Form 8-K

8-K — MPLX LP

Accession: 0001552000-26-000023

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001552000

SIC: 4610 (PIPE LINES (NO NATURAL GAS))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mplx-20260505.htm (Primary)

EX-99.1 (mplxq12026earningsrelease.htm)

GRAPHIC (mplxearningslogoa06a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mplx-20260505.htm · Sequence: 1

mplx-20260505

0001552000false00015520002026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

FORM 8-K

_____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 5, 2026

_____________________________________________

MPLX LP

(Exact name of registrant as specified in its charter)

_____________________________________________

Delaware 001-35714 27-0005456

(State or other jurisdiction

of incorporation) (Commission File Number) (IRS Employer

Identification No.)

200 E. Hardin Street, Findlay, Ohio 45840

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (419) 422-2121

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

symbol(s) Name of each exchange on which registered

Common Units Representing Limited Partnership Interests MPLX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 Results of Operations and Financial Condition

On May 5, 2026, MPLX LP issued a press release announcing its financial results for the quarter ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Information in this Item 2.02 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number

Description

99.1

Press Release issued by MPLX LP on May 5, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MPLX LP

By: MPLX GP LLC, its General Partner

Date: May 5, 2026 By: /s/ C. Kristopher Hagedorn

Name: C. Kristopher Hagedorn

Title: Executive Vice President and Chief Financial Officer

EX-99.1

Filename: mplxq12026earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

MPLX LP Reports First-Quarter 2026 Financial Results

•Delivering mid-single digit growth strategy through expansions of Permian sour gas treating capacity, natural gas and NGL pipelines, and progressing Harmon Creek III processing plant in the Marcellus

•First-quarter net income attributable to MPLX of $912 million and net cash provided by operating activities of $1.3 billion

•Adjusted EBITDA attributable to MPLX of $1.7 billion, reflecting execution of strategic priorities

•Distributable cash flow of $1.4 billion, enabling the return of $1.1 billion of capital

FINDLAY, Ohio, May 5, 2026 - MPLX LP (NYSE: MPLX) today reported first-quarter 2026 net income attributable to MPLX of $912 million, compared with $1,126 million for the first quarter of 2025. The decrease primarily reflects the impacts of derivatives, interest expense, a first-quarter 2025 non-recurring benefit, and depreciation.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,729 million, compared with $1,757 million for the first quarter of 2025. Crude Oil and Products Logistics segment adjusted EBITDA for the first quarter of 2026 was $1,111 million, compared with $1,097 million for the first quarter of 2025. Natural Gas and NGL Services segment adjusted EBITDA for the first quarter of 2026 was $618 million, compared with $660 million for the first quarter of 2025.

During the quarter, MPLX generated $1,347 million in net cash provided by operating activities, $1,408 million of distributable cash flow, and adjusted free cash flow of $549 million. MPLX announced a first-quarter 2026 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.

"We are executing our growth projects anchored in the Permian and Marcellus basins, as we expand the Delaware Basin Sour Gas treating plant to over 400 million cubic feet per day of treating capacity by year end and bring Harmon Creek III into service in the third quarter," said Maryann Mannen, MPLX chairman, president and chief executive officer. "Cash flow from this growth will allow us to reinvest in the business, return capital to unitholders, and is expected to support 12.5% annual distribution growth for two more years."

Financial Highlights (unaudited)

Three Months Ended

March 31,

(In millions, except per unit and ratio data) 2026 2025

Net income attributable to MPLX LP $ 912 $ 1,126

Adjusted EBITDA attributable to MPLX LP(a)

1,729 1,757

Net cash provided by operating activities 1,347 1,246

Distributable cash flow attributable to MPLX LP(a)

1,408 1,486

Distribution per common unit(b)

$ 1.0765 $ 0.9565

Distribution coverage(c)

1.3x 1.5x

Consolidated total debt to LTM adjusted EBITDA(a)(d)

3.7x 3.3x

Cash paid for common unit repurchases $ 50 $ 100

(a) Non-GAAP measures. See reconciliation in the tables that follow.

(b) Distributions declared by the board of directors of MPLX's general partner.

(c) Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

(d) Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.

Segment Results

Crude Oil and Products Logistics

Crude Oil and Products Logistics segment adjusted EBITDA for the first quarter of 2026 increased by $14 million compared to the same period in 2025. The increase was primarily driven by higher rates across the business units, partially offset by lower crude pipeline throughputs.

