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MPLX LP

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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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

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Contents

Item 2. Properties

CRUDE OIL AND PRODUCTS LOGISTICS

Crude Oil and Refined Product Pipelines

Our crude oil pipeline and related assets are strategically positioned to support diverse and flexible crude oil supply options for MPC’s refineries, which receive imported and domestic crude oil through a variety of sources. Imported and domestic crude oil is transported to supply hubs from a variety of regions, including: Cushing, Oklahoma; Western Canada; Wyoming; North Dakota; the Gulf Coast and Patoka, Illinois. Crude oil pipelines from the Delaware and Midland Basins, as well as from the Bakken region transport crude oil into major regional takeaway pipelines and refining centers. Our major crude oil pipelines are connected to these supply hubs and transport crude oil to refineries owned by MPC and third parties.

Our product pipelines are strategically positioned to transport products from certain MPC refineries to MPC and MPLX operations, as well as those of third parties. Our product pipelines are integrated with MPC’s and MPLX’s expansive network of refined product terminals, which support MPC’s integrated business.

The following table sets forth information regarding our crude oil and refined product pipeline systems as of December 31, 2025.

DiameterLength(miles)
Crude Systems(1)2" - 42"5,259
Refined Product Systems(2)4" - 36"3,787

(1) Includes approximately 16 miles of pipeline leased from third parties and 1,168 miles of inactive pipeline.

(2) Includes approximately 2 miles of pipeline leased from third parties, 197 miles of inactive refined product pipeline, 87 miles in which we have partial ownership of 65 percent and 17 miles in which we have partial ownership of 50 percent.

The following table sets forth information regarding the pipeline systems which we have an interest in through ownership of our equity method investments as of December 31, 2025.

DiameterLength(miles)Ownership Percentage
Crude Systems:
MarEn Bakken Company LLC(1)30"1,91625%
Minnesota Pipe Line Company LLC16" - 24"97517%
W2W Holdings LLC(2)24” - 36”65250%
Illinois Extension Pipeline Company LLC24"16835%
Andeavor Logistics Rio Pipeline LLC12"11967%
LOCAP LLC48"5759%
LOOP LLC(3)48"4841%
Refined Product Systems:
Explorer Pipeline Company10" - 28"1,87225%

(1) The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectively referred to as the “Bakken Pipeline system”).

(2) The investment in W2W Holdings LLC includes our 16 percent indirect interest in Wink to Webster Pipeline LLC.

(3) LOOP LLC also includes the Louisiana Offshore Oil Port, a deepwater offloading crude oil port, as well as temporary crude oil storage.

Terminal Assets

The following table sets forth certain information regarding our owned and operated terminals as of December 31, 2025.

Owned and Operated TerminalsNumber of TerminalsTank Shell Capacity (mbbls)Number of Tanks
Refined Product Terminals:
Alabama244316
Alaska31,53635
California83,47256
Florida32,26548
Georgia495228
Idaho31,02051
Illinois256215
Indiana73,68967
Kentucky62,60657
Louisiana25,46953
Michigan82,44073
Minnesota1135
New Mexico246720
North Carolina(1)31,34326
North Dakota1——
Ohio123,13299
Pennsylvania139012
South Carolina13718
Tennessee41,14830
Texas17615
Utah1413
Washington492025
West Virginia21,56424
Total Refined Product Terminals8133,919766
Asphalt Terminals:
Arizona355853
Minnesota1——
Nevada(2)127419
New Mexico1366
Texas120622
Total Asphalt Terminals71,074100
Total Terminals8834,993866

(1) MPLX also has partial ownership interest in one terminal with a tank shell capacity of 415 mbbls, of which MPLX is not the operator.

(2) This terminal is accounted for as an equity method investment.

Marine Assets

The following table sets forth certain information regarding our marine assets in operation as of December 31, 2025. The marine business currently has an associated transportation service agreement with MPC.

Marine VesselsNumber of Boats and BargesCapacity(mbbls)
Inland tank barges3208,655
Inland towboats30N/A

Our fleet of boats and barges transport light products, heavy oils, crude oil, renewable fuels, chemicals and feedstocks to and from refineries and terminals owned by MPC in the Mid-Continent and Gulf Coast regions. We also have a marine repair facility (“MRF”), which is a full-service marine shipyard, located on the Ohio River, adjacent to MPC’s Catlettsburg, Kentucky refinery. The MRF is responsible for the preventive routine and unplanned maintenance of towboats, barges and local terminal facilities.

