MPLX LP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
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-K
Period ended 2024-12-31; filed 2025-02-27.
0001552000-25-000012
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-26.
0001552000-26-000009
Item 7. 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 214 previous paragraphs and 217 current paragraphs.
110 unchanged; 62 reworded; 42 added; 42 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 21 previous and 24 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 (42)
Current report
•Expanded our crude oil value chain in March 2025 by acquiring gathering businesses from Whiptail Midstream, LLC.
Current report
•In June 2025, acquired an additional five percent interest in the joint venture that owns and operates the Matterhorn Express Pipeline.
Current report
•Completed the acquisition of the remaining 55 percent interest in BANGL, LLC (“BANGL”), in July 2025 for $703 million in cash, plus an earnout provision of up to $275 million based on targeted EBITDA growth from 2026 to 2029 (the “BANGL Acquisition”).
Current report
•Completed the acquisition of Northwind Midstream in August 2025 for $2.4 billion in cash (the “Northwind Midstream Acquisition”).
Current report
•Sold our Rockies gathering and processing operations to a subsidiary of Harvest Midstream in November 2025 for $980 million in cash consideration.
Current report
We continue to see production increases across our key operating regions in the Marcellus and Utica, where 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, 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. Additionally, we believe MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.
Current report
(1)Transaction-related costs include costs associated with the Northwind Midstream Acquisition, the BANGL Acquisition and the divestiture of the Rockies gathering and processing operations discussed in Item 8. Financial Statements and Supplementary Data – Note 4.
Current report
(2) Transaction-related costs include costs associated with the Northwind Midstream Acquisition, the BANGL Acquisition and the divestiture of the Rockies gathering and processing operations discussed in Item 8. Financial Statements and Supplementary Data – Note 4.
Current report
•Increased Service revenue of $342 million primarily due $132 million of crude oil and products logistics tariff and other fee increases, $96 million from recent acquisitions, $93 million of higher pipeline throughput and a $37 million benefit from a FERC tariff ruling issued in November 2025.
Current report
•Increased Product related revenue of $195 million due to higher NGL sales volumes in the Southwest and Marcellus of $347 million and a $27 million non-recurring benefit associated with a customer agreement, partially offset by lower revenue in the Rockies of $101 million, including the impact of the Rockies divestiture, and lower NGL prices in the Southwest, Marcellus and Southern Appalachia of $76 million.
Current report
•Decreased Income from equity method investments of $105 million primarily driven by a $151 million gain in the 2024 period 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”), partially offset by increased throughput and fee rates in certain processing and pipeline joint ventures and 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.
Current report
•Increased Other income of $136 million primarily due to a $159 million gain from the Rockies divestiture, partially offset by lower insurance proceeds of $41 million.
Current report
•Increased Cost of revenues of $1 million primarily due to lower NGL purchases in the Rockies of $89 million, which are now reflected in Purchased product costs due to changes in certain customer contracts, partially offset by higher net operating costs and repairs and maintenance costs of $60 million and the consolidation of recent acquisitions of $34 million.
Current report
•Increased Purchased product costs of $254 million primarily due to higher NGL volumes in the Southwest of $276 million and higher NGL volumes in the Rockies of $47 million, which were previously recorded in Cost of revenues due to changes in certain customer contracts, partially offset by lower NGL prices in the Southwest of $52 million.
Current report
•Increased Purchases-related parties of $66 million primarily due to increased employee costs from MPC.
Current report
SEGMENT RESULTS
Current report
Total segment revenues and other income increased $236 million in 2025 compared to 2024. The increase was primarily driven by $132 million of tariff and other fee increases, $93 million of increased pipeline throughput, a $37 million benefit from a FERC tariff ruling issued in November 2025, $21 million from the March 2025 Whiptail Midstream, LLC acquisition and $14 million of additional marine equipment in operation, partially offset by lower insurance proceeds of $41 million. Income from equity method investments decreased $26 million in 2025 compared to 2024, primarily driven by lower throughput on certain equity method investment pipeline systems. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current report
Segment Adjusted EBITDA increased $172 million in 2025 compared to 2024. The increase was primarily driven by $132 million of tariff and other fee increases, $93 million of increased pipeline throughput, a $37 million benefit from a FERC tariff ruling issued in November 2025, $17 million from the March 2025 Whiptail Midstream, LLC acquisition and $14 million of additional marine equipment in operation. These increases were partially offset by lower insurance proceeds of $41 million, higher project related spending of $41 million, higher operating costs of $37 million, driven primarily by higher employee costs from MPC, and increased energy costs as a result of higher throughputs, as well as lower distributions and adjustments from equity method investments of $29 million.
Current report
Total segment revenues and other income increased $829 million in 2025 compared to 2024. The increase was primarily due to the recognition of a $484 million gain from the BANGL Acquisition, $347 million of higher NGL sales volumes in the Southwest and Marcellus, a $159 million gain from the Rockies divestiture, $71 million from recent acquisitions and a $34 million non-recurring benefit associated with a customer agreement. These increases were partially offset by lower income from equity method investments of $79 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 Whistler Joint Venture Transaction, $76 million of lower NGL prices in the Southwest, Marcellus and Southern Appalachia and $57 million of lower throughput and fee rates in the Rockies and Bakken.
Current report
Segment Adjusted EBITDA increased $81 million in 2025 compared to 2024. The increase is primarily due to $80 million in contributions from recent acquisitions, $63 million of higher distributions and adjustments from equity method investments, $40 million of higher throughput fee rates, $40 million of higher NGL sales volumes in the Southwest and Marcellus and a $37 million non-recurring benefit associated with a customer agreement. These increases were partially offset by higher operating costs of $55 million, lower volumes in the Rockies and Bakken of $45 million, the impact of the divestiture of non-core gathering and processing assets of $31 million, lower NGL pricing of $26 million and higher project related spending of $18 million.
