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
MPLX$55.91-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001552000-25-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001552000-25-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 183 previous paragraphs and 200 current paragraphs.
131 unchanged; 43 reworded; 24 added; 9 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 19 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (24)
Current report
•Entered into a definitive agreement in July 2025 to acquire Northwind Midstream for $2.375 billion in cash consideration, subject to purchase price adjustments for reimbursement of capital expenses paid by Northwind Midstream from June 1, 2025 through the closing date, in addition to other customary adjustments. Northwind Midstream provides sour gas gathering, treating, and processing services in Lea County, New Mexico. The transaction, which MPLX intends to finance with debt, is expected to close in the third quarter of 2025, subject to satisfaction or waiver of customary closing conditions, including regulatory approval.
Current report
•On August 5, 2025, MPLX announced the board of directors approved an incremental $1.0 billion unit repurchase authorization. The authorization has no expiration date.
Current report
•Acquired an additional five percent interest in the joint venture that owns and operates the Matterhorn Express Pipeline in June 2025.
Current report
Net income attributable to MPLX decreased $128 million in the second quarter of 2025 compared to the second quarter of 2024.
Current report
Total revenues and other income decreased $49 million in the second quarter of 2025 compared to the second quarter of 2024 primarily due to:
Current report
•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 report
•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 report
•Decreased Income from equity method investments of $155 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 formation of a new joint venture to strategically combine the Whistler Pipeline and the Rio Bravo Pipeline project (the “Whistler Joint Venture Transaction”). See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current report
•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 report
•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 report
Total revenues and other income increased $229 million in the first six months of 2025 compared to the same period of 2024 primarily due to:
Current report
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 report
•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 report
Total segment revenues and other income increased $41 million in the second quarter of 2025 compared to the same period of 2024. This was primarily driven by $45 million of rate increases, $6 million of increased pipeline throughput and $5 million of additional marine equipment. Income from equity method investments decreased $20 million in the second quarter 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 report
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 report
Total segment revenues and other income decreased $90 million in the second quarter of 2025 compared to the same period of 2024 primarily due to $135 million 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. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments. Revenues in the second quarter of 2025 benefited from $78 million of higher NGL sales volumes in the Southwest and Marcellus partially offset by lower NGL prices in the Southwest and Southern Appalachia of $13 million.
Current report
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 report
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 report
Net cash used in investing activities increased $93 million in the first six months of 2025 compared to the same period of 2024, primarily due tothe purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline for $151 million, higher contributions to equity method investments and higher capital spending partially offset by lower cash used for acquisitions.
Current report
Net cash used in financing activities increased $1,619 million in the first six months of 2025 compared to the same period of 2024 primarily driven by higher net debt repayments of $1,353 million, higher distributions to unitholders of $204 million, driven by the 12.5 percent increase in our quarterly distribution effective for the third quarter of 2024, and higher unit repurchases of $50 million.
Current report
(1) Thethree months ended June 30, 2025 and June 30, 2024 include working capital draws of$313 million and $166 million, respectively. Thesix months ended June 30, 2025 and June 30, 2024 include working capital draws of$83 million and $95 million, respectively.
Current report
On July 3, 2025, MPLX used cash on hand to extinguish approximately $656 million of debt principal outstanding, including interest, related to certain term and revolving loans assumed as part of the BANGL Acquisition. See Note 17 to the unaudited consolidated financial statements for additional information on the BANGL Acquisition.
Current report
MPLX intends to use debt financing to restore liquidity after using cash on hand for the recently completed BANGL Acquisition and related debt repayments, and to fund the announced acquisition of Northwind Midstream.
Current report
(2) Return of capital for the six months ended June 30, 2025 excludes a $21 million special distribution received in exchange for the contribution of assets to a joint venture. Return of capital for the six months ended June 30, 2024 excludes a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction.
Removed paragraphs (9)
Previous report
•Expanded our crude oil value chain by acquiring gathering businesses from Whiptail Midstream, LLC for $237 million. These San Juan basin assets consist primarily of crude and natural gas gathering systems in the Four Corners region, and enhance our strategic relationship with MPC.
Previous report
•Entered into an agreement to increase our stake in the joint venture that owns and operates the Matterhorn Express pipeline by 5 percent for $151 million, bringing our total interest to 10 percent. The pipeline is designed to transport up to 2.5 billion cubic feet per day of natural gas from the Permian basin to the Katy area near Houston. The transaction is expected to close in the second quarter of 2025, subject to the satisfaction of closing conditions.
