MPLX LPMPLX
MPLX LP Revenue Disclosure
Revenue
As of December 31, 2025, unsatisfied performance obligations included in the Consolidated Balance Sheets are $241 million and will be recognized as revenue as the obligations are satisfied, which is generally expected to occur over the next 20 years. A portion of this amount is not disclosed in the table above as it is deemed variable consideration due to volume variability.
Disaggregation of Revenue
The following tables represent a disaggregation of revenue for each reportable segment for the years ended December 31, 2025, 2024 and 2023:
| 2025 | |||||||||||||||||
| (In millions) | Crude Oil and Products Logistics | Natural Gas and NGL Services | Total | ||||||||||||||
| Revenues and other income: | |||||||||||||||||
| Service revenue | $ | 453 | $ | 2,446 | $ | 2,899 | |||||||||||
| Service revenue - related parties | 4,371 | 22 | 4,393 | ||||||||||||||
| Service revenue - product related | — | 289 | 289 | ||||||||||||||
| Product sales | 4 | 1,998 | 2,002 | ||||||||||||||
| Product sales - related parties | 12 | 131 | 143 | ||||||||||||||
| Total revenues from contracts with customers | $ | 4,840 | $ | 4,886 | 9,726 | ||||||||||||
Non-ASC 606 revenue and other income(1) | 3,272 | ||||||||||||||||
| Total revenues and other income | $ | 12,998 | |||||||||||||||
| 2024 | |||||||||||||||||
| (In millions) | Crude Oil and Products Logistics | Natural Gas and NGL Services | Total | ||||||||||||||
| Revenues and other income: | |||||||||||||||||
| Service revenue | $ | 391 | $ | 2,379 | $ | 2,770 | |||||||||||
| Service revenue - related parties | 4,152 | 28 | 4,180 | ||||||||||||||
| Service revenue - product related | — | 357 | 357 | ||||||||||||||
| Product sales | 5 | 1,652 | 1,657 | ||||||||||||||
| Product sales - related parties | 13 | 212 | 225 | ||||||||||||||
| Total revenues from contracts with customers | $ | 4,561 | $ | 4,628 | 9,189 | ||||||||||||
Non-ASC 606 revenue and other income(1) | 2,744 | ||||||||||||||||
| Total revenues and other income | $ | 11,933 | |||||||||||||||
| 2023 | |||||||||||||||||
| (In millions) | Crude Oil and Products Logistics | Natural Gas and NGL Services | Total | ||||||||||||||
| Revenues and other income: | |||||||||||||||||
| Service revenue | $ | 369 | $ | 2,170 | $ | 2,539 | |||||||||||
| Service revenue - related parties | 3,966 | 19 | 3,985 | ||||||||||||||
| Service revenue - product related | — | 294 | 294 | ||||||||||||||
| Product sales | 5 | 1,660 | 1,665 | ||||||||||||||
| Product sales - related parties | 13 | 237 | 250 | ||||||||||||||
| Total revenues from contracts with customers | $ | 4,353 | $ | 4,380 | 8,733 | ||||||||||||
Non-ASC 606 revenue and other income(1) | 2,548 | ||||||||||||||||
| Total revenues and other income | $ | 11,281 | |||||||||||||||
(1) Non-ASC 606 Revenue and other income includes rental income, sales-type lease revenue, income from equity method investments and other income.
Contract Balances
Our receivables are primarily associated with customer contracts. Payment terms vary by product or service type; however, the period between invoicing and payment is not significant. Included within the receivables are balances related to commodity sales on behalf of our producer customers, for which we remit the net sales price back to the producer customers upon completion of the sale.
Under certain contracts, we recognize revenues in excess of billings, which we present as contract assets. Contract assets typically relate to deficiency payments related to minimum volume commitments and aid in construction agreements where the revenue recognized and MPLX’s rights to consideration for work completed exceeds the amount billed to the customer. Contract assets are included in Other current assets and Other noncurrent assets on the Consolidated Balance Sheets.
Under certain contracts, we receive payments in advance of satisfying our performance obligations, which are recorded as contract liabilities. Contract liabilities, which are presented as Deferred revenue and Long-term deferred revenue, typically relate to advance payments for aid in construction agreements and deferred customer credits associated with makeup rights and minimum volume commitments. Breakage related to minimum volume commitments is estimated and recognized into service revenue in instances where it is probable the customer will not use the credit in future periods. We classify contract liabilities as current or long-term based on the timing of when we expect to recognize revenue.
The tables below reflect the changes in ASC 606 contract balances for the years ended December 31, 2025 and 2024:
| (In millions) | Balance at December 31, 2024 | Additions/ (Deletions) | Revenue Recognized(2) | Balance at December 31, 2025 | |||||||||||||||||||
| Contract assets | $ | 2 | $ | 13 | $ | — | $ | 15 | |||||||||||||||
| Long-term contract assets | — | 4 | — | 4 | |||||||||||||||||||
| Deferred revenue | 84 | 9 | (80) | 13 | |||||||||||||||||||
| Deferred revenue - related parties | 71 | 86 | (91) | 66 | |||||||||||||||||||
Long-term deferred revenue(1) | 315 | (198) | — | 117 | |||||||||||||||||||
| Long-term deferred revenue - related parties | 44 | 1 | — | 45 | |||||||||||||||||||
| (In millions) | Balance at December 31, 2023 | Additions/ (Deletions) | Revenue Recognized(2) | Balance at December 31, 2024 | |||||||||||||||||||
| Contract assets | $ | 3 | $ | — | $ | (1) | $ | 2 | |||||||||||||||
| Long-term contract assets | 1 | (1) | — | — | |||||||||||||||||||
| Deferred revenue | 59 | 86 | (61) | 84 | |||||||||||||||||||
| Deferred revenue - related parties | 47 | 90 | (66) | 71 | |||||||||||||||||||
| Long-term deferred revenue | 344 | (29) | — | 315 | |||||||||||||||||||
| Long-term deferred revenue - related parties | 29 | 15 | — | 44 | |||||||||||||||||||
(1) Long-term deferred revenue deletions include $180 million removed in connection with the Rockies divestiture. See Note 4 for additional information related to the Rockies divestiture.
(2) No significant revenue was recognized related to past performance obligations in the period 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 December 31, 2025. 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 as they are disclosed in Note 21.
| (In billions) | |||||
| 2026 | $ | 2.0 | |||
| 2027 | 1.9 | ||||
| 2028 | 0.7 | ||||
| 2029 | 0.3 | ||||
| 2030 | 0.2 | ||||
| 2031 and thereafter | 0.7 | ||||
| Total revenue on remaining performance obligations | $ | 5.8 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.