Current report
(3) The amounts presented above exclude Northwind Midstream treated volumes during the year ended December 31, 2025.
Current report
(2) Includes a $25 million gain in 2025 related to the formation of a new joint venture, Texas City Logistics LLC.
Current report
Cash Flows Used in Investing Activities -Net cash used in investing activities increased $2,861 million in 2025 compared to 2024 primarily due to the acquisition of Northwind Midstream for $2,413 million, higher capital spending and the purchase of the remaining 55 percent interest in BANGL for $703 million. The year ended December 31, 2025 also reflects the use of $235 million for the acquisition of Whiptail Midstream, LLC and the purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline for $151 million. These increases were partially offset by $971 million received from the sale of our Rockies operations.
Current report
(2) The year ended December 31, 2025 includes $2.4 billion for the Northwind Midstream Acquisition, $703 million for the BANGL Acquisition, $235 million for the acquisition of Whiptail Midstream, LLC, $151 million for the purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline, a $49 million capital contribution to WPC Parent, LLC to redeem Enbridge’s special membership interest in the Rio Bravo Pipeline project, and $971 million received from the sale of our Rockies gathering and processing operations.
Current report
The following table summarizes debt issuances during the year ended December 31, 2025, all of which were issued in underwritten public offerings:
Current report
(1) On April 9, 2025, MPLX used $1.2 billion of the net proceeds from the issuance of senior notes in March 2025 to redeem all of (i) MPLX’s outstanding $1,189 million aggregate principal amount of 4.875 percent senior notes due June 2025 and (ii) MarkWest’s outstanding $11 million aggregate principal amount of 4.875 percent senior notes due June 2025. The remaining net proceeds from this offering were used for general partnership purposes.
Current report
(2) We used a portion of the net proceeds from this offering to fund the Northwind Midstream Acquisition, including the payment of related fees and expenses, and to increase cash and cash equivalents following the recently completed BANGL Acquisition and BANGL Debt Repayment (as defined below). The remainder of the net proceeds from this offering were used for general partnership purposes.
Current report
On July 3, 2025, MPLX used cash on hand to extinguish approximately $656 million principal amount of debt outstanding, including interest, related to certain term and revolving loans assumed as part of the BANGL Acquisition (the “BANGL Debt Repayment”). See Note 4 for additional information on the BANGL Acquisition.
Current report
The total issuances of $6.5 billion and total redemptions of $1.7 billion of senior notes during 2025 as discussed above resulted in an aggregate principal amount of senior notes outstanding as of December 31, 2025 of $26 billion, an increase of $4.8 billion compared to December 31, 2024.
Current report
Activity on the MPLX Credit Agreement during the year ended December 31, 2025 is summarized in the table below.
Current report
Activity on the MPC Loan Agreement during the year ended December 31, 2025 is summarized in the table below.
Current report
On August 5, 2025, we announced a board authorization for the repurchase of $1.0 billion of MPLX common units held by the public in addition to the $1.0 billion common unit repurchase authorization announced on August 2, 2022. These unit repurchase authorizations have no expiration date.
Current report
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the years ended December 31, 2025 and December 31, 2024 exclude payments associated with purchases of equity interests in unconsolidated affiliates totaling $213 million and $228 million, respectively.
Current report
(2) Return of capital for the year ended December 31, 2025 excludes $42 million in special distributions received in exchange for the contribution of assets to a joint venture. Return of capital for the year ended December 31, 2024 excludes a $134 million cash distribution in connection with the Whistler Joint Venture Transaction.
Current report
(1) The year ended December 31, 2025 reflects activity through June 30, 2025, prior to the BANGL Acquisition.
Current report
Acquisitions
Current report
In accounting for business combinations, acquired assets, assumed liabilities and contingent consideration are recorded based on estimated fair values as of the date of acquisition. The excess or shortfall of the purchase price when compared to the fair value of the net tangible and identifiable intangible assets acquired, if any, is recorded as goodwill or a bargain purchase gain, respectively. A significant amount of judgment is involved in estimating the individual fair values of property, plant and equipment, intangible assets, contingent consideration and other assets and liabilities. We use all available information to make these fair value determinations and, for certain acquisitions, engage third-party consultants for valuation assistance.
Current report
The fair value of assets and liabilities, including contingent consideration, as of the acquisition date are often estimated using a combination of approaches, including the income approach, which requires us to project future volumes and associated cash flows, and apply an appropriate discount rate; the cost approach, which may require estimates of replacement costs, reproduction costs, and depreciation and obsolescence estimates; and the market approach which uses market data and adjusts for entity-specific differences. The estimates used in determining fair values are based on assumptions believed to be reasonable but which are inherently uncertain. Accordingly, actual results may differ materially from the projected results used to determine fair value.
Current report
See Item 8. Financial Statements and Supplementary Data– Note 4 for additional information on our acquisitions. See Item 8. Financial Statements and Supplementary Data–Note 15 for additional information on fair value measurements.
Current report
See Item 8. Financial Statements and Supplementary Data– Note 21 for additional information on our leases.
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Removed paragraphs (42)
Previous report
(1) The year ended December 31, 2022 includes a gain on a lease reclassification of $509 million. See Item 8. Financial Statements and Supplementary Data - Note 21 in the Consolidated Financial Statements for additional information.
Previous report
•In May 2024, formed a new joint venture to strategically combine the Whistler Pipeline joint venture and the Rio Bravo Pipeline project (the “Whistler Joint Venture Transaction”). The combined platform connects Permian supply to incremental LNG export markets and supports the development of additional pipeline projects.
Previous report
•Placed two new processing plants into service, Harmon Creek II in the Marcellus basin in February 2024 and Preakness II in the Permian Basin in July 2024.
Previous report
•Acquired an additional 20 percent interest in BANGL, LLC, a joint venture that owns the natural gas liquids pipeline system, in July 2024, increasing our ownership interest to 45 percent.
Previous report
•In February 2025, announced the expansion of MPLX’s Permian to Gulf Coast integrated value chain, with projects to construct a fractionation complex and the formation of strategic joint ventures to develop a complimentary 400 mbpd LPG export terminal and pipeline.
Previous report
The U.S. refining industry is expected to remain structurally advantaged over the rest of the world. Globally, demand for transportation fuels is expected to grow. Grid electrification, onshoring, near-shoring, and data center development are driving natural gas demand growth forecasts through the end of the decade. Producer activity remains strong across the Marcellus, Utica, and Permian basins. In the Northeast, drilling efficiencies and longer laterals are driving increased production volumes. In the Utica, producers are targeting economically advantaged, liquids-rich acreage. We are well positioned to support the development plans of our producer customers.
Previous report
(2)The year ended December 31, 2023 includes a $92 million gain on remeasurement of our existing equity investment in MarkWest Torñado GP, L.L.C. (“Torñado”) in conjunction with the purchase of the remaining joint venture interest in 2023 (the “Torñado Acquisition”). See Item 8. Financial Statements and Supplementary Data - Note 4 for additional information. The year ended December 31, 2022 includes a $509 million gain on a lease reclassification. See Item 8. Financial Statements and Supplementary Data - Note 21 for additional information.
Previous report
•Increased Service revenue of $426 million primarily due $170 million of incremental revenues from recent acquisitions, including the Torñado Acquisition and the Utica Midstream Acquisition, $157 million due to crude oil and products logistics tariff and other fee escalations and higher natural gas and NGL volumes and throughput fee rates of $84 million.
Previous report
•Increased Rental income of $39 million primarily due to annual fee escalations related to our refining logistics assets.
Previous report
•Increased Product related revenue of $30 million primarily due to higher NGL prices of $51 million, partially offset by lower volumes of $15 million.
Previous report
•Decreased Other income of $20 million primarily due to a $92 million gain recognized on the Torñado Acquisition in 2023, partially offset by an increase of $44 million related to changes in presentation driven by modification of an agreement with MPC in the first quarter of 2024, a $40 million benefit from insurance proceeds, and a $20 million gain related to the Utica Midstream Acquisition in 2024.
Previous report
•Increased Cost of revenues of $159 million partially due to $51 million of incremental operating costs as a result of the Torñado and Utica Midstream Acquisitions, $86 million related to higher volumes within the Natural Gas and NGL Services segment attributable to costs that are largely offset in revenues and $31 million related to higher project-related spending within our Crude Oil and Products Logistics segment.
Previous report
•Decreased Purchased product costs of $37 million primarily due to lower Southwest NGL volumes of $54 million partially offset by higher NGL prices of $19 million.
Previous report
•Increased Purchases-related parties of $39 million due to $44 million of higher employee costs from MPC, $25 million related to changes in presentation driven by the modification of agreements with MPC partially offset by lower related party transportation costs and $16 million of Garyville Incident response costs in 2023.
Previous report
•Increased General and administrative expenses of $48 million due to $29 million in higher employee costs from MPC as well as a $17 million increase in contractor service costs associated with our recently announced NGL value chain expansion project.
Previous report
SEGMENT REPORTING
Previous report
Total segment revenues and other income increased $291 million in 2024 compared to 2023. The increase was primarily driven by $132 million of higher pipeline rates, $77 million of fee escalations related to our refining logistics assets and additional marine equipment in operation. Additionally, during 2024, we recognized other income of $44 million due to changes in presentation driven by the modification of an agreement with MPC and $33 million in higher insurance proceeds.
Previous report
Segment Adjusted EBITDA increased $241 million in 2024 compared to 2023. The increase was primarily driven by $132 million of higher pipeline rates, $77 million of fee escalations related to our refining logistics assets, and additional marine equipment in operation. Additionally, during 2024, we had higher distributions and adjustments related to equity method investments of $40 million and benefited from higher insurance proceeds of $33 million, partially offset by $38 million of increased costs from MPC, primarily employee costs, as well as increased contractor service costs.
Previous report
2023 Compared to 2022
Previous report
Total segment revenues and other income increased $450 million in 2023 compared to 2022. The increase was primarily driven by higher pipeline rates and increased pipeline throughput of approximately $228 million, refining logistics and storage fee escalations of approximately $94 million, higher terminal throughput and additional marine equipment in operation. Income from equity method investments also increased $73 million in 2023 compared to 2022 due to higher throughput on equity method investment pipeline systems. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
Segment Adjusted EBITDA increased $373 million in 2023 compared to 2022. The increase was primarily driven by $354 million related to rate escalations and higher throughput across the segment. 2023 also benefited from higher distributions and adjustments of $36 million related to equity method investments and lower environmental and remediation costs, as 2022 included a $26 million impact associated with a release of crude oil on our pipeline near Edwardsville, Illinois. Partially offsetting the increase was $40 million of higher expenses, including employee costs from MPC and contractor service costs. Additionally in 2023, property taxes were higher as compared to 2022 primarily resulting from a favorable state tax settlement in 2022.
