MPLX LP
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| (Mark One) | |
|---|---|
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission file number 001-35714
MPLX LP
(Exact name of registrant as specified in its charter)
| Delaware | 27-0005456 | ||
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
|---|
| 200 E. Hardin Street, | Findlay, | Ohio | 45840 |
|---|---|---|---|
| (Address of principal executive offices) | (Zip code) |
(419)422-2121
(Registrant’s telephone number, including area code)
| Securities Registered pursuant to Section 12(b) of the Act | ||
|---|---|---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Units Representing Limited Partnership Interests | MPLX | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
|---|
| Smaller reporting company | ☐ | Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☑
MPLX LP had 1,019,065,904 common units outstanding as of July 31, 2025.
Table of Contents
| Page | ||
|---|---|---|
| PART I – FINANCIAL INFORMATION | ||
| Item 1. · Financial Statements: | ||
| Consolidated Statements of Income (Unaudited) | 3 | |
| Consolidated Statements of Comprehensive Income (Unaudited) | 4 | |
| Consolidated Balance Sheets (Unaudited) | 5 | |
| Consolidated Statements of Cash Flows (Unaudited) | 6 | |
| Consolidated Statements of Equity and Series A Preferred Units (Unaudited) | 7 | |
| Notes to Consolidated Financial Statements (Unaudited) | 8 | |
| 1. Description of the Business and Basis of Presentation | 8 | |
| 2. Accounting Standards and Disclosure Rules | 8 | |
| 3. Acquisitions and Other Transactions | 9 | |
| 4. Equity Method Investments | 10 | |
| 5. Related Party Agreements and Transactions | 10 | |
| 6. Equity | 12 | |
| 7. Net Income Per Limited Partner Unit | 13 | |
| 8. Segment Information | 14 | |
| 9. Property, Plant and Equipment | 16 | |
| 10. Fair Value Measurements | 16 | |
| 11. Derivatives | 17 | |
| 12. Debt | 18 | |
| 13. Net Interest and Other Financial Costs | 19 | |
| 14. Revenue | 19 | |
| 15. Supplemental Cash Flow Information | 22 | |
| 16. Commitments and Contingencies | 22 | |
| 17. Subsequent Events | 24 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 45 |
| Item 4. | Controls and Procedures | 46 |
| PART II – OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 47 |
| Item 1A. | Risk Factors | 47 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 47 |
| Item 5. | Other Information | 47 |
| Item 6. | Exhibits | 48 |
| Signatures | 49 | |
Unless otherwise stated or the context otherwise indicates, all references in this Form 10-Q to “MPLX LP,” “MPLX,” “the Partnership,” “us,” “our,” “we,” or like terms refer to MPLX LP and its consolidated subsidiaries. References to our sponsor and customer, “MPC,” refer collectively to Marathon Petroleum Corporation and its subsidiaries, other than the Partnership.
Glossary of Terms
The abbreviations, acronyms and industry terminology used in this report are defined as follows:
| ANDX | Andeavor Logistics LLC (formerly known as Andeavor Logistics LP), a wholly-owned subsidiary of the Partnership |
|---|---|
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Barrel | One stock tank barrel, or 42 United States gallons of liquid volume, used in reference to crude oil or other liquid hydrocarbons |
| DCF (a non-GAAP financial measure) | Distributable Cash Flow |
| EBITDA (a non-GAAP financial measure) | Earnings Before Interest, Taxes, Depreciation and Amortization |
| FASB | Financial Accounting Standards Board |
| FCF (a non-GAAP financial measure) | Free Cash Flow |
| GAAP | Accounting principles generally accepted in the United States of America |
| MarkWest | MarkWest Energy Partners, LP., a wholly-owned subsidiary of the Partnership |
| mbpd | Thousand barrels per day |
| MMBtu | One million British thermal units, an energy measurement |
| MMcf/d | One million cubic feet per day |
| NGL | Natural gas liquids, such as ethane, propane, butanes and natural gasoline |
| SEC | United States Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| VIE | Variable interest entity |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.