MPLX LP

Previous wording

•general economic, political or regulatory developments, including tariffs, inflation, interest rates, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs, renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;

Current wording

•general economic, political or regulatory developments, including the federal government shutdown, tariffs, inflation, interest rates, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, NGLs, renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act;

Previous wording

•the availability of desirable strategic alternatives to optimize portfolio assets and our ability to obtain regulatory and other approvals with respect thereto, including our ability to successfully complete the acquisition of Northwind Delaware Holdings LLC (“Northwind Midstream”);

Current wording

•the availability of desirable strategic alternatives to optimize portfolio assets and our ability to obtain regulatory and other approvals with respect thereto, including MPLX’s ability to successfully divest its Rockies gathering and processing operations (the “Rockies”);

Previous wording

•Returned $1,076 million and $2,154 million of capital to unitholders in the three and six months ended June 30, 2025, via distributions and unit repurchases.

Current wording

•Returned $1,075 million and $3,229 million of capital to unitholders in the three and nine months ended September 30, 2025, respectively, via distributions and unit repurchases.

Previous wording

•Completed the acquisition of the remaining 55 percent interest in BANGL, LLC (“BANGL”) in July 2025 for approximately $700 million (the “BANGL Acquisition”), plus an earnout provision of up to $275 million. The earnout provision requires annual payments based on targeted EBITDA growth from 2026 to 2029 up to the maximum amount of $275 million.

Current wording

•Completed the acquisition of the remaining 55 percent interest in BANGL, LLC (“BANGL”) in July 2025 for $703 million in cash, plus an earnout provision of up to $275 million based on targeted EBITDA growth from 2026 to 2029 (the “BANGL Acquisition”).

Previous wording

We continue to see robust production across our key operating regions, and in the Marcellus and Utica, rig counts remain steady, and volumes remain strong. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, steady drilling activity in multiple benches, rising gas-oil ratios, and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand will accelerate over the next few years to provide increased electricity generation required for data centers and overall electric grid demand. As demand for natural gas-powered electricity rises, MPLX is well positioned to support the development plans of its producer-customers. MPLX is largely insulated against temporary volatility, due to our business model structured around long-term take-or-pay, fee-based contracts.

Current wording

We continue to see production increases across our key operating regions. In the Marcellus and Utica, rig counts remain steady and volumes remain strong. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, rising gas-oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand will accelerate over the next few years to provide increased electricity generation required for data centers and overall electric grid demand. As demand for natural gas-powered electricity rises, MPLX is well-positioned to support the development plans of its producer-customers. Additionally, MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.

Previous wording

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable.

Current wording

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.

Previous wording

Net income attributable to MPLX decreased $128 million in the second quarter of 2025 compared to the second quarter of 2024.

Current wording

Net income attributable to MPLX increased $508 million in the third quarter of 2025 compared to the third quarter of 2024.

Previous wording

•Increased Service revenue of $185 million primarily due to $64 million of crude oil and products logistics tariff and other fee increases and $61 million of higher pipeline throughput. Other increases in the first six months of 2025 include $12 million of incremental revenues related to the acquisition of gathering assets in the first quarter of 2024 and 2025, $10 million due to changes in presentation of rental income and service revenue as a result of a lease contract modification, $8 million of additional marine equipment and a $7 million non-recurring benefit associated with a customer agreement.

Current wording

•Increased Service revenue of $69 million primarily due to $32 million of crude oil and products logistics tariff and other fee increases and $28 million from recent acquisitions.

Previous wording

•Increased Product related revenue of $45 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $78 million, partially offset by lower NGL prices in the Southwest and Southern Appalachia.

Current wording

•Increased Product related revenue of $45 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $89 million, partially offset by lower NGL prices in the Southwest, Marcellus and Southern Appalachia.

