MPLX LPMPLX

MPLX LP Leases Disclosure

10-KFiled Feb 26, 20262 min read
Lessee
We lease a wide variety of facilities and equipment under leases from third parties, including land and building space, office and field equipment, storage facilities and transportation equipment, while our related party leases primarily relate to ground leases associated with our refining logistics assets. Our remaining lease terms range from less than one year to 93 years. Some long-term leases include renewal options ranging from one year to 50 years and, in certain leases, also include purchase options. Renewal options and termination options were not included in the measurement of ROU assets and lease liabilities since it was determined they were not reasonably certain to be exercised.
The components of lease cost were as follows:
202520242023
(In millions)Related PartyThird
Party		Related
Party		Third
Party		Related
Party		Third
Party
Components of lease costs:
Operating lease costs$15 $60 $14 $58 $14 $56 
Finance lease cost:
Amortization of ROU assets— 2 — 1 — 1 
Interest on lease liabilities — 1 — — — — 
Total finance lease cost— 3 — 1 — 1 
Variable lease cost4 14 4 12 4 10 
Short-term lease cost1 70 1 71 1 61 
Total lease cost$20 $147 $19 $142 $19 $128 
Supplemental balance sheet data related to leases were as follows:
December 31, 2025December 31, 2024
(In millions, except % and years)Related PartyThird PartyRelated PartyThird Party
Operating leases
Assets
Right of use assets$239 $276 $226$273
Liabilities
Operating lease liabilities2 53 245
Long-term operating lease liabilities237 217 224217
Total operating lease liabilities$239 $270 $226$262
Weighted average remaining lease term40 years7 years42 years8 years
Weighted average discount rate5.8 %4.3 %5.8 %4.2 %
Finance leases
Assets
Property, plant and equipment, gross$12 $10
Less: Accumulated depreciation6 5
Property, plant and equipment, net6 5
Liabilities
Long-term debt due within one year2 1
Long-term debt4 5
Total finance lease liabilities$6 $6
Weighted average remaining lease term21 years22 years
Weighted average discount rate5.8 %6.0 %
As of December 31, 2025, maturities of lease liabilities for operating lease obligations and finance lease obligations having initial or remaining non-cancellable lease terms in excess of one year are as follows:
(In millions)Related Party Operating
Leases		Third Party Operating
Leases 		Finance
Leases
2026$16 $62 $3 
202716 54 2 
202816 47 — 
202915 36 — 
203015 28 — 
2031 and thereafter537 84 7 
Gross lease payments615 311 12 
Less: Imputed interest376 41 6 
Total lease liabilities$239 $270 $6 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 26, 2021
2018Feb 28, 2019
2017Feb 28, 2018
2016Feb 24, 2017
2015Feb 26, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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