Previous report
•Issued $2.0 billion aggregate principal amount of unsecured senior notes in March 2025, consisting of $1.0 billion of 5.400 percent senior notes due 2035 and $1.0 billion of 5.950 percent senior notes due 2055.
Previous report
Total revenues and other income increased $278 million in the first quarter of 2025 compared to the same period of 2024 primarily due to:
Previous report
•Increased Cost of revenues of $18 million partially due to $11 million of higher project-related spending within our Crude Oil and Products Logistics segment and $7 million related to higher volumes within the Natural Gas and NGL Services segment attributable to costs that are largely offset in revenues.
Previous report
Total segment revenues and other income increased $217 million in the first quarter of 2025 compared to the same period of 2024. In the first quarter of 2025, higher NGL sales volumes in the Southwest and Marcellus of $91 million combined with higher NGL prices in the Southwest and Marcellus of $42 million. Revenues in the 2025 period also benefited from $12 million of higher volumes and higher throughput fee rates in the Southwest, $14 million of incremental revenues from the Utica Midstream Acquisition that was completed in the first quarter of 2024 and a $34 million non-recurring benefit associated with a customer agreement.
Previous report
Net cash used in investing activities decreased $395 million in the first three months of 2025 compared to the same period of 2024, primarily due to lower cash used for acquisitions in the first three months of 2025 compared to the same period of 2024. The decrease also reflects $21 million of cash received as a return of capital from a joint venture during the first three months of 2025.
Previous report
Financing activities were a $370 million net source of cash in the first three months of 2025 compared a $958 million net use of cash in the same period of 2024. The source of cash was driven by proceeds from the issuance of $2.0 billion aggregate principal amount of senior notes during the first three months of 2025. The proceeds from the senior notes issuance were offset by the repayment of $500 million aggregate principal amount of senior notes, higher unit repurchases of $25 million, and higher distributions paid to unitholders of $102 million during the first three months of 2025 compared to the same period of 2024 as a result of the 12.5 percent increase in our base distribution effective for the third quarter of 2024.
Previous report
(1) Thethree months ended March 31, 2025 and March 31, 2024 include working capital builds of$230 million and $71 million, respectively.
Reworded paragraphs (43)
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;
Current 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;
Previous wording
•the success of MPC’s portfolio optimization, including the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, and the effects of any such divestitures on our business, financial condition, results of operations and cash flows;
Current wording
•the success of MPC’s portfolio optimization, including the ability to complete any divestitures on commercially reasonable terms and/or within the expected timeframe, if at all, and the effects of any such divestitures on our business, financial condition, results of operations and cash flows;
Previous wording
•the availability of desirable strategic alternatives to optimize portfolio assets and our ability to obtain regulatory and other approvals with respect thereto;
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 our ability to successfully complete the acquisition of Northwind Delaware Holdings LLC (“Northwind Midstream”);
Previous wording
•Returned $1,078 million of capital to unitholders in the three months ended March 31, 2025, via distributions and unit repurchases.
Current 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.
Previous wording
•Announced a first quarter 2025 distribution of $0.9565 per common unit.
Current wording
•Announced a second quarter 2025 distribution of $0.9565 per common unit.
Previous wording
•Entered into a definitive agreement in February 2025 to acquire the remaining 55 percent interest in BANGL, LLC for $715 million, plus an additional earnout provision of up to $275 million. The earnout provision requires annual calculations and payments based on targeted EBITDA growth from 2026 to 2029 up to the maximum amount of $275 million. The transaction is expected to close in July 2025, and is subject to customary closing conditions.
Current 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.
Previous wording
Despite the current volatility in the commodity markets, we continue to see robust production across our key operating regions. The basins in which we operate have some of the lowest break-even prices in the U.S., offering economically advantaged development opportunities. The U.S. refining industry is expected to remain structurally advantaged over the rest of the world. Grid electrification, onshoring, near-shoring, and data center development are driving natural gas demand growth forecasts through the end of the decade. In the Marcellus and Utica basins, producer activity remains robust, and as demand increases for natural gas-powered electricity, we are well positioned to support the development plans of our 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 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.
Previous wording
Total costs and expenses increased by $163 million in the first quarter of 2025 compared to the same period of 2024 primarily due to:
Current 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:
Previous wording
Net income attributable to MPLX increased $121 million in the first quarter of 2025 compared to the same period of 2024.
Current wording
Net income attributable to MPLX decreased $7 million in the first six months of 2025 compared to the same period of 2024.