Operating Statistics (unaudited) Three Months Ended

March 31,

2026 2025 % Change

Total MPLX

Pipeline throughput (mbpd) 5,702 5,928 (4) %

Average pipeline tariff rates ($ per barrel)

$ 1.05 $ 1.06 (1) %

Terminal throughput (mbpd)

2,976 3,095 (4) %

Segment adjusted EBITDA (in millions) $ 1,111 $ 1,097 1 %

Natural Gas and NGL Services

Natural Gas and NGL Services segment adjusted EBITDA for the first quarter of 2026 decreased by $42 million compared to the same period in 2025. The decrease was driven by a $37 million non-recurring benefit associated with a customer agreement in the first quarter of 2025, lower natural gas liquids prices, and higher operating expenses, which more than offset growth from equity affiliates and increased volumes.

Operating Statistics (unaudited) Three Months Ended

March 31,

2026 2025 % Change

Total MPLX

Gathering throughput (MMcf/d) 6,488 6,516 — %

Natural gas processed (MMcf/d) 9,406 9,781 (4) %

C2 + NGLs fractionated (mbpd) 634 660 (4) %

Segment adjusted EBITDA (in millions) $ 618 $ 660 (6) %

Strategic Update

MPLX is investing 90% of its $2.4 billion organic growth capital plan toward opportunities to meet growing natural gas and NGL infrastructure needs. With projects concentrated in the Permian and Marcellus, two of the most prolific and competitive basins in North America, investments in these value chains reflect the partnership's confidence in the long-term fundamentals of the energy market, offer some of the most compelling investments in the midstream sector, and are expected to generate mid-teens returns.

Investment

Details

MPLX Ownership

Expected In-Service

Harmon Creek III 300 million cubic feet per day

(MMcf/d) gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer

100% 3Q26

Bay Runner and Rio Bravo Pipelines Up to 5.3 billion cubic feet per day (Bcf/d) of natural gas transport capacity between Agua Dulce, Texas, and Brownsville, Texas 30% Bay Runner: 3Q26

Rio Bravo: 2029

Titan Complex Increasing sour gas treating capacity from 150 MMcf/d to over 400 MMcf/d 100% 4Q26

BANGL Pipeline Expansion from 250 mbpd to 300 mbpd 100% 4Q26

Blackcomb Pipeline 2.5 Bcf/d pipeline connecting Permian supply to Agua Dulce, Texas 34% 4Q26

Traverse Pipeline 2.5 Bcf/d pipeline designed to transport natural gas between Agua Dulce, Texas and Katy, Texas 34% 2H27

Gulf Coast Fractionators Two 150 mbpd fractionation facilities near MPC’s Galveston Bay refinery 100% Frac I: 2028

Frac II: 2029

Gulf Coast LPG Export Terminal JV 400 mbpd LPG export terminal 50% 2028

Marcellus Gathering System Expansion Supports producer activity near MPLX’s Majorsville gas processing complex 100% 1H28

Eiger Express Pipeline 3.7 Bcf/d pipeline connecting Permian supply to Katy, Texas 22% Mid-2028

Secretariat II 300 MMcf/d gas processing plant in the Delaware Basin 100% 2H28

Financial Position and Liquidity

As of March 31, 2026, MPLX had $1.5 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.

Effective April 7, 2026, MPLX replaced its previous revolving credit facility with a new five-year, $2.5 billion facility, an increase of $500 million, extending the term to April 2031.

The partnership repurchased $50 million of common units held by the public in the first quarter of 2026. As of March 31, 2026, MPLX had approximately $1.1 billion remaining available under its unit repurchase authorizations.

Conference Call

At 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.

Investor Relations Contact: (419) 421-2071

Kristina Kazarian, Vice President Finance and Investor Relations

Brian Worthington, Senior Director, Investor Relations

Isaac Feeney, Director, Investor Relations

Evan Heminger, Analyst, Investor Relations

Media Contact: (419) 421-3577

Jamal Kheiry, Communications Manager

Non-GAAP references

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions.

Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.

DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.

Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.

Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.

The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.

Forward-Looking Statements

This press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX’s expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as “advance,” “anticipate,” “believe,” “commitment,” “confidence," “continue,” “could,” “design,” “drive,” “endeavor,” “estimate,” “expect,” “focus,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “opportunity,” “outlook,” “plan,” “policy,” “position,” “potential,” “predict,” “priority,” “progress,” “project,” “prospective,” “pursue,” “seek,” “should,” “strategy,” “strive,” “support,” “target,” “trends,” “will,” “would” or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX’s actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids (“NGLs”) or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation, rising interest rates or government shutdowns; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow

distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products; increased pricing volatility or supply disruptions due to the U.S.-Iran conflict and market reactions thereto, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisitions of Northwind Delaware Holdings LLC and BANGL, LLC; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC’s obligations under MPLX’s commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; compliance costs and uncertainty associated with cap and invest programs or similar arrangements or programs in California or other jurisdictions; other risk factors inherent to MPLX’s industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading “Risk Factors” and “Disclosures Regarding Forward-Looking Statements” in MPLX’s and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2025, and in other filings with the SEC.

Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.

Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC’s website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office.

Condensed Consolidated Results of Operations (unaudited) Three Months Ended

March 31,

(In millions, except per unit data) 2026 2025

Revenues and other income:

Operating revenue $ 1,304 $ 1,420

Operating revenue - related parties 1,502 1,467

Income from equity method investments 182 186

Other income 50 51

Total revenues and other income 3,038 3,124

Costs and expenses:

Operating expenses (including purchased product costs) 918 867

Operating expenses - related parties 398 420

Depreciation and amortization 358 326

General and administrative expenses 114 112

Other taxes 36 33

Total costs and expenses 1,824 1,758

Income from operations 1,214 1,366

Net interest and other financial costs 291 229

Income before income taxes 923 1,137

Provision for income taxes 1 1

Net income 922 1,136

Less: Net income attributable to noncontrolling interests 10 10

Net income attributable to MPLX LP $ 912 $ 1,126

Per Unit Data

Net income attributable to MPLX LP per limited partner unit:

Common – basic $ 0.90 $ 1.10

Common – diluted $ 0.90 $ 1.10

Weighted average limited partner units outstanding:

Common units – basic 1,015 1,020

Common units – diluted 1,015 1,020

Select Financial Statistics (unaudited) Three Months Ended

March 31,

(In millions, except ratio data) 2026 2025

Common unit distributions declared by MPLX LP

Common units (LP) – public $ 395 $ 357

Common units – MPC 697 619

Total LP distribution declared 1,092 976

Other Financial Data

Adjusted EBITDA attributable to MPLX LP(a)

1,729 1,757

DCF attributable to MPLX LP(a)

$ 1,408 $ 1,486

Distribution coverage(b)

1.3x 1.5x

Cash Flow Data

Net cash flow provided by (used in):

Operating activities $ 1,347 $ 1,246

Investing activities (791) (601)

Financing activities $ (1,187) $ 370

(a) Non-GAAP measure. See reconciliation below.

(b) Beginning with the three months ended March 31, 2025, distribution coverage is defined as DCF attributable to MPLX LP divided by total LP distributions, as a result of the conversion of the remaining Series A preferred units to common units in February 2025.

Financial Data (unaudited)

(In millions, except ratio data) March 31, 2026 December 31, 2025

Cash and cash equivalents $ 1,506 $ 2,137

Total assets 42,933 43,005

Total debt(a)

25,634 25,653

Total equity $ 14,297 $ 14,528

Consolidated debt to LTM adjusted EBITDA(b)

3.7x 3.7x

Partnership units outstanding:

MPC-held common units 647 647

Public common units 368 368

(a) There were no borrowings on the loan agreement with MPC as of March 31, 2026 or December 31, 2025. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.

(b) Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $26,006 million as of March 31, 2026, and $26,006 million as of December 31, 2025.

Operating Statistics (unaudited) Three Months Ended

March 31,

2026 2025 % Change

Crude Oil and Products Logistics

Pipeline throughput (mbpd)

Crude oil pipelines 3,683 3,908 (6) %

Product pipelines 2,019 2,020 0 %

Total pipelines 5,702 5,928 (4) %

Average tariff rates ($ per barrel)

Crude oil pipelines $ 1.03 $ 1.03 — %

Product pipelines 1.09 1.11 (2) %

Total pipelines $ 1.05 $ 1.06 (1) %

Terminal throughput (mbpd) 2,976 3,095 (4) %

Barges in operation 320 319 — %

Towboats in operation 30 29 3 %

Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(a)

Three Months Ended

March 31,

2026 2025 % Change

Gathering throughput (MMcf/d)

Marcellus Operations 1,577 1,500 5 %

Utica Operations — 268 (100) %

Southwest Operations 1,989 1,785 11 %

Bakken Operations 146 175 (17) %

Rockies Operations — 548 (100) %

Total gathering throughput 3,712 4,276 (13) %

Natural gas processed (MMcf/d)

Marcellus Operations 4,452 4,325 3 %

Utica Operations(b)

— — — %

Southwest Operations 1,973 1,879 5 %

Southern Appalachia Operations 190 188 1 %

Bakken Operations 145 174 (17) %

Rockies Operations — 600 (100) %

Total natural gas processed 6,760 7,166 (6) %

C2 + NGLs fractionated (mbpd)

Marcellus Operations 549 566 (3) %

Utica Operations(b)

— — — %

Other 21 30 (30) %

Total C2 + NGLs fractionated 570 596 (4) %

(a) Includes operating data for entities that have been consolidated into the MPLX financial statements.