Previous wording

Total costs and expenses increased by $77 million in the second quarter of 2025 compared to the same period of 2024 primarily due to:

Current wording

Total costs and expenses increased by $121 million in the third quarter of 2025 compared to the same period of 2024 primarily due to:

Previous wording

•Increased Cost of revenues of $3 million partially due to higher net operating costs and repairs and maintenance costs of $39 million and the consolidation of expenses as a result of acquisitions of $6 million. The increases were partially offset by lower NGL purchases in the Rockies of $29 million, which are now reflected in purchased product costs due to changes in certain customer contracts, and $10 million lower project-related spending within our Crude Oil and Products Logistics segment.

Current wording

•Decreased Cost of revenues of $9 million primarily due to lower NGL purchases in the Rockies of $29 million, which are now reflected in Purchased product costs due to changes in certain customer contracts, partially offset by $8 million of incremental operating costs as a result of recent acquisitions and $7 million of higher net operating costs and repairs and maintenance costs.

Previous wording

•Increased Purchased product costs of $56 million primarily due to higher NGL volumes in the Southwest of $45 million and higher NGL volumes in the Rockies of $28 million, which were previously recorded in cost of revenues due to changes in certain customer contracts. The increase was partially offset by lower NGL prices in the Southwest of $10 million and a decrease in the fair value of an embedded derivative in a natural gas purchase commitment of $7 million.

Current wording

•Increased Purchased product costs of $90 million primarily due to higher NGL volumes in the Southwest of $80 million and higher NGL volumes in the Rockies of $23 million, which were previously recorded in Cost of revenues due to changes in certain customer contracts. The increase was partially offset by lower NGL prices in the Southwest of $10 million.

Previous wording

•Increased Purchases-related parties of $78 million due to $53 million of increased costs from MPC, primarily higher employee costs and $29 million of higher related party transportation costs.

Current wording

•Decreased Purchases - related parties of $6 million primarily due to $17 million of lower related party transportation costs as a result of the BANGL Acquisition, partially offset by increased costs from MPC.

Previous wording

Net income attributable to MPLX decreased $7 million in the first six months of 2025 compared to the same period of 2024.

Current wording

Net income attributable to MPLX increased $501 million in the first nine months of 2025 compared to the same period of 2024.

Previous wording

•Increased Service revenue of $56 million primarily due to $41 million of crude oil and products logistics tariff and other fee increases, $5 million of additional marine equipment and $4 million of higher pipeline throughput.

Current wording

•Increased Service revenue of $254 million primarily due to $96 million of crude oil and products logistics tariff and other fee increases and $61 million of higher pipeline throughput. Other increases in the first nine months of 2025 include $46 million from recent acquisitions and $11 million of additional marine equipment.

Previous wording

•Increased Product related revenue of $204 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $170 million, higher NGL prices in the Southwest and Marcellus of $29 million and a $27 million non-recurring benefit associated with a customer agreement.

Current wording

•Increased Product related revenue of $249 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $255 million and a $27 million non-recurring benefit associated with a customer agreement.

Previous wording

•Decreased Income from equity method investments of $126 million primarily driven by a $151 million gain in the 2024 period related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction, partially offset by a $25 million gain in the first half of 2025 related to the formation of a new joint venture, Texas City Logistics LLC. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.

Current wording

•Decreased Income from equity method investments of $89 million primarily driven by a $151 million gain in the 2024 period related to the dilution of our ownership interest in connection with the formation of a new joint venture to strategically combine the Whistler Pipeline and the Rio Bravo Pipeline project (the “Whistler Joint Venture Transaction”), partially offset by increased throughput and fee rates in certain processing and pipeline joint ventures and a $25 million gain in the first half of 2025 related to the formation of a new joint venture, Texas City Logistics LLC. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.

Previous wording

•Decreased Other income of $32 million primarily due to a $20 million gain related to the acquisition of additional ownership interest in existing joint ventures and gathering assets in the Utica basin (the “Utica Midstream Acquisition”) and higher insurance proceeds of $19 million received in the first half of 2024, partially offset by marine services rate increases in the first half of 2025.

Current wording

•Increased Gain on equity method investments of $464 million, primarily driven by a $484 million gain from the BANGL Acquisition, partially offset by a $20 million gain related to the acquisition of additional ownership interest in existing joint ventures and gathering assets in the Utica basin (the “Utica Midstream Acquisition”) in the 2024 period.

