MPLX LP

5. Investments and Noncontrolling Interests

The following table presents MPLX’s equity method investments at the dates indicated:

(1)The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture (“Dakota Access”) that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively referred to as the “Bakken Pipeline system”).

(2)Some investments included within Other have also been deemed to be VIEs.

(3) In July 2024, we purchased an additional 20 percent ownership interest in BANGL, LLC, increasing our ownership interest to 45 percent, as discussed in Note 4.

(4)We acquired a 36 percent direct interest in OGC in the Utica Midstream Acquisition discussed in Note 4. We also hold a 38 percent indirect interest in OGC through our ownership interest in MarkWest Utica EMG, L.L.C.

(5)Reflects the dilution of MPLX’s ownership interest in Whistler Pipeline, LLC and the formation of a new entity, WPC Parent, LLC, as discussed in Note 4. The carrying value at December 31, 2024 represents our ownership in WPC Parent, LLC, and the carrying value at December 31, 2023 represents our ownership interest in Whistler Pipeline, LLC.

For those entities that have been deemed to be VIEs, neither MPLX nor any of its subsidiaries have been deemed to be the primary beneficiary due to voting rights on significant matters. While we have the ability to exercise influence through participation in the management committees which make all significant decisions, we have equal influence over each committee as a joint interest partner and all significant decisions require the consent of the other investors without regard to economic interest. As such, we have determined that these entities should not be consolidated and applied the equity method of accounting with respect to our investments in each entity.

MPLX’s maximum exposure to loss as a result of its involvement with equity method investments generally includes its equity investment, any additional capital contribution commitments and any operating expenses incurred by the subsidiary operator in excess of its compensation received for the performance of the operating services. MPLX did not provide any financial support to equity method investments that it was not contractually obligated to provide during the years ended December 31, 2024, 2023 and 2022. See Note 22 for information on our guarantees related to equity method investees.

From time to time, changes in the design or nature of the activities of our equity method investments may require us to reconsider our conclusions on the entity’s status as a VIE and/or our status as the primary beneficiary. Such reconsideration could result in a change in the classification of the equity method investment.

Summarized financial information for MPLX’s equity method investments is as follows:

As of December 31, 2024 and 2023, the carrying value of MPLX’s equity method investments in the Crude Oil and Products Logistics segment exceeded the underlying net assets of its investees by $291 million and $299 million, respectively. As of December 31, 2024, the carrying value of its equity method investments in the Natural Gas and NGL Services segment exceeded the underlying net assets of its equity method investments by approximately $198 million. As of December 31, 2023, the underlying net assets of MPLX’s investees in the Natural Gas and NGL Services segment exceeded the carrying value of its equity method investments by approximately $30 million.

At both December 31, 2024 and 2023, the Crude Oil and Products Logistics basis difference related to goodwill was $167 million. At both December 31, 2024 and 2023, the Natural Gas and NGL Services basis difference related to goodwill was $31 million.