(b) The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica.

Excluding Divested Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(b)

Three Months Ended

March 31,

2026 2025 % Change

Total gathering throughput (MMcf/d) 3,712 3,460 7 %

Total natural gas processed (MMcf/d) 6,760 6,566 3 %

Total C2 + NGLs fractionated (mbpd) 570 591 (4) %

(a) Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.

(b) Includes operating data for entities that have been consolidated into the MPLX financial statements.

Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(a)

Three Months Ended

March 31,

2026 2025 % Change

Gathering throughput (MMcf/d)

Marcellus Operations 1,577 1,500 5 %

Utica Operations 2,776 2,438 14 %

Southwest Operations 1,989 1,785 11 %

Bakken Operations 146 175 (17) %

Rockies Operations — 618 (100) %

Total gathering throughput 6,488 6,516 — %

Natural gas processed (MMcf/d)

Marcellus Operations 6,160 5,975 3 %

Utica Operations 938 965 (3) %

Southwest Operations 1,973 1,879 5 %

Southern Appalachia Operations 190 188 1 %

Bakken Operations 145 174 (17) %

Rockies Operations — 600 (100) %

Total natural gas processed 9,406 9,781 (4) %

C2 + NGLs fractionated (mbpd)

Marcellus Operations 549 566 (3) %

Utica Operations 64 64 — %

Other 21 30 (30) %

Total C2 + NGLs fractionated 634 660 (4) %

(a) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

Excluding Divested Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Operated(b)

Three Months Ended

March 31,

2026 2025 % Change

Total gathering throughput (MMcf/d) 6,488 5,898 10 %

Total natural gas processed (MMcf/d) 9,406 9,181 2 %

Total C2 + NGLs fractionated (mbpd) 634 655 (3) %

(a) Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.

(b) Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments.

Reconciliation of Segment Adjusted EBITDA to Net Income (unaudited) Three Months Ended

March 31,

(In millions) 2026 2025

Crude Oil and Products Logistics segment adjusted EBITDA attributable to MPLX LP

$ 1,111 $ 1,097

Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP

618 660

Adjusted EBITDA attributable to MPLX LP 1,729 1,757

Depreciation and amortization (358) (326)

Net interest and other financial costs (291) (229)

Income from equity method investments 182 186

Distributions/adjustments related to equity method investments (251) (227)

Adjusted EBITDA attributable to noncontrolling interests 11 11

Other(a)

(100) (36)

Net income $ 922 $ 1,136

(a) Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items.

Reconciliation of Segment Adjusted EBITDA to Income from Operations (unaudited) Three Months Ended

March 31,

(In millions) 2026 2025

Crude Oil and Products Logistics

Segment adjusted EBITDA

$ 1,111 $ 1,097

Depreciation and amortization (143) (133)

Income from equity method investments 62 56

Distributions/adjustments related to equity method investments (72) (72)

Other (21) (17)

Natural Gas and NGL Services

Segment adjusted EBITDA 618 660

Depreciation and amortization (215) (193)

Income from equity method investments 120 130

Distributions/adjustments related to equity method investments (179) (155)

Adjusted EBITDA attributable to noncontrolling interests 11 11

Other (78) (18)

Income from operations $ 1,214 $ 1,366

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Income (unaudited) Three Months Ended

March 31,

(In millions) 2026 2025

Net income $ 922 $ 1,136

Provision for income taxes 1 1

Net interest and other financial costs 291 229

Income from operations 1,214 1,366

Depreciation and amortization 358 326

Income from equity method investments (182) (186)

Distributions/adjustments related to equity method investments 251 227

Other 99 35

Adjusted EBITDA 1,740 1,768

Adjusted EBITDA attributable to noncontrolling interests (11) (11)

Adjusted EBITDA attributable to MPLX LP 1,729 1,757

Deferred revenue impacts (1) (18)

Sales-type lease payments, net of income 13 13

Adjusted net interest and other financial costs(a)

(284) (219)