Previous wording

Total costs and expenses increased by $240 million in the first six months of 2025 compared to the same period of 2024 primarily due to:

Current wording

Total costs and expenses increased by $361 million in the first nine months of 2025 compared to the same period of 2024 primarily due to:

Previous wording

•Decreased Cost of revenues of $15 million primarily due to lower NGL purchases in the Rockies of $29 million, which are now reflected in purchased product costs due to changes in certain customer contracts, and $10 million lower project-related spending within our Crude Oil and Products Logistics segment, partially offset by higher net operating costs and repairs and maintenance costs of $21 million.

Current wording

•Decreased Cost of revenues of $6 million primarily due to lower NGL purchases in the Rockies of $57 million, which are now reflected in Purchased product costs due to changes in certain customer contracts, and $23 million of lower project-related spending, partially offset by higher net operating costs and repairs and maintenance costs of $57 million and the consolidation of recent acquisitions of $11 million.

Previous wording

•Increased Purchased product costs of $146 million primarily due to higher NGL volumes in the Southwest of $108 million, $28 million of higher NGL volumes in the Rockies, which were previously recorded in cost of revenues due to changes in certain customer contracts, and higher NGL prices in the Southwest of $26 million. The increases were partially offset by a decrease in the fair value of an embedded derivative in a natural gas purchase commitment of $11 million.

Current wording

•Increased Purchased product costs of $236 million primarily due to higher NGL volumes in the Southwest of $191 million, higher NGL volumes in the Rockies of $46 million, which were previously recorded in Cost of revenues due to changes in certain customer contracts, and higher NGL prices in the Southwest of $16 million. The increases were partially offset by a decrease in the fair value of an embedded derivative in a natural gas purchase commitment of $14 million.

Previous wording

•Increased Purchases-related parties of $34 million due to $24 million of increased costs from MPC, primarily higher employee costs and $19 million of higher related party transportation costs.

Current wording

•Increased Purchases - related parties of $72 million primarily due to $69 million of higher employee costs from MPC.

Previous wording

We classify our business in the following reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests; and (vii) other adjustments, as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) are not tied to the operational performance of the segment.

Current wording

We classify our business in the following reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests; (vii) transaction-related costs; and (viii) other adjustments, as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) are not tied to the operational performance of the segment.

Previous wording

The tables below present additional financial information about our reported segments for the three and six months ended June 30, 2025 and June 30, 2024.

Current wording

The tables below present additional financial information about our reported segments for the three and nine months ended September 30, 2025 and September 30, 2024.

Previous wording

Second Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)

Current wording

Third Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)

Previous wording

(1) The six months ended June 30, 2024 includes a contribution of $92 million to a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects to fund our share of a debt repayment by the joint venture.

Current wording

(1) The nine months ended September 30, 2024 includes a contribution of $92 million to a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects to fund our share of a debt repayment by the joint venture.

Previous wording

Segment Adjusted EBITDA increased $39 million in the second quarter of 2025 compared to the same period of 2024. The increase was driven by $45 million of rate increases, $6 million of increased pipeline throughput and $5 million of additional marine equipment. These increases were partially offset by lower distributions and adjustments from equity method investments and higher operating costs of $10 million driven primarily by higher employee costs from MPC, and increased energy costs as a result of higher throughputs.

Current wording

Segment Adjusted EBITDA increased $43 million in the third quarter of 2025 compared to the same period of 2024. The increase was driven by $39 million of rate increases, $6 million from the March 2025 Whiptail Midstream acquisition and $3 million of additional marine equipment in operation. These increases were partially offset by higher operating costs of $8 million driven primarily by higher employee costs from MPC and increased energy costs.

Previous wording

Total segment revenues and other income increased $102 million the first six months of 2025 compared to the same period of 2024. This was primarily driven by $69 million of rate increases, $63 million of increased pipeline throughput and $8 million of additional marine equipment, partially offset by lower insurance proceeds of $19 million. Income from equity method investments decreased $28 million the first six months of 2025 compared to the same period of 2024, primarily driven by lower throughputs at certain equity method investments. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.

