Company Participants

Kristina Kazarian - Vice President Finance and Investor Relations
Maryann T. Mannen - President and Chief Executive Officer
Kristopher Hagedorn - Executive Vice President and Chief Financial Officer
Gregory S. Floerke - Executive Vice President and Chief Operating Officer
David R. Heppner - Senior Vice President
Shawn M. Lyon - Senior Vice President Logistics and Storage

Conference Call Participants

John Mackay - Goldman Sachs
Jeremy Tonet - J.P. Morgan
Manav Gupta - UBS
Keith Stanley - Wolfe Research
Theresa Chen - Barclays
Michael Bloom - Wells Fargo
Neal Dingmann - Truist Securities
Neel Mitra - Bank of America

Operator

Welcome to the MPLX Third Quarter 2024 Earnings Call. My name is Sheila, and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [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 MPLX’s third quarter 2024 earnings conference call. The slides that accompany this call can be found on our website@mplx.com under the Investor tab.

Joining me on the call today are Maryann Mannen, President 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 are expected today. Factors that could cause actual results to differ are included there as well as in our filings with the SEC.

And with that, I’ll turn it over to Maryann.

Maryann T. Mannen

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

We have grown MPLX adjusted EBITDA by over 7% through the first nine months of the year when compared to last year, which supported the decision to increase the distribution 12.5% this quarter. While delivering on our commitment to safely operate our assets, protect the health and safety of our employees and support the communities in which we operate, in the third quarter, MPLX generated record adjusted EBITDA of $1.7 billion a 7% increase compared to last year’s third quarter.