Maintenance capital expenditures, net of reimbursements (53) (35)

Equity method investment maintenance capital expenditures paid out (4) (5)

Other 8 (7)

DCF attributable to MPLX LP $ 1,408 $ 1,486

(a) Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited) Last Twelve Months

March 31, December 31,

(In millions) 2026 2025 2025

LTM Net income $ 4,738 $ 4,478 $ 4,952

Provision for income taxes 8 10 8

Net interest and other financial costs 1,045 915 983

LTM income from operations 5,791 5,403 5,943

Depreciation and amortization 1,383 1,292 1,351

Income from equity method investments (693) (831) (697)

Distributions/adjustments related to equity method investments 986 955 962

Gain on equity method investments (484) — (484)

Gain on sale of assets (159) — (159)

Transaction-related costs(a)

33 — 33

Other 176 111 112

LTM Adjusted EBITDA 7,033 6,930 7,061

Adjusted EBITDA attributable to noncontrolling interests (44) (44) (44)

LTM Adjusted EBITDA attributable to MPLX LP 6,989 6,886 7,017

Consolidated total debt(b)

$ 26,006 $ 22,708 $ 26,006

Consolidated total debt to LTM adjusted EBITDA(c)

3.7x 3.3x 3.7x

(a) Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.

(b) Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.

Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to MPLX LP from Net Cash Provided by Operating Activities (unaudited) Three Months Ended

March 31,

(In millions) 2026 2025

Net cash provided by operating activities $ 1,347 $ 1,246

Changes in working capital items 71 230

All other, net (11) 2

Adjusted net interest and other financial costs(a)

284 219

Other adjustments related to equity method investments 14 39

Other 35 32

Adjusted EBITDA 1,740 1,768

Adjusted EBITDA attributable to noncontrolling interests (11) (11)

Adjusted EBITDA attributable to MPLX LP 1,729 1,757

Deferred revenue impacts (1) (18)

Sales-type lease payments, net of income 13 13

Adjusted net interest and other financial costs(a)

(284) (219)

Maintenance capital expenditures, net of reimbursements (53) (35)

Equity method investment maintenance capital expenditures paid out (4) (5)

Other 8 (7)

DCF attributable to MPLX LP $ 1,408 $ 1,486

(a) Represents Net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions (unaudited) Three Months Ended

March 31,

(In millions) 2026 2025

Net cash provided by operating activities(a)

$ 1,347 $ 1,246

Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow

Net cash used in investing activities (791) (601)

Contributions from MPC 4 7

Distributions to noncontrolling interests (11) (11)

Adjusted free cash flow 549 641

Distributions paid to common and preferred unitholders (1,093) (978)

Adjusted free cash flow after distributions $ (544) $ (337)

(a) The three months ended March 31, 2026 and March 31, 2025 include working capital builds of $71 million and $230 million, respectively.

Capital Expenditures (unaudited) Three Months Ended

March 31,

(In millions) 2026 2025

Capital Expenditures:

Growth capital expenditures $ 608 $ 220

Growth capital reimbursements (35) (27)

Investments in unconsolidated affiliates(a)

237 119

Capitalized interest (19) (5)

Total growth capital expenditures(b)

791 307

Maintenance capital expenditures 57 48

Maintenance capital reimbursements (4) (13)

Capitalized interest (1) (1)

Total maintenance capital expenditures 52 34

Total growth and maintenance capital expenditures 843 341

Investments in unconsolidated affiliates(a)

(237) (119)

Growth and maintenance capital reimbursements(c)

39 40

(Increase)/Decrease in capital accruals (90) (1)

Capitalized interest 20 6

Additions to property, plant and equipment $ 575 $ 267

(a) 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.

(b) Total growth capital expenditures for the three months ended March 31, 2025 excludes acquisitions of $235 million, net of cash acquired.

(c) Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows.

GRAPHIC

Filename: mplxearningslogoa06a.jpg · Sequence: 6

Binary file (27308 bytes)

Download mplxearningslogoa06a.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Document and Entity Information

May 05, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 05, 2026

Entity Registrant Name

MPLX LP

Entity Incorporation, State or Country Code

Entity File Number

001-35714

Entity Tax Identification Number

27-0005456

Entity Address, Address Line One

200 E. Hardin Street

Entity Address, City or Town

Findlay

Entity Address, State or Province

Entity Address, Postal Zip Code

45840

City Area Code

419

Local Phone Number

422-2121

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Units Representing Limited Partnership Interests

Trading Symbol

MPLX

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Entity Central Index Key

0001552000

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration