MPLX LP
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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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.
Jun 30, 2026 · Filed Aug 4, 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-Q
Period ended 2026-03-31; filed 2026-05-05.
0001552000-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001552000-26-000038
Item 2. 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 188 previous paragraphs and 206 current paragraphs.
143 unchanged; 39 reworded; 20 added; 6 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 19 previous and 20 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 (20)
Current report
•Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant beginning operations in August; progressing expansion of Permian sour gas treating capacity
Current report
Net income attributable to MPLX increased $29 million in the second quarter of 2026 compared to the second quarter of 2025.
Current report
Total revenues and other income increased $309 million in the second quarter of 2026 compared to the second quarter of 2025 primarily due to:
Current report
•Increased Product related revenue of $201 million primarily due to higher NGL sales volumes in the Southwest of $124 million, NGL prices in the Southwest, Marcellus and Southern Appalachia of $101 million, and net derivative impacts of $17 million. These increases were partially offset by $44 million due to the Rockies divestiture.
Current report
•Increased Service revenue of $58 million primarily due to $58 million of crude oil and products logistics rate and fee increases which includes increased butane blending fees, $34 million from recent acquisitions and increased throughput and fee rates in the Marcellus of $23 million, partially offset by $37 million due to the Rockies divestiture and decreased pipeline throughput of $23 million.
Current report
•Increased Income from equity method investments of $10 million primarily due to higher throughput and fee rates in certain processing and pipeline joint ventures in addition to derivative impacts. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current report
•Increased Purchased product costs of $155 million primarily due to higher NGL prices in the Southwest of $91 million and higher NGL volumes in the Southwest of $89 million, partially offset by $25 million due to the Rockies divestiture.
Current report
•Decreased Purchases - related parties of $10 million primarily due to lower transportation costs in the Southwest of $35 million and the Rockies divestiture of $9 million, partially offset by increased costs from MPC.
Current report
Net income attributable to MPLX decreased $185 million in the first six months of 2026 compared to the same period of 2025.
Current report
Total revenues and other income increased $223 million in the first six months of 2026 compared to the same period of 2025 primarily due to:
Current report
Total costs and expenses increased by $290 million in the first six months of 2026 compared to the same period of 2025 primarily due to:
Current report
Segment Adjusted EBITDA increased $23 million in the second quarter of 2026 compared to the same period of 2025. The increase was primarily driven by $77 million from increased rates and fees across all business units, partially offset by $23 million in lower pipeline throughputs, increased operating costs of $18 million driven primarily by higher employee costs from MPC, as well as impacts from equity method investments period over period.
Current report
Total segment revenues and other income increased $81 million in the first six months of 2026 compared to the same period of 2025. This was primarily driven by $134 million from increased rates and fees across all business units, partially offset by $52 million in lower pipeline throughputs.
Current report
Total segment revenues and other income increased $256 million in the second quarter of 2026 compared to the same period of 2025. Revenues in the second quarter of 2026 increased $124 million due to higher NGL sales volumes in the Southwest, $101 million due to higher NGL prices in the Southwest, Marcellus and Southern Appalachia, $39 million from increased throughput volumes and prices in the Marcellus and Southwest, contributions from recent acquisitions of $34 million, and $17 million due to derivative impacts. These increases were partially offset by $81 million due to the Rockies divestiture. Income from equity method investments increased $17 million, primarily due to higher throughput and fee rates in certain processing and pipeline joint ventures in addition to derivative impacts. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current report
Segment Adjusted EBITDA increased $62 million in the second quarter of 2026 compared to the same period of 2025. This increase is primarily due to contributions from recent acquisition of $42 million, higher volumes of $25 million primarily in the Marcellus, $22 million of impacts from equity method investments, and $23 million from rate escalations and product margin impacts. These increases were partially offset by $37 million due to the Rockies divestiture, $9 million due to lower NGL pricing inclusive of derivative impacts, and $8 million due to higher operating expenses.
