The Marcellus Shale and Permian Basin remain growth areas for MPLX LP, but the operator plans to put more of an emphasis on “strict” capital and cost discipline going forward as uncertainty regarding the Covid-19 pandemic lingers.

CEO Michael Hennigan said the midstream giant is targeting only $800 million in growth capital spending in 2021, “focusing on projects that achieve robust returns, irrespective of the market environment.”

Speaking to investors Tuesday on the fourth quarter earnings call, Hennigan said the company is “cautiously optimistic” about the level of recovery to be experienced this year in the oil and natural gas industry. There are parameters that would lead market observers to believe the industry is on track for a “recovery that’s robust and...