Previous wording
•Increased Service revenue of $129 million primarily due to $57 million of higher pipeline throughput, $24 million of crude oil and products logistics tariff and other fee escalations and $12 million due to higher natural gas and NGL volumes and throughput fee rates. Other increases in the first quarter of 2025 include $14 million of incremental revenues related to the acquisition of gathering assets in the Utica basin in the first quarter of 2024, $8 million due to changes in presentation of rental income and service revenue as a result of lease contract modifications and a $7 million non-recurring benefit associated with a customer agreement.
Current 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.
Previous wording
•Increased Product related revenue of $159 million primarily due to higher NGL sales volumes in the Southwest and Marcellus of $91 million, higher NGL prices in the Southwest and Marcellus of $42 million and a $27 million non-recurring benefit associated with a customer agreement.
Current 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.
Previous wording
•Increased Income from equity method investments of $29 million primarily driven by a $25 million gain in the 2025 period related to the formation of a new joint venture, Texas City Logistics LLC, in addition to a $6 million benefit from the acquisition of additional ownership interest in existing joint ventures and gathering assets in the Utica basin that was completed in the first quarter of 2024 (the “Utica Midstream Acquisition”). 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 $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.
Previous wording
•Decreased Other income of $34 million primarily due to a $20 million gain related to the Utica Midstream Acquisition and higher insurance proceeds of $18 million received in the first three months of 2024.
Current 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.
Previous wording
•Increased Purchased product costs of $90 million primarily due to higher Southwest NGL volumes of $61 million and higher Southwest NGL prices of $36 million, partially offset by a decrease in the fair value of an embedded derivative in a natural gas purchase commitment.
Current 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.
Previous wording
•Increased Purchases-related parties of $44 million due to $29 million of increased costs from MPC, primarily higher employee costs, and $11 million of higher related party transportation costs.
Current 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.
Previous wording
The tables below present additional financial information about our reported segments for the three months ended March 31, 2025 and March 31, 2024.
Current 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.
Previous wording
First Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Current wording
Second Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Previous wording
(1) The three months ended March 31, 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 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.
Previous wording
Total segment revenues and other income increased $61 million in the first quarter of 2025 compared to the same period of 2024. This was primarily driven by $57 million of increased pipeline throughput and $24 million of rate escalations, partially offset by lower insurance proceeds of $18 million. Income from equity method investments decreased $8 million in the first quarter 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 $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.
Previous wording
Segment Adjusted EBITDA increased $38 million in the first quarter of 2025 compared to the same period of 2024. The increase was driven by $57 million of higher pipeline throughput and $24 million of rate escalations. These increases were partially offset by higher operating costs of $18 million, including employee costs, costs from MPC and increased energy costs as a result of higher throughputs, as well as higher project related spending of $11 million. Additionally, the first quarter of 2025 reflects $18 million of lower insurance proceeds as compared to the first quarter of 2024.
Current 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.
Previous wording
First Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Current wording
Second Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Previous wording
Additional impacts from equity method investments included a $25 million gain in the first quarter 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 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.
Previous wording
Segment Adjusted EBITDA increased $84 million in the first quarter of 2025 compared to the same period of 2024. This increase is primarily due to a $37 million non-recurring benefit associated with a customer agreement, higher distributions and adjustments from equity method investments of $15 million, higher volumes of $12 million in the Southwest, and higher throughput fee rates.
Current 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.
Previous wording
(4) Purity ethane makes up approximately 271 mbpd and 255 mbpd of MPLX LP consolidated total fractionated products for the three months ended March 31, 2025 and March 31, 2024, respectively. Purity ethane makes up approximately 294 mbpd and 264 mbpd of MPLX LP Operated total fractionated products for the three months ended March 31, 2025 and March 31, 2024, respectively.
Current 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.
Previous wording
The following table presents MPLX’s income (loss) from equity method investments for the three months ended March 31, 2025 and March 31, 2024:
Current 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:
Previous wording
(1) In May 2024, MPLX completed the strategic transaction combining the Whistler and Rio Bravo natural gas assets (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.
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 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.
Previous wording
The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three months ended March 31, 2025 and March 31, 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 six months ended June 30, 2025 and June 30, 2024:
Previous wording
Our cash and cash equivalents were $2,534 million at March 31, 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 $1,386 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:
Previous wording
Net cash provided by operating activities decreased $45 million in the first three months of 2025 compared to the same period of 2024, primarily due to a $159 million higher build in working capital, partially offset by improved results from operations during the first three months of 2025 compared to the same period of 2024.
Current 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.
Previous wording
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three months ended March 31, 2025 and March 31, 2024.
Current wording
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three and six months ended June 30, 2025 and June 30, 2024.
Previous wording
(2) Thethree months ended March 31, 2025 and March 31, 2024 include acquisitions of $237 million and $622 million, respectively.