Current report
Total segment revenues and other income increased $142 million in the first six months of 2026 compared to the same period of 2025 primarily due to $266 million of higher NGL sales volumes in the Southwest, $92 million of higher throughput volumes and rates in the Marcellus and Southwest, and contributions from recent acquisitions of $68 million. These increases were partially offset by $204 million due to the Rockies divestiture, $34 million due to the absence of a non-recurring benefit associated with a customer agreement, $18 million due to lower NGL pricing in the Southwest, Marcellus and Southern Appalachia, and $39 million due to derivative impacts.
Current report
Income from equity method investments increased $7 million in the first six months of 2026 compared to the same period of 2025 primarily due to higher throughput and fee rates in certain processing and pipeline joint ventures as well as derivative impacts, partially offset by a $25 million gain in the first six months of 2025 related to the formation of a new joint venture. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current report
(1) Thethree months ended June 30, 2026 and June 30, 2025 include working capital draws of $261 million and $313 million, respectively. Thesix months ended June 30, 2026 and June 30, 2025 include working capital draws of $190 million and $83 million, respectively.
Current report
(2) Thethree and six months ended June 30, 2025 includes $151 millionfor the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline. The six months ended June 30, 2025 includes acquisitions of $237 million.
Current report
(2) Return of capital for the six months ended June 30, 2025 excludes a $21 million special distribution received in exchange for the contribution of assets to a joint venture.
Removed paragraphs (6)
Previous report
•Announced a first quarter 2026 distribution of $1.0765 per common unit
Previous report
•Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities
Previous report
Net income attributable to MPLX decreased $214 million in the first quarter of 2026 compared to the first quarter of 2025.
Previous report
Total revenues and other income decreased $86 million in the first quarter of 2026 compared to the first quarter of 2025 primarily due to:
Previous report
Total segment revenues and other income decreased $114 million in the first quarter of 2026 compared to the same period of 2025. Revenues in the first quarter of 2026 decreased $119 million due to lower NGL prices in the Southwest, Marcellus and Southern Appalachia, $123 million due to the Rockies divestiture, $51 million due to a change in derivative valuation and $34 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025. These decreases were partially offset by higher volumes in the Southwest of $142 million, contributions from recent acquisitions of $36 million and increased throughput and fee rates in the Marcellus of $30 million. Income from equity method investments decreased $10 million, primarily due to a $25 million gain in the first quarter of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, partially offset by increased revenue and derivative gains in certain pipeline joint ventures. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Previous report
(1) Thethree months ended March 31, 2026 and March 31, 2025 include working capital builds of $71 million and $230 million, respectively.
Reworded paragraphs (39)
Previous wording
•First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion
Current wording
•Second-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.7 billion
Previous wording
•Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital in the three months ended March 31, 2026 via distributions and unit repurchases
Current wording
•Adjusted EBITDA attributable to MPLX of $1.8 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital
Previous wording
•Increased Rental income of $32 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.
Current wording
•Increased Rental income of $62 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
Total costs and expenses increased by $66 million in the first quarter of 2026 compared to the same period of 2025 primarily due to:
Current wording
Total costs and expenses increased by $224 million in the second quarter of 2026 compared to the same period of 2025 primarily due to:
Previous wording
•Increased Cost of revenues of $13 million primarily due to $36 million of higher net operating costs and repairs and maintenance costs and $25 million of incremental operating costs as a result of recent acquisitions, partially offset by $50 million due to the Rockies divestiture.
Current wording
•Increased Cost of revenues of $36 million primarily due to $24 million of incremental operating costs as a result of recent acquisitions and $11 million of higher net operating costs and repairs and maintenance costs, partially offset by $10 million due to the Rockies divestiture.
Previous wording
•Increased Depreciation and amortization of $32 million primarily due to incremental depreciation associated with recent acquisitions, partially offset by a decrease due to the Rockies divestiture.
Current wording
•Increased Depreciation and amortization of $41 million primarily due to incremental depreciation associated with recent acquisitions and other assets placed in service, partially offset by a decrease due to the Rockies divestiture.
Previous wording
Net interest and other financial costs increased $62 million primarily due to increased borrowings in 2025 to fund acquisitions.
Current wording
Net interest and other financial costs increased $55 million primarily due to increased borrowings in 2025 to fund acquisitions.