Current wording

Total segment revenues and other income increased $155 million the first nine months of 2025 compared to the same period of 2024. This was primarily driven by $108 million of rate increases, $63 million of increased pipeline throughput, $16 million from the March 2025 Whiptail Midstream acquisition and $11 million of additional marine equipment in operation, partially offset by lower insurance proceeds of $25 million. Income from equity method investments decreased $27 million the first nine months of 2025 compared to the same period of 2024, primarily driven by lower throughputs at certain equity method investments. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.

Previous wording

Segment Adjusted EBITDA increased $77 million the first six months of 2025 compared to the same period of 2024. The increase was driven by $69 million of rate increases, $63 million of increased pipeline throughput and $8 million of additional marine equipment. These increases were partially offset by higher operating costs of $25 million driven primarily by higher employee costs from MPC, and increased energy costs as a result of higher throughputs, as well as lower distributions from equity method investments and higher project related spending of $9 million. Additionally, the first six months of 2025 reflects $19 million of lower insurance proceeds as compared to the first six months of 2024.

Current wording

Segment Adjusted EBITDA increased $120 million the first nine months of 2025 compared to the same period of 2024. The increase was driven by $108 million of rate increases, $63 million of increased pipeline throughput, $13 million from the March 2025 Whiptail Midstream acquisition and $11 million of additional marine equipment in operation. These increases were partially offset by higher operating costs of $33 million driven primarily by higher employee costs from MPC and increased energy costs as a result of higher throughputs, as well as lower distributions from equity method investments of $17 million and higher project related spending of $12 million. Additionally, the first nine months of 2025 reflects $25 million of lower insurance proceeds as compared to the first nine months of 2024.

Previous wording

Second Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)

Current wording

Third Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)

Previous wording

Segment Adjusted EBITDA decreased $2 million in the second quarter of 2025 compared to the same period of 2024. This decrease is primarily due to $19 million of higher operating costs, $11 million of lower volumes in the Bakken and Rockies and $10 million of higher project related spending, partially offset by higher distributions and adjustments from equity method investments of $24 million and higher throughput fee rates of $10 million.

Current wording

Segment Adjusted EBITDA increased $9 million in the third quarter of 2025 compared to the same period of 2024. This increase is primarily due to contributions from recent acquisitions of $37 million and higher throughput fee rates of $10 million, partially offset by lower volumes in the Rockies and Bakken of $12 million, higher operating costs of $11 million and lower NGL prices of $8 million.

Previous wording

Total segment revenues and other income increased $127 million in the first six months of 2025 compared to the same period of 2024. In the first six months of 2025, revenues benefited from $170 million of higher NGL sales volumes in the Southwest and Marcellus, a $34 million non-recurring benefit associated with a customer agreement and $29 million of higher NGL prices in the Southwest and Marcellus. These increases were partially offset by lower income from equity method investments driven by a $151 million gain in the second quarter of 2024 related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction.

Current wording

Total segment revenues and other income increased $721 million in the first nine months of 2025 compared to the same period of 2024 primarily due to the recognition of a $484 million gain from the BANGL Acquisition, $255 million of higher NGL sales volumes in the Southwest and Marcellus, a $34 million non-recurring benefit associated with a customer agreement and $30 million from recent acquisitions. These increases were partially offset by lower income from equity method investments of $62 million, primarily driven by a $151 million gain in the second quarter of 2024 related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction.

Previous wording

Additional impacts from equity method investments included a $25 million gain in the first six months of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, in addition to a $6 million benefit from the Utica Midstream Acquisition that was completed in the first quarter of 2024. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.

Current wording

Additional impacts from equity method investments included increased throughput and fee rates in certain processing and pipeline joint ventures, a $25 million gain in the first nine months of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, and a $6 million benefit from the Utica Midstream Acquisition that was completed in the first quarter of 2024. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.

