MPLX LP

Previous wording

•the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned or recently completed acquisitions or other transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;

Current wording

•the ability to realize expected returns or other benefits on planned, anticipated, ongoing or completed projects or transactions, including the recently announced divestiture of logistics assets associated with the St. Paul Park and Mandan refineries and the acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC;

Previous wording

•the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframe, if at all;

Current wording

•the timing and ability to obtain necessary regulatory approvals and permits and to satisfy other conditions necessary to complete planned projects or to consummate planned transactions within the expected timeframe, if at all, including the recently announced divestiture of logistic assets associated with the St. Paul Park and Mandan refineries;

Previous wording

•Second-quarter net income attributable to MPLX of $1.1 billion and net cash provided by operating activities of $1.7 billion

Current wording

•Third-quarter net income attributable to MPLX of $1.2 billion and net cash provided by operating activities of $1.5 billion

Previous 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

Current wording

•Adjusted EBITDA attributable to MPLX of $1.9 billion and distributable cash flow of $1.5 billion, enabling the return of $1.1 billion of capital

Previous wording

•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 wording

•Executing Natural Gas and NGL value chain growth strategy; Harmon Creek III processing plant began operations in August; progressing expansion and integration of our Permian sour gas treating facility

Previous wording

We continue to see production increases across our key operating regions. In the Marcellus and Utica, rig counts remain steady and volumes remain strong. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, rising gas-oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand as a result of LNG facilities coming online in the Gulf Coast supporting international demand will accelerate over the next few years, as well as increased electricity generation required for data centers and overall electric grid demand. As demand rises, MPLX is well-positioned to support the development plans of its producer-customers. Additionally, we believe MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.

Current wording

We continue to see production increases across our key operating regions. The Marcellus continues to see steady rig counts and production volumes, while Utica production has increased despite lower rig activity. Producer consolidation further illustrates the value in the liquids-rich acreage of the Utica, where condensate development activity continues to increase. In the Permian, rising gas-oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand to accelerate over the next few years as a result of LNG facilities coming online in the Gulf Coast supporting international demand, as well as increased electricity generation required for data centers and overall rising electric grid demand. As demand rises, MPLX is well-positioned to support the development plans of its producer-customers. Additionally, we believe MPLX is protected from significant volatility in our Crude Oil and Products Logistics segment and in the Marcellus and Utica regions due to our business model structured around long-term take-or-pay and capacity contracts.

Previous wording

•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 wording

•Increased Service revenue of $81 million primarily due to $63 million of crude oil and products logistics rate and fee increases which includes increased butane blending, $27 million of higher throughput and rates in the Marcellus and $19 million from recent acquisitions, partially offset by $37 million due to the Rockies divestiture.

Previous 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.

Current wording

•Increased Rental income of $60 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

•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 wording

•Increased Product related revenue of $248 million primarily due to higher NGL prices in the Southwest, Marcellus, Southern Appalachia and Bakken of $169 million, and higher NGL sales volumes in the Southwest of $152 million. These increases were partially offset by $45 million due to the Rockies divestiture and $29 million due to derivative impacts.

Previous 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:

Current wording

Total costs and expenses increased by $311 million in the third quarter of 2026 compared to the same period of 2025 primarily due to:

Previous 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.

Current wording

•Increased Cost of revenues of $16 million primarily due to $18 million of incremental operating costs as a result of recent acquisitions.

Previous wording

•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 wording

•Increased Purchased product costs of $241 million primarily due to higher NGL prices in the Southwest of $154 million and higher NGL volumes in the Southwest of $108 million, partially offset by $31 million due to the Rockies divestiture.

Previous 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.

Current wording

•Increased Depreciation and amortization of $32 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 $55 million primarily due to increased borrowings in 2025 to fund acquisitions.

Current wording

Net interest and other financial costs increased $57 million primarily due to increased borrowings in 2025 to fund acquisitions.

Previous 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.

Current wording

•Increased Service revenue of $167 million primarily due to $172 million of crude oil and products logistics rate and fee increases which includes increased butane blending, $86 million from recent acquisitions, and increased throughput and fee rates in the Marcellus of $78 million, partially offset by $118 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

•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 wording

•Increased Rental income of $154 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

•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.

Current wording

•Increased Product related revenue of $310 million primarily due to higher NGL sales volumes in the Southwest of $417 million, and higher NGL prices in the Southwest, Marcellus, Southern Appalachia and Bakken of $152 million. These increases were partially offset by $168 million due to the Rockies divestiture, derivative impacts of $68 million and $27 million due to the absence of a non-recurring benefit associated with a customer agreement in 2025.

Previous 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.

Current wording

•Increased Income from equity method investments of $102 million primarily due to derivative impacts as well as higher throughput and fee rates in certain processing and pipeline joint ventures, 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

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 wording

Total costs and expenses increased by $601 million in the first nine months of 2026 compared to the same period of 2025 primarily due to:

Previous wording

•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 wording

•Increased Cost of revenues of $65 million primarily due to higher incremental operating costs as a result of recent acquisitions of $67 million and higher net operating costs and repairs and maintenance costs of $60 million, partially offset by $67 million due to the Rockies divestiture.

Previous 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.

Current wording

•Increased Purchased product costs of $435 million primarily due to higher NGL volumes in the Southwest of $325 million and higher NGL prices in the Southwest of $146 million, partially offset by $55 million due to the Rockies divestiture.

