MPLX LP
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
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Jun 30, 2026 · Filed Aug 4, 2026
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16. Leases
- Leases
During the second quarter of 2026, a refining logistics agreement between MPLX and MPC was renewed which required reassessment of the agreement under ASC 842. As a result of the reassessment, the lease was reclassified from sales-type to operating. Accordingly, property, plant and equipment, net in the amount of $216 million was recognized by MPLX along with a reduction of lease receivable of $102 million and a reduction of unguaranteed residual asset of $100 million. There have been no other significant changes in our operating and sales-type lease obligations since those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025.
The following is a schedule of minimum future rental payments to be received on the non-cancellable operating leases as of June 30, 2026:
| (In millions) | Related Party | Third Party | Total |
|---|---|---|---|
| 2026 | $492 | $52 | $544 |
| 2027 | 924 | 84 | 1,008 |
| 2028 | 618 | 74 | 692 |
| 2029 | 460 | 73 | 533 |
| 2030 | 461 | 58 | 519 |
| 2031 and thereafter | 688 | 184 | 872 |
| Total minimum future rentals | $3,643 | $525 | $4,168 |
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