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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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 September 30, 2026:
| (In millions) | Related Party | Third Party | Total |
|---|---|---|---|
| 2026 | $246 | $24 | $270 |
| 2027 | 935 | 84 | 1,019 |
| 2028 | 630 | 75 | 705 |
| 2029 | 473 | 73 | 546 |
| 2030 | 474 | 59 | 533 |
| 2031 and thereafter | 763 | 185 | 948 |
| Total minimum future rentals | $3,521 | $500 | $4,021 |
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