MPLX LPMPLX
MPLX LP Segments Disclosure
MPLX’s chief operating decision maker (“CODM”) is the chief executive officer of its general partner. The CODM reviews MPLX’s discrete financial information, makes operating decisions, assesses financial performance and allocates resources on a product-based value chain basis. MPLX has two reportable segments: Crude Oil and Products Logistics and Natural Gas and NGL Services. Each of these segments is organized and managed based upon the product-based value chain each supports.
•Crude Oil and Products Logistics – gathers, transports, stores and distributes crude oil, refined products, other hydrocarbon-based products and renewables. Also includes the operation of refining logistics, fuels distribution and inland marine businesses, terminals, rail facilities and storage caverns.
•Natural Gas and NGL Services – gathers, treats, processes and transports natural gas; and transports, fractionates, stores and markets NGLs.
The CODM evaluates the performance of our segments using Segment Adjusted EBITDA. The CODM uses Segment Adjusted EBITDA results and considers forecast-to-actual variances on a periodic basis when making decisions about allocating capital and personnel as a part of the annual business plan process and ongoing monitoring of performance. Amounts included in net income and excluded from Segment Adjusted EBITDA include: (i) depreciation and amortization; (ii) net interest and other financial costs; (iii) income/(loss) from equity method investments; (iv) distributions and adjustments related to equity method investments; (v) impairment expense; (vi) noncontrolling interests, (vii) transaction-related costs; and (viii) other adjustments as applicable. These items are either: (i) believed to be non-recurring in nature; (ii) not believed to be allocable or controlled by the segment; or (iii) are not tied to the operational performance of the segment. Assets by segment are not a measure used to assess the performance of the Partnership by our CODM and thus are not reported in our disclosures.
The tables below present information about our reportable segments:
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Crude Oil and Products Logistics | ||||||||||||||||||||
| Service revenue | $ | 4,824 | $ | 4,543 | $ | 4,335 | ||||||||||||||
| Rental income | 923 | 882 | 857 | |||||||||||||||||
| Product related revenue | 16 | 18 | 18 | |||||||||||||||||
| Sales-type lease revenue | 448 | 475 | 500 | |||||||||||||||||
| Income from equity method investments | 243 | 269 | 270 | |||||||||||||||||
| Other income | 121 | 152 | 68 | |||||||||||||||||
Total segment revenues and other income(1) | 6,575 | 6,339 | 6,048 | |||||||||||||||||
| Operating expenses | 2,173 | 2,097 | 2,006 | |||||||||||||||||
Other segment items(2) | (145) | (133) | (92) | |||||||||||||||||
Segment Adjusted EBITDA(3) | 4,547 | 4,375 | 4,134 | |||||||||||||||||
| Capital expenditures | 538 | 482 | 414 | |||||||||||||||||
Investments in unconsolidated affiliates(4) | — | 93 | 8 | |||||||||||||||||
| Natural Gas and NGL Services | ||||||||||||||||||||
| Service revenue | 2,468 | 2,407 | 2,189 | |||||||||||||||||
| Rental income | 226 | 222 | 208 | |||||||||||||||||
| Product related revenue | 2,418 | 2,221 | 2,191 | |||||||||||||||||
| Sales-type lease revenue | 151 | 136 | 136 | |||||||||||||||||
Income from equity method investments(5) | 454 | 533 | 330 | |||||||||||||||||
Gain on equity method investments(6) | 484 | 20 | 92 | |||||||||||||||||
| Other income | 222 | 55 | 87 | |||||||||||||||||
Total segment revenues and other income(1) | 6,423 | 5,594 | 5,233 | |||||||||||||||||
| Purchased product costs | 1,815 | 1,561 | 1,598 | |||||||||||||||||
| Operating expenses | 1,716 | 1,704 | 1,564 | |||||||||||||||||
Other segment items(2) | 422 | (60) | (64) | |||||||||||||||||
Segment Adjusted EBITDA(3) | 2,470 | 2,389 | 2,135 | |||||||||||||||||
| Capital expenditures | 1,418 | 568 | 605 | |||||||||||||||||
Investments in unconsolidated affiliates(4) | $ | 794 | $ | 143 | $ | 90 | ||||||||||||||
(1) Within the total segment revenues and other income amounts presented above, third-party revenues for the Crude Oil and Products Logistics segment were $751 million, $746 million and $701 million for the years ended December 31, 2025, 2024 and 2023, respectively. Third-party revenues for the Natural Gas and NGL Services segment were $6,210 million, $5,297 million and $4,902 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2) Other segment items in the Crude Oil and Products Logistics segment include income from equity method investments, distributions and adjustments related to equity method investments, equity-based compensation and other miscellaneous items. Other segment items in the Natural Gas and NGL Services segment include income from and gain on equity method investments, distributions and adjustments related to equity method investments, gain on sale of assets, transaction-related costs, unrealized derivative gain/loss and other miscellaneous items.
