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MPLX LP

For the period ended Mar 31, 2025. Filed May 6, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 6, 2025

MPLX$55.91-1.1%Stored close · as of Nov 6, 2026
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8. Segment Information

  1. Segment Information

MPLX’s chief operating decision maker (“CODM”) is the chief executive officer of its general partner. The CODM reviews MPLX’s discrete financial information, makes operating decisions, assesses financial performance and allocates resources on a product-based value chain basis. MPLX hastwo reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. Each of these segments is organized and managed based upon the product-based value chain each supports.

Crude Oil and Products Logistics – gathers, transports, stores and distributes crude oil, refined products, other hydrocarbon-based products and renewables. Also includes the operation of refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities, and storage caverns.

Natural Gas and NGL Services – gathers, processes and transports natural gas; and transports, fractionates, stores and markets NGLs.

The CODM evaluates the performance of our segments using Segment Adjusted EBITDA. The CODM uses adjusted EBITDA by segment results when making decisions about allocating capital and personnel as a part of the annual business plan process and ongoing monitoring of performance. 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. Assets by segment are not a measure used to assess the performance of the Partnership by our CODM and thus are not reported in our disclosures.

The tables below present information about our reportable segments:

Three Months Ended March 31,
(In millions)20252024
Crude Oil and Products Logistics
Service revenue$1,162$1,067
Rental income219224
Product related revenue45
Sales-type lease revenue115121
Income from equity method investments5664
Other income3650
Total segment revenues and other income(1)1,5921,531
Operating expenses528494
Other segment items(2)(33)(22)
Segment Adjusted EBITDA(3)1,0971,059
Capital expenditures11584
Investments in unconsolidated affiliates(4)—92
Natural Gas and NGL Services
Service revenue611577
Rental income5653
Product related revenue683523
Sales-type lease revenue3734
Income from equity method investments13093
Other income1535
Total segment revenues and other income(1)1,5321,315
Purchased product costs459369
Operating expenses445415
Other segment items(2)(32)(45)
Segment Adjusted EBITDA(3)660576
Capital expenditures153126
Investments in unconsolidated affiliates(4)$119$27

(1)Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $177 million and $182 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,439 million and $1,237 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(2)Other segment items in the Crude Oil and Products Logistics segment include income from equity method investments, distributions and adjustments related to equity method investments, equity-based compensation and other miscellaneous items. Other segment items in the Natural Gas and NGL Services segment include income from equity method investments, distributions and adjustments related to equity method investments, unrealized derivative gain/loss and other miscellaneous items.

(3)See below for the reconciliation from Segment Adjusted EBITDA to Net income.

(4)Investments in unconsolidated affiliates in the Crude Oil and Products Logistics segment for the three months ended March 31, 2024 includes a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture. Investments in unconsolidated affiliates in the Natural Gas and NGL Services segment for the three months ended March 31, 2025 includes cash contributions to several joint ventures to fund current growth capital projects.

The table below provides a reconciliation of Segment Adjusted EBITDA for reportable segments to Net income.

Three Months Ended March 31,
(In millions)20252024
Reconciliation to Net income:
Crude Oil and Products Logistics Segment Adjusted EBITDA$1,097$1,059
Natural Gas and NGL Services Segment Adjusted EBITDA660576
Total reportable segments1,7571,635
Depreciation and amortization(1)(326)(317)
Net interest and other financial costs(229)(235)
Income from equity method investments186157
Distributions/adjustments related to equity method investments(227)(200)
Adjusted EBITDA attributable to noncontrolling interests1111
Other(2)(36)(36)
Net income$1,136$1,015

(1)Depreciation and amortization attributable to Crude Oil and Products Logistics was $133 million and $130 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $193 million and $187 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(2)Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.

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