Previous wording
•Increased Service revenue of $28 million primarily due to crude oil and products logistics rate and fee increases of $40 million, contributions from recent acquisitions of $36 million, increased throughput and fee rates in the Marcellus of $30 million, partially offset by the Rockies divestiture of $44 million, decreased pipeline throughput of $29 million and the absence of a non-recurring benefit associated with a customer agreement in 2025 of $7 million.
Current wording
•Increased Service revenue of $86 million primarily due to $98 million of crude oil and products logistics rate and fee increases which includes increased butane blending fees, $70 million from recent acquisitions, and increased throughput and fee rates in the Marcellus of $53 million, partially offset by $81 million due to the Rockies divestiture, decreased pipeline throughput of $52 million, and $7 million due to the absence of non-recurring benefit associated with a customer agreement in 2025.
Previous wording
•Decreased Product related revenue of $139 million primarily due to lower NGL prices in the Southwest, Marcellus and Southern Appalachia of $119 million, $79 million due to the Rockies divestiture, $51 million due to a change in derivative valuation and $27 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025. These decreases were partially offset by higher volumes in the Southwest of $142 million.
Current wording
•Increased Product related revenue of $62 million primarily due to higher NGL sales volumes in the Southwest of $266 million. These increases were partially offset by $123 million due to the Rockies divestiture, derivative impacts of $39 million, lower NGL prices in the Southwest, Marcellus and Southern Appalachia of $18 million and $27 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025.
Previous wording
•Decreased Income from equity method investments of $4 million primarily due to the absence of a $25 million gain in the first quarter of 2025 related to the formation of a new joint venture, Texas City Logistics LLC, partially offset by increased revenue and derivative gains in certain pipeline joint ventures. See Supplemental Information on Equity Method Investments for additional information regarding the results of our equity method investments.
Current wording
•Increased Income from equity method investments of $6 million primarily driven by higher throughput and fee rates in certain processing and pipeline joint ventures in addition to derivative impacts, partially offset by 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.
Previous wording
•Increased Purchased product costs of $39 million primarily due to higher NGL volumes in the Southwest of $130 million and a change in derivative valuation of $9 million, partially offset by lower NGL prices in the Southwest of $100 million.
Current wording
•Increased Purchased product costs of $194 million primarily due to higher NGL volumes in the Southwest of $219 million and derivative impacts of $9 million, partially offset by $25 million due to the Rockies divestiture and $9 million in lower NGL Prices in the Southwest.
Previous wording
•Decreased Purchases - related parties of $22 million primarily due to the Rockies divestiture of $24 million and lower related party transportation costs of $21 million, partially offset by increased costs from MPC.
Current wording
•Decreased Purchases - related parties of $32 million primarily due to lower transportation costs of $56 million and the Rockies divestiture of $33 million, partially offset by increased costs from MPC.
Previous wording
The tables below present additional financial information about our reported segments for the three months ended March 31, 2026 and March 31, 2025.
Current wording
The tables below present additional financial information about our reported segments for the three and six months ended June 30, 2026 and June 30, 2025.
Previous wording
First Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Current wording
Second Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)
Previous wording
Total segment revenues and other income increased $28 million in the first quarter of 2026 compared to the same period of 2025. This was primarily driven by $57 million of rate and fee increases across all business units, partially offset by lower pipeline throughput of $29 million.
Current wording
Total segment revenues and other income increased $53 million in the second quarter of 2026 compared to the same period of 2025. This was primarily driven by $77 million from increased rates and fees across all business units, partially offset by $23 million in lower pipeline throughputs.
Previous wording
Segment Adjusted EBITDA increased $14 million in the first quarter of 2026 compared to the same period of 2025. The increase was driven by $57 million of rate and fee increases across all business units, partially offset by lower pipeline throughput of $29 million and increased operating costs of $12 million driven primarily by higher employee costs from MPC.
Current wording
Segment Adjusted EBITDA increased $37 million in the first six months of 2026 compared to the same period of 2025. The increase was driven by $134 million of rate and fee increases across all business units, partially offset by $52 million in lower pipeline throughputs, increased operating costs of $30 million driven primarily by higher employee costs from MPC, as well as impacts from equity method investments period over period.