(3) See below for the reconciliation from Segment Adjusted EBITDA to Net income.
(4) Investments in unconsolidated affiliates in the Crude Oil and Products Logistics segment includes a contribution of $92 million in 2024 to Dakota Access to fund our share of a debt repayment by the joint venture and excludes $18 million in 2024 related to acquisition of an additional interest in Wink to Webster Pipeline LLC. Investments in unconsolidated affiliates in the Natural Gas and NGL Services segment includes cash contributions to several joint ventures to fund current growth capital projects in 2025 and excludes $151 million in 2025 related to acquisition of an additional interest in the joint venture that owns and operates the Matterhorn Express Pipeline, a $49 million capital contribution in 2025 to WPC Parent, LLC to purchase Enbridge’s special membership interest in the Rio Bravo Pipeline project, a $13 million payment in 2025 related to earnout associated with MXP Parent, LLC, and $210 million in 2024 related to the acquisition of additional interests in BANGL, LLC.
(5) Includes a $151 million gain related to the dilution of ownership interest in connection with the Whistler Joint Venture Transaction in 2024.
(6) Gain on equity method investments represents the gain on remeasurement of our existing equity method investment in BANGL in conjunction with the BANGL Acquisition in 2025, the gain on remeasurement of our existing equity method investment in OCC in conjunction with the Utica Midstream Acquisition in 2024, and the gain on remeasurement of our existing equity method investment in Torñado in conjunction with the purchase of the remaining joint venture interest in 2023.
The table below provides a reconciliation of Segment Adjusted EBITDA for reportable segments to Net income.
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Reconciliation to Net income: | |||||||||||||||||
Crude Oil and Products Logistics Segment Adjusted EBITDA | $ | 4,547 | $ | 4,375 | $ | 4,134 | |||||||||||
Natural Gas and NGL Services Segment Adjusted EBITDA | 2,470 | 2,389 | 2,135 | ||||||||||||||
| Total reportable segments | 7,017 | 6,764 | 6,269 | ||||||||||||||
Depreciation and amortization(1) | (1,351) | (1,283) | (1,213) | ||||||||||||||
| Net interest and other financial costs | (983) | (921) | (923) | ||||||||||||||
| Income from equity method investments | 697 | 802 | 600 | ||||||||||||||
| Distributions/adjustments related to equity method investments | (962) | (928) | (774) | ||||||||||||||
| Gain on equity method investments | 484 | — | 92 | ||||||||||||||
| Gain on sale of assets | 159 | — | — | ||||||||||||||
Transaction-related costs(2) | (33) | — | — | ||||||||||||||
| Adjusted EBITDA attributable to noncontrolling interests | 44 | 44 | 42 | ||||||||||||||
Garyville incident response costs(3) | — | — | (16) | ||||||||||||||
Other(4) | (120) | (121) | (111) | ||||||||||||||
| Net income | $ | 4,952 | $ | 4,357 | $ | 3,966 | |||||||||||
(1) Depreciation and amortization attributable to Crude Oil and Products Logistics was $546 million, $526 million and $530 million for the years ended December 31, 2025, 2024 and 2023, respectively. Depreciation and amortization attributable to Natural Gas and NGL Services was $805 million, $757 million and $683 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2) Transaction-related costs include costs associated with the Northwind Midstream Acquisition, the BANGL Acquisition and the divestiture of the Rockies gathering and processing operations discussed in Note 4.
(3) In August 2023, a naphtha release and resulting fire occurred at our Garyville Tank Farm resulting in the loss of four storage tanks with a combined shell capacity of 894 thousand barrels. We incurred $16 million of incident response costs, net of insurance recoveries, during the year ended December 31, 2023.
(4) Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items.
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 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.