Previous report
(2)Represents total at end of period.
Previous report
(1)The year ended December 31, 2024 includes a $151 million gain related to the dilution of ownership interest in connection with the Whistler Joint Venture Transaction. The year ended December 31, 2023 includes a $92 million gain on remeasurement of our existing equity interest in Torñado in conjunction with the purchase of the remaining joint venture interest in 2023. See Item 8. Financial Statements and Supplementary Data - Note 4 for additional information. The year ended December 31, 2022 includes a $509 million gain on a lease reclassification. See Item 8. Financial Statements and Supplementary Data - Note 21 for additional information.
Previous report
Total segment revenues and other income increased $361 million in 2024 compared to 2023. The increase was primarily due to a $151 million gain related to the Whistler Joint Venture Transaction, $126 million of incremental revenues from the consolidation of Torñado in December 2023 and an increase of $44 million from the Utica Midstream Acquisition that was completed in the first quarter of 2024. These increases were partially offset by the impact of a $92 million gain on remeasurement of our existing equity investment in Torñado in conjunction with the purchase of the remaining joint venture interest in 2023. Additional impacts from equity method investments included higher volumes and higher throughput fee rates in the Utica and Marcellus of $29 million in addition to a $12 million benefit from the Utica Midstream Acquisition that was completed in the first quarter of 2024, partially offset by a $32 million decrease from the consolidation of Torñado in December 2023. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
In 2024, higher volumes and higher throughput fee rates across the Marcellus, Rockies and Bakken of $98 million were partially offset by lower volumes in the STACK Shale basin in the Southwest. Revenues benefited from higher NGL prices in the Southwest, Marcellus and Southern Appalachia of $51 million as well as higher volumes in the Rockies and Bakken of $40 million. These increases were partially offset by lower NGL sales volumes in the Southwest of $55 million and lower recognized gains on commodity contracts of $6 million.
Previous report
Segment Adjusted EBITDA increased $254 million in 2024 compared to 2023. The increase is primarily attributable to higher distributions and adjustments related to equity method investments of $117 million, contributions from recent acquisitions discussed above of $97 million, higher volumes of $73 million and higher NGL pricing of $19 million, partially offset by increased employee costs from MPC of $32 million.
Previous report
2023 Compared to 2022
Previous report
Total segment revenues and other income decreased $782 million in 2023 compared to 2022. The decrease was driven by a gain on lease reclassification of $509 million recognized in 2022 which was partially offset by the impact of a $92 million gain on remeasurement of our existing equity investment in Torñado in conjunction with the purchase of the remaining joint venture interest in 2023. Additional impacts from equity method investments included an increase of $51 million attributable to higher volumes associated with our joint ventures in the Marcellus and Utica in addition to a joint venture in the Southwest region which added processing capacity in the fourth quarter of 2022 driving higher volumes over the prior period. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
In 2023, higher NGL sales volumes in the Southwest of $451 million were more than offset by lower NGL prices of $1,059 million. This decrease was partially offset by higher volumes of $76 million and higher throughput fee rates of $57 million in the Marcellus and Rockies.
Previous report
Segment Adjusted EBITDA increased $121 million in 2023 compared to 2022. The increase is primarily attributable to higher volumes and higher throughput fee rates in all regions of $192 million, higher distributions and adjustments related to equity method investments of $86 million, partially offset by lower NGL pricing across all regions of $132 million and increased employee costs from MPC of $23 million.
Previous report
Cash Flows Used in Investing Activities -Net cash used in investing activities increased $743 million in 2024 compared to 2023 primarily due to the Utica Midstream Acquisition in the first quarter of 2024 and higher capital spending. The year ended December 31, 2024 also reflects the use of $228 million for the acquisition of additional ownership interest in equity method investments, as well as higher contributions to equity method investments, including a $92 million contribution to Dakota Access to fund our share of a scheduled debt repayment by the joint venture. The increases were partially offset by a $134 million cash distribution received, recorded as a return of capital, in connection with the Whistler Joint Venture Transaction in 2024.
Previous report
(2) The year ended December 31, 2024 includes$622 million, net of cash acquired, related to the Utica Midstream Acquisition, $210 million and $18 million related to the acquisition of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC, respectively, a contribution of $92 million to Dakota Access to fund our share of a debt repayment by the joint venture and a $134 million cash distribution received in connection with the Whistler Joint Venture Transaction.
Previous report
As of December 31, 2024, we had $21.2 billion in aggregate principal amount of senior notes outstanding. The increase of $0.5 billion compared to year-end 2023 resulted from financing the redemption of the Senior Notes due February 2025 with the proceeds from the issuance of the 2034 Senior Notes, as discussed above.
Previous report
(1) Investments in unconsolidated affiliates for the year ended December 31, 2024 exclude $210 million and $18 million related to the acquisition of additional interests in BANGL, LLC and Wink to Webster Pipeline LLC, respectively.
Previous report
(3) Investments in unconsolidated affiliates and return of capital are presented in separate lines within investing activities on the Consolidated Statement of Cash Flows; and therefore excluded from additions to property, plant and equipment.
Previous report
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the impairment tests will prove to be an accurate prediction of the future. See Item 8. Financial Statements and Supplementary Data - Note 14 for additional information relating to our reporting units and goodwill.
Previous report
See Item 8. Financial Statements and Supplementary Data - Note 5 for additional information on our equity method investments and Note 14 for additional information on our goodwill and intangibles.