Previous wording

Segment Adjusted EBITDA increased $82 million in the first six months of 2025 compared to the same period of 2024. This increase is primarily due to $39 million of higher distributions and adjustments from equity method investments, a $37 million non-recurring benefit associated with a customer agreement and $20 million of higher throughput fee rates, partially offset by higher operating costs of $24 million.

Current wording

Segment Adjusted EBITDA increased $91 million in the first nine months of 2025 compared to the same period of 2024. This increase is primarily due to $44 million of higher distributions and adjustments from equity method investments, $37 million in contributions from recent acquisitions, a $37 million non-recurring benefit associated with a customer agreement and $30 million of higher throughput fee rates, partially offset by higher operating costs of $34 million and lower volumes in the Rockies and Bakken of $27 million.

Previous wording

(4) Purity ethane makes up approximately 250 mbpd and 272 mbpd of MPLX LP consolidated total fractionated products for the three months ended June 30, 2025 and June 30, 2024, respectively, and approximately 260 mbpd and 264 mbpd of total fractionated products for the six months ended June 30, 2025 and June 30, 2024, respectively. Purity ethane makes up approximately 268 mbpd and 293 mbpd of MPLX LP Operated total fractionated products for the three months ended June 30, 2025 and June 30, 2024, respectively, and approximately 281 mbpd and 278 mbpd of total fractionated products for the six months ended June 30, 2025 and June 30, 2024, respectively.

Current wording

(5) Purity ethane makes up approximately 279 mbpd and 246 mbpd of MPLX LP consolidated total fractionated products for the three months ended September 30, 2025 and September 30, 2024, respectively, and approximately 267 mbpd and 258 mbpd of total fractionated products for the nine months ended September 30, 2025 and September 30, 2024, respectively. Purity ethane makes up approximately 300 mbpd and 262 mbpd of MPLX LP Operated total fractionated products for the three months ended September 30, 2025 and September 30, 2024, respectively, and approximately 287 mbpd and 273 mbpd of total fractionated products for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Previous wording

The following table presents MPLX’s income (loss) from equity method investments for the three and six months ended June 30, 2025 and June 30, 2024:

Current wording

The following table presents MPLX’s income from equity method investments for the three and nine months ended September 30, 2025 and September 30, 2024:

Previous wording

(1) In May 2024, MPLX completed the Whistler Joint Venture Transaction, which resulted in the formation of a new entity, WPC Parent, LLC. Results include the equity method investment income of our interest in Whistler Pipeline, LLC, prior to the transaction date, and results of the equity method investment income of our ownership in WPC Parent, LLC, subsequent to the transaction date. The three and six months ended June 30, 2024 include a gain of $151 million related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction.

Current wording

(1) In May 2024, MPLX completed the Whistler Joint Venture Transaction, which resulted in the formation of a new entity, WPC Parent, LLC. Results include the equity method investment income of our interest in Whistler Pipeline, LLC, prior to the transaction date, and results of the equity method investment income of our ownership in WPC Parent, LLC, subsequent to the transaction date. The nine months ended September 30, 2024 includes a gain of $151 million related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction.

Previous wording

The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three and six months ended June 30, 2025 and June 30, 2024:

Current wording

The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three and nine months ended September 30, 2025 and September 30, 2024:

Previous wording

Our cash and cash equivalents were $1,386 million at June 30, 2025 and $1,519 million at December 31, 2024. The change in cash and cash equivalents was due to the factors discussed below. Net cash provided by (used in) operating activities, investing activities and financing activities were as follows:

Current wording

Our cash and cash equivalents were $1,765 million at September 30, 2025 and $1,519 million at December 31, 2024. The change in cash and cash equivalents was due to the factors discussed below. Net cash provided by (used in) operating activities, investing activities and financing activities were as follows:

Previous wording

Net cash provided by operating activities increased $126 million in the first six months of 2025 compared to the same period of 2024, primarily due to improved results from operations and higher cash distributions from equity method investments.

Current wording

Net cash provided by operating activities increased $142 million in the first nine months of 2025 compared to the same period of 2024, primarily due to improved results from operations and higher cash distributions from equity method investments.