Refining Logistics Assets

The following table outlines the tankage owned by us, serving MPC’s refineries as of December 31, 2025. We also own and operate rail and truck racks and docks at certain of these refineries. Each of the following assets are currently included in storage services agreements with MPC.

Refining Logistics AssetsTank Capacity (mbbls)
Galveston Bay, Texas City, Texas19,206
Garyville, Louisiana17,419
Los Angeles, California14,176
Robinson, Illinois6,859
Anacortes, Washington5,448
Catlettsburg, Kentucky5,085
El Paso, Texas5,084
Detroit, Michigan5,013
St. Paul Park, Minnesota3,983
Kenai, Alaska3,488
Mandan, North Dakota3,059
Canton, Ohio2,684
Salt Lake City, Utah2,139
Total93,643

Additionally, MPLX owns refining logistics assets at MPC’s Martinez Renewable Fuels joint venture with 5,914 mbbls of associated storage capacity, and has entered into terminalling and storage service agreements with the joint venture and its partners to provide services for the facility.

Other Crude Oil and Products Logistics Assets

MPLX owns and operates various other midstream assets, including 31 barge docks with a total capacity of 5,104 mbpd and eight storage caverns with a storage capacity of 3,632 mbbls. As of December 31, 2025, in addition to the storage tanks at MPC’s refineries, we operated 32 tank farms, including one leased tank farm, with total available storage capacity of 35,456 mbbls. Our operations also include a renewable fuels rail loading hub in North Dakota with 180 mbbls of storage capacity and more than 200 miles of water pipeline systems, primarily in North Dakota and the Four Corners region, dedicated to gathering and handling produced water associated with well completion and production activities. These assets each currently have associated service agreements with MPC or third parties.

NATURAL GAS AND NGL SERVICES

The following tables set forth certain information relating to our consolidated and operated joint venture natural gas gathering systems, gas processing facilities, fractionation facilities and NGL pipelines for the year ended December 31, 2025. See further discussion about our joint ventures in Item 8. Financial Statements and Supplementary Data– Note 5.

Natural Gas Gathering Systems

RegionDesign Throughput Capacity (MMcf/d)Natural Gas Throughput(1)(MMcf/d)Utilization of Design Capacity(1)
Marcellus Operations1,8231,52689%
Utica Operations3,9232,67268%
Southwest Operations3,4451,82656%
Bakken Operations23916067%
Total Natural Gas Gathering9,4306,18468%

(1) Natural gas throughput is the average daily rate based on calendar days, irrespective of days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

Gas Processing Complexes

RegionDesign Throughput Capacity (MMcf/d)Natural Gas Throughput(1)(MMcf/d)Utilization of Design Capacity(1)
Marcellus Operations6,5206,12394%
Utica Operations1,32596173%
Southwest Operations(2)(3)2,7451,90469%
Southern Appalachia Operations42519145%
Bakken Operations(4)18515986%
Total Gas Processing11,2009,33883%

(1) Natural gas throughput is the average daily rate based on calendar days, irrespective of days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

(2) The capacity presented above includes our proportionate share of Centrahoma Processing LLC’s processing capacity of 550 MMcf/d, as we own a non-operating 40 percent interest in this joint venture. Actual throughput of 99 MMcf/d, representing our share of processed volumes, is also included and used to compute the utilization presented above.

(3) The amounts presented above exclude Northwind Midstream design throughput capacity and treated volumes.

(4) Includes volumes processed at third-party facilities in the Bakken.

Fractionation Facilities

RegionDesign Throughput Capacity (mbpd)NGL Throughput(1)(mbpd)Utilization of Design Capacity(1)
Marcellus Operations(2)(3)41334383%
Utica Operations(2)(3)(4)———%
Southern Appalachia Operations(5)241146%
Bakken Operations331442%
Total C3+ Fractionation47036878%

(1) NGL throughput is the average daily rate based on calendar days, irrespective of days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

(2) Certain complexes have above-ground NGL storage with a usable capacity of 1,333 thousand barrels.

(3) Entities within the Marcellus and Utica Operations jointly own the Hopedale fractionation complex. Hopedale throughput is included in the Marcellus Operations totals for purposes of utilization calculations. During the year ended December 31, 2025, the Marcellus Operations and Utica Operations accounted for approximately 83 percent and 17 percent of total throughput at the Hopedale fractionation complex, respectively. Actual throughput presented within Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for Marcellus and Utica Operations includes each region’s actual utilization of the complex.

(4) We own and operate a condensate stabilization facility with a capacity of 23 mbpd and 179 thousand barrels of condensate storage. Actual NGL throughput at this facility was 15 mbpd for the year ended December 31, 2025.

(5) This region includes complexes with both above-ground, pressurized NGL storage facilities with usable capacity of 48 thousand barrels, and underground storage facilities with usable capacity of 238 thousand barrels.

De-ethanization Facilities

RegionDesign Throughput Capacity (mbpd)NGL Throughput(1)(mbpd)Utilization of Design Capacity(1)
Marcellus Operations30926786%
Utica Operations402153%
Total De-ethanization34928883%

(1) NGL throughput is the average daily rate based on calendar days, irrespective of days in operation. The utilization of design capacity has been calculated using the weighted average design throughput capacity.

NGL Pipelines

RegionDiameterLength(miles)Throughput(1)(mbpd)
Marcellus Operations6" - 20"442457
Utica Operations4" - 20"18565
Southwest Operations(2)4" - 20"530180
Southern Appalachia Operations6" - 8"14011
Bakken Operations6" - 12"10414
Total NGL Pipelines1,401727

(1) NGL throughput is the average daily rate based on calendar days, irrespective of days in operation.

(2) Includes the BANGL Pipeline system, which also owns a 50 percent undivided joint interest in a 323 mile NGL pipeline.

Other Natural Gas and NGL Services Assets

In addition to the MPLX-operated equity method investments included in the above tables, we also have ownership interests in natural gas and NGL pipeline systems through the following entities:

DiameterLength(miles)Ownership Percentage
Natural Gas Pipelines:
Delaware Basin Residue, LLC(1)10" - 42"29810%
MXP Parent, LLC(2)36" - 42"58010%
WPC Parent, LLC(3)36" - 42"54130%
NGL Pipelines:
Panola Pipeline Company, LLC8" - 20"25315%

(1) Includes Agua Blanca Pipeline and Carlsbad Gateway Pipeline.

(2) Includes Matterhorn Express Pipeline.

(3) Includes our indirect interest in Whistler Pipeline as well as our 70 percent indirect ownership in the ADCC Pipeline lateral. Also includes our 50 percent indirect interest in Waha Gas Storage, which primarily owns natural gas storage facilities.

Title to Properties

We believe that our properties and facilities are adequate for our operations and that our facilities are adequately maintained. Substantially all of our pipelines are constructed on rights-of-way granted by the apparent record owners of the property. In many instances, lands over which pipeline rights-of-way have been obtained may be subject to prior liens that have not been subordinated to the right-of-way grants, as well as potential conflicts with other mineral or surface use owners. We have obtained, where determined necessary, permits, leases, license agreements and franchise ordinances from public authorities to cross over or under, or to lay facilities in or along water courses, county roads, municipal streets and state highways, as applicable. We also have obtained easements and license agreements from railroad companies to cross over or under railroad properties or rights-of-way. Some of the property rights we have obtained are revocable at the election of the grantor. In addition, we lease vehicles, building spaces and pipeline equipment under long-term operating leases, most of which include renewal options. Many of our compression, processing, fractionation and other facilities, including certain fractionation plants and certain of our pipelines and other facilities, are on land that we either own in fee or that is held under long-term leases. For any such facilities that are on land that we lease, we could be required to remove our facilities upon the termination or expiration of the leases.

Some of the leases, easements, rights-of-way, permits, licenses and franchise ordinances that were transferred to us required the consent of the then-current landowner to transfer these rights, which in some instances was a governmental entity. We believe that we have obtained sufficient third-party consents, permits and authorizations for the transfer of the assets necessary for us to operate our business. We also believe we have satisfactory title or other right to our material land assets. Title to these properties is subject to encumbrances in some cases, such as coal, that may require payment to other holders of title in the property at issue; however, we believe that none of these burdens will materially detract from the value of these properties or from our interest in these properties, or will materially interfere with their use in the operation of our business. See Item 8. Financial Statements and Supplementary Data – Note 21, for additional information regarding our leases.

MPC indemnifies us for certain title defects and for failures to obtain certain consents and permits necessary to conduct our business with respect to the assets contributed to us by MPC. Although title to these properties is subject to encumbrances in some cases, such as customary interests generally retained in connection with acquisition of real property, liens that can be imposed in some jurisdictions for government-initiated action to clean up environmental contamination, liens for current taxes and other burdens, and easements, restrictions and other encumbrances to which the underlying properties were subject at the time of acquisition. We believe that none of these burdens should materially detract from the value of these properties or from our interest in these properties or should materially interfere with their use in the operation of our business.

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