Previous report
Variable Interest Entities
Previous report
We evaluate all legal entities in which we hold an ownership or other pecuniary interest to determine if the entity is a VIE. Our interests in a VIE are referred to as variable interests. Variable interests can be contractual, ownership or other pecuniary interests in an entity that change with changes in the fair value of the VIE’s assets. When we conclude that we hold an interest in a VIE, we must determine if we are the entity’s primary beneficiary. A primary beneficiary is deemed to have a controlling financial interest in a VIE. This controlling financial interest is evidenced by both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits that could potentially be significant to the VIE. We consolidate any VIE when we determine that we are the primary beneficiary. We must disclose the nature of any interests in a VIE that is not consolidated.
Previous report
Significant judgment is exercised in determining that a legal entity is a VIE and in evaluating our interest in a VIE. We use primarily a qualitative analysis to determine if an entity is a VIE. We evaluate the entity’s need for continuing financial support; the equity holder’s lack of a controlling financial interest; and/or if an equity holder’s voting interests are disproportionate to its obligation to absorb expected losses or receive residual returns. We evaluate our interests in a VIE to determine whether we are the primary beneficiary. We use a primarily qualitative analysis to determine if we are deemed to have a controlling financial interest in the VIE, either on a standalone basis or as part of a related party group. We continually monitor our interests in legal entities for changes in the design or activities of an entity and changes in our interests, including our status as the primary beneficiary to determine if the changes require us to revise our previous conclusions.
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Reworded paragraphs (62)
Previous wording
We are a diversified, large-cap MLP formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. Our assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns; refinery tanks, docks, loading racks and associated piping; crude oil and natural gas gathering systems and pipelines; as well as natural gas and NGL processing and fractionation facilities. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services. Our assets are positioned throughout the United States. The Crude Oil and Products Logistics segment primarily engages in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. The Crude Oil and Products Logistics segment also includes the operation of our refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities and storage caverns. The Natural Gas and NGL Services segment provides gathering, processing and transportation of natural gas as well as the transportation, fractionation, storage and marketing of NGLs.
Current wording
We are a diversified, large-cap MLP formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services. Our assets include a network of crude oil and refined product pipelines; an inland marine business; light-product, asphalt, heavy oil and marine terminals; storage caverns; refinery tanks, docks, loading racks and associated piping; crude oil and natural gas gathering systems and pipelines; as well as natural gas and NGL processing and fractionation facilities. The business consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services. Our assets are positioned throughout the United States. The Crude Oil and Products Logistics segment primarily engages in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products and renewables. The Crude Oil and Products Logistics segment also includes the operation of our refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities and storage caverns. The Natural Gas and NGL Services segment provides gathering, treating, processing and transportation of natural gas as well as the transportation, fractionation, storage and marketing of NGLs.
Previous wording
•Generated $5.9 billion of net cash provided by operating activities, $5.7 billion of distributable cash flow attributable to MPLX, and $3.9 billion of adjusted free cash flow (“Adjusted FCF”).
Current wording
•Generated $5.9 billion of net cash provided by operating activities, $5.8 billion of distributable cash flow attributable to MPLX, and $1.0 billion of adjusted free cash flow (“Adjusted FCF”).
Previous wording
•Paid $3.6 billion in distributions during the year ended December 31, 2024, which includes a 12.5 percent increase in our quarterly distribution effective for the third quarter of 2024, in line with our commitment to return capital to unitholders.
Current wording
•Paid $4.0 billion in distributions during the year ended December 31, 2025, which includes a 12.5 percent increase in our quarterly distribution effective for the third quarter of 2025, in line with our commitment to return capital to unitholders.
Previous wording
•Repurchased $326 million of common units held by the public during the year ended December 31, 2024.
Current wording
•Repurchased $400 million of common units held by the public during the year ended December 31, 2025.
Previous wording
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; and (viii) other adjustments, as applicable.
Current wording
Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.
Previous wording
During the normal course of business, we amend or modify our contractual agreements with customers. These amendments or modifications require the agreements to be reassessed under ASU No. 2016-02, Leases (“ASC 842”), which can impact the classification of revenues or costs associated with the agreement. These reassessments may impact the comparability of our financial results.
Current wording
During the normal course of business, we amend or modify our contractual agreements with customers. These amendments or modifications require the agreements to be reassessed under GAAP, which can impact the classification of revenues or costs associated with the agreement. These reassessments may impact the comparability of our financial results.
Previous wording
(3)Non-GAAP measure. See reconciliation below to the most directly comparable GAAP measures.
Current wording
(1) Non-GAAP measure. See reconciliation below to the most directly comparable GAAP measures.
Previous wording
(1)In August 2023, a naphtha release and resulting fire occurred at our Garyville Tank Farm resulting in the loss of four storage tanks with a combined shell capacity of 894 thousand barrels (“Garyville Incident”). We incurred $16 million of incident response costs, net of insurance recoveries, during the year ended December 31, 2023.
Current wording
(2)In August 2023, a naphtha release and resulting fire occurred at our Garyville Tank Farm resulting in the loss of four storage tanks with a combined shell capacity of 894 thousand barrels (“Garyville Incident”). We incurred $16 million of incident response costs, net of insurance recoveries, during the year ended December 31, 2023.
Previous wording
(2)Includes unrealized derivative gain/(loss), equity-based compensation and other miscellaneous items.
Current wording
(3)Includes unrealized derivative gains and/or losses, equity-based compensation and other miscellaneous items.
Previous wording
(3)Represents Net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
Current wording
(4)Represents Net interest and other financial costs excluding gains and/or losses on extinguishment of debt and amortization of deferred financing costs.
Previous wording
(1) Represents Net interest and other financial costs excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.