Previous wording
First Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Current wording
Second Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)
Previous wording
Segment Adjusted EBITDA decreased $42 million in the first quarter of 2026 compared to the same period of 2025. This decrease is primarily due to the absence of a $37 million non-recurring benefit associated with a customer agreement in 2025, $42 million due to the Rockies divestiture, $24 million due to lower NGL pricing and $11 million due to higher operating expenses, partially offset by impacts from equity method investments of $34 million and contributions from recent acquisitions of $35 million as well as increased volumes.
Current wording
Segment Adjusted EBITDA increased $20 million in the first six months of 2026 compared to the same period of 2025. This increase is primarily due to contributions from recent acquisitions of $77 million, impacts from equity method investments of $56 million, and higher volumes of $37 million, primarily in the Marcellus and Southwest, and $20 million from rate escalations and product margin impacts. These increases were partially offset by $79 million due to the Rockies divestiture, the absence of a $37 million non-recurring benefit associated with a customer agreement in 2025, $33 million due to lower NGL pricing inclusive of derivative impacts, and $19 million due to higher operating expenses.
Previous wording
(3) In addition to the amounts presented Northwind Midstream treated volume during the three months ended March 31, 2026 was 152 MMcf/d.
Current wording
(3) In addition to the amounts presented, sour gas treated volumes for both the three and six months ended June 30, 2026 were 152 MMcf/d.
Previous wording
(6) Purity ethane makes up approximately 249 mbpd and 271 mbpd of MPLX LP consolidated total fractionated products for the three months ended March 31, 2026 and March 31, 2025, respectively. Purity ethane makes up approximately 271 mbpd and 294 mbpd of MPLX LP Operated total fractionated products for the three months ended March 31, 2026 and March 31, 2025, respectively.
Current wording
(6) Purity ethane makes up approximately 276 mbpd and 250 mbpd of MPLX LP consolidated total fractionated products for the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately 262 mbpd and 260 mbpd of total fractionated products for the six months ended June 30, 2026 and June 30, 2025, respectively. Purity ethane makes up approximately 303 mbpd and 268 mbpd of MPLX LP Operated total fractionated products for the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately 287 mbpd and 281 mbpd of total fractionated products for the six months ended June 30, 2026 and June 30, 2025, respectively.
Previous wording
The following table presents MPLX’s income from equity method investments for the three months ended March 31, 2026 and March 31, 2025:
Current wording
The following table presents MPLX’s income from equity method investments for the three and six months ended June 30, 2026 and June 30, 2025:
Previous wording
(1) The three months ended March 31, 2025 includes a $25 million gain related to the formation of a new joint venture, Texas City Logistics LLC.
Current wording
(1) The six months ended June 30, 2025 includes a $25 million gain related to the formation of a new joint venture, Texas City Logistics LLC.
Previous wording
The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three months ended March 31, 2026 and March 31, 2025:
Current wording
The following table presents the impact of equity method investment distributions and other adjustments included in MPLX’s EBITDA for the three and six months ended June 30, 2026 and June 30, 2025:
Previous wording
Our cash and cash equivalents were $1,506 million at March 31, 2026 and $2,137 million at December 31, 2025. 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 were as follows:
Current wording
Our cash and cash equivalents were $1,031 million at June 30, 2026 and $2,137 million at December 31, 2025. 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 were as follows:
Previous wording
Cash Flows Provided by Operating Activities -Net cash provided by operating activities increased $101 million in the first three months of 2026 compared to the same period of 2025, primarily due to a $159 million lower working capital build and $49 million higher cash distributions from equity method investments during the 2026 period, partially offset by favorable results from operations during the 2025 period.
Current wording
Cash Flows Provided by Operating Activities -Net cash provided by operating activities increased $67 million in the first six months of 2026 compared to the same period of 2025, primarily due to a $107 million higher working capital draw and $58 million higher cash distributions from equity method investments during the 2026 period, partially offset by favorable results from operations during the 2025 period.
Previous wording
Cash Flows Used in Investing Activities -Net cash used in investing activities increased $190 million in the first three months of 2026 compared to the same period of 2025, primarily due to higher capital spending and higher cash contributions to equity method investments to fund current growth capital projects, partially offset by the acquisition of Whiptail Midstream in the first quarter of 2025.