Current wording
(2) The six months ended June 30, 2025 and June 30, 2024 include acquisitions of $237 million and $622 million, respectively. Thethree and six months ended June 30, 2025 includes $151 millionfor the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline. The six months ended June 30, 2024 includes a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture.
Previous wording
Our liquidity totaled $6.0 billion at March 31, 2025 consisting of:
Current wording
Our liquidity totaled $4.9 billion at June 30, 2025 consisting of:
Previous wording
On August 2, 2022, we announced the board authorization for the repurchase of up to $1.0 billion of MPLX common units held by the public. The authorization has no expiration date. We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued, or restarted at any time.
Current wording
We may utilize various methods to effect the repurchases, which could include open market repurchases, negotiated block transactions, accelerated unit repurchases, tender offers or open market solicitations for units, some of which may be effected through Rule 10b5-1 plans. The timing and amount of future repurchases, if any, will depend upon several factors, including market and business conditions, and such repurchases may be suspended, discontinued, or restarted at any time.
Previous wording
As of March 31, 2025, we had $420 million remaining under the unit repurchase authorization.
Current wording
As of June 30, 2025, we had $320 million remaining under the unit repurchase authorization before giving effect to the incremental $1.0 billion unit repurchase authorization announced on August 5, 2025.
Previous wording
On April 29, 2025, MPLX declared a cash distribution for the first quarter of 2025, totaling $976 million, or $0.9565 per common unit. This distribution will be paid on May 16, 2025, to common unitholders of record on May 9, 2025. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
Current wording
On July 29, 2025, MPLX declared a cash distribution for the second quarter of 2025, totaling $975 million, or $0.9565 per common unit. This distribution will be paid on August 15, 2025, to common unitholders of record on August 8, 2025. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
Previous wording
The allocation of total cash distributions is as follows for the three months ended March 31, 2025 and March 31, 2024. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
Current wording
The allocation of total cash distributions is as follows for the three and six months ended June 30, 2025 and June 30, 2024. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned.
Previous wording
MPLX’s initial capital investment plan for 2025 is $2.0 billion, net of reimbursements and excluding acquisitions and capitalized interest. The initial capital investment plan includes growth capital of $1.7 billion and maintenance capital of $300 million. Growth capital expenditures and investments in affiliates during the three months ended March 31, 2025, were primarily for expanding our Permian to Gulf Coast integrated value chain, gas processing plants in the Marcellus and Permian basins and gathering projects in the Marcellus, Utica and Permian basins. We continuously evaluate our capital plan and make changes as conditions warrant.
Current wording
MPLX’s initial capital investment plan for 2025 is $2.0 billion, net of reimbursements and excluding capitalized interest, acquisitions and any incremental capital project expenditures associated with the pending Northwind Midstream acquisition. The initial capital investment plan includes growth capital of $1.7 billion and maintenance capital of $300 million. Growth capital expenditures and investments in affiliates during the six months ended June 30, 2025, were primarily for expanding our Permian to Gulf Coast integrated natural gas and NGL value chain, gas processing plants in the Marcellus and Permian basins and gas gathering projects in the Marcellus, Utica and Permian basins. We continuously evaluate our capital plan and make changes as conditions warrant.
Previous wording
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
Current wording
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the six months ended June 30, 2025 exclude $151 million related to the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline.
Previous wording
(2) Total growth capital expenditures for the three months ended March 31, 2025 and March 31, 2024, exclude acquisitions of $237 million and $622 million, respectively.
Current wording
(3) Total growth capital expenditures for the six months ended June 30, 2025 and June 30, 2024 exclude acquisitions of $237 million and $622 million, respectively.
Previous wording
(2) Disclosed amounts include growth capital related to WPC Parent, LLC, including the ADCC Pipeline lateral, Rio Bravo Pipeline, Whistler Pipeline, and our indirect and 12.5 percent direct ownership interest in the Blackcomb Pipeline.
Current wording
(2) Disclosed amounts include growth capital related to WPC Parent, LLC, including the ADCC Pipeline lateral, Rio Bravo Pipeline, Whistler Pipeline, and our indirect and 12.5 percent direct ownership interest in Blackcomb and Traverse Pipeline Holdings, LLC.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•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 report — wording carried from elsewhere
On August 2, 2022, we announced a board authorization for the repurchase of up to $1.0 billion of MPLX common units held by the public. On August 5, 2025, we announced the board of directors approved a $1.0 billion common unit repurchase authorization that is in addition to the $1.0 billion common unit repurchase authorization announced on August 2, 2022. The common unit repurchase authorizations have no expiration date.