MPLX LP

11. Major Customers and Concentration of Credit Risk

The table below shows, by segment, the percentage of total revenues and other income with MPC, which is our most significant customer and our largest concentration of credit risk.

(1)The percent calculations for the year ended December 31, 2025 exclude a $484 million gain on remeasurement of our existing equity method investment in BANGL in conjunction with the BANGL Acquisition and a $159 million gain on divestiture of the Rockies. The percent calculations for the year ended December 31, 2024 exclude a gain of $151 million related to the dilution of ownership interest in connection with the Whistler Joint Venture Transaction. The percent calculations for the year ended December 31, 2023 exclude a $92 million gain on remeasurement of our existing equity investment in Torñado. See Note 4 for additional information.

Revenue from the sale of products purchased after services are provided is reported as Product sales on the Consolidated Statements of Income and recognized on a gross basis, as MPLX takes control of the product and is the principal in the transaction. For the years ended December 31, 2025 and 2023, revenues with one customer, primarily related to these NGL transactions, accounted for approximately 10 percent of our total revenues and other income.

MPLX has a concentration of trade receivables due from customers in the same industry: MPC, integrated oil companies, natural gas exploration and production companies, independent refining companies and other pipeline companies. These concentrations of customers may impact MPLX’s overall exposure to credit risk as they may be similarly affected by changes in economic, regulatory and other factors. MPLX manages its exposure to credit risk through credit analysis, credit limit approvals and monitoring procedures; and for certain transactions, it may request letters of credit, prepayments or guarantees.