Previous wording

•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 wording

•Increased Depreciation and amortization of $105 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 $117 million primarily due to increased borrowings in 2025 to fund acquisitions.

Current wording

Net interest and other financial costs increased $174 million primarily due to increased borrowings in 2025 to fund acquisitions.

Previous 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.

Current wording

The tables below present additional financial information about our reported segments for the three and nine months ended September 30, 2026 and September 30, 2025.

Previous wording

Second Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)

Current wording

Third Quarter Crude Oil and Products Logistics Segment Financial Highlights (in millions)

Previous 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.

Current wording

Total segment revenues and other income increased $108 million in the third quarter of 2026 compared to the same period of 2025. This was primarily driven by $85 million from increased rates and fees across the business units including increased butane blending.

Previous 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.

Current wording

Segment Adjusted EBITDA increased $67 million in the third quarter of 2026 compared to the same period of 2025. The increase was primarily driven by $85 million from increased rates and fees across the business units including increased butane blending, lower project related expense of $20 million, partially offset by increased operating costs of $40 million driven primarily by higher employee incentive compensation costs from MPC.

Previous wording

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 wording

Total segment revenues and other income increased $189 million in the first nine months of 2026 compared to the same period of 2025. This was primarily driven by $219 million from increased rates and fees across the business units including increased butane blending, partially offset by $52 million in lower pipeline throughputs.

Previous wording

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 wording

Segment Adjusted EBITDA increased $104 million in the first nine months of 2026 compared to the same period of 2025. The increase was driven by $219 million from increased rates and fees across the business units including increased butane blending, partially offset by $52 million in lower pipeline throughputs and increased operating costs of $70 million, driven primarily by higher employee incentive compensation costs from MPC.

Previous wording

Second Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)

Current wording

Third Quarter Natural Gas and NGL Services Segment Financial Highlights (in millions)

Previous wording

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 wording

Total segment revenues and other income decreased $122 million in the third quarter of 2026 compared to the same period of 2025 primarily due to the recognition of a $484 million gain from the BANGL Acquisition in the third quarter of 2025. Revenues in the third quarter of 2026 increased $169 million due to higher NGL prices in the Southwest, Marcellus, Southern Appalachia and Bakken, $152 million due to higher NGL sales volumes in the Southwest, $27 million from increased throughput volumes and rates in the Marcellus, and contributions from recent acquisitions of $19 million. These increases were partially offset by $82 million due to the Rockies divestiture and $29 million due to derivative impacts.

Previous wording

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 wording

Segment Adjusted EBITDA increased $26 million in the third quarter of 2026 compared to the same period of 2025. This increase is primarily due to higher volumes of $25 million, primarily in the Marcellus, $26 million from rate escalations and product margin impacts, and contributions from recent acquisitions of $14 million. These increases were partially offset by $34 million due to the Rockies divestiture and $15 million due to higher operating expenses including higher employee incentive compensation costs from MPC.

Previous wording

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 wording

Income from equity method investments increased $91 million in the first nine months of 2026 compared to the same period of 2025 primarily due to derivative impacts as well as higher throughput and fee rates in certain processing and pipeline joint ventures, partially offset by a $25 million gain in the first nine 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.

Previous 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.

Current wording

Segment Adjusted EBITDA increased $46 million in the first nine months of 2026 compared to the same period of 2025. This increase is primarily due to contributions from recent acquisitions of $91 million, higher volumes of $72 million, primarily in the Marcellus, impacts from equity method investments of $64 million, and rate escalations and product margin impacts of $46 million. These increases were partially offset by $111 million due to the Rockies divestiture, the absence of a $37 million non- recurring benefit associated with a customer agreement in 2025, $36 million due to lower NGL pricing inclusive of derivative impacts, and $34 million due to higher operating expenses including higher employee incentive compensation costs from MPC.

Previous 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.

Current wording

(6) Purity ethane makes up approximately 281 mbpd and 279 mbpd of MPLX LP consolidated total fractionated products for the three months ended September 30, 2026 and September 30, 2025, respectively, and approximately 269 mbpd and 267 mbpd of total fractionated products for the nine months ended September 30, 2026 and September 30, 2025, respectively. Purity ethane makes up approximately 311 mbpd and 300 mbpd of MPLX LP Operated total fractionated products for the three months ended September 30, 2026 and September 30, 2025, respectively, and approximately 295 mbpd and 287 mbpd of total fractionated products for the nine months ended September 30, 2026 and September 30, 2025, respectively.

Previous 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:

Current wording

The following table presents MPLX’s income from equity method investments for the three and nine months ended September 30, 2026 and September 30, 2025:

Previous 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.

Current wording

(1) The nine months ended September 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 and six months ended June 30, 2026 and June 30, 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 nine months ended September 30, 2026 and September 30, 2025:

Previous 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:

Current wording

Our cash and cash equivalents were $1,297 million at September 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 $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.

Current wording

Cash Flows Provided by Operating Activities -Net cash provided by operating activities increased $113 million in the first nine months of 2026 compared to the same period of 2025, primarily due to a favorable change in working capital of $93 million when comparing the change in working capital in both periods, and $54 million higher cash distributions from equity method investments during the 2026 period, partially offset by lower results from operations in 2026 compared to the 2025 period.