MPLX LP
For the period ended Sep 30, 2025. Filed Nov 4, 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.
Sep 30, 2025 · Filed Nov 4, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 | 8 | |
| 3. Acquisitions and Other Transactions | 8 | |
| 4. Equity Method Investments | 12 | |
| 5. Related Party Agreements and Transactions | 13 | |
| 6. Equity | 14 | |
| 7. Net Income Per Limited Partner Unit | 15 | |
| 8. Segment Information | 16 | |
| 9. Property, Plant and Equipment | 18 | |
| 10. Fair Value Measurements | 18 | |
| 11. Derivatives | 19 | |
| 12. Debt | 20 | |
| 13. Net Interest and Other Financial Costs | 21 | |
| 14. Revenue | 22 | |
| 15. Supplemental Cash Flow Information | 25 | |
| 16. Commitments and Contingencies | 25 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 48 |
| Item 4. | Controls and Procedures | 49 |
| PART II – OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 50 |
| Item 1A. | Risk Factors | 50 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 50 |
| Item 5. | Other Information | 50 |
| Item 6. | Exhibits | 51 |
| Signatures | 52 | |
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.