MPLX LP
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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14. Goodwill and Intangibles
- Goodwill and Intangibles
Goodwill
MPLX annually evaluates goodwill for impairment as of November 30, as well as whenever events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit with goodwill is less than its carrying amount.
Our reporting units are one level below our operating segments and are determined based on the way in which segment management operates and reviews each operating segment. We have five reporting units, four of which have goodwill allocated to them. For the annual impairment assessment as of November 30, 2025, management performed only a qualitative assessment for the four reporting units as we determined it was more likely than not that the fair values of the reporting units exceeded their carrying values. Total goodwill at December 31, 2025 was $8,755 million, andno impairment was recorded as a result of our November 30, 2025 annual goodwill impairment analysis.
The changes in carrying amount of goodwill were as follows for the periods presented:
| (In millions) | Crude Oil and Products Logistics | Natural Gas and NGL Services | Total |
|---|---|---|---|
| Balance as of December 31, 2023 | $7,645 | $— | $7,645 |
| Impairment losses | — | — | — |
| Balance as of December 31, 2024 | 7,645 | — | 7,645 |
| Acquisitions(1) | — | 1,110 | 1,110 |
| Impairment losses | — | — | — |
| Balance as of December 31, 2025 | 7,645 | 1,110 | 8,755 |
| Gross goodwill as of December 31, 2025 | 7,645 | 4,251 | 11,896 |
| Accumulated impairment losses | — | (3,141) | (3,141) |
| Balance as of December 31, 2025 | $7,645 | $1,110 | $8,755 |
(1)Acquisitions in 2025 are inclusive of the Northwind Midstream Acquisition and the BANGL Acquisition.
Intangible Assets
MPLX’s intangible assets are comprised of customer contracts and relationships. Gross intangible assets with accumulated amortization as of December 31, 2025 and 2024 is shown below:
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| (In millions) | Gross | Accumulated Amortization(1) | Net | Gross | Accumulated Amortization(1) | Net |
| Crude Oil and Products Logistics | $308 | $(260) | $48 | $283 | $(224) | $59 |
| Natural Gas and NGL Services | 2,175 | (826) | 1,349 | 1,363 | (904) | 459 |
| $2,483 | $(1,086) | $1,397 | $1,646 | $(1,128) | $518 | |
(1)Amortization expense attributable to the Crude Oil and Products Logistics segment for the years ended December 31, 2025 and 2024 was $36 million and $35 million, respectively. Amortization expense attributable to the Natural Gas and NGL Services segment for the years ended December 31, 2025 and 2024 was $105 million and $99 million, respectively.
Estimated future amortization expense related to the intangible assets at December 31, 2025 is as follows:
| (In millions) | |
|---|---|
| 2026 | $164 |
| 2027 | 136 |
| 2028 | 125 |
| 2029 | 91 |
| 2030 | 91 |
| 2031 and thereafter | 790 |
| Total | $1,397 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.