MPLX LP
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 2026
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14. Revenue
- Revenue
Disaggregation of Revenue
The following tables represent a disaggregation of revenue for each reportable segment for the three and nine months ended September 30, 2026 and September 30, 2025:
| Three Months Ended September 30, 2026 | ||||
|---|---|---|---|---|
| (In millions) · Crude Oil and Products Logistics · Natural Gas and NGL Services · Total | ||||
| Revenues and other income: | ||||
| Service revenue | $94 | $646 | $740 | |
| Service revenue - related parties | 1,178 | 7 | 1,185 | |
| Service revenue - product related(1) | — | 46 | 46 | |
| Product sales(1) | 1 | 668 | 669 | |
| Product sales - related parties | 4 | 144 | 148 | |
| Total revenues from contracts with customers | $1,277 | $1,511 | 2,788 | |
| Non-ASC 606 revenue and other income(2) | 817 | |||
| Total revenues and other income | $3,605 | |||
| Three Months Ended September 30, 2025 | ||||
|---|---|---|---|---|
| (In millions) · Crude Oil and Products Logistics · Natural Gas and NGL Services · Total | ||||
| Revenues and other income: | ||||
| Service revenue | $115 | $635 | $750 | |
| Service revenue - related parties | 1,090 | 4 | 1,094 | |
| Service revenue - product related | — | 64 | 64 | |
| Product sales | 1 | 524 | 525 | |
| Product sales - related parties | 3 | 23 | 26 | |
| Total revenues from contracts with customers | $1,209 | $1,250 | 2,459 | |
| Non-ASC 606 revenue and other income(2) | 1,160 | |||
| Total revenues and other income | $3,619 | |||
| Nine Months Ended September 30, 2026 | ||||
|---|---|---|---|---|
| (In millions) · Crude Oil and Products Logistics · Natural Gas and NGL Services · Total | ||||
| Revenues and other income: | ||||
| Service revenue | $279 | $1,875 | $2,154 | |
| Service revenue - related parties | 3,400 | 19 | 3,419 | |
| Service revenue - product related(1) | — | 135 | 135 | |
| Product sales(1) | 4 | 1,699 | 1,703 | |
| Product sales - related parties | 12 | 329 | 341 | |
| Total revenues from contracts with customers | $3,695 | $4,057 | 7,752 | |
| Non-ASC 606 revenue and other income(2) | 2,203 | |||
| Total revenues and other income | $9,955 | |||
| Nine Months Ended September 30, 2025 | ||||
|---|---|---|---|---|
| (In millions) · Crude Oil and Products Logistics · Natural Gas and NGL Services · Total | ||||
| Revenues and other income: | ||||
| Service revenue | $332 | $1,821 | $2,153 | |
| Service revenue - related parties | 3,237 | 16 | 3,253 | |
| Service revenue - product related | — | 233 | 233 | |
| Product sales | 3 | 1,507 | 1,510 | |
| Product sales - related parties | 9 | 117 | 126 | |
| Total revenues from contracts with customers | $3,581 | $3,694 | 7,275 | |
| Non-ASC 606 revenue and other income(2) | 2,471 | |||
| Total revenues and other income | $9,746 | |||
(1)Contains non-ASC 606 revenue from derivative-related activity as disclosed in Note 11.
(2)Non-ASC 606 Revenue and other income includes rental income, sales-type lease revenue, income from equity method investments, and other income.
Contract Balances
The tables below reflect the changes in ASC 606 contract balances for the nine months ended September 30, 2026 and September 30, 2025:
| (In millions) | Balance at December 31, 2025 | Additions/ (Deletions) | Revenue Recognized(1) | Balance at September 30, 2026 |
|---|---|---|---|---|
| Contract assets | $15 | $(14) | $— | $1 |
| Long-term contract assets | 4 | — | — | 4 |
| Deferred revenue | 13 | 26 | (19) | 20 |
| Deferred revenue - related parties | 66 | 63 | (62) | 67 |
| Long-term deferred revenue | 117 | (13) | — | 104 |
| Long-term deferred revenue - related parties | 45 | 3 | — | 48 |
| (In millions) | Balance at December 31, 2024 | Additions/ (Deletions) | Revenue Recognized(1) | Balance at September 30, 2025 |
|---|---|---|---|---|
| Contract assets | $2 | $10 | $— | $12 |
| Long-term contract assets | — | 4 | — | 4 |
| Deferred revenue | 84 | 22 | (59) | 47 |
| Deferred revenue - related parties | 71 | 66 | (62) | 75 |
| Long-term deferred revenue | 315 | (15) | — | 300 |
| Long-term deferred revenue - related parties | 44 | 1 | — | 45 |
(1)No significant revenue was recognized related to past performance obligations in the periods presented.
Remaining Performance Obligations
The table below includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2026. The amounts presented below are generally limited to fixed consideration from contracts with customers that contain minimum volume commitments.
A significant portion of our future contracted revenue is excluded from the amounts presented below in accordance with ASC 606. Variable consideration that is constrained or not required to be estimated as it reflects our efforts to perform is excluded from this disclosure. Additionally, we do not disclose information on the future performance obligations for any contract with an original expected duration of one year or less, or that are terminable by our customer with little or no termination penalties. Potential future performance obligations related to renewals that have not yet been exercised or are not certain of exercise are excluded from the amounts presented below. Revenues classified as Rental income and Sales-type lease revenue are also excluded from this table.
| (In billions) | |
|---|---|
| 2026 | $0.5 |
| 2027 | 2.0 |
| 2028 | 0.8 |
| 2029 | 0.5 |
| 2030 | 0.4 |
| 2031 and thereafter | 1.2 |
| Total estimated revenue on remaining performance obligations | $5.4 |
As of September 30, 2026, unsatisfied performance obligations included in the Consolidated Balance Sheets are $239 million and will be recognized as revenue as the obligations are satisfied, which is generally expected to occur over the next 19 years. A portion of this amount is not disclosed in the table above as it is deemed variable consideration due to volume variability.
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