Current wording
(1) Represents Net interest and other financial costs excluding gains and/or losses on extinguishment of debt and amortization of deferred financing costs.
Previous wording
Net income attributable to MPLX increased $389 million in 2024 compared to 2023 primarily due to annual fee escalations, higher throughputs and benefits from recent acquisitions.
Current wording
Net income attributable to MPLX increased $595 million in 2025 compared to 2024 primarily due to a $484 million gain from the BANGL Acquisition, annual fee escalations, higher throughputs and benefits from recent acquisitions.
Previous wording
Total revenues and other income increased by $652 million in 2024 compared to 2023 primarily due to:
Current wording
Total revenues and other income increased by $1.1 billion in 2025 compared to 2024 primarily due to:
Previous wording
•Lower Sales-type lease revenue of $25 million due to changes in the presentation of lease income between service revenue, rental income and sales-type lease revenue as a result of lease contract modifications.
Current wording
•Increased Rental income of $45 million primarily due to changes in the presentation of lease income between sales-type lease revenue, service revenue and rental income as a result of lease contract modifications, and annual fee escalations related to our refining logistics assets.
Previous wording
•In March 2024, acquired additional ownership interest in existing joint ventures and gathering assets in the Utica basin (“Utica Midstream Acquisition”).
Current wording
•Increased Gain on equity method investments of $464 million, primarily driven by a $484 million gain from the BANGL Acquisition, partially offset by 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”) in the 2024 period.
Previous wording
Total costs and expenses increased by $264 million in 2024 compared to 2023 primarily due to:
Current wording
Total costs and expenses increased by $410 million in 2025 compared to 2024 primarily due to:
Previous wording
•Increased Depreciation and amortization of $70 million primarily due to incremental depreciation associated with assets acquired in the Torñado Acquisition and the Utica Midstream Acquisition as well as other assets placed in service in 2024.
Current wording
•Increased Depreciation and amortization of $68 million primarily due to incremental depreciation associated with recent acquisitions as well as other assets placed in service in 2025.
Previous wording
In the fourth quarter of 2024, we renamed and modified the composition of our segments to better reflect the product-based value chains and growth strategy of MPLX’s operations. The primary changes were to rename the Logistics and Storage segment to the Crude Oil and Products Logistics segment and to rename the Gathering and Processing segment to the Natural Gas and NGL Services segment. In addition, we reclassified certain equity method investments serving natural gas and NGL customers from Crude Oil and Products Logistics to Natural Gas and NGL Services. The segment realignment is presented for the year ended December 31, 2024, with prior periods recast for comparability. Each of these segments is organized and managed based upon the product-based value chain each supports.
Current wording
We classify our business in the following 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.
Previous wording
We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. 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.
Current wording
We evaluate the performance of our segments using Segment Adjusted EBITDA. Segment Adjusted EBITDA represents Adjusted EBITDA attributable to the reportable segments. 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; (vii) transaction-related costs; and (viii) 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.
Previous wording
The tables below present additional financial information for our reported segments for the years ended December 31, 2024, 2023 and 2022.
Current wording
The tables below present additional financial information about our reportable segments for the years ended December 31, 2025, 2024 and 2023.
Previous wording
(1) The years ended December 31, 2024 and 2022 include contributions of $92 million and $60 million, respectively, to 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”), to fund our share of debt repayments by the joint venture.
Current wording
(1) The year ended December 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 (collectively referred to as the “Bakken Pipeline system”), to fund our share of debt repayments by the joint venture.
Previous wording
(1)The year ended December 31, 2024 includes a $151 million gain related to the dilution of our ownership interest in connection with the Whistler Joint Venture Transaction. See Item 8. Financial Statements and Supplementary Data - Note 4 for additional information.
Current wording
(1)The year ended December 31, 2024 includes a $151 million gain related to the dilution of ownership interest in connection with the Whistler Joint Venture Transaction. See Item 8. Financial Statements and Supplementary Data – Note 4 for additional information.
Previous wording
•Increased Income from equity method investments of $202 million primarily driven by a $151 million gain related to the Whistler Joint Venture Transaction, increased throughput and fee rates in certain processing and pipeline joint ventures and $12 million of incremental income from the Utica Midstream Acquisition partially offset by a $32 million decrease due to the Torñado Acquisition. 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 increased throughput and fee rates in certain processing and pipeline joint ventures and a $25 million gain in 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
(4) Purity ethane makes up approximately 265 mbpd, 233 mbpd and 204 mbpd of MPLX LP consolidated total fractionated products for the years ended December 31, 2024, 2023 and 2022, respectively. Purity ethane makes up approximately 282 mbpd, 240 mbpd and 209 mbpd of MPLX operated total fractionated products for the years ended December 31, 2024, 2023 and 2022, respectively.
Current wording
(6) Purity ethane makes up approximately 267 mbpd, 265 mbpd and 233 mbpd of MPLX LP consolidated total fractionated products for the years ended December 31, 2025, 2024 and 2023, respectively. Purity ethane makes up approximately 288 mbpd, 282 mbpd and 240 mbpd of MPLX operated total fractionated products for the years ended December 31, 2025, 2024 and 2023, respectively.
Previous wording
(1) For 2024, C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 10 percent ethane, 60 percent propane, five percent Iso-Butane, 15 percent normal butane and 10 percent natural gasoline. For 2023 and 2022, C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 35 percent ethane, 35 percent propane, six percent Iso-Butane, 12 percent normal butane and 12 percent natural gasoline. The changes in mix from 2023 to 2024 resulted in an approximate $0.13 increase in the calculated C2 + NGL price per gallon.
