Skip to main content

MPLX LP

For the period ended Mar 31, 2026. Filed May 5, 2026.

View on SEC.gov

About this filing

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.

Mar 31, 2026 · Filed May 5, 2026

MPLX$56.80+1.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

8. Segment Information

  1. Segment Information

MPLX’s chief operating decision maker (“CODM”) is the chief executive officer of its general partner. The CODM reviews MPLX’s discrete financial information, makes operating decisions, assesses financial performance and allocates resources on a product-based value chain basis. MPLX hastwo 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.

Crude Oil and Products Logistics – gathers, transports, stores and distributes crude oil, refined products, other hydrocarbon-based products and renewables. Also includes the operation of refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities, and storage caverns.

Natural Gas and NGL Services – gathers, treats, processes and transports natural gas; and transports, fractionates, stores and markets NGLs.

The CODM evaluates the performance of our segments using Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA results and considers forecast-to-actual variances on a periodic basis when making decisions about allocating capital and personnel as a part of the annual business plan process and ongoing monitoring of performance. 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) not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the Partnership by our CODM and thus are not reported in our disclosures.

The tables below present information about our reportable segments:

Three Months Ended March 31,
(In millions)20262025
Crude Oil and Products Logistics
Service revenue$1,175$1,162
Rental income249219
Product related revenue44
Sales-type lease revenue102115
Income from equity method investments6256
Other income2836
Total segment revenues and other income(1)1,6201,592
Operating expenses540528
Other segment items(2)(31)(33)
Segment Adjusted EBITDA(3)1,1111,097
Capital expenditures104115
Natural Gas and NGL Services
Service revenue626611
Rental income5856
Product related revenue544683
Sales-type lease revenue4837
Income from equity method investments120130
Other income2215
Total segment revenues and other income(1)1,4181,532
Purchased product costs498459
Operating expenses428445
Other segment items(2)(126)(32)
Segment Adjusted EBITDA(3)618660
Capital expenditures561153
Investments in unconsolidated affiliates(4)$237$119

(1)Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $162 million and $177 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $1,331 million and $1,439 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

(2)Other segment items in the Crude Oil and Products Logistics segment include income from equity method investments, distributions and adjustments related to equity method investments, equity-based compensation and other miscellaneous items. Other segment items in the Natural Gas and NGL Services segment include income from equity method investments, distributions and adjustments related to equity method investments, unrealized derivative gain/loss and other miscellaneous items.

(3)See below for the reconciliation from Segment Adjusted EBITDA to Net income.

(4)Investments in unconsolidated affiliates in the Natural Gas and NGL Services segment for the three months ended March 31, 2026 and March 31, 2025 includes cash contributions to several joint ventures to fund current growth capital projects.

The table below provides a reconciliation of Segment Adjusted EBITDA for reportable segments to Net income.

Three Months Ended March 31,
(In millions)20262025
Reconciliation to Net income:
Crude Oil and Products Logistics Segment Adjusted EBITDA$1,111$1,097
Natural Gas and NGL Services Segment Adjusted EBITDA618660
Total reportable segments1,7291,757
Depreciation and amortization(1)(358)(326)
Net interest and other financial costs(291)(229)
Income from equity method investments182186
Distributions/adjustments related to equity method investments(251)(227)
Adjusted EBITDA attributable to noncontrolling interests1111
Other(2)(100)(36)
Net income$922$1,136

(1)Depreciation and amortization attributable to Crude Oil and Products Logistics was $143 million and $133 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $215 million and $193 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

(2)Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes, and other miscellaneous items.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.