Current wording
Cash Flows Used in Investing Activities -Net cash used in investing activities increased $616 million in the first six months of 2026 compared to the same period of 2025, primarily due to higher capital spending, partially offset by the acquisition of Whiptail Midstream in the first quarter of 2025.
Previous wording
Cash Flows Used in Financing Activities -Financing activities were a $1,187 million net use of cash in the first three months of 2026 compared to a $370 million net source of cash in the same period of 2025. The use of cash during the 2026 period was primarily driven by $1,143 million return of capital to unitholders as net debt borrowings were offset by net debt repayments. The source of cash during the 2025 period was primarily driven by proceeds from the issuance of $2.0 billion aggregate principal amount of senior notes, partially offset by the repayment of $500 million aggregate principal amount of senior notes and $1,078 million return of capital to unitholders.
Current wording
Cash Flows Used in Financing Activities -Net cash used in financing activities increased $424 million in the first six months of 2026 compared to the same period of 2025. The use of cash during the 2026 period was primarily driven by $2,285 million return of capital to unitholders as net debt borrowings were offset by net debt repayments. The use of cash during the 2025 period was primarily driven by $2,154 million return of capital to unitholders and the repayment of $1.70 billion aggregate principal amount of senior notes, partially offset by proceeds from the issuance of $2.0 billion aggregate principal amount of senior notes.
Previous wording
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three months ended March 31, 2026 and March 31, 2025.
Current wording
The following table provides a reconciliation of Adjusted FCF and Adjusted FCF after distributions from net cash provided by operating activities for the three and six months ended June 30, 2026 and June 30, 2025.
Previous wording
On April 7, 2026, MPLX entered into a new revolving credit facility to replace the previously existing MPLX Credit Agreement, which was scheduled to expire July 2027. The new MPLX revolving credit facility is for a five-year term which will expire April 2031. MPLX’s total capacity under the new revolving credit facility increased from $2.0 billion to $2.5 billion and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million.
Current wording
On April 7, 2026, MPLX entered into a new revolving credit facility to replace the previously existing credit facility, which was scheduled to expire July 2027. The new MPLX revolving credit facility is for a five-year term which will expire April 2031. MPLX’s total capacity under the new revolving credit facility increased from $2.0 billion to $2.5 billion and includes sub-facilities for swing-line loans of up to $150 million and letters of credit of up to $150 million.
Previous wording
The MPLX Credit Agreement was to mature in July 2027 and contains certain representations and warranties, affirmative and restrictive covenants and events of default that we consider to be usual and customary for an agreement of this type. As of March 31, 2026, we were in compliance with such covenants.
Current wording
The MPLX Credit Agreement contains certain representations and warranties, covenants and restrictions, including financial covenants, and events of default that we consider to be usual and customary for an agreement of this type. As of June 30, 2026, we were in compliance with such covenants.
Previous wording
As of March 31, 2026, we had $1.1 billion remaining under the unit repurchase authorizations.
Current wording
As of June 30, 2026, we had $1.0 billion remaining under the unit repurchase authorizations.
Previous wording
On April 28, 2026, MPLX declared a cash distribution for the first quarter of 2026, totaling $1,092 million, or $1.0765 per common unit. This distribution will be paid on May 15, 2026, to common unitholders of record on May 8, 2026. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
Current wording
On July 28, 2026, MPLX declared a cash distribution for the second quarter of 2026, totaling $1,092 million, or $1.0765 per common unit. This distribution will be paid on August 14, 2026, to common unitholders of record on August 7, 2026. Although our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) each quarter, we do not otherwise have a legal obligation to distribute any particular amount per common unit.
Previous wording
The allocation of total cash distributions is as follows for the three months ended March 31, 2026 and March 31, 2025. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period for which the distributions relate as opposed to the quarter in which they were declared and paid.
Current wording
The allocation of total cash distributions is as follows for the three and six months ended June 30, 2026 and June 30, 2025. MPLX’s distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period for which the distributions relate as opposed to the quarter in which they were declared and paid.
Previous wording
For 2026, we announced a capital outlook of $2.7 billion, net of reimbursements, and excluding potential acquisitions, if any, which includes growth capital of $2.4 billion and maintenance capital of $300 million. Our growth capital plans are focused on expanding our Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support producer activity, and investing in new gas processing plants in the Marcellus and Permian. The remainder of our capital plan targets the debottlenecking of existing assets to meet customer demand. We continuously evaluate our capital plan and make changes as conditions warrant.