Current wording
(1) For 2025 and 2024, C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 10 percent ethane, 60 percent propane, five percent Iso-Butane, 15 percent normal butane and 10 percent natural gasoline. For 2023, C2 + NGL pricing based on Mont Belvieu prices assuming an NGL barrel of approximately 35 percent ethane, 35 percent propane, six percent Iso-Butane, 12 percent normal butane and 12 percent natural gasoline. The changes in mix from 2023 to 2024 resulted in an approximate $0.13 increase in the calculated C2 + NGL price per gallon.
Previous wording
The following table presents MPLX’s income (loss) from equity method investments for the years ended December 31, 2024, 2023 and 2022:
Current wording
The following table presents MPLX’s income from equity method investments for the years ended December 31, 2025, 2024 and 2023:
Previous wording
Our cash and cash equivalents were $1,519 million and $1,048 million at December 31, 2024 and December 31, 2023, respectively. 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 for the past three years were as follows:
Current wording
Our cash and cash equivalents were $2,137 million and $1,519 million at December 31, 2025 and December 31, 2024, respectively. 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 for the past three years were as follows:
Previous wording
Cash Flows Provided by Operating Activities -Net cash provided by operating activities increased $549 million, or ten percent, in 2024 compared to 2023, primarily due to improved results from operations, increased cash distributions from equity method investments and $72 million of favorable working capital changes.
Current wording
Cash Flows Provided by Operating Activities -Net cash provided by operating activities decreased $37 million in 2025 compared to 2024 primarily due to a $182 million increase in working capital requirements, partially offset by improved results of operations and higher cash distributions from equity method investments.
Previous wording
Cash Flows Used in and Provided by Financing Activities -Net cash used in financing activities increased $145 million in 2024 compared to 2023. The increase was primarily due to the return of capital to unitholders through unit repurchases of $326 million, as well as higher distributions paid to unitholders of $307 million during 2024 compared to 2023, as a result of the 12.5 percent increase in our quarterly distribution effective for the third quarter of 2024. There were also lower net borrowings of $109 million in 2024 as compared to 2023. These increases were partially offset by the use of $600 million to redeem all of the outstanding Series B preferred units during 2023.
Current wording
Cash Flows Used in Financing Activities -Net cash used in financing activities decreased $3,045 million in 2025 compared to 2024. The decrease was primarily driven by increased net debt borrowings of $3,598 million, partially offset by higher distributions paid to unitholders of $421 million as a result of the 12.5 percent increase in our quarterly distribution effective for the third quarter of 2025 and higher unit repurchases of $74 million.
Previous wording
Adjusted Free Cash Flow -For the year ended December 31, 2024, we generated Adjusted FCF of $3.9 billion. This provided us the flexibility to return capital to our unitholders by increasing our quarterly distribution by 12.5 percent in the third quarter of 2024. The table below provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the years ended December 31, 2024, 2023 and 2022.
Current wording
Adjusted Free Cash Flow -For the year ended December 31, 2025, we generated Adjusted FCF of $1.0 billion. This provided us the flexibility to return capital to our unitholders by increasing our quarterly distribution by 12.5 percent in the third quarter of 2025. The table below provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the years ended December 31, 2025, 2024 and 2023.
Previous wording
(1) The years ended December 31, 2024,2023 and 2022 include working capital draws of $241 million,$169 million and$128 million, respectively.
Current wording
(1) The years ended December 31, 2025,2024 and 2023 include working capital draws of $65 million, $241 million and$169 million, respectively.
Previous wording
The MPLX Credit Agreement contains certain representations and warranties, affirmative and negative covenants and events of default that we consider usual and customary for an agreement of that type that could, among other things, limit our ability to pay distributions to our unitholders. The financial covenant requires us to maintain a ratio of Consolidated Total Debt as of the end of each fiscal quarter to Consolidated EBITDA (both as defined in the MPLX Credit Agreement) for the prior four fiscal quarters of no greater than 5.0 to 1.0 (or 5.5 to 1.0 for up to two fiscal quarters following certain acquisitions). Consolidated EBITDA is subject to adjustments, including for certain acquisitions completed and capital projects undertaken during the relevant period. Other covenants restrict us and/or certain of our subsidiaries from incurring debt, creating liens on our assets and entering into transactions with affiliates. As of December 31, 2024, we were in compliance with the covenants contained in the MPLX Credit Agreement.
Current wording
The MPLX Credit Agreement contains certain representations and warranties, affirmative and negative covenants and events of default that we consider usual and customary for an agreement of this type, including a financial covenant that requires us to maintain a ratio of Consolidated Total Debt as of the end of each fiscal quarter to Consolidated EBITDA (both as defined in the MPLX Credit Agreement) for the prior four fiscal quarters of no greater than 5.0 to 1.0 (or 5.5 to 1.0 for up to two fiscal quarters following certain acquisitions). Consolidated EBITDA is subject to adjustments, including for certain acquisitions completed and capital projects undertaken during the relevant period. Other covenants restrict us and/or certain of our subsidiaries from incurring debt, creating liens on our assets and entering into transactions with affiliates. As of December 31, 2025, we were in compliance with the covenants contained in the MPLX Credit Agreement.
Previous wording
There were no borrowings or repayments on the MPC Loan Agreement or MPLX Credit Agreement during the year ended December 31, 2024. The MPLX Credit Agreement had less than $1 million in letters of credit outstanding.
Current wording
(1) There was less than $1 million in letters of credit outstanding on the MPLX Credit Agreement.
Previous wording
MPLX is party to a loan agreement with MPC (the “MPC Loan Agreement”), which was renewed on July 31, 2024. Under the terms of the MPC Loan Agreement, MPC extends loans to MPLX on a revolving basis as requested by MPLX and as agreed to by MPC. The borrowing capacity of the MPC Loan Agreement is $1.5 billion aggregate principal amount of all loans outstanding at any one time. The MPC Loan Agreement is now scheduled to expire, and borrowings under the loan agreement are scheduled to mature and become due and payable, on July 31, 2029, provided that MPC may demand payment of all or any portion of the outstanding principal amount of the loan, together with all accrued and unpaid interest and other amounts (if any), at any time prior to the maturity date. Borrowings under the MPC Loan Agreement bear interest at one-month term SOFR adjusted upward by 0.10 percent plus 1.25 percent or such lower rate as would be applicable to such loans under the MPLX Credit Agreement as discussed in Item 8. Financial Statements and Supplementary Data - Note 17. All other terms of the MPC Loan Agreement remain unchanged.
Current wording
MPLX is party to a loan agreement with MPC (the “MPC Loan Agreement”). Under the terms of the MPC Loan Agreement, MPC extends loans to MPLX on a revolving basis as requested by MPLX and as agreed to by MPC. The borrowing capacity of the MPC Loan Agreement is $1.5 billion aggregate principal amount of all loans outstanding at any one time. The MPC Loan Agreement is scheduled to expire, and borrowings under the loan agreement are scheduled to mature and become due and payable, on July 31, 2029, provided that MPC may demand payment of all or any portion of the outstanding principal amount of the loan, together with all accrued and unpaid interest and other amounts (if any), at any time prior to maturity. Borrowings under the MPC Loan Agreement bear interest at one-month term SOFR adjusted upward by 0.10 percent plus 1.25 percent or such lower rate as would be applicable to such loans under the MPLX Credit Agreement as discussed in Item 8. Financial Statements and Supplementary Data – Note 17.
Previous wording
Our liquidity totaled $5.0 billion at December 31, 2024, consisting of:
Current wording
Our liquidity totaled $5.6 billion at December 31, 2025, consisting of:
Previous wording
Series A Preferred Units - On May 13, 2016, MPLX completed the private placement of approximately 30.8 million Series A preferred units for a cash purchase price of $32.50 per unit. The aggregate net proceeds of approximately $984 million from the sale of the preferred units were used for capital expenditures, repayment of debt and general business purposes.
Current wording
On May 13, 2016, MPLX completed the private placement of approximately 30.8 million Series A preferred units for a cash purchase price of $32.50 per unit. The aggregate net proceeds of approximately $984 million from the sale of the preferred units were used for capital expenditures, repayment of debt and general business purposes.
Previous wording
During the years ended December 31, 2024 and December 31, 2023, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into approximately 21 million common units and 2 million common units, respectively. Approximately 6 million Series A preferred units were outstanding as of December 31, 2024. On February 11, 2025, MPLX exercised its right to convert the remaining outstanding Series A preferred units into common units.
Current wording
The following conversions were executed in accordance with the conversion provisions outlined in our Partnership Agreement. During the years ended December 31, 2024 and 2023, certain Series A preferred unitholders exercised their rights to convert their Series A preferred units into 21 million common units and 2 million common units, respectively. On February 11, 2025, MPLX exercised its right to convert the remaining 6 million outstanding Series A preferred units into common units. As a result, there were no Series A preferred units outstanding at December 31, 2025.
Previous wording
The holders of the Series A preferred units received quarterly distributions equal to the greater of $0.528125 per unit or the amount of distributions they would have received on an as converted basis. Distributions paid to Series A preferred unitholders during the years ended December 31, 2024, 2023 and 2022 were $44 million, $94 million and $85 million, respectively.
Current wording
Prior to conversion, the holders of the Series A preferred units received quarterly distributions equal to the greater of $0.528125 per unit or the amount of distributions they would have received on an as converted basis. Distributions paid to Series A preferred unitholders during the years ended December 31, 2025, 2024 and 2023 were $6 million, $44 million and $94 million, respectively.
Previous wording
On November 2, 2020, MPLX announced the board authorization of a unit repurchase program for the repurchase of up to $1 billion of MPLX’s outstanding common units held by the public, which was exhausted during the fourth quarter of 2022. On August 2, 2022, we announced the board authorization for the repurchase of up to an additional $1 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 December 31, 2024, we had $520 million remaining under the unit repurchase authorization.
Current wording
As of December 31, 2025, we had $1,120 million remaining under the unit repurchase authorizations.
Showing the first 40 of 62 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
(5) Other includes Southern Appalachia, Bakken and Rockies Operations.
Current report — wording carried from elsewhere
On February 12, 2026, MPLX issued $1.0 billion aggregate principal amount of 5.30 percent senior notes due 2036 (the “2036 Senior Notes”) and $500 million aggregate principal amount of 6.10 percent senior notes due 2056 (the “2056 Senior Notes”) in an underwritten public offering. The 2036 Senior Notes were offered at a price to the public of 99.678 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026. The 2056 Senior Notes were offered at a price to the public of 98.453 percent of par, with interest payable semi-annually in arrears, commencing on October 1, 2026. We intend to use the net proceeds from the 2036 Senior Notes and 2056 Senior Notes to repay MPLX’s outstanding $1,500 million aggregate principal amount of 1.750 percent senior notes due March 2026 at maturity. Pending final use, we may invest the proceeds in short-term marketable securities or other investments.
Current report — wording carried from elsewhere
See Item 8. Financial Statements and Supplementary Data– Note 5 for additional information on our equity method investments.