Current wording
MPLX’s capital outlook for 2026 is $3.2 billion, net of reimbursements, and excluding potential acquisitions, if any, is comprised of growth capital of $2.9 billion and maintenance capital of $300 million. Our growth capital plans are focused on expanding our Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support producer activity, and investing in new gas processing plants in the Marcellus and Permian. The remainder of our capital plan targets the debottlenecking of existing assets to meet customer demand. We continuously evaluate our capital plan and make changes as conditions warrant. As a result, MPLX increased its 2026 growth capital spending outlook by $500 million to $2.9 billion, primarily reflecting the accelerated execution of the expansion of Gulf Coast fractionation and export facilities to meet global demand for U.S. energy.
Previous wording
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows.
Current wording
(1) Investments in unconsolidated affiliates and additions to property, plant and equipment are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the six months ended June 30, 2025 exclude $151 million related to the acquisition of additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline.
Previous wording
(2) Total growth capital expenditures for the three months ended March 31, 2025 excludes acquisitions of$235 million, net of cash acquired.
Current wording
(3) Total growth capital expenditures for the six months ended June 30, 2025 excludes acquisitions of $235 million, net of cash acquired.
Previous wording
(2) Disclosed amounts include growth capital related to WPC Parent, LLC, including the ADCC Pipeline lateral, Rio Bravo Pipeline, Whistler Pipeline, and our indirect and 12.5 percent direct ownership interest in Blackcomb and Traverse Pipeline Holdings, LLC.
Current wording
(2) Disclosed amounts include growth capital related to WPC Parent, LLC, including the ADCC Pipeline lateral, Bay Runner Pipeline, Whistler Pipeline, and our indirect and 12.5 percent direct ownership interest in Blackcomb and Traverse Pipeline Holdings, LLC.
Previous wording
Project debt at the joint venture level is typically secured by the assets owned by the joint venture and in certain cases, MPLX’s interest in the joint venture, but unless otherwise noted, is non-recourse to MPLX in excess of the value of MPLX’s investment in the joint venture. At March 31, 2026, debt held by our unconsolidated joint ventures based on our equity ownership percentage was $2.0 billion. See Note 16 to the accompanying unaudited consolidated financial statements for more information on MPLX’s guarantees of our joint venture entities’ obligations.
Current wording
Project debt at the joint venture level is typically secured by the assets owned by the joint venture and in certain cases, MPLX’s interest in the joint venture, but unless otherwise noted, is non-recourse to MPLX in excess of the value of MPLX’s investment in the joint venture. At June 30, 2026, debt held by our unconsolidated joint ventures based on our equity ownership percentage was $2.2 billion. See Note 17 to the accompanying unaudited consolidated financial statements for more information on MPLX’s guarantees of our joint venture entities’ obligations.
Previous wording
As of March 31, 2026, our material cash commitments included debt, finance and operating lease obligations, purchase obligations for services and to acquire property, plant and equipment, and other liabilities. During the three months ended March 31, 2026, our debt obligations remained flat. There were no other material changes to our cash commitments outside the ordinary course of business.
Current wording
As of June 30, 2026, our material cash commitments included debt, finance and operating lease obligations, purchase obligations for services and to acquire property, plant and equipment, and other liabilities. During the six months ended June 30, 2026, our debt obligations remained flat. There were no other material changes to our cash commitments outside the ordinary course of business.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•Increased Rental income of $94 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.
Current report — wording carried from elsewhere
•Increased Cost of revenues of $49 million primarily due to higher incremental operating costs as a result of recent acquisitions of $49 million and higher net operating costs and repairs and maintenance costs of $47 million, partially offset by $60 million due to the Rockies divestiture.
Current report — wording carried from elsewhere
•Increased Depreciation and amortization of $73 million primarily due to incremental depreciation associated with recent acquisitions and other assets placed in service, partially offset by a decrease due to the Rockies divestiture.
Current report — wording carried from elsewhere
Net interest and other financial costs increased $117 million primarily due to increased borrowings in